Farmers State Bank - Bloomington, NE

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 24, 1928
Location: Bloomington, Nebraska (40.094, -99.037)

Metadata

Model: gpt-5-mini
Short Digest: c25958d8

Response Measures

None

Description

The Guarantee Fund Commission took over the Farmers State Bank and will operate it; old deposits cannot be withdrawn pending collection of assets and issuance of dividends. This is a suspension by governmental guarantee commission with intent to continue operations/reopen rather than an immediate permanent closure.

Events (1)

1. May 24, 1928 Suspension

Cause: Government Action
Cause Details: The Guarantee Fund Commission (state guaranty agency) took over the bank and is operating it under statutory authority; withdrawals of prior deposits suspended until assets collected and dividends issued.
Newspaper Excerpt: The Guarantee Fund Commission which last week took over tthe Farmers State Bank at this place will run the same as provided by law. The bank will be open and run as an ordinary bank, deposits will be accepted and checks cashed on the same. The old deposits can not be checked upon or with drawn and no interest will be paid upon deposits.
Source: newspapers

Newspaper Articles (1)

1. May 24, 1928 The Advocate-Tribune Bloomington, NE

Article from The Advocate-Tribune, May 24, 1928

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Article Text

METHODIST CHURCH. Next Sunday the Methodist folks will observe Memorial Day in honor of the old soldiers. This service should be largely attended and proper regard for our old soldiers shown. Special music will be on the program. An invitation is exto all. tended E. T. UNDERWOOD, Pastor. FORT KEARNEY SITE ACQUIRED Association to Restore Old Fortress as Public Park. Kearney, Neb., May 18-The historic site of old Fort Kearney is to be preserved. At a referee's sale held in Minden, J. G. Lowe, Kearney banker, acquired the quarter section including the old fort site for $135 per acre. He immediately agreed to give the Fort Kearney Memorial association the 40 acres on which the fort proper was located at the cost price. His offer was accepted. The Memorial association, reprecontatives not only of Buffalo and Kearney county citizens, but of people thoughout the state, plans to establish a park on the site and ultimately restore the fort buildings as nearly as possible to their original condition. THE FARMERS STATE BANK OPEN The Guarantee Fund Commission which last week took over tthe Farmers State Bank at this place will run the same as provided by law. The bank will be open and run as an ordinary bank, deposits will be accepted and checks cashed on the same. The old deposits can not be checked upon or with drawn and no interest will be paid upon deposits. Just as fast CS the assets can be collected in, dividends will be issued to the depositors and all will be treated alike. Mr. Toole, an agent of the Guarantee Commission is in charge and will show every courtesy possible to those doing business with the bank. Should the assets not meet the amount of the deposits the Guarantee Fund will pay the palance, so no one having deposits in the bank will lose anything. It will have a bad effect on the business of this community where many people had deposited money to pay their expenses until the new crop can be sold. If you wish to learn any particulars regarding the plan of the bank those in charge will be pleased to inform you. VILLAGE BOARD PROCEEDINGS. Bloomington, Neb. The Village Board called to order in regular session at 8 o'clock p.m., by H. M. Crane, chairman. Roll call: Present, Crane, PaulsonMurray. Absent Deary, Wallin. Minutes of the last regular session held on April 17, 1928, and special sessions held April 26, 1928, and May 7, 1928, read and approved. The resignation of W. A. Deary was read in open meeting. Moved by Murray and seconded by Paulson that we accept the resignation of W. A. Deary as village trustee. Moved by Murray and seconded by Paulson, That the claims be allowed and warrants ordered drawn on the proper funds as designated by the claims committee as follows, viz: WATER FUND $14.38 O. E. Shuck, Supplies T. A. Wallin, Supplies 12.05 17.20 R. S. Proudfit, Supplies 92.77 H. M. Crane, Printing 2.62 C. C. Brown, Supplies Malick's Drug Store, Supplies .70 4.31 Korsmeyer Co., Supplies. K. & B. Printing Co., Supplies 2.33 1.00 Geo. R. Cole, Supplies ELECTRICT LIGHT FUND. Enterprise Elecric Co., Sup $25.80 Capital Supply Co., Supplies 9.02 Capital Supply Co., Supplies. 10.43 Enterprise Electric Co., Sup 1.92 American Electric Co., Sup 10.44 Capital Supply Co., Supplies. 3.57 ELECTRIC LIGHT SERVICE FUND John L. Taylor, Labor $ 1.00 John L. Taylor, Labor 9.00 Jay J Hill, Labor 9.00 Geo. Crouse, Labor 9.00 A. T. Malick, Labor 4.20 Bloom. Mill, Water 125.00 Motion carried. Moved and seconded that we adjourn. Motion carried. H. M. CRANE, Chairman. CHAS. C. BROWN, Village Clerk.