Farmers & Merchants Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: June 27, 1929
Location: Havelock, Nebraska (40.850, -96.634)

Metadata

Model: gpt-5-mini
Short Digest: 172b3e9e

Response Measures

Full suspension

Other: Bank turned over to state Department of Trade and Commerce (receivership).

Description

Article (Omaha World-Herald, 1929-06-27) reports a run with continued withdrawals and low reserve that forced closing; bank was turned over to the Department of Trade and Commerce (receiver). Reorganization a year earlier mentioned but bank closed and placed in custody, so classified as run leading to suspension and closure/receivership.

Events (3)

1. June 27, 1929 Receivership

Newspaper Excerpt: turned over to the department of trade and commerce
Source: newspapers

2. June 27, 1929 Run

Cause Details: Continued heavy withdrawals and low reserve led to inability to meet payments
Measures: None reported beyond attempted closing to avoid payroll-night checks; prior reorganization funds set aside as guarantee
Newspaper Excerpt: Continued withdrawals, coupled with a low reserve, forced closing today of the Farmers and Merchants bank at Havelock
Source: newspapers

3. June 27, 1929 Suspension

Cause: Government Action
Cause Details: Bank was turned over to the state Department of Trade and Commerce (closure by authorities)
Newspaper Excerpt: forced closing today of the Farmers and Merchants bank at Havelock, which was turned over to the department of trade and commerce
Source: newspapers

Newspaper Articles (1)

1. June 28, 1929 Omaha World-Herald Omaha, NE

Article from Omaha World-Herald, June 28, 1929

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Article Text

"RUN" CLOSES BANK Believe Depositors to be Paid In Full by Havelock Institution. Lincoln, Neb., June 27 (P).-Continued withdrawals, coupled with a low reserve, forced closing today of the Farmers and Merchants bank at Havelock, which was turned over to the department of trade and commerce. While closing had not been anticipated today, it was undertaken, it was announced, avoid the railroad pay day and the possibility that scores of checks might have been upon deposit by nightfall. The cashier said he believed that depositors would lose nothing. The bank was reorganized a year ago, with 50 thousand dollars subscribed for the reopening. Of this 30 thousand dollars was set aside for guarantee and this coupled with a double liability assessment on stock, would take care of all deposits, he ventured.