Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 16, 1933
Location: Snyder, Nebraska (41.704, -96.789)

Metadata

Model: gpt-5-mini
Short Digest: f9c0eb3d

Response Measures

None

Description

Article (dated 1934-01-30) reports the state superintendent of banking acting as receiver; bank was taken over by the department and declared insolvent on June 16 (year implied as 1933). No run is mentioned. Receiver is seeking RFC loan to pay creditors — indicates permanent closure with receiver. Dates inferred from last June relative to the 1934 article.

Events (3)

1. June 16, 1933 Suspension

Cause: Government Action
Cause Details: Taken over by the state department of banking and declared insolvent; superintendent acting as receiver.
Newspaper Excerpt: the bank was taken over by the department last June and was declared insolvent June 16.
Source: newspapers

2. January 30, 1934 Other

Newspaper Excerpt: The receiver proposes to borrow $14,151.47 from the RFC ... expected to make possible the payment of 60 per cent dividend to bank creditors.
Source: newspapers

3. February 10, 1934 Receivership

Newspaper Excerpt: Hearing of an application of E. H. Luikart, superintendent of banking, to procure loan from the Finance Corporation for the Farmers and Merchants Bank of Snyder ... will be held ... February 10.
Source: newspapers

Newspaper Articles (1)

1. January 30, 1934 Fremont Tribune Fremont, NE

Article from Fremont Tribune, January 30, 1934

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Article Text

HEARING SET ON APPLICATION FOR SNYDER Receiver Would Borrow RFC Money to Facilitate Payments Hearing of an application of E. H. Luikart, superintendent of banking, to procure loan from the Finance Corporation for the Farmers and Merchants Bank of Snyder and to pledge the assets of the bank as security for the loan will be held in Dodge county district court before Judge F. Spear at 10 o'clock in the morning of February 10. The date of the hearing was set by Judge Spear when the application was filed in district court this week. The receiver proposes to borrow $14,151 47 from the RFC. This sum, together with money now on hand, is expected to make possible the payment of 60 per cent dividend to bank creditors, it was stated. Figures Are Listed In Luikart's application, it is that the bank was taken over by the department last June and was declared insolvent June 16. Proved claims against the bank are listed at $23,585 claims at $2,858.47. and the total liabilities at There cash on deposit of $3,753.29, the Face value of the assets is listed at $31,366.50, and the total estimated present value at Dividend Paid A 10 per cent dividend of $2,358.57 has been Luikart's appropriation says that the plan to obtain an RFC loan will enable the department to liquidate in an orderly manner and not to force debtors out of business. The state department also taking steps to obtain loans for number of other banks in the state, according to press reports.