13618. Farmers & Merchants Bank (Sterling, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 20, 1929
Location
Sterling, Nebraska (40.459, -96.378)

Metadata

Model
gpt-5-mini
Short Digest
f9f5fd56

Response Measures

None

Description

Articles (Jan–Apr 1929) indicate the Farmers & Merchants Bank at Sterling had failed, was in the hands of officials for months, a receiver (E. J. Dempster) was appointed (reported 1929-01-20), and liquidating dividends were being paid (Apr 1929). No contemporaneous run is described. Classified as suspension leading to permanent closure/receivership. 'State' bank selected from typical naming conventions but not explicitly stated in text.

Events (3)
1. January 20, 1929 Receivership
Newspaper Excerpt
J. B. Raper of the District court has appointed E. J. Dempster ... as receiver for the failed Farmers' and Merchants' bank at Sterling. The bank has been in the hand of the for number of months. F. M Burmood in charge Mr Burmood is also in charge of the failed Vesta State bank at Vesta, and it is expected that the court will authorize Mr Dempster to become receiver of this bank also. (The Lincoln Star, 1929-01-20).
Source
newspapers
2. April 1, 1929* Other
Newspaper Excerpt
H. P. Burmood, agent in charge of the failed Farmers' and Merchants' Bank at Sterling, was in the city, Monday, in attendance at the hearing on claims ... the 20% dividends he is now to pay on claims against the bank brings the total distribution up to 78%. It is expected a further dividend of say 5% is possible ... total of 83% of the claims of depositors. (The Tecumseh Chieftain, 1929-04-27).
Source
newspapers
3. * Suspension
Cause Details
Article notes the bank had been 'in the hands of' officials for a number of months prior to receiver appointment; no specific cause (rumor, correspondent failure, or local shock) is given.
Newspaper Excerpt
The bank has been in the hand of the for number of months
Source
newspapers

Newspaper Articles (2)
1. January 20, 1929 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, January 20, 1929

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Article Text

NAMES DEMPSTER BANK RECEIVER Special to The Star.) J. B. Raper of the District court has appointed E. J. Dempster vice chairman of state guaranty commission. as receiver for the failed Farmers' and Merchants' bank at Sterling The bank has been in the hand of the for number of months F. M Burmood in charge Mr Burmood is also in charge of the failed Vesta State bank at Vesta. and it is expected that the court will authorize Mr Dempster to become receiver of this bank also. DEATH AT TECUMSEH. (Special to The Star funeral of Samuel F. Hays who died at his home in Tecumseh Thursday night. will be held at the Methodist church. Tuesday afternoon at 2:00 o'clock Dr. McCaskell pastor of the Methodist church at Beatrice will be in charge Mr Hays had lived in Nebraska for many years. For a dozen years he was janitor at Wesleyan university University Place He is survived by his wife and seven children. His age was seventy-five years. TECUMSEH FUNERAL Special to The Star TECUMSEH Neb Jan 19 The funeral of Sidney Ragain will be held at the home in Tecumseh Sunday afternoon at 30 o'clock conducted by Rev L. W McMillin. rector of Grace Episcopal church. interment in the Tecumseh cemetery. Mr. Ragain died Wednesday at the age of fifty years He is survived by his wife and number children. He had barber shop in Tecumseh for a number of NEW NATIONAL BANK. (Special to he Star.) WAKEFIELD Neb. Jan. 19-A new national bank will open in Wakefield about February according to plans. Five local citizens and several Sioux City men will be stockholders Capital of the new bank will be $25,000 and surplus $25,000. CALL NEW PASTOR. (Special The Star. TECUMSEH. Neb. Jan. congregation of the Tecumseh Baptist church has extended call to the pastorate to Rev. Floyd Johnston of Glenvil. Neb. It is expected ne will accept.

2. April 27, 1929 The Tecumseh Chieftain Tecumseh, NE
Article from The Tecumseh Chieftain, April 27, 1929

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Article Text

NATIONAL MUSIC WEEK NEAR will Be Properly Observed in Tecumseh, But No Plans Yet Made. National music week this year is to be May 5 to The Tecumseh Woman's Club is making arrangements for a fitting observance of the week, and there will be a program to which all will be invited, as last year. Plans are not advanced as yet, but there will be a more definite announcement next week. Mrs. James Halepeska was down from Lincoln, over last Sunday. Mrs. Harold S. Halsted went up to Lincoln, Tuesday, for a visit with her parents, Mr. and Mrs. R. F. Reynolds. Mr. and Mrs. Warren Ingersoll, Mrs. J. A. McPherrin and Mrs. Mary Appelget went to Lincoln, Thursday morning, to attend a Presbyterian meeting in the capital city. Edward Bush, sick at his home in Chicago for a great many weeks, continues about the same. He is bedfast, but the attending physician expects to have him on his feet soon. Kiwanian F. M. Honey will give the program, at the noon lunch and meeting of the Tecumseh Kiwanis Club, on Friday of this week. Mr. Honey will give information of the picture business, from the producer to the theater operator. He will tell of the advancement in the industry, of the "talkies," and other phases of the business which will be of interest. Mrs. Harland Devenney entertained a company of ladies in honor of Mrs. Duer S. Brady of Franklin, Saturday evening. Whist was the entertainment, Miss Irma J. Croft winning the high score and prize, and low going to Mrs. Raymond Logsdon. Mrs. Brady was presented with a guest prize. At the conclusion of the playing nice refreshments were served. Word this week from Miss Anna Davey, sick in a hospital at Milwaukee, Wis., is that she is improving. It is expected she will be able to leave the hospital the last of this week. Her mother, Mrs. P. H. Davey, and sister, Miss Helen Davey, will not return home for another week or two, and later it is planned to have the patient come home for a period of recuperation. H. P. Burmood, agent in charge of the failed Farmers' and Merchants' Bank at Sterling, was in the city, Monday, in attendance at the hearing on claims, in the district court. He called at this office. Mr. Burmood stated that the 20% dividends he is now to pay on claims against the bank brings the total distribution up to 78%. He is of the opinion that a further dividend of say 5% is possible, and that it will be made within the next few months. In that event the failure will not be as bad as many, paying, as will probably be possible, a total of 83% of the claims of depositors.