Farmers National Bank - Sterling, CO

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9454
Charter Number: 9454
Start Date: November 30, 1920
Location: Sterling, Colorado (40.626, -103.208)

Metadata

Model: gpt-5-mini
Short Digest: b53f256b

Response Measures

None

Description

Comptroller-ordered closing after examiners found the bank short of cash (published 1920-11-30). No article describes a depositor run; institution was placed in receivership and its assets/liabilities were to be taken over by a new Sterling National Bank (reported Apr 1921). OCR errors corrected for obvious typos; dates use publication dates when event dates not explicit.

Events (5)

1. June 18, 1909 Chartered

Source: historical_nic

2. November 30, 1920 Suspension

Cause: Local Shock
Cause Details: Liquidity shortage caused by local agricultural difficulties (farmers' inability to dispose of crops due to lack of railcars) leading reserves to get too low.
Newspaper Excerpt: Closing of the Farmers National bank of Sterling, Colorado, was ordered because national bank examiners had found the institution short of cash, John Skelton Williams, comptroller of the currency, said today.
Source: newspapers

3. April 1, 1921* Other

Newspaper Excerpt: It is probable that the Sterling National Bank will be opened at Sterling in the near future, this new institution taking over the liabilities and assets of the defunct Farmers National Bank, it being contingent now only upon the time at which all depositors sign waivers to accept certificates of deposit, running from seventeen to eighteen months.
Source: newspapers

4. June 28, 1921 Voluntary Liquidation

Source: historical_nic

5. * Receivership

Newspaper Excerpt: a year when the Farmers National Bank at Sterling was in the hands of the Receiver, he was selected by the United States National Bank of Denver as their special representative to go to Sterling and look after their interests.
Source: newspapers

Newspaper Articles (4)

1. November 30, 1920 The News Scimitar Memphis, TN

Article from The News Scimitar, November 30, 1920

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Article Text

Grain. Chicage.-Kansas City wires: "Large Eastern and Minnesota mills asking for cash wheat, first time in eight weeks. Country wheat movement to Kansas City small." Minneapolis wires: "Spring wheat averages strong compared with futures. Premiums unchanged:-Wild to Shepard & Gluck. New York wires: Belgium took 350,000 wheat all told. Chicago.-Grain markets were affected a little at opening by talk of financial news from the grain belts. The sixteenth small bank in North Dakota has closed.-Wild to Shepard & Gluck. Liverpool.-There is a better feeling in United Kingdom and prices have firmed somewhat due to diverting of a number of parcels afloat for the continent. This will tend to relieve pressure of supplies and hopes are entertained that the consuming demand may gradually improve for weather is turning slightly colder. Seattle wires: "The Elwell Grain company of Seattle failed today for $150,000 to $200,000. Chicago.-Wheat loadings at Fort Williams Saturday, Sunday and Monday were 2,500,000 bushels for Buffalo; one and one-half million bushels for Georgian bay ports; 130,000 for Toledo and that vessel room has been engaged for 2,000,000 more.-C. C. & Co. to McFall. Denver-The Farmers National bank at Sterling. member of the federal reserve system. has been closed. The reason assigned is difficulties by farmers in disposition of crops because of lack of cars. The bank allowed its reserves to get too low. The trouble is purely local. The Farmers National bank of Sterling had a capital of $100.000 and deposits of approximately $1.200,000. It had loans and discounts estimated at more than $1,000,000. Grain Receipts-St. Louis, wheat, 31. corn 13, oats 39; Omaha, wheat 39; Winnipeg, 1,056; Minneapolis, wheat 382: Duluth, wheat 216: Kansas City, wheat 118, corn 12, oats 6. Chicago.-Trade in December wheat has fallen off materialy. It is impossible to execute orders either way in wheat without concessions. Babcock. Grain Belt Forecast-Unsettled tonight and Wednesday. probably rain except fair in Dakotas, Nebraska and Kansas. Chicago.-Seaboard exporters are-inquiring for wheat. but practically nothing offered. One cash broker is a persistent buyer of December.-Babcock to Clark & Co.

2. November 30, 1920 Capital Journal Salem, OR

Article from Capital Journal, November 30, 1920

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Article Text

Hearing Ordered On O. E. - Espee Freight Tariffs The reasonableness of the recent mdical increases in freight rates on pulp wood and fuel wood in load lots which were placed in effect on the lines of the Southern Pacific and Oregon Electric railroads prior to the order suspending the increases, is attacked by the public service commission in an order issued today. The commission orders a hearing into the reasonableness of the rates which will probably be set for a date in the immediate future. Washington, Nov. 30.-Closing of the Farmers National bank of Sterling, Colorado, was ordered because national bank examiners had found the institution short of cash, John Skelton Williams, comp troller of the currency, said today. He added that there was no indication when the bank would be able to resume business.

3. April 14, 1921 The Julesburg Grit-Advocate Julesburg, Big Springs, CO

Article from The Julesburg Grit-Advocate, April 14, 1921

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Article Text

Frenk Smith of Sodgwick, was county seat business visitor Tuesday. Dr. D. M. Cook - be is Juleeberg during the week beginning Monday, April 18th. 07-16 Morris Johnson returned the letter past of last week from Deaver, where he had been to attend the Auto Show. Mr. and Mrs. E. N. Kelsey returned the latter part of last week from Demver, where they had been to attend the Auto Show. Mr. Mason, former Great Western Sugar Co. field man here, but now b. cated at Sterling, was a Julesburg business visitor last Friday. Saturday only, April 16th, we will sell hats in satin and straw combinations at five dollars each. Worth up twelve dollars. Chappell Millinery It Co., Chappell, Nebr. It is probable that the Sterling National Bank will be opened at Sterling in the near future, this new institution taking over the liabilities and assets of the defunct Farmers National Bank, it being contingent now only upon the time at which all depositors sign waivers to accept certificates of deposit, running from seventeen to eighteen months. Depositors, especially those of larger amounts, it is stated, have signed the waivers readily. The three-act comedy, "Nothing But the Truth," will be presented at the Hippodrome theatre in about three weeks by the Julesburg Players' Club It will be remembered that this organization has previously presented two successful plays, and the general public will look forward with much pleasure to the presentation of their next entertainment. The definite date and the cast of characters will be published at an early date.

4. March 16, 1922 The Raymer Enterprise Raymer, New Raymer, CO

Article from The Raymer Enterprise, March 16, 1922

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Article Text

RAYMER BANKER AUDITS FOR STERLING FIRM / J. N. Quinn is at his desk in the bank again after some time spent at Sterling auditing the books of the Boggs Auto Company at that place. Mr. Quinn has done quite a deal of that sort of work recently, auditing the books of the Pawnee Elevator Company at this place and a year when the Farmers National Bank at Sterling was in the hands of the Receiver, he was selected by the United States National Bank of Denver as their special representative to go to Sterling and look after their interests. When it comes to accounting Mr. Quinn is there with the best of them