17619. Farmers & Merchants National Bank (Mount Vernon, OH)

View Charter #7248 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7248
Charter Number
7248
Start Date
January 1, 1910*
Location
Mount Vernon, Ohio (40.385, -82.475)

Metadata

Model
gpt-5-mini
Short Digest
0a18c10f

Response Measures

None

Description

Articles indicate the Farmers & Merchants National Bank of Mt. Vernon had ceased to exist by Feb 1910 and is referred to as having 'failed' in 1910. A receiver (Robert M. Greer) was appointed in April 1911. No newspaper accounts describe a depositor run; evidence points to bank failure/insolvency (overdrafts, unpaid taxes, suits) leading to receivership, so classify as suspension followed by permanent closure/receivership.

Events (4)
1. May 10, 1904 Chartered
Source
historical_nic
2. January 1, 1910* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had 'failed' in 1910; later articles cite overdrafts (Nov 24, 1910) and unpaid taxes for 1910, indicating insolvency/financial failure as the trigger for suspension.
Newspaper Excerpt
Treasurer H. C. Gates reported that there was at present no depository for the city funds as the Farmers and Merchants National bank was no longer in existence
Source
newspapers
3. February 17, 1910 Voluntary Liquidation
Source
historical_nic
4. April 26, 1911 Receivership
Newspaper Excerpt
James A. Schaeffer and Benjamin Owen have made application ... Robert M. Greer was appointed receiver by Judge Seward at Newark on Saturday afternoon, giving bond in the sum of $25,000. ... The plaintiff claims that the defendant was appointed receiver on April 26, 1911, and continued to act as such for a number of years. Robert M. Greer, as receiver of the Farmers and Merchants National bank of Mt. Vernon, Ohio, ... has begun a suit ... against the First National bank of Butler, Ohio, for $3,480.42. ... receiver of The Farmers' and Merchants National Bank of Mt. Vernon and the Guaranty Savings Bank & Trust Co., of Mt. Vernon may be compelled to set up any claim they have upon the property. ... Robert M. Greer, receiver of the Farmers & Merchants' National Bank of Mt. Vernon (mentioned repeatedly). (Articles dated Apr 25, 1911 and later.) (Quoted passages consolidated.)
Source
newspapers

Newspaper Articles (6)
1. February 11, 1910 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, February 11, 1910

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Article Text

COUNCIL a Passes The Appropriation : Ordinance Monday Night And The Employes Of The City Will Receive Their Pay The city council met in regular session in the council chamber Monday evening with President Dever in the chair. The meeting was not long drawn out, although a good deal of business was disposed of. All members were present at the call of the roll. The minutes of the last regular meeting were read by Clerk McIntire and accepted by the counci' as read. Treasurer H. C. Gates reported that there was at present no depository for the city funds as the Farmers and Merchants National bank was no longer in existence, at the same time presenting a letter to the council from the Guaranty Savings and Trust Co.'s bank, in e which statements were made regarding bonds and securities that they d were in a position to furnish for the city funds. The letter was read and t on motion placed on file. Clerk McIntire read a communicar tion from William A. Silcott. This communication was in the form of t a number of suggestions to the counsil regarding the opening of streets. numbering houses, placing street t name signs, etc. S A resolution was introduced to authorize the city treasurer to deC posit the city funds with the Guaranty Savings and Trust company und til further notice from the council. t It was moved and seconded that this resolution be adopted. The motion was carried, all voting aye. A motion was made to authorize the board of control to place lights at the intersection of Madison and n Marion streets, Cedar and Rogers S. streets, Cedar and Boynton streets. Sugar and Third avenue and East 11 Water and Compromise streets. The motion was carried, all voting aye. n A budget was presented to the council by the finance committee to n, make appropriations for the payer ments of public expenses for six months, ending on July 31, 1910. k The ordinance to this effect was in1e troduced and on suspension of rules was read the second and third time, to all voting aye. The ordinance was th passed. The following are the various aua

2. April 25, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, April 25, 1911

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Article Text

Pettit, tailoress, both of Mt. Vernon. & Receiver Appointed— James A. Schaeffer and Benjamin Owen have made application in the court of common pleas of Knox county for the appointment of a receiver for the Farmers & Merchants' National Bank of Mt. Vernon. Robert M. Greer was appointed receiver by Judge Seward at Newark on Saturday afternoon, giving bond in the sum of $25,000. James A. Schaeffer is the attorney for the plaintiff in this action.

3. September 5, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, September 5, 1911

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Article Text

RECEIVER Of Butler Defunct Bank Seeks Judgment Asks That Mortgage May Be Foreclosed To Pay Off A Note In The Sum Of $2,500 (Mansfield Shield) C. F. Ackerman, receiver of the Richland County Bank, of Butler, through Attorneys Brucker and Voegele has filed suit for $2,500 in common pleas court against L. T. Cornell, A. J. Solomon et al. The plaintiff says as such receiver there is due him from defendants $2,500 with interest from March 10, 1910 at 5 per cent on a promissory note for $2,500 dated at Butler, March 10, 1909, due in two years to Amos J. Solomon and signed L. T. Cornell. The plaintiff says A. J. Solomon is an endorser upon the note and also has guaranteed the payment of the same. He says the note was originally made payable to Amos J. Solomon and that in 1909, he transferred all his interest in the note to the First National Bank of Butler; that the First National Bank in 1910 ceased to do business and at the time transferred to the Richland County Bank of Butler all interest in the note. The plaintiff says as such receiver he is now the sole owner of the note and is entitled to sue thereon. The plaintiff says to secure the payment of the note a mortgage was given on inlot 17 in Butler. It is asked that the real estate be sold and the proceeds from the sale of the real estate be applied to the payment of plaintiff's judgment. It is asked that R. M. Greer receiver of The Farmers' and Merchants National Bank of Mt. Vernon and the Guaranty Savings Bank & Trust Co., of Mt. Vernon may be compelled to set up any claim they have upon the property.

4. February 6, 1912 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, February 6, 1912

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Article Text

# LOCAL MAN FILES SUIT In The Richland Co. Court Against Butler Bank R. M. Greer, As Receiver, Brings The Action Wm. Ross Files Divorce Suit Against Rausie Ross February Term Of Court Opens Next Monday Other Items Of Interest From Temple Of Justice Robert M. Greer, as receiver of the Farmers and Merchants National bank of Mt. Vernon, Ohio, by his attorneys, Cummings, McBride & Wolfe and Owen & Carr, has begun a suit in common pleas court against the First National bank of Butler, Ohio, for $3,480.42. The plaintiff alleges that he is the duly qualified and acting receiver of the Farmers and Merchants bank of Mt. Vernon, with power to collect the debts due the bank. The defendant is a corporation duly incorporated under the national banking laws of the United States and located at Butler. The plaintiff says that on and prior to Nov. 24, 1910, the Farmers and Merchants National Bank was engaged in a general banking business at Mt. Vernon and the defendant was doing a banking business at Butler and that at the time and prior thereto the defendant kept an account with the Farmers and Merchants National bank and that on Nov. 24, 1910, it made an overdraft of $3,480.42, that the same is due and unpaid, although demand has often been made that by reason thereof there is due the plaintiff as such receiver from the defendant the sum of $3,480.42 which he claims with interest from Nov. 24, 1910. Wherefore the plaintiff prays judgment against the defendant for the sum of $3,480.42 with interest from Nov. 24, 1910. - Mansfield News.

5. April 9, 1915 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, April 9, 1915

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Article Text

To Serve SummonsIn the case of W. H. Lewis, treasurer, vs. Mary B. Lane, which was filed in the Franklin county court, Sheriff Woolison has received official notice to serve a summons on Arra C. Hancock and Robert M. Greer, receiver of the Farmers and Merchants' National Bank, both parties being residents of Mt. Vernon.

6. March 7, 1916 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, March 7, 1916

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Article Text

Sues for Back Taxes— Lloyd M. Bell, treasurer of Knox county, has filed a suit in the common pleas court against Robert M. Greer, receiver of the Farmers & Merchants' National Bank of Mt. Vernon. The plaintiff claims that the defendant was appointed receiver on April 26, 1911, and continued to act as such for a number of years. The plaintiff claims that during the year 1910, the F. & M. bank failed and neglected to pay personal taxes in the sum of $499.22, which, with the penalty, now amounts to $524.18, for which sum the plaintiff asks judgment. The receiver, Mr. Greer, claims that this failure to pay taxes, as alleged by the plaintiff, occurred in 1910, and that he was not receiver of the bank at the time, having been appointed in 1911. The attorney for the plaintiff is William A. Hosack.