Farmers State Bank - New Madison, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 21, 1933
Location: New Madison, Ohio (39.968, -84.709)

Metadata

Model: gpt-5-mini
Short Digest: eeeab1ce

Response Measures

None

Description

Article reports the state banking department closed the Farmers State Bank for liquidation in November 1934. The bank had been operated under a conservator since August 21, 1933. No run is described. Reopening was discussed as a possibility but the bank is closed pending liquidation (i.e., permanent closure).

Events (2)

1. August 21, 1933 Other

Newspaper Excerpt: The operations of the bank ... have been restricted since August 21, 1933, period of 15 months. ... The bank, under Wilson Miller, as conservator, has drafted plans for re-opening on 100 per cent business basis, state officials said.
Source: newspapers

2. November 1, 1934* Suspension

Cause: Government Action
Cause Details: Closed by the state banking department and ordered closed for liquidation; bank had been under conservator prior to the closing.
Newspaper Excerpt: The state banking department day announced the closing of the Farmer's State Bank of New Madison, Darke county, pursuant to organization. ... is now closed for liquidation
Source: newspapers

Newspaper Articles (1)

1. November 23, 1934 The Daily Advocate Greenville, OH

Article from The Daily Advocate, November 23, 1934

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Article Text

MADISON'S REORGANIZE Institution Operated Under Conservator Since August 1933, is Now Closed for LiquidationReopening on 100 Per Cent Basis Possible by December The state banking department day announced the closing of the Farmer's State Bank of New Madison, Darke county, pursuant to organization. The closing order dated November The bank, under Wilson Miller, as conservator, has drafted plans for re-opening on 100 per cent business basis, state officials said. The operations of the bank, the only financial institution in the neighboring town, have been stricted since August 21, 1933, period of 15 months. Interviewed this morning, Conservator Miller announced that due pending liquidation proceedings in the local common pleas court the re-opening was not possible fore Dcember However, he anticipated that the opening order would be received shortly after that date. Stockholders of the bank are to meet on December to elect directors and at that time officers will also be named. The charter and capital of the re-opened bank will be the same as that of the present bank, Mr. Miller further stated. The present capitalization $25,000. Since being under conservatorbank has conducted counter operations handling segregated accounts. Those same operations will during the liquidation period. In connection with the reopening, Mr. Miller further reported that soon as the official order received 50 per cent of old deposits would be paid. To date two per cent payment has been made.