17738. Farmers State Bank (Platte, SD)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
state
Start Date
July 1, 1926
Location
Platte, South Dakota (43.387, -98.845)

Metadata

Model
gpt-5-mini
Short Digest
d4f683a53762c735

Response Measures

None

Description

Multiple contemporaneous articles (published 1926-07-02) report heavy withdrawals that prompted the Farmers State Bank (Platte, SD) to fail to open and temporarily close on/about 1926-07-01. Officials stated the banks were not insolvent and planned to reorganize and reopen after obtaining depositors' signatures on five-year time certificates. Cause attributed to crop failures and failures of other regional banks.

Events (2)

1. July 1, 1926 Run
Cause
Local Shock
Cause Details
Crop failures in the region (and failing banks nearby) prompted depositors to withdraw funds.
Measures
Bank closed temporarily for reorganization; solicited depositors' signatures on five-year time certificates (payable by percentage each year).
Newspaper Excerpt
following a heavy run of depositors
Source
newspapers
2. July 1, 1926 Suspension
Cause
Local Shock
Cause Details
Closed after heavy withdrawals driven by crop failures and contagion from other bank failures; officials said closure was for reorganization and to obtain time-certificate signatures from depositors.
Newspaper Excerpt
failed to open their doors for business this morning following a heavy run of depositors
Source
newspapers

Newspaper Articles (3)

Article from The Waukesha County Freeman, July 2, 1926

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Article Text

CROP FAILURE BLAMED FOR BANK CLOSURES PLATTE. S. D.-Crop failures were said to bbe responsible for the closing of three more banks in this city. Doors were locked today on the Commercial State, Platte State, and Farmers' State banks, following heavy runs of depositors. The in. stitutions, according to the officers, were not in dangerous conditions and following reorganization will be Saves repairs and keeps reopened providing sufficient fivedown cost of running your year time certificate signatures car. It is as different from should be secured from depositors, as the famous Alemite RHINELANDER-The Rev. George High Pressure Lubrication Staley has accepted the pastorate of is different from the oldthe Methodist church. here, succeeding the Rev. A. 0. Wade. fashionedgrease cup. Have EAU CLAIRE boys from Eau WAUKESHA AUTO SALES CO. Claire will be among the first of the Waukesha, Wisconsin summer quota to attend the "Y." boys' camp at Lower Long lake.


Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, July 2, 1926

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Article Text

Heavy Run Closes 3 South Dakota Banks Platte S. D., July state banks the Commercial State Platte State and Farmers State falled open their doors for business yesterday following heavy run of depositors Wednesday Officials of the institutions declared that none of the banks was in shape but that they had closed for purposes and would reopen as soon as they can get depositors' signatures for five year time certificates, payable by percentage every year Crop failures and many other banks failing in this section are said to have caused the local banks to take this step. Business in Platte was at a standstill today.


Article from Star Tribune, July 2, 1926

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Article Text

Three State Banks Close in Platte, S.D., Following Heavy Run by Depositors banks, the Commercial State Platte State, and Farmers State failed to open their doors for business this morn. ing. following a heavy run of deposit. Officials of the institutions declared that none of the banks was in bad shape but that they had closed for organization purposes and would signatures for year time cer tificates, payable by percentage each Crop failures and many other banks failing in this section are said to have caused the local banks to take this step. Business in Platte was at stand still today.