18090. Farmers State Bank (Marshall, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1930*
Location
Marshall, Oklahoma (36.154, -97.626)

Metadata

Model
gpt-5-mini
Short Digest
fbbb95fe

Response Measures

None

Description

Articles report Farmers State Bank, Marshall became insolvent in December (presumably Dec 1930) and later was handled by the state banking department which issued dividends to depositors in June 1931. Embezzlement and fictitious notes by officers are cited as causes of insolvency. No run is mentioned in the articles.

Events (2)
1. December 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent amid alleged embezzlement by officers, issuance of fictitious cashier's checks and improper deposits to personal accounts.
Newspaper Excerpt
the Farmers State bank of Marshall which became insolvent in December
Source
newspapers
2. June 22, 1931 Receivership
Newspaper Excerpt
Dividends were issued by the state banking department today to depositors of three failed state banks... second dividend of ... went to depositors of the Farmers State bank, Marshall, Fifteen per cent has been paid.
Source
newspapers

Newspaper Articles (2)
1. February 20, 1931 Okmulgee Daily Times Okmulgee, OK
Article from Okmulgee Daily Times, February 20, 1931

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Article Text

BANKERS ARE HELD ON THEFT CHARGES Feb. 19. Three former officers the Farmers State bank of Marshall which became insolvent in December, today were under county court charges of embezzlement of bank funds. They H. D., E. W. and Hearn. W. H. Grassman. tomobile dealer and bank director, also named defendant. H. D. was in jail here today, but the others had not been arrested. H. D. and J. L. Hearn are charged in case with Issuing cashier's for to the First National bank of Guthrie in payment of their note. H. Hearn charged singly with having and deposited to his own account He alleged to have inserted fictitious note to deceive bank examiners. H. D. Hearn and Grassman were named defendants in suit charging of $3,200. An employe of Grassman leged to the money and deposited it to Grassman's account.

2. June 22, 1931 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, June 22, 1931

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Article Text

DIVIDEND CHECKS MAILED TO 3 BANK DEPOSITORS OKLAHOMA CITY. June Dividends were issued by the state banking department today to depositors of three failed state banks. sixth dividend of per cent. or $3171 was mailed depoisitors of the Keystone bank, Keystone, making total of 70 per cent thus far paid. second dividend of per cent or $14,149 went to depositors of the Farmers State bank, Marshall, Fifteen per cent has been paid. Depositors the Security State bank. Stilwell, will receive a third dividend of per cent, or $11,679, bringing total paid to 75 per cent.