19147. Farmers National Bank (Vergennes, VT)

View Charter #2475 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2475
Charter Number
2475
Start Date
April 1, 1897
Location
Vergennes, Vermont (44.167, -73.254)

Metadata

Model
gpt-5-mini
Short Digest
f266e19a39c2cf76

Response Measures

None

Receivership Details

Depositor recovery rate
71.5%
Date receivership started
1901-04-13
Date receivership terminated
1906-10-01
OCC cause of failure
Fraud
Share of assets assessed as good
76.6%
Share of assets assessed as doubtful
13.1%
Share of assets assessed as worthless
10.3%

Description

Articles describe the Farmers' National Bank of Vergennes as defunct and mention a receiver (F. L. Fish), insolvency as of April 1, 1897 due to embezzlement by the cashier, indictments and imprisonment of officials, and subsequent receiver actions and suits in 1903. No contemporaneous run is described; the bank remained closed and under receivership. Dates are taken from article text (insolvency date) and publication dates for receiver actions/suits.

Events (5)
1. April 29, 1880 Chartered
Source
historical_nic
2. April 1, 1897 Receivership
Newspaper Excerpt
the bank was insolvent in April, 1897 ... owing to the embezzlement of Cashier Lewis and others, not only the bank's entire capital had been dissipated on April 1, 1897
Source
newspapers
3. April 13, 1901 Receivership
Source
historical_nic
4. May 15, 1903 Other
Newspaper Excerpt
On May 15 Receiver Fish notified the stockholders ... he demanded of all shareholders the return of the dividends paid since that date.
Source
newspapers
5. July 18, 1903 Other
Newspaper Excerpt
F. L. Fish, receiver, has brought suit against D. H. Lewis and others for the recovery of the several amounts.
Source
newspapers

Newspaper Articles (3)
1. May 22, 1903 Middlebury Register Middlebury, VT
Article from Middlebury Register, May 22, 1903

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Article Text

MORE TROUBLE. Stockholders of Vergennes Farmers' Bank Must Refund Dividends. The stockholders. of the defunct Farmers' National bank have received letters announcing that upon investigation by F. L. Fish, the receiver, and the comptroller of currency, they have discovered that the bank was insolvent in April, 1897, and that the capital stock and deposits were therefore impaired. The stockholders are therefore ordered to return the dividends awarded them with interest or else legal action would be brought. It is understood that the affairs of the bank are by no means concluded and that results will be developed in the courts within a short time that will be nearly as sensational as the indictments brought several months ago, as a result of which two of the bank officials are serving long terms of imprisonment.

2. May 29, 1903 Windham County Reformer Brattleboro, VT
Article from Windham County Reformer, May 29, 1903

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Article Text

Stockholders Must Return Dividends. The stockholders of the defunct Farmers' National bank of Vergennes are notified that upon investigation by the receiver and comptroller of currency, they have discovered that the bank was insolvent in April, 1897, and that the capital stock and deposits were therefore impaired. The stockholders are therefore ordered to return the dividends awarded them with interest or else legal action would be brought. It is understood that results will be developed in the courts within a short time that will be nearly as sensational as the indictments brought several months ago, as a result of which two bank officials are serving long terms of imprisonment.

3. July 18, 1903 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, July 18, 1903

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Article Text

STOCKHOLDERS SUED. Have Refused to Return Dividends Paid by Farmers' National Bank, Burlington, July 18.-Because a number of the stockholders of the defunet Farmers' National bank of Vergennes have refused to return the dividends paid on their stock since April, 1897, F. L. Fish, receiver, has brought suit against D. H. Lewis and others for the recovery of the several amounts. On May 15 Receiver Fish notified the stockholders of the bank that owing to the embezzlement of Cashier Lewis and others, not only the banks entire capital had been dissipated on April 1, 1897, but that the bank was insolvent on that date. In consequence he demanded of all shareholders the return of the dividends paid since that date.