Farmers State Bank - Elk Point, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1931*
Location: Elk Point, South Dakota (42.683, -96.684)

Metadata

Model: gpt-5-mini
Short Digest: 14240be5

Response Measures

None

Description

Article states the Farmers State Bank of Elk Point closed in October 1931 and remained closed; state banking department is arranging dividends to creditors in April 1932, implying a receivership/closure rather than a temporary suspension. Cause of closure is not specified in the article.

Events (3)

1. October 1, 1931* Suspension

Cause Details: Article notes the bank closed in October 1931 but does not state a specific cause (insolvency or other).
Newspaper Excerpt: the Farmers State Bank of Elk Point ... which closed Oct. 1931.
Source: newspapers

2. April 29, 1932 Other

Newspaper Excerpt: Plan Pay Dividends On Two Closed State Banks ... The banking department plans fifteen per cent dividend creditors of the Elk Point bank ... the payment $20,000. ... legal for payment of dividends to creditors of closed state banks have been taken by the state banking department.
Source: newspapers

3. April 29, 1932 Receivership

Newspaper Excerpt: the state banking department ... plans fifteen per cent dividend to creditors of the Elk Point bank ... closed Oct. 1931.
Source: newspapers

Newspaper Articles (1)

1. April 29, 1932 Rapid City Journal Rapid City, SD

Article from Rapid City Journal, April 29, 1932

Click image to open full size in new tab

Article Text

Plan Pay Dividends On Two Closed State Banks Pierre, April inary legal for payment of dividends to creditors closed state banks been taken by the state banking department the interests depositors the Farmers State Bank of Elk Point and the Fedora State Bank. The banking department plans fifteen per cent dividend creditors of the Elk Point bank, which closed Oct. 1931. The pay ment $20,000. Creditors of the Fedora bank will receive ten per cent dividend which will distribution about $9,000. The Fedora bank closed Oct. 19, 1931.