20515. Farmers Savings Bank (Tea, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 1, 1925*
Location
Tea, South Dakota (43.446, -96.836)

Metadata

Model
gpt-5-mini
Short Digest
b91d43e3

Response Measures

None

Description

Articles (Mar–Apr 1925) describe the Farmers Savings Bank of Tea as a closed bank, being the first in the state to close; depositors are seeking payment from the state guaranty fund and officers are being sued/held liable. No article describes a depositor run; the bank appears to have suspended and remained closed (legal actions follow).

Events (2)

1. March 1, 1925* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed (insolvency/closure) leading depositors to seek payment from the state guaranty fund; officers later held liable for notes sold—indicates bank-specific insolvency/financial problems.
Newspaper Excerpt
the bank which was of the first in the state to close, are seeking payment of their deposits from the state guaranty fund
Source
newspapers
2. April 15, 1925 Other
Newspaper Excerpt
holds that officers of the closed Farmers' Savings bank of Tea liable for notes sold ... This considered an important victory for the state which charge the Sioux Falls institution.
Source
newspapers

Newspaper Articles (2)

Article from Argus-Leader, March 30, 1925

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Article Text

GUARANTY FUND MEMBERS HERE Commission Members and State Banking Superintendent Confer on Tea Bank Suit Members of the state guaranty fund and the of banks, Fred R. Smith, were in Sloux Falls in with in connection with their defense in the suit brought week by the of the Farmers Savings of Tea. No action resist the this will made the time of the order to held Parker April not the bank which was of the first in the state to close, are seeking payment of their deposits from the state guaranty fund total the their having the funds on all outstanding The commission gathered in Mitchell Saturday morning but to Sioux Falls brief matters they wanted to take care were in Members of the this are H. R. Kibbee, H. Lightner, Aberdeen, and McGarrough, Dupree.


Article from The Daily Deadwood Pioneer-Times, April 15, 1925

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Article Text

LIABLE FOR NOTES BANK SOLD CANTON. April Rudolph in circuit court. holds that ficers of the closed Farmers' Savings bank of Tea liable for notes sold closed Commercial Savings bank of Sioux Falls. This considered an important victory for the state which charge the Sioux Falls institution.