Farmers Savings Bank - Wessington Springs, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: February 26, 1929
Location: Wessington Springs, South Dakota (44.079, -98.570)

Metadata

Model: gpt-5-mini
Short Digest: 22ea3110

Response Measures

None

Description

Article (Argus-Leader, 1929-02-26) states the Farmers Savings Bank 'suspended' and later 'closed' while describing litigation over deposits. No run or depositor agitation is mentioned. Closure appears permanent; receivership not explicitly stated but bank had closed. Date of suspension/closure not precisely given beyond the 1929 article.

Events (1)

1. February 26, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was suspended and later closed due to its failure/insolvency; litigation alleges negligent deposits remained in the bank until it closed (suggesting bank-specific failure).
Newspaper Excerpt: the Farmers Savings bank, suspended, of this city ... negligently the said deposits to remain in said bank until it closed.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1929 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, February 26, 1929

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Article Text

SCHOOL TREASURER IS LIABLE TO CITY Supreme Court Rules Bank Officer or Bondsmen Must Pay for Deposits (Special to the Springs. Feb. supreme the Springs was the amount of its deposit, the Farmers Savings bank, suspended, of this city, in against Stanley city and Fidelity of one of the surety of the country. This is the second time the case has up to the supreme court, the first time demurrer, when the court against the city. Complaint was then and the last action was on the allegation that Smith knew the the bank as inhe being an of the bank. and that it to to accept posits knowing the bank. The terms of the bond were also such to place on the defendants, part that as city treasurer, he hereafter all reasonable care in the and lawful disposal of all The allegation stated that Smith as treasurer of city of Wessington Springs, cashier bank knew the to be but the ing deposits the bank, continued to make deposits therein. and negligently the said deposits to remain in said bank until it closed.