21228. Farmers State Bank (Merkel, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 11, 1930
Location
Merkel, Texas (32.471, -100.013)

Metadata

Model
gpt-5-mini
Short Digest
792fe18d

Response Measures

None

Description

Articles (Feb 11, 1930) report Farmers State Bank of Merkel failed to open and was placed in hands of bank examiners/receiver. Closing is attributed to failure of a Fort Worth bank in which Merkel had large deposits (i.e., correspondent failure). The reporting indicates receivership/closure rather than a simple temporary suspension or later reopening.

Events (2)
1. February 11, 1930 Receivership
Newspaper Excerpt
Texas banks, closed yesterday, were in the hands of bank examiners today. THREE TEXAS BANKS FAIL TO OPEN FOR BUSINESS MONDAY. ... Affairs of the First National Bank at Ennis were placed in the hands of a national bank examiner. ... After a run on the institution Saturday, the Commercial National Bank of Jefferson failed to open its doors. ... Failure of Fort Worth bank recently was given as the cause of the closing of the Farmers Bank of Merkel.
Source
newspapers
2. February 11, 1930 Suspension
Cause
Correspondent
Cause Details
Bank had large deposits in a failed Fort Worth correspondent bank, and that failure prompted the Merkel bank to close and be placed in hands of examiners/receiver.
Newspaper Excerpt
Failure of a Fort Worth bank recently was given as the cause of the closing of the Farmers Bank of Merkel. The Merkel bank had large deposits in the Fort Worth institution according to statement by the active vice-president.
Source
newspapers

Newspaper Articles (3)
1. February 11, 1930 Corsicana Daily Sun Corsicana, TX
Article from Corsicana Daily Sun, February 11, 1930

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Article Text

THREE TEXAS BANKS FAIL TO OPEN FOR BUSINESS MONDAY INSTITUTIONS ALL BELIEVED TO BE IN TEMPORARY TROUBLE ONLY Texas banks, closed yesterday, were in the hands of bank examincrs today. Failure of a Fort Worth bank recently was given as the cause of the closing of the Farmers Bank of Merkel. The Merkel bank had large deposits in the Fort Worth institu according to statement by the active vice-president. The institution. in its last statement. listed individual deposits of $393,384. Affairs of the First National Bank at Ennis were placed in the hands of a national bank examincr. F. P. McElwrath. president. said the bank was not insolvent and that there was no possibility of any depositors losing money. He said rumors of a consolidation had caused a small run, and the bank examiner was called in. The bank had deposits of ap$550,000. @ After a run on the institution Saturday, the Commercial National Bank of Jefferson failed to open its doors. Although few details could be learned, it was reported the closing was temporary and the bank would be open for business within R few days. Last report of the Jefferson bank showed deposits of $140,733.

2. February 11, 1930 Wichita Falls Times Wichita Falls, TX
Article from Wichita Falls Times, February 11, 1930

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Article Text

THREE BANKS IN TEXAS IN HANDS OF RECEIVER DALLAS, Feb. 11. Texas banks, yesterday, in the hands of bank examiners toFailure of Fort Worth bank recently was given as the cause the closing of the Farmers State Merkel. The Merkel bank had deposits in the Fort Worth statement by the active vice presiThe institution, in its last state$393,384. ment, listed individual deposits of Affairs of the First National bank Ennis in the hands national bank McElwrath, president, said the bank was not insolvent and that there was no possibility depositors losing money. He said of had caused small run, and the bank examiner called The bank had deposits of approximately After run the institution Saturday, the Commercial National of Jefferson failed to open its doors. Although few could be the closing was and the bank would be open for business within days. Last report of the Jefferson bank showed deposits of $140,733.

3. February 11, 1930 San Angelo Evening Standard San Angelo, TX
Article from San Angelo Evening Standard, February 11, 1930

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Article Text

RECEIVERS TAKE BANKS Failure of Fort Worth Institution Is Blamed for Closing. DALLAS. Feb. 11. Texas were the hands of bank examiners today. Failure of Fort Worth bank recently was given the cause Farmers State Bank Merkel. The Merkel bank had large deposits Fort Worth institution, according statement by the active dent. The institution, in its last statelisted individual deposits of Affairs of the First National Bank Ennis were placed in the hands national bank McElwrath. president, said the bank was insolvent and that there possibility of any depositors losing money said rumors of consolidation had caused run. and the bank examiner called The had deposits of apAfter run on the institution the National Bank of failed to open its Although few details could be was reported the closing temporary and bank would for business open within few days. Last report the Jefferson bank showed deposits of