3e14d35aFull suspension
Other: Legal liquidation proceedings appear in 1931; reorganization was attempted in mid-1930 but later legal notices show liquidation by State Commissioner.
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Cassville Bank Suspended Frozen assets and heavy withdrawals caused the closing of the Badger State Bank at Cassville last week. Deposits totaled $466, 838. at the last bank call March 27. It was capitalized at $30 000, and surplus of Officers are G. A. Klindt, president; J. A. Klindt, vice president; M. H. Haberman, cashier, and M. M. Bernbardt, assistant cashier.
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Close Second Within Year Banks at Cassville and Belmont Closed. May Open Fennimore Institution. The Farmers and Merchants bank Richland Center closed its doors Saturday night and failed Monday This bank close within the past that city. Heavy withdrawals of deposits made during the past week and officers of the bank voted close Saturday depositors from loss. According to reports the institution solvent and an attempt will be made to liquidate the the end that all deposits will be paid full. Latest authentic information from banking circles that re-organization expected within short time and the bank reopened for business. Irving Backus of the state banking took charge bank Monday morning and making complete check the fairs. The Badger State bank Cassville the State bank at Belmont closed their doors during the past with frozen assets and heavy given the reason. Cassville bank the third close Grant county within the past weeks, Reports from Fennimore that the bank's bond county depository will pool their State bank which Monday last Considerable been offered the institution and prospects for its re-opening this time.
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GARDEN PRAIRIE Harry Sanders and wife of Lancaster spent Sunday at the home of her parents, Mr. and Mrs. Peter Casper. Peter and Harry motored to the McKevitt Bros. farm Sunday afternoon. Leon Showalter and G. S. Finney went fishing in Rat.lesnake creek last Wednesday afternoon. Several attended the depositors and creditors meeting at the town hall in Cassville last Friday afternoon in regard to the Badger Bank. Mrs. H. M. Phinney and son visited Saturday afternoon at the G. L. Eversoll home. Several from this vicinity attended the Brooks Stock Co. shows in Cassville last week. George Johnson and partner of Lancaster have been painting the G. L. Eversoll house. Harry Dolphin was along with the meat wagon from Bagley last Wednesday. The two day rain last week will do in world of good, especially to small grain and grass. Mrs. Norma Bernhardt (nee Eversoll) and little son, Paul, spent last week with her parents, Mr. and Mrs. G. Eversoll. Peter Glassmaker and Peter Casper were callers at the G. S. Phinney farm Sunday evening after an unruly steer that refused to stay in the Flatrock pasture. Mr. and Mrs. John Freid were Lancaster shoppers last Saturday morning. John Joyce and Walter were building fence last Saturday afternoon. large crowd attended the "Twin Picnic" at Cassville last Sunday. Leonard Wiest motored to the home of his uncle and aunt, Enoch Groom and wife and took them for a ride up the "Narrows" and on over the "Garden Prairie" road and to their home in Cassville.
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STATE BANK AT CASSVILLE REORGANIZING A movement is well under way to reorganize the Badger State Bank which suspended in April, the plan under which this institution may again reopen being one submitted by the State Banking department. Recently two separate meetings were held, one representing the creditors and the other representing the stockholders of the closed bank. These two groups then held a meettng and went over the inventary of the suspended bank and classified the assets from this inventory into three classes, namely: (1) good; (2) fair; (3) unacceptable. The creditors or depositors agree to waive immediate repayment of these unacceptable assets, together with a further amount of assets from the notes classified as fair, in the amount of the combine dcapital, surplus and undivided profits. The e-organization committee proceeded to offer stock to the public at the rate of $150.00 per share which represents $100.00 par value and $50.00 surplus which is to be placed in a contingent fund. Approximately one-half of the stock necessary to reorganize has already been subscribed and the balance will also, no doubt, be taken very shortly. The reorganization committee is stressing the fact that it will be of decided advantage to the creditors or depositors to reorganize and reopen this institution for eventually they will be repaid a large per cent of their claims, whereas in a statutory liquidation a longer time would be required with a resultant greater loss. This plan will assure a strong financial institution with a minimum loss to all creditors and of decided advantage to the entire community.
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CASSVILLE Hope to Reorganize Cassville Bank. CASSVILLE.-A movement is well under way to reorganize the Badger State bank, which suspended in April. The plan under which the institution may reopen is one submitted by the State Banking department. Recently two separate meetings were held, one representing the creditors, and the other the stockholders of the closed bank. These two groups then held a meeting and went over the inventory of the suspended bank and classified the assets from this inventory into three classes; namely: (1) Good; (2) Fair; (3) Unacceptable. The creditors or depositors will agree to waive immediate repayment of these unacceptable assets, together with a further amount of assets from the notes classified as "Fair", in the amount of the combined capital, surplus and undivided profits. The reorganization committee proceeded to offer stock to the public at the rate of $100.00 per share which represents $100.00 per value and $50.00 surplus which is to be placed in a contingent fund. Approximately onehalf of the stock necessary to reorganize has already been subscribed and the balance will also, no doubt, be taken very shortly. The reorganization committee is stressing the fact that it will be of decided advantage to the creditors or depositors to reorganize and reopen this institution for eventually they will be repaid a large precent of their claims, whereas, in a statutory liquidation a longer time would be required with a resultant greater loss. This plan will assure a strong financial institution with a minimum of loss to all creditors and of decided advantage to the entire community. -Jay M. Kay. Four young Russians were in Grant and Iowa counties last week taking note of farming conditions for benefit of their government. The men were accompanied by an interpreter and their questions showed intelligence and a grasp of the subject. They first applied to the state department of agriculture and were given a list of farms over the state to visit.
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LEGAL NOTICES 1st. pub., Jan. 14; last, Jan. 28. CITATION State of Wisconsin-County of Grant-In County Court. In the Matter of Vern Okey, Carroll Okey, Samuel Okey and Clyde Okey, infant heirs of Lee W. Okey, deceased. The State of Wisconsin to G. A. Klindt, of Cassville, Grant county, Wisconsin. WHEREAS it is represented our County Court by the complaint on oath of C. F. Schwenker, as Commissioner in Banking of the State of Wisconsin, in relation to the liquidation of Badger State Bank of Cassville, Grant County, Wisconsin, by H. D. Brainard, Special Deputy Commissioner, that you have failed to execute your trust as required by law, and have failed to file an account since the 24th day of February, 1926, and have failed to pay certain notes executed by you to Badger State Bank of Cassville, issued for expenses of administration. Now, THEREFORE, your are hereby cited and required to render and file your account at least ten days before the hearing fixed, and to appear before our County Court at term thereof to be held at the County Court Room in the City of Platteville, said County, on the 17th February, 1931, at the opening of Court on that day, at ten o'clock in the forenoon, then and there to show cause, if any you have, why ssaid notes should not be allowed as administration expenses, and paid as preferred claims against said estate, and why you should not be removed from said trust, your account settled, and your successor appointed. WITNESS the Hon. W. Bren-
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1st. pub., Jan. 14; last, Jan. 28. CITATION State of Wisconsin-County of Grant, in County Court. In the Matter of the Estate of Samuel W. Okey, deceased. THE STATE OF WISCONSIN TO G. A. KLINDT. WHEREAS, it is represented to our County Court by the complaint on oath of C. F. Schwenker as Commissioner of Banking for the State of Wisconsin in relation to the liquidation of Badger State Bank of Cassville, Wisconsin, by H. D. Brainard, Special Deputy Commissioner, that you, as Executor of said estate, have failed to execute your trust as required by law, and have failed to pay claim allowed to Badger State Bank of Cassville, Grant County, Wisconsin, and to settle said estate within the time provided by law, and that you as executor aforesaid executed and delivered to said bank a $8,500.00 for administration expenses which petitioner asks to have allowed as a preferred claim and as an administration expense. NOW, THEREFORE, you are hereby cited and required to render and file your account at least ten days before the hearing fixed and to appear before our County Court at a term thereof to be held at the County Court Room in the City of Platteville, Grant County, Wisconsin, on the 17th day of February, 1931, at the opening of court on that day at ten o'clock in the forenoon, then and there to show cause, if any you have, why you should not pay said claim heretofore allowed, why you should be removed from your said trust, your account settled and a successor appointed and why said claim of $8,500.00 and interest should not be allowed against said estate as preferred claim and as an administration expense. WITNESS the Hon. W. J. Brennan, Judge of said County Court at Lancaster in said County this 12th day of January, A. D., 1931. W. J. BRENNAN, (Seal) County Judge. Kopp & Brunckhorst, Attorneys for. C. F. Schwenker, as Commissioner of Banking of the State of Wisconsin.