22881. Farmers & Merchants Bank (Richland Center, WI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
April 18, 1930
Location
Richland Center, Wisconsin (43.335, -90.387)

Metadata

Model
gpt-5-mini
Short Digest
2c8908e7

Response Measures

Capital injected, Full suspension

Description

Newspapers report heavy withdrawals/frozen assets leading to closure in mid-April 1930 (suspended/closed by directors/state banking dept). Stockholders reorganized in June/July and the bank reopened by Aug 5, 1930. I infer 'state' bank because the state banking commission is repeatedly involved and the name lacks 'National' or 'Trust'.

Events (5)

1. April 18, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Frozen assets and heavy withdrawals; insolvency/frozen assets cited by state banking department as reason for closing after heavy withdrawals
Measures
Bank was closed at end of business by vote of directors and turned over to state banking department (suspension/closure)
Newspaper Excerpt
The Farmers & Merchants bank, Richland Center with resources $500,000 closed at the end of business Saturday ... understood that the closing the bank was due to frozen assets and heavy withdrawal of deposits on Satur
Source
newspapers
2. April 19, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed frozen assets and heavy withdrawals; bank was closed/suspended by directors and state banking department action after run/frozen assets
Newspaper Excerpt
The Farmers and bank, Richland Center, has been reorganized and was reopened for business today, the commission reported. The bank was suspended April 19, 1930.
Source
newspapers
3. June 1, 1930* Other
Newspaper Excerpt
Stockholders of the Farmers and Merchants bank of Richland Center, caught in the bank's collapse a few weeks ago, met Monday of last week and voted to reorganize. An assessment has been made and a contingent fund raised. The bank will open with a paid up capital of $50,000.
Source
newspapers
4. July 23, 1930 Other
Newspaper Excerpt
Reopening of the Farmers and Merchants bank of Richland Center was a step nearer realization following election of a new board of directors at stockholders meeting.
Source
newspapers
5. August 5, 1930 Reopening
Newspaper Excerpt
The Farmers and bank, Richland Center, has been reorganized and was reopened for business today, the commission reported. The bank was suspended April 19, 1930.
Source
newspapers

Newspaper Articles (5)

Article from The Capital Times, April 21, 1930

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Article Text

Bank is Closed Following 'Run' & Merchants Bank Second in That City to Fail The Farmers Merchants bank. Richland with resources of $500,000 was closed the end of business Saturday, the 18th bank close since Jan. the state banking department announced today The bank Richland Center banking institution close, the First National bank suspended about year and half ago. understood that the closing the bank was due to frozen assets and heavy withdrawn of deposits on Saturwas stated the state banking department today that the institution over vote of directors." Craig president of the bank and vice president. The Pease The bank had deposits of and surplus $20,000 according the bank's report of March had undivided profits listed $20.and was capitalized at $50,000.


Article from The Capital Times, April 21, 1930

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Article Text

Bank is Closed Following 'Run' Farmers & Merchants Bank Second in That City to Fail The Farmers Merchants bank. Richland Center with resources $500,000 closed at the end of business Saturday, the 18th bank to close since Jan. the state banking department announced today The bank the second large Richland Center banking institution to close, the First National bank having suspended about year and It understood that the closing the bank was due to frozen assets and heavy withdrawal of deposits on Saturwas stated at the state banking department today that the institution turned over by vote of directors Craig president the bank and Lunenschloss vice president. The cashier Pease The bank had deposits and surplus of $20,000. according the bank's report of March 27. It had undivided profits listed $20.and was capitalized at $50,000.


Article from Grant County Herald, June 4, 1930

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Article Text

NEIGHBORHOOD BREVITIES AND NEARBY NOTES Mary Alice Becker, 4, daughter of an A&P manager at Center, fell from a second story window but landed on a ledge where she hung until rescued. Wilbur Richards, Dodgeville farmer, has SOW that gave birth to a freak pig. The offspring consisted of two complete pigs joined together at the right shoulders. The animal lived but a few minutes. Robt. 12, son of Mr. and Mrs. Ed. Zickerman, Dodgeville farmers, was kicked in the face and mutilated by a horse, Tuesday. The boy was found lying in the field and taken to a hospital. He will recover but his face will be scarred for life. McKinley Bros,, mining at Dodgeville, have a new shaft into a 20-inch sheet of solid jack. The mine is full of water unless and pumps are kept working constantly. Mrs. Trankle, residing with Mr. and Mrs. John Miller of near Livingston, was 93 years of age Tuesday. Relatives and friends-gathered at the house and made the occasion a gala affair. 162 head of prime Guernsey cattle were disposed of at the Vernon county uGernsey sale, Wednesday. F. O. Lowe of Petersburg, was the heaviest buyer, taking 41 head with a top of $145. The sale total came to $13,270, with an average of $81.90. Harry Bovay, the promoter who secured the franchise for the Pra. du Chien to Marquette bridge, announced Saturday that, the million dollar bond issue had been signed. Bovay says construction will start this summer and that the project will be rushed to completion. Sheriff Hinkins of Darlington, out riding Sunday night, collided with a car driven by one Louis Anderson. Anderson was arrested and placed in jail on charge of driving while intoxicated. During his first night in jail the man slashed a wrist and almost bled to death. Several thousand trout were cared for in a pond by Montfort sportsmen until they. attained size of four to six inches. The fish were then let loose in a stream known as Sevenfoot branch, near the village. The Montfort club has plan of establishing a pond on Blue river, near the Forman-Zoha farm. The death of Veteran Geo. Hodge at the age of 90, left Pra. du Chien with but one surviving veteran of the Civil war. He is Comrade C. A. Huard. Mr. Hodge was member of a New York regiment. Following the war he came west to reside in Grant county. In recent years he made his home with an adopted daughter, Mrs. Roy Koecke, of Pra. du Chien. "Taps" sounded for Comrade Hodge Sunday a week ago. Nat Cerutti, Dodgeville monument dealer, worked hard day and night to get his jobs completed by Memorial day. Upon arising one "morning last week he took a huge yawn and his jaws locked with his mouth open so that he could neither talk or swallow. physician administered an anesthetic and under the influence of the drug the jaws relaxed and Nat awoke as well as usual. As there is no classification for the nature of this disease it may be called "Monument man's jaw." May 23rd was the 52nd anniversary of the Mineral Point tornado. Jacob Miller of Boscobel died recently. He was a Civil war veteran. Robert Zickerman, 12 year old lad of Livingston, was kicked in the head by a horse. He was found lying in the field. Several stitches were required to close the cuts. The city of Pra. had du Chien had $36,000 on deposit in the Peoples State bank when it suspended. The city had to negotiate a loan of $16,000 to carry on operations. Prof. Kexel who has been teaching in the Cuba City Schools for four years has been engaged as principal of the Ridgeway School. Riley Livingston, present principal, continues his studies at the university. Mrs. Anna Bridges died Wednesday after a long illness at the home of Mrs. Llu Bridges. Funeral services were held at the Concklin Funeral Home at one o'clock Friday. Interment was made at Mineral Point.Platteville News. The Mike Grea store and dance hall and the Korth garage at Hillpoint were destroyed by fire Thursday night. The Loganville fire laddies helped to combat the blaze and two of them, Wm. Voss and Paul Roewer, received burns. The loss was $10,000. While enroute home from Union Grove to Boscobel, Friday, Mr. and Mrs. Jesse Woolley and daughter, Judith, riding in a Ford, were run into by speeding motorist. Judith received a broken collar bone and her parents were bruised. The car was wrecked. Ralph Harker of Platteville held the trout fishing record with catch of four and one-half pound fish. This record was defeated by Mr. Geasland who caught a brown of four pounds and 14 ounces. Both catches were made in a stream north of the village of Montfort. "Richland Center probably has the distinction of being the center of the elm bark industry of the United States," reports the Republican Observer. Perhaps more bark is bought and shipped from that city than from any other place in the country. The other week over a half ton was shipped to London, England. F.Y. Parfrey, the local buyer, has an order for a carload to be shipped to New York. Stockholders of the Farmers and Merchants bank of Richland Center. caught in the bank's collapse a few weeks ago, met Monday of last week and voted to reorganize. An assessment has been made and a contingent fund raised. The bank will open with a paid up capital of $50,000. The Lawrence Nelson barn in the town of Hickory Grove was struck by lightning Thursday night a week ago while Mr. Nelson was engaged in milking. The farmer used a pail of water, on hand for the calves, and put the blaze out before further damage resulted. The bolt struck in the haymow and had it not been for quick work. the whole place would have gone up in smoke. Dr. Frank Ware of Boscobel, formerly of Potosi, has been appointed as first assistant surgeon of the huge Fischer Body Corporation of Detroit, reporting to Dr. S. W. Williams, Surgeon in Chief. Dr. Ware will also be connected with the Hurley hospital at Flint and conduct private practice. Mrs. Ware's parents, Mr. and Mrs. Albert Schneider, live at Flint. Mrs. Schneider leaves June 14 for France as a Gold Star Mother. Her son, Capt. Joseph H. Schneider, is buried in the Somme cemetery. Walter Edgecomb of Boscobel died of tuberculosis at the age of 60 years. Mr. and Mrs. M. J. Banfield of Cuba City observed their sixtieth wedding anniversary Sunday, June 1. Miss Cecelia Ploesse of Iowa and Geo. Jansen of Louisberg were married Tuesday. They will make their home near Louisburg. Joseph Ryan of Darlington has been elected a delegate from the state of Wisconsin to the supreme council of the Knights of Columbus to be held in Boston, Mass. Dr. J. W. Ganshert, Monroe, went fishing in the Pecatonia river Sunday and in some manner ran the three tines of a triple hook through his ear. Ralph Sery managed to cut two of them loose but the third was imbedded so deeply he had to return to Monroe for medical aid. Hilton Wagner, 14. and Edna Lust, 14. Mt. Horeb high school pupils, were killed when the motor car they were riding in was struck by a North Western gasoline motor train near Blue Mounds village, Thursday afternoon. The children, number of others, were returning from a high school picnic on the top of Blue Mound. Two other girls and another youth were injured. The motor car the party was riding in was struck at a railroad crossing The vehicle was carried a hundred feet. Mrs. B. Bertschi of Milwaukee suffered a fractured skull Monday of last week when the Ford motor car she was riding in with her brother and his wife was struck by the Auburn car of Bradley Barrett, north of the Muscoda bridge. Mrs. Bertschi and party were traveling west on Highway 60 while Barrett and Miss Rose Walsh of Viola were going south on 80. The Auburn struck the Ford in the center and the impact threw the right rear door open and hurled Mrs. Bertschi 30 feet. She was taken to a Richland hospital and will recover.


Article from Platteville Witness, July 23, 1930

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Article Text

Richland Center Bank Directors Named Reopening of the Farmers and Merchants bank of Richland Center was a step nearer realization following election of a new board of directors at stockholders meeting. The directors are A. T. Rundell, Carl Barnes, Dr. Gideon Benson, Frank Lunenschloss, E. McCollum and M. Pease. Mr. Luenschloss, Mr. Pease and Dr. Benson Wednesday with officers of the state banking commission and reported at the stockholders' meeting Wednesday night.


Article from Baraboo News Republic, August 5, 1930

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Article Text

Argyle Bank Closes, Reports Madison The cial State bank, has closed because of frozen assets and deficient cash reserve, the banking commission day. Capital was listed at surplus $8,000, and deposits 878.31. Officers of the bank President, Robert Peacock; President, H. Hawley; and C. McQuillan. The Farmers and bank, Richland Center, has been reorganized and was reopened for business today, the commission ported. The bank was suspended April 19, 1930. Three feet diameter taining three-pound tungsten, ament. the world's largest electric light has been made picture studio.