Farmers National Bank (Vergennes, VT)

View Charter #2475 on SPMC View balance sheet

Episode Information

Episode UID
247501168
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
24750 national
Charter Number
2475
Start Date
April 1, 1897
Location
Vergennes, Vermont (44.167, -73.254)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0395b8008843d10f

Response Measures

None

Receivership Details

Depositor recovery rate
71.5%
Date receivership started
1901-04-13
Date receivership terminated
1906-10-01
OCC cause of failure
Fraud
Share of assets assessed as good
76.6%
Share of assets assessed as doubtful
13.1%
Share of assets assessed as worthless
10.3%

Description

The articles discuss the aftermath of a failure that occurred years prior; the bank was insolvent by April 1897 due to embezzlement.

Events (4)
1. April 29, 1880 Chartered
Source
historical_nic
2. April 1, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insolvency and capital dissipation due to embezzlement by the cashier and other officials.
Newspaper Excerpt
the bank was insolvent in April, 1897, and that the capital stock and deposits were therefore impaired
Source
newspapers
3. April 13, 1901 Receivership
Source
historical_nic
4. May 15, 1903 Receivership
Newspaper Excerpt
On May 15 Receiver Fish notified the stockholders of the bank that owing to the embezzlement of Cashier Lewis and others, not only the banks entire capital had been dissipated on April 1, 1897, but that the bank was insolvent on that date.
Source
newspapers

Newspaper Articles (3)
1. May 22, 1903 Middlebury Register Middlebury, VT
Article from Middlebury Register, May 22, 1903

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Article Text

MORE TROUBLE. Stockholders of Vergennes Farmers' Bank Must Refund Dividends. The stockholders. of the defunct Farmers' National bank have received letters announcing that upon investigation by F. L. Fish, the receiver, and the comptroller of currency, they have discovered that the bank was insolvent in April, 1897, and that the capital stock and deposits were therefore impaired. The stockholders are therefore ordered to return the dividends awarded them with interest or else legal action would be brought. It is understood that the affairs of the bank are by no means concluded and that results will be developed in the courts within a short time that will be nearly as sensational as the indictments brought several months ago, as a result of which two of the bank officials are serving long terms of imprisonment.

2. May 29, 1903 Windham County Reformer Brattleboro, VT
Article from Windham County Reformer, May 29, 1903

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Article Text

Stockholders Must Return Dividends. The stockholders of the defunct Farmers' National bank of Vergennes are notified that upon investigation by the receiver and comptroller of currency, they have discovered that the bank was insolvent in April, 1897, and that the capital stock and deposits were therefore impaired. The stockholders are therefore ordered to return the dividends awarded them with interest or else legal action would be brought. It is understood that results will be developed in the courts within a short time that will be nearly as sensational as the indictments brought several months ago, as a result of which two bank officials are serving long terms of imprisonment.

3. July 18, 1903 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, July 18, 1903

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Article Text

STOCKHOLDERS SUED. Have Refused to Return Dividends Paid by Farmers' National Bank, Burlington, July 18.-Because a number of the stockholders of the defunet Farmers' National bank of Vergennes have refused to return the dividends paid on their stock since April, 1897, F. L. Fish, receiver, has brought suit against D. H. Lewis and others for the recovery of the several amounts. On May 15 Receiver Fish notified the stockholders of the bank that owing to the embezzlement of Cashier Lewis and others, not only the banks entire capital had been dissipated on April 1, 1897, but that the bank was insolvent on that date. In consequence he demanded of all shareholders the return of the dividends paid since that date.