Farmers Loan & Trust Company (Iowa City, IA)

Episode Information

Episode UID
3267917291587
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
326791729 hash
Start Date
March 28, 1932
Location
Iowa City, Iowa (41.661, -91.530)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1e1e44f2455e635f

Response Measures

None

Description

Multiple articles identify a receiver and receiver actions; bank remained closed and under receivership.

Events (4)
1. March 28, 1932 Receivership
Newspaper Excerpt
McChesney Bank Receiver Files A $6,500 Note Suit ... receiver of the Farmers Loan and Trust company, which was headed by McChesney, has filed suit in district court here for judgment of $6,500 alleged due on promissory notes ... The action follows the suit filed last week by the state board of education ... asking judgment ... Judge Popham set April the for hearing on the petition.
Source
newspapers
2. March 28, 1932 Suspension
Cause Details
Bank had a receiver appointed and was in receivership by March 1932 (specific trigger not stated in articles)
Newspaper Excerpt
McChesney Bank Receiver Files A $6,500 Note Suit ... receiver of the Farmers Loan and Trust company
Source
newspapers
3. February 11, 1933 Other
Newspaper Excerpt
of Reof the State Banking and the Farmers of City, Trust Company ... Receiver ... hearing court day City, 1933 ... Loan Receiver the City, Trust Examiner in IOWA ... YOU ARE FURTHER that Court the hearing said authority accept proposal Court House, Iowa, application be that appear entered the Court reference
Source
newspapers
4. October 31, 1933 Other
Newspaper Excerpt
Farmers Loan & Trust Co. (receiver), Iowa City, $70,000* (no part disbursed up to Sept. 30) — RFC authorized loan to aid reorganization or liquidation
Source
newspapers

Newspaper Articles (6)
1. March 28, 1932 The Gazette Cedar Rapids, IA

Article Text

McChesney Bank Receiver Files A $6,500 Note Suit IOWA CITY, March receiver of the Farmers Loan and Trust company, which was headed by McChesney, has filed suit in district court here for judgment of $6,500 alleged due on promissory notes given by John W. Skay of Johnson county when the bank took second mortgage on Skay's 120acre farm. The action follows the suit filed last week by the state board of education, acting for the University of Iowa, asking judgment by the uniants besides Skay, Marcella Skay, the Farmers Loan and Trust company its Judge Popham set April the for hearing on the petition.

2. December 20, 1932 Iowa City Press-Citizen Iowa City, IA

Article Text

F. C. LOANS APPROVED FOR THREE BANKS Expect Funds Will Be Available to Pay Out Cash in January to and Loans to approved Loans to Local Banks The of made to the lowa City banks follows Johnson Savings City Savings and the Citizens and Trust company The R. has approved for for payment of dende in banks early in Janu ary, this fund to be matched by like of the banks liquid as The three other loans made to are Farmers Savings bank Meservey Commer dal State bank of Independence $40,000 and the Farmers Savings With the aid of the R. loans. the disbursement of more than in the form of per cent dividends from the three closed banks will be made early in Jan has been This money. plus the $75,000 dividend of the Farmers Loan and Trust com pany Wednesday will bring the to tal near the half million mark The dividends will represent the third 10 per cent from the Johnson County Savings bank. the second from the Citizens Savings and Trust company and the first 10 per cent disbursement from the lowa City Savings hank Thirteen thousand one depositors will bene fit by the coming dividends from the four local banks Necotiations for the loan from the Finance corpor ation have been carried on by Mr Summerwill for the last five weeks The application was approved at the Des Moines and Chicago offices and then forwarded to Washington for final approval. made Monday what advance of the three other banks in the state loans. in the matter of receiving the monannounced by Asst Atty Gen Earl Wisdom legal adviser to Mr L Andrew superintendent of banking due misunderstand ing The approval of the loans sought from the R. F. C. for the three lows City banks ed in the Johnson county district court before the assets of the banks had been submitted to the R. Court actions approving the loans made to the three other Iowa banks have not yet been started

3. February 11, 1933 Iowa City Press-Citizen Iowa City, IA

Article Text

of Reof the State Banking and the Farmers of City, Trust Company AND TRUST LOAN FARMERS COMPANY of Iowa City, Iowa, Defendant. CREDITORS AND THE FARMERS IOWA CITY, EACH OF YOU YOU AND Johnson County. court Farmers Loan City, Trust sell described real Kordick the following North Half South tion Southwest Quarter Section West Range further notified that You conditions written and written further each will notified before court come hearing court day City, 1933, defend time and said application said Iowa, this 11th 1933. day of Loan Receiver the City, Trust Examiner in IOWA, AND SAID YOU ARE HEREBY NOTIFIED McIntyre said bank certain gether interest, $2,600.00 shares indebted liability that receiver the the $1,000.00 with shares common stock Standard value. said time said and proceeds proposed YOU ARE FURTHER that Court the hearing said authority accept proposal Court House, Iowa, application be that appear entered the Court reference

4. July 15, 1933 Iowa City Press-Citizen Iowa City, IA

Article Text

Approves Reports Filed by Bank Receivers Interlocutory final reports three county bank receiverships filed of June 30th when the change state banking tendent effected. approv district court Saturday by Harold Evans The reports. including the Oxford State the Farmers Loan Trust com pany of Iowa City and the Farmers Savings bank Oxford. filed week.

5. October 31, 1933 Des Moines Tribune Des Moines, IA

Article Text

Lists Loans In September R. F. C. Authorized 145 in Month. WASHINGTON, D. C. The Reconstruction Finance Corp. reported to the clerk of the house Tuesday that it had authorized 145 loans aggregating $36,287,288.93 to financial organizations during September Increases in loans previously brought the total up to $37,730,299.86. Of this amount, $20,966,628.63 was authorized to banks and trust companies including $11,809,034.79 to aid in the reorganization or liquidation of closed banks. The remainder went as follows: Building and loan associaInsurance companies, $545,- Mortgage loan companies, $6,567,630.84 Credit unions, $9,738.71 Federal land banks, $3,000,000. Joint stock land banks, $2,910,000. Agricultural credit corporations, $195,922.58 Regional agricultural credit corporations (rediscounts), $3,253,888.56 Under the emergency banking act, the corporation reported, subscriptions for preferred stock in 23 banks and trust companies, aggregating $3,760,000 were authorized as were two loans totaling $650,000 secured by preferred stock. During the same month, the report said, loans which had been authorized from July 21, 1932, to Aug. 31, 1933, aggregating $4,612,793.74 were withdrawn or can celed in full. Authorization of loans in Iowa by the R. C. during September, as reported Tuesday, included: Farmers Loan & Trust Co. (receiver), Iowa City, $70,000*. Mahaska County State bank City Trust & Savings bank, Boone, (Accounting adjustment resulting in an increase in loan authorization previously reported.) Iowa National Fire Insurance Co., Des Moines, $45,000* Sioux City Regional Agricultural Credit Corp., Sioux 505, $153,371, $181,933. *No part of these amounts had been disbursed up to Sept. 30,

6. October 31, 1933 Lincoln Journal Star Lincoln, NE

Article Text

WASHINGTON. (AP). Authorization of loans by the Reconstruction Finance corporation during September, as reported Tuesday to congress included, the following banks and trust companies: No part of this amount had been disbursed up to Sept. 30, 1933, inclusive). Iowa. Iowa City, Farmers Loan & Trust Co. (receiver), $70,000 (x). Oskaloosa, Mahaska County State bank (receiver), $50,000 (x). Michigan. Ishpeming, Miners National bank (conservator), $407,000 (x). Three Rivers, First National Bank of Three Rivers, $2,531 (x). Ypsilanti, The First National bank of Ypsilanti (conservator) $400,000 (x). Minnesota. Jackson, The Jackson National bank in Jackson (receiver), $17,000. St. James, The Citizens & Security National bank of St. James (receiver), $65,000 (x). South Dakota. Fairfax, The Farmers National bank of Fairfax (receiver), $6,300 (x). Wisconsin. Rosholt, State bank of Rosholt, $6,500. Accounting adjustment in September resulting in an increase in a loan authorization previously reported. Iowa. Boone, City Trust & Savings bank, $175 (x). BUILDING AND LOAN ASSOCIATIONS. South Dakota. Madison, The Madison Building & Loan association of Madison, South Dakota $53,877. INSURANCE COMPANIES. Iowa. Des Moines, Iowa National Fire Insurance company, $45,000 (x). CREDIT UNION. Minnesota. Minneapolis, Franklin Co-operative, $9,738. FEDERAL LAND BANKS. Nebraska, Omaha Federal Land bank of Omaha, $2,000,000. Nebraska, Omaha Federal Land bank of Omaha, $1,000,000. REGIONAL AGRICULTURAL CREDIT CORPORATIONS. Iowa. Sioux City Regional Agricultural Credit corporation of Sioux City, Iowa, $12,29 (x), 35,329 (x), 15,035 (x), 15,321, 27,422, 13,466, 49,319, 32,191, 67,574, 61,086, 80,929, 45,955, 18,050, 53,238, 83,222, 112,025, 21,505, 153,371, and 181,933.