3507. Farmers Loan & Trust Company (Iowa City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 1, 1932*
Location
Iowa City, Iowa (41.661, -91.530)

Metadata

Model
gpt-5-mini
Short Digest
6926b08a

Response Measures

None

Description

Newspapers indicate the Farmers Loan & Trust Co. ceased operations in January 1932 and a receiver was appointed; subsequent articles through 1933 discuss receiver actions, suits, and liquidation/claims. No article explicitly describes a depositor run prior to suspension, so this is classified as a suspension leading to permanent closure (receiver/liquidation). OCR errors in articles corrected (e.g., dates and fragmented lines).

Events (2)
1. January 1, 1932* Suspension
Cause
Government Action
Cause Details
Bank stopped opening for business in January 1932 and subsequently a receiver was appointed; closure under examiner/receiver authority.
Newspaper Excerpt
the last day the bank was open for business
Source
newspapers
2. March 28, 1932 Receivership
Newspaper Excerpt
receiver of the Farmers Loan and Trust company ... has filed suit in district court here for judgment of $6,500 ... The action follows the suit filed last week by the state board of education ... Judge Popham set April ... for hearing on the petition.
Source
newspapers

Newspaper Articles (7)
1. March 28, 1932 The Gazette Cedar Rapids, IA
Article from The Gazette, March 28, 1932

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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 from Iowa City Press-Citizen, December 20, 1932

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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 from Iowa City Press-Citizen, February 11, 1933

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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. June 29, 1933 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, June 29, 1933

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Article Text

Bank Receiver to Pay Deposit Claims Of University Hon. Harold Evans. court order Wednesday Andrew, receiver of the Farmers Loan and Trust company. pay dividends to National Surety company of New York on University of Iowa déposit claims standing the name of McChesney, former university treasurer. The receiver was authorized accept and recognize the assignment of $2,298.97 of the deposit claims from the university the bonding company which had bond ed the former treasurer. The mainder of the dividends claims to go to the university by the terms the The deposit claims total $3,912.54 and are follows: Memorial fund. class 1931. $1,999.05: memorial fund. class 1931. Iowa Dames club, fund. classes 1932 and 1934. Epsilon Pi,

5. July 15, 1933 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, July 15, 1933

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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.

6. October 31, 1933 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, October 31, 1933

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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,

7. November 24, 1933 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, November 24, 1933

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Article Text

RULES BANK CASE $4,579 Out of $10,000 Asked Is Declared Preferred Settlement of the action of O. Craig, receiver of the First Nat. ional bank. against the receiver of the Farmers Loan and Trust Co., asking allowance of preferred claim in the sum of $10,000, was made Thursday in ruling by Hon. Harold D. Evans. Judge Evans ruled that the First National bank receiver is entitled to recover from the Farmers Loan and Trust company receiver in the sum of $4,579.09 as preferred claim and the balance of the $10. 000 asked. the sum of was established as depositors claim. to be paid as other deposit ors in dividends The $4,579.09 was received by the examiner of the Farmers Loan and Trust Co. from the First Nat ional bank on January 1932. The First National bank claim. the basis of the action. was on $10,000 draft issued by the Farm Loan and Trust Co. on January 1932, the last day the bank was open for business. The action was tried last summer, Judge Evans taking the case under advisement at that time. The First National bank was ed the trial by Atty. K. M. Dunlop of Iowa City and Atty. Harrison Spangler of Cedar Rapids. and later by Atty. Hart of Iowa City. The attorneys for the re ceiver of the Farmers Loan and Trust Co. were Messer and Nolan Edward F. Rate and H. W. Vestermark.