3718. Farmers Savings Bank (Runnells, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 30, 1930
Location
Runnells, Iowa (41.511, -93.357)

Metadata

Model
gpt-5-mini
Short Digest
dc289630

Response Measures

None

Description

Articles describe the Farmers Savings Bank of Runnells as 'defunct' with a receiver (L. Andrew) handling liquidation, hearings on claims, and later receiver dividends. There is discussion of depositors' investigating committee after the bank 'suspended' (reference to January 18th in the Jan 29, 1931 article). No article describes a depositor run prior to suspension. Therefore this is classified as a suspension leading to permanent closure with receivership/liquidation.

Events (3)
1. December 30, 1930 Receivership
Newspaper Excerpt
REPORT IS FILED ON RUNNELLS BANK Report of L. Andrew receiver of the defunct Farmers Savings bank of Runnells ... was filed in district court Tuesday ... the receiver including deposit claims ... The report asked that the court date for hearing on the claims.
Source
newspapers
2. January 18, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure due to adverse bank-specific conditions (described as 'disastrious failure', possible frozen assets, alleged misuse of deposits and mismanagement); depositors formed an investigating committee to probe management and potential misappropriation.
Newspaper Excerpt
depositors of the Defunct Farmer's Saving Bank, January 18th who are to represent the depositors and to investigate into the conditions and management of the disastrious failure of this Bank
Source
newspapers
3. July 20, 1932 Other
Newspaper Excerpt
Runnells Dividend Order Is Signed Per Cent Will Be Paid by Farmers Bank. An order authorizing payment an per cent dividend on the Farmers Savings bank of Runnells, Ia., the dividend declared since the bank went into was signed in district court ... The first dividend paid by bank receiver was 15 per cent and the second was 10 per cent.
Source
newspapers

Newspaper Articles (5)
1. December 30, 1930 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 30, 1930

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REPORT IS FILED ON RUNNELLS BANK Report of L. Andrew receivof the defunct Farmers Savings bank of Runnells on the classification. allowance and rejection of claims. was filed in district court Tuesday totaling against the bank allowed the receiver including deposit claims and as public funds deposit claims Offsets allowed by the receiver totaled while claims rejected Of the claims was based cashier preferred $1,306.52 preferred claims was reduced the standard of deposit claims. The report asked that the court date for hearing on the claims.

2. January 29, 1931 The Altoona Herald Altoona, IA
Article from The Altoona Herald, January 29, 1931

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Program For L. D. S. Church 10.00 a. m. Sunday School 11:00 a. m. Morning Worship All are welcome. Program For Congregational Church Rev. Wilkenson, Paster 10:00 a. m. Sunday School 11:00 a. m. Morning Worship Prayer Meeting Tuesday 7:30 P. m. Children's Meetings Saturday 2:30 p.m ADELPHI Program For Christian Church Rev. J. G. Myers, Pastor 10:00 a. m. Bible School 11:00 m. Morning Worship 7:30 p. m. Evening Service Camp Center Church of Christ Bible Study-10:00 Morning Preaching-11:00 Young Peoples' Meeting-7:00 Evening Preaching-8:00 Prayer Meeting. Tuesday night 7:30 A large number of Eastern Stars attended the meeting of the Areme Club in the hall Thursday, Luncheon was served at 12:30 and the afternoon spent in practicing. Mr. and Mrs. Ira Brown entertained twelve guests at bridge Thursday evening. High score was won by Mr. and Mrs. A. W. Switzer. A dainty two course luncheon was served by the hostess. Those present were: Mr. and Mrs. Dean McKinney, Mr. and Mrs. Vodak, Mr. and Mrs. A. W. Switzer, Mr. and Mrs. B. B. Brown, Miss Roop and Miss Stevens. Mr. A. W. Switzer spent Thursday with home folks from his duties at the new store in Des Moines. Eastern Stars will please notied that the next regular meeting on February 6th will open promptly at 7:30 as there will be initiation. Ben Person of near Adelphi will hold his Duroc Jersey Hog Sale on Friday, February 13. Watch for bills. Mr. C. E. McDonald and son Carl, of Des Moines called on friends in Runnells Monday afternoon. Mr. and Mrs. James Park and daughter, Olive and son Robert were Sunday visitors at the Carl McCoy home. The Social "See America First" was given at the L. D. S. Church Basement Thursday evening. About 50 were present to enjoy the entertainment and refreshments. The Ladies Aux of the L. D. S. Church will meet with Mrs. F. B. Miller Thursday afternoon, January 29th. Mr. and Mrs. Ralph Freel and son of Des Moines attended Sunday School O.L. McKinney Company Insure In "sure" Insurance DES MOINES. IA. PHONE and called on relatives in Runnells Sunday. Mrs. Sam Freel has been visiting in Des Moines and near Cambridge the past few days. Mrs. Chas. White and father, Mr. Joe Ridgway ate dinner at the W. H. Miller home Thursday. June Stevens left Monday to attend College in Indianola. Ellen Ridgway who has many friends in this community has been quite ill. Mrs. Ridgway lives in Des Moines. Grandmother Erskin has been quite III the past week. Mr. and Mrs. W. H. Miller ate Sunlay dinner with Mr. Miller's sister, Mrs. Addie Borgs who lives near Adelphi. Richard Miller and Carol Cline. spent Monday night at the B. O. Ridgway home. Mr. and Mrs. R. E. Town visited relatives in Des Moines Sunday. Mr. Andrews and Judge Shankland will speak at a Community meeting at the Runnells Consolidated School next Thursday evening, January 29th. Mr. Reaves went to Ottumwa to spend the week end. Pauline Draper has been ill and not able to attend school. Gladys Schell thas been improving in health the past week. The Township Trustees met at the School House Monday afternoon. Mrs. Julia Ridgway is reported slowly improving at this writing. J. C. Freel has been spending a few days with Sam Freel. Mr. and Mrs. Opha McKinney of Davenport were callers at the Miles Park home Thursday evening. The Switzer Drug Company finished moving. their stock of goods to the Drug Store which they purchased in Des Moines short time ago. Mr. and Mrs. A. W. Switzer will not move their house hold goods to Des Moines for a few weeks. Mr. W. R. Cutforth shipped a fine car load of hogs one day last week. The Basket Ball Games which were played at the Runnells Consolidated School last Friday evening were very well attended. The scores are as follows: Runnells High School Boys 23, Bondurant High School Boys 25; Runnells High School Girls 24, Bondurant High School Girls 23. These two games were quite exciting and very close. Billy Cater started to school Monday morning. Billy has been ill with heart trouble for several months and has not been able to attend school. The L. D. S. Church will hold a three day conference in Des Moines in the Church at East 12th Street beginning January 6th. There will be a banquet held in the basement of the church on Friday evening January 6th Those wishing to attend should make their reservations in advance. Born to Mr. and Mrs. Garret Harmison. a baby boy, January 23rd. Mr. and Mrs. Harmison live in Monroe. Mrs. R. V. McKinney and son Cordus were Des Moines visitors Saturday Mr. and Mrs. J. W. Wade have purchased a new Oldsmobile. All officers of the O. E. S. Chapter are requested to meet at the hall Saturday evening January 31st. C. F. Priest of Des Moines, called on Sam Freel Monday. ASKS SUPPORT FOR INVESTIGATING COMMITTEE I feel sure I speak the mind of my associates when say that am pleased with the personal of the Committee selected by the depositors of the Defunct Farmer's Saving Bank, January 18th who are to represent the depositors and to investigate into the conditions and management of the disastrious failure of this Bank, and assure them of my loyal support in this unpleasurd and difficult task. believe the failure of this bank is the most disastrious misfortune to the future prosperity of the farmers and ditizens of Runnells that has ever The happened to this community. failure of this bank has caused heavy losses to the depositors and has literally ruined many families who are too old to regain new foot hold, causing them suffering beyond calculation. I wage no fight on the management of this bank if it was honest. I will not hold a fault if the failure was due to frozen assets. But I do wage war upon banking practice that make for corruption and crime. Often the private judgement of bankers are swayed by desperate needs or tremendous speculative temptations to use other peoples money for their personal benefit and with few safe guards. If they win they get all the winnings and the depositors get only his deposit and low rate of interest. If they lose, they lose another man's money and the depositor gets nothing back. As a depositor of this bank some of the questions want this committee to dig into and want answered are: "Did any officer or director of this bank use depositors money for inside profit, directly or indirectly ?. Did anyone connected with its management accept any personal profit from any of the banks transactions with its customers Did anyone connected with its management use excessive cash or credit of this bank for the promotion of his own personal enterprises Just when did the superintedent of the State Banking Department first receive an unfavorable report on the Farmers Saving Bank of Runnells, Iowa, from his own examiners? What did he do about such first unfavorable report Who was or who were responsible for taking money from innocent depositors up to the last hour when the bank suspended business I have heard cynical remarks about our committee and therefore call your special attention to be suspicious of the the motives of irresponsible rumors, mungors and other persons who try to discredit our committee and the purpose of its work. From ancient times hypocrits have masqueraded as friends and for selfish reasons taken advantage of those deceived working openly with the enemies and using their influence in opposition to any cause, There are cynics and scoffers who want to divide us and divert us. Usually the work of an investigating committee is a thankless job and more often than not they get about as much support as a pretty widow gets from the local sewing circle. For these reasons apl peal to all depositors of the defunct Farmers Saving Bank to take an active part to offer encouragement to your committee and assist them throughout the period of investigation. I appeal to you depositors to act now when an opportunity. is placed before you which call for action on your part. No cause ever won or deserved to win that did not organize and fight unitedly for victory. With your loyal support and co-oper ation our committee will turn the light on every crack and crevice, and clean the Augean stables from mow to manger and with possessions of the facts we may then take such steps as will best serve our interest. Yours truly, A. G. West 10:00 a. m. Sunday School 7:00 1. m. Children's Church 7:30 p. m. Evening Worship Prayer Meeting Wednesday 7:30 p. m.

3. September 30, 1931 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, September 30, 1931

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2 PLAINTIFFS WIN VERDICTS Runnells Bank Receiver Loses Suit. Jury trials in three law cases closed Wednesday in district court with verdicts in favor of two plaintiffs and one defendant. verdict in Judge Loy Ladd's court entitled C. A. Farris, administrator of the Robert G. Safely to recover $2,116 on stated account from the H. M. Iltis Lumber In Judge Frank S. Shankland's court. Adeline D. Gray was awarded $305 of her $1,330 against the estate of her Ellen M. for money paid out during the sister's ness. A. receiver of the Farmers Savings Bank of Run nells, lost in his suit to collect on 500 note alleged to have been given the bank by C. D. Freel, Runnells farmer. A jury in Judge Joseph Meyer's court returned a verdict in favor of Freel Freel said the note was forgery

4. February 4, 1932 The Altoona Herald Altoona, IA
Article from The Altoona Herald, February 4, 1932

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Department of the Altoona Herald Nora Park, Editor Mrs. Raymond Cutforth has been quite ill the past week. The Freshman class of the Runnells Consolidated School enjoyed party at the home of their classmate Wilbur Skinner Wednesday evening, supervised by their teacher, Miss Smith. Mrs. Park spent Tuesday with her brother Sam Freel and wife. Velman Anderson has been ill this week was absent from school for Grace Freel spent Sunday with her friends, Pauline and Ellen Lea Bullington at the R. Draper home. Mrs. Harry Miller of Adelphi, was visitor the Heiny home Saturday night and Sunday. Mr. M. Park returned home Friday night after spending the week in Des Moines serving on the jury. Mrs. Miles Park and daughter the were Sunday visitors at Person home. Mrs. Homer Miller received word of the death of her sister's boy who was killed by truck while sliding down hill. Curtis Sours was a Runnells caller Wednesday. The Ladies Guild met Wednesday afternoon with Mrs. Lida West. Mrs. Anna Sours and Mrs. Clyde McAdoo were The A. E. Club met at the Hall Thursday. On account of the bad roads several members were unable to attend. Ben Heiny who is working in Des Moines spent Friday night with his mother. Sam Freel and Mrs. M. Park ate dinner with Mr. and Mrs. Miles Park Thursday. Jean Heiny spent the week end in Des Moines. June Routson spent Sunday afternoon with her friend Barbara Brown. Mr. and Mrs. Clem Packer of Ivy were visitors at the Homer McCoy home Sunday. Mr. and Mrs. Edgar Patterson and daughter Vesta ate Sunday dinner at the Frank Wilson home. Carroll Cline spent Friday night with his sister, Mrs. B. Ridgway. Miss Madaline McCall spent Wednesday and Thursday with her aunt Mrs. W. Patterson and family. Grace Wilson and Lola Marcolini, who are attending Simpson College spent the week end with home folks. Tom Patterson was absent from school Friday on account of illness. Mrs. R. Draper has been spending considerable of her time with her daughter, Mrs. W. Wade since the arrival her granddaughter, Thelma Lea Ann. All doing well. Jack McAdoo visited his aunt, Mrs. Anna B. Sours Sunday. Mr. and Mrs. Homer Miller were Des Moines visitors Saturday. Farm Bureau Club No. 3 will hold all day meeting at the home of Mrs. Nellie Miller Tuesday February 9th, The lesson will be planned meal and is in charge of Mrs. Elsie Griffith and Mrs. Hazel Bullington, any member who cannot come please notify the committee. The Book Club will meet Tuesday evening February 9th at the office of Dr. Bufkin. Mrs. Chas. Howard and Mrs. Griffith attended the Farm Bureau training school Thursday at the home of Mrs. Claude Halterman in Des Moines. Mr. and Mrs. Ira Brown, Mr. and Mrs. Dean McKinney and Mr. and Mrs. Vodak attended bridge party at the home of Mr. and Mrs. Barthelmess in Carlisle Friday evening. Miss Anna McKinney, Miss Lena Beulah Miss Julia Jones, Miss Nora Park and Elizabeth Elsasser attended the Des Moines theatre Tuesday night. The play "Emma" in which Marie Dresswas shown, was very good and the girls enjoyed the evening very much. advertised, it made them laugh and made them cry. Miss Anna McKinney and June were at the Carroll Baldwin home in Moines Saturday evening. Bernice Fleming and Annabelle Feming who are employed in Des Moines were week end visitors with home folks. Several have been absent from school account of chickenpox. Miss Alberta Smith was absent from school Thursday afternoon on of illness. Harold Erskin Des Moines visitor Saturday. Park was visitor at Miller home Thursday Switzer of Des Moines, Runnells, visiting for a days. Mrs. Guy Wyant, Mr. and were callers afternoon. Glen of Des folks Thursday school CAMP CENTER CHURCH NOTES Services Each Sunday Preaching and 7:45 next Lords Day by Bro. Scott, February He was last Lord's away Day at ferson and the young folks used all the evening hour led by Roy Warren who had lesson of biblical problems addition, subtraction, division and multplication, after which had some hot contest on guessing names from letters of the alphabet. her splendid quotations were on and some good talks by several well as some mixed quartettes both the old and the young. Bro. Van Horn was absent he was to lead them in song drill and music from blackboard and we were very sorry for his absence. was very cold and many sick, yet large crowd young people were in attendance. The people from Mitchellville and Adelphi were very much appreciated on such cold night. We are always glad to have from these other places and glad of the interest taken. Sister Helen Knox will have them her home with Valentine gathering February 13. The young people Camp invite you come and let reason together saith the Lord Isaiah's language. NOTICE To The Depositors and Creditors of The Farmers Savings Bank, of Runnells, Iowa, and To All Whom it May Concern: You are hereby that there now on file in the office of the Clerk of the District Court of Polk County, Iowa, the application of Andrew, Receiver the Farmers Savings Bank, of Runnells, Iowa, for authority and settle the liability of W. H. Spencer and Ary M. Spencer, husband and wife, to said bank for the sum of Six Hundred ($600.00) Dollars in cash and the assignment to this receiver of the interest of the said W. H. Spencer, as seller, in certain contract for the sale of certain land in Canada which there is purported equity of One Thousand Two Hundred ($1,200.00) Dollars, said liability being represented by the following notes and securities, Note of W. Spencer and Ary Spencer for the principal sum of Five Thousand ($5,000.00) Dollars, on which there is due balance of principal in the sum of Two Thousand Four Hundred Sixty ($2,460.00) Dollars, dated December 29, 1925, due five years after Note of W. H. Spencer and Ary Spencer for the principal sum Four Thousand Six Hundred Sixty Nine ($4,669.00) Dollars, dated December 19, 1925, due five years after date, both secured by second mortgage on 160 acres land in Sections (26) and (27), Township (78), Range Twenty two (22), Polk County, Iowa, subject to a first mortgage for the principal sum of Ten Thousand ($10,000.00) Dollars in favor of the Federal Land Bank, which now in the course foreclosure. Two unsecured notes of W. H. Spencer, one for One Hundred Twenty Five Dollars, dated 2, 1929, due nine months after date, and one for Two Hundred Eighty and 14-100 Dollars, on which there balance of principal due in the sum Twenty One and 35-100 Dollars, dated December 24, 1929, due thirty days Ary M. after date, guaranteed by Spencer. One promissory note of Ary M. Spencer for Hundred Twelve and 50-100 ($312.50) Dollars, due which there is balance Two Hundred Eighteen Dollars dated April 1929, principal, due six months after date. cation You are for also order notified will that said applicome on for hearing before the District Court Polk County, Iowa, the Court County House Des Moines, Iowa, nine o'clock on the 15th day February 1932, and that by an order court entered in said cause all objections to said application shall on file in said cause at least three before said hearing and that objections any filed will come on for hearing before said court at the time and You are also that unless objections are filed above provided said application be granted and an order entered course this day of February Receiver

5. July 20, 1932 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, July 20, 1932

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King Released By Ball Team Lynn King, former Drake university athlete, was given his outright release and Ed Lipanovic, catcher, was returned to the Portland Pacific Coast league club E. Lee Keyser, president of the local Western league team, announced. Lipanovic sent here under option, not have enough experience, Keyser In Lipanovic's place, John Anderson, veteran catcher the Southern league, who played with Des Moines several has years ago, been signed. Two File in Bankruptcy. Elmer J. and Ray W. Diddy, Perry, Ia., merchants. filed bankruptcy petitions Wednesday federal court. The first listed debts at and assets the second listed $4,648.93 debts and $2,950 in assets Both claimed exemption on the full amount of their assets. Runnells Dividend Order Is Signed Per Cent Will Be Paid by Farmers Bank. An order authorizing payment an per cent dividend on the Farmers Savings bank of Runnells, Ia., the dividend declared since the bank went into was signed in district court by Judge Loy Ladd Judge Ladd granted the order upon application of L. Andrew state superintendent of banking and B. B. Brown, examiner charge of liquidation of the bank The first dividend paid by bank receiver was 15 per cent and the second was 10 per cent.