Farmers & Merchants National Bank (Cleburne, TX)

Episode Information

Episode UID
438601249
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
43860 national
Charter Number
4386
Start Date
January 30, 1904
Location
Cleburne, Texas

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9676b2a6b2a6869b

Response Measures

None

Receivership Details

Depositor recovery rate
61.4%
Date receivership started
1927-05-11
Date receivership terminated
1928-09-10
OCC cause of failure
Economic conditions
Share of assets assessed as good
49.4%
Share of assets assessed as doubtful
39.7%
Share of assets assessed as worthless
10.9%

Description

Article explicitly reports the bank closed after its president's arrest for embezzlement.

Events (3)

1. August 1, 1890 Chartered
Source
historical_nic
2. January 30, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President S. B. Allen arrested for alleged embezzlement of $29,000, prompting the bank to be closed.
Newspaper Excerpt
S. B. Allen, president of the Farmers and Merchants National Bank at Cleburne, Texas, has been arrested, charged with the embezzlement of $29 000 of the bank funds He was released on $8. 000 bond ... The bank has been closed.
Source
newspapers
3. May 11, 1927 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The Democratic Advocate, January 30, 1904

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Article Text

News of the Week. Of every 100 alcoholies attacked by pneumonia, 70 die, while of every 100 non-alcoholics SO attacked only 23 die. The new trans-Canadian route from Liverpool to Yokohama will be 2,200 miles shorter than that across the United States. John P. Goggin, treasurer of the Nashua (N. H.) Trust Company, has been arrested on the charge of embezzling $100, 000. Fifty-nine per cent. of deaths from consumption are people under 45 years of age, 29 per cent. from 45 to 60, and 12 per cent. of people over 60. A steel like grass from the volcanic slopes of Oran, Algeria, is SO elastic that it can be used instead of springs in the manufacture of furniture. Most dromedaries, according to menageries proprietor, are particularly fond of tobacco smoke, and can be made to do almost anything under its influence. Now that cotton presses reduce the size of a bale until it weighs 45 pounds to the square foot, one ship will carry the product of 40,000 acres of average cotton land. Great damage was done to fruit trees in Orange county, N. Y., by sleet January 22. The damage to peachgrowers is estimated at $100,000, many orchards being ruined. George A Rose, cashier of the Produce Exchange National Bank, Cleveland, Ohio, has been indicted for stealing $189. 000 of the bank funds. The bank has been closed. The Metropolitan Arm Museum of New York has just purchased an old chariot for $50 000. It was unearthed near Rome some time ago, and is 000 years old and splendidly preserved. The Masonic Temple in Chicago was damaged to the extent of $20,000 by fire, January 23, and a panie started among the 4000 occupants of the building: all escaped without serious injury. Second Assistant Postmaster General Shallenberger. in his annual report, says nearly 16. 000 000 000 pieces of mail matter were handled and that its trans portation cost more than $63,000, 000. J 1. Broderick. formerly president W L. Coldness formerly cashier, and Walter Brown, formerly director of the Indiana National Bank. have been arrested at Elk hart. Indiana, for embezzlement of $542. 000. S. B. Allen, president of the Farmers and Merchants National Bank at Cle burne. Texas. has been arrested, charged with the embezzlement of $29 000 of the bank funds He was released on $8. 000 bond Willard Catt. alleged to have been the the leader of the ging of ruffians who as saulted Mrs. Lafe Dedman, of Petersburg Indiana in the presence of her husband was apprehended at the home of Peter Gladish. but afterward escaped L. Wolfson's large dry goods store at San Antonio, Texas, which carried stock of goods valued at $333 000, was destroy ed by fire last Sunday The building was valued at $85,000. Considerable damage was done to surrounding property More than $12,000 worth of jewelry was found on James Walters, said to be one of the cleverest diamond thieves in the country. when he was arrested at Minne apolis. January 23, charged with having robbed Baroness Helena Radzikwele of $6000 worth of diamonds at the Colonial Hotel in San Francisco. The town of Aalesund, Norway, was completely destroyed by fire January 23. but there was no of life. The damage is estimated at $4,000,000 The entire population is homeless Provisions and medical stores, which are greatly needed, have been sent from several cities. Aale sund is a busy seaport trading town of Norway with over 8000 inhabitants At Jonestown, Miss., on the night of January 22. a large store was turned com pletely over, a residence was demolished, and the warehouse of the Jonestown Cotton Oil Company was unroofed and the con tents materially damaged by an electric storm, Negro cabins suffered to a great extent. Three cars on the Yazo and Mississippi Valley tracks were completely demolished by lightning. Disastrous floods occurred Friday and Saturday of last week in New York, New Jersey Delaware, Maryland, Virginia, Pennsylvania, and along the Ohio and Mis sissippi rivers and their tributaries. Mil lions of dollars damage resulted to property and much distress prevails among those who were compelled to abandon their homes. caused by the intense cold of Sat urday night and Sunday. Fire Chief Musham, in a report to May or Harrison, in Chicago, placed the blame for the Iroquois Theatre catastrophe upon the management and builders of the play house Harry Klawans, son of a wealthy Chicago man, has been arrested. charged with having in his possession plunder taken from the body of William M. Reid, of Waukegan, Illinois, who was burned with his wife in the theatre fire. United States enator Burton, Repub lican, Kansas, has been indicted by the Federal Grand Jury at St. Louis, charged with having accepted five checks of $500 each from the Rialto Grain and Securities Company while he was a United States Senator. It said he accepted the money as reward for preventing the issuance of a fraud order against the company. The Senator, in Washington, said that the money paid him was for his services as at torney for the Rialto Company The oyster-shucking industry on the ocean side of the Virginia Eastern Shore is fast growing in extent and prominence Over 3,000 gallons of shucked oysters are daily shipped from Onaneock to city markets. Orders are taken from Jacksonville Florida, to Portland. Maine, and from Montreal, Canada, to Omaha, Nebraska Several thousand people are employed This section is without the Baylor survey and is known as the "planting district. It was developed by private parties plant ing oyster on barren rock. Right Rev. Thomas Underwood Dud ley, Episcopal Bishop of Kentucky, died in New York, January 23. He was one of the most eloquent preachers among the Episcopal clergy. He was born on September 26, 1837, at Richmond, Va. and was graduated from the University of Vir-


Article from The Laramie Republican, October 28, 1907

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Article Text

Oklahoma Banks Close for Week. Oklahoma City, Okla., Oct. 28.-Acting Governor Filson today issued a proclamation closing the banks of the territory for one week, on demand of the bankers. This action was taken because the banks at Kansas City and St. Louis refused to forward cash to the banks of the southwest. Concerted Action Taken. It is said that a consultation of the bankers of Oklahoma, Indian territory, Arkansas and northern Texas by means of the telephone took place during the early hours today, and all have taken similar action. The closing is for the purpose of protecting the banks in case of a run.