4748. Farmers State Bank (Colfax, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 26, 1932
Location
Colfax, Illinois (40.567, -88.616)

Metadata

Model
gpt-5-mini
Short Digest
50ab7fd5

Response Measures

None

Description

Articles show the Farmers State Bank of Colfax did not open after a directors' meeting and was closed pending examination by the state auditor; an examiner took charge and a receiver was later installed. No clear evidence of a discrete depositor run causing the closure — closure appears driven by official/state audit action and resulted in receivership.

Events (2)
1. January 26, 1932 Suspension
Cause
Government Action
Cause Details
Directors voted to close the bank pending examination by the state auditor's office; notice posted on the bank door and examiner assigned.
Newspaper Excerpt
The Farmers State Bank of Colfax did not open for business on Tuesday morning as the result of action taken at a meeting of the directors of the bank held Monday night. ... closed the bank pending examination by representatives of the office of Oscar Nelson, state auditor of public accounts.
Source
newspapers
2. February 18, 1932 Receivership
Newspaper Excerpt
Bank Receiver Takes Charge. COLFAX - C. E. Irvin of Bloomington was installed Thursday as receiver for the Farmers' State bank of Colfax. He announced he would be ready in about week receive proofs of claims from depositors. (Pantagraph, 1932-02-19).
Source
newspapers

Newspaper Articles (5)
1. January 22, 1932 The Pantagraph Bloomington, IL
Article from The Pantagraph, January 22, 1932

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Article Text

Nearby Banks Fall in Line and Take Protective Steps spread Central banks various took similar Farmers State bank Colfax the Anchor State bank their Friday that for the by check otherasking spirit and purpose reached The that the banks worth, Holder adopted the local plan substance. DEPOSITOR CHANGES MIND. Friday the plan prevent few persons from attempting to withdraw deposits these shown the institutions and operated the movement by funds typical example that west about 27 years old. He presented savings book and stated wished to withdraw the Asked bank official planned replied he tended automobile. He when There with the causes bank failures and depositor how could the whole community The and thrust the pass book into his shook with the

2. January 27, 1932 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, January 27, 1932

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Article Text

CURB FOLLOWS STOCK SLUMP Scattered Over Night Selling Develops Slump At The Opening Today. By JOHN COOLEY Associated Press Financial Writer NEW YORK, Jan. (P)-Curb prices underwent mild contraction today, following the lead of the big board. Recessions the junior market, however, were comparatively narrow and there was little or no pickup the volume. Opening quotations reflected scattered overnight selling prompted by the poor earnings report of the United States Steel corporation an apparent belief in speculative quarters that the might be ready for reaction. offerings failed to and trading droned at the snail's pace. Here and stock down as much but generally the fractional Electric Bond Share sold in the vicinity was fairly active although resistance appeared around last week's low for this leading issue. Transactions industrials were made mostly at small declines. BANK CLOSINGS state auditor's office today announced the Farmers State Bank of Colfax, McLean county, closed its doors pending auditing accounts. The bank had deposits of $237,000 the Harris president and C. Harris, cashClosing of the Farmers State Bank Macon with deposits also was announced. Highly and Young cashier the concern which in Macon county. The First State Bank of Ohio Ill. with deposits totalling $240,000 also closed the auditor announced Anderson president and Ruff cashier. The bank is in Bureau county. CASH GRAIN hard 56; yellow hard CORN-1 mixed mixed 38 mixed mixed yellow 39-39% yellow 38; yellow 35-37: yellow yellow yellow 35-3516; white sample grade OATS-2 white white BARLEY SEEDS CHICAGO Jan. market. Red Clover fair to good 1050-1300; choice 1350 sweet clover Alsike 1000-1350. Timothy good 350; choice 375; fancy 400. FOREIGN EXCHANGES NEW YORK, Jan. exchange irregular. Demands (Great Britain in dollars. others in Britain 3.46; France Italy 5.02; 13.95; Germany Holland 40.25; Norway 18.84; Sweden 19.39; Denmark 19.09; Switzerland Spain 8.35; Tokyo APPLES ples $1.25@1.60 per bushel. FLOUR Flour unchanged. Shipments 27,626 Pure bran 13@14. Standard middlings $11@12.

3. January 29, 1932 The Pantagraph Bloomington, IL
Article from The Pantagraph, January 29, 1932

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Article Text

Depositors' Meeting Called Pantagraph Central Illinois Service. COLFAX the regular meeting of the Colfax Lions club Thursday night plans were made for a special session of all the depositors of the closed Farmers State bank to be held at p. m. Saturday in the high school gym. It was announced that permanent chairman and other officers will be appointed to "safeguard the interests

4. February 4, 1932 The Saybrook Gazette and Arrowsmith News Saybrook, IL
Article from The Saybrook Gazette and Arrowsmith News, February 4, 1932

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Article Text

Colfax Bank Closed Colfax Press: The Farmers State Bank of Colfax did not open for business on Tuesday morning as the result of action taken at a meeting of the directors of the bank held Monday night. At that time it was decided to close the bank pending examination by representatives of the office of Oscar Nelson, state auditor of public accounts. A notice to this effect was posted on the front door of the bank. The affairs of the bank are now in the hands of the state auditor represented in the person of J. L. Northup, examiner. A representative of this newspaper called Mr. Northup, the examiner in charge, Wednesday for a statement, but was informed that he could give none until the examination was completed. The Farmers State Bank was capitalized at $25,000 with a surplus of $9,000. Its officers were: President, B. B. Harris; Vice President, W. A. Harris; Cashier, C. L. Harris. The director were Arch Harpole, Wm. Thompson, S. C. Bane, W. A. Harris, B. B. Harris, B. H. Harms and C. L. Harris.

5. February 19, 1932 The Pantagraph Bloomington, IL
Article from The Pantagraph, February 19, 1932

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Article Text

Bank Receiver Takes Charge COLFAX-C. E. Irvin of Bloomington was installed Thursday as receiver for the Farmers' State bank of Colfax. He announced he would be ready in about week receive proofs of claims from depositors. PANTAGRAPH PHONES-4500