Farmers State Bank - Danforth, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: February 1, 1932*
Location: Danforth, Illinois (40.820, -87.978)

Metadata

Model: gpt-5-mini
Short Digest: d04dca93

Response Measures

None

Description

Article (Ford County Press, 1932-02-26) describes that the Farmers State Bank had closed and depositors/stockholders held a mass meeting to reorganize and reopen the bank; no explicit run is described. Reorganization involves a 100% assessment on 300 shares to recapitalize. Closure date not specified in article; reopening efforts reported on 1932-02-26.

Events (3)

1. February 1, 1932* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had closed and required re-organization and capitalization (100% assessment on 300 shares) indicating insolvency/need for recapitalization
Newspaper Excerpt: That the people of Danforth have lost faith and confidence in their community...that the Farmers State Bank of that place should be re-organized and re-opened
Source: newspapers

2. February 26, 1932 Other

Newspaper Excerpt: mass meeting of depositors stockholders who packed the town hall on Monday afternoon to listen to plans for the re-organization which had been worked out by the committees in charge.
Source: newspapers

3. February 26, 1932 Reopening

Newspaper Excerpt: After having ascertained from the state auditor that the requirements of the bank and re-opening guaranteeing its permanent existence sound...a 100 cent assessment on the per bank's 300 shares of capital stock...the committee to re-organize and re-open the bank
Source: newspapers

Newspaper Articles (1)

1. February 26, 1932 Ford County Press Melvin, IL

Article from Ford County Press, February 26, 1932

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Article Text

DANFORTH PEOPLE WANT BANK REOPENED That the people of Danforth have lost faith and confidence in their community, and that they strong are their belief that the Farmers State Bank of that place should be re-organized and re-opened as soon possible, was emphatically expressat mass meeting of depositors stockholders who packed the town hall on Monday afternoon to listen to plans for the re-organization which had been worked out by the committees in charge. Those who have been working out details felt that the excitement frenzy, which invariably follow the wake of bank closing in community, had by his time given way to cool, calm and intelligent thought on the part of every citizen interested, thus permitting them to approach the situation in coolheaded, sane and thoughtful manner. After having ascertained from the state auditor that the requirements of the bank and re-opening guaranteeing its permanent existence sound, going institution, conof the into the bank sisted payment 100 cent assessment on the per bank's 300 shares of capital stock, the value of which is $100 per par total of a selected re-sell the committee to stock immediately and got capital the task. This object havwith the stocking been accomplished, called in to meet with were and with the depositors co-operate them the re-organization Gilman Star.