Article Text
WILL REOPEN BANK VALPARAISO, Oct. Plans re-open the Farmers State bank, which closed January 11, were announced today following the election of W. Clifford as president to succeed A. A. Hughart. resigned.
5553. Farmers State Bank (Valparaiso, IN)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Start Date
- January 11, 1932
- Location
- Valparaiso, Indiana (41.473, -87.061)
Metadata
- Model
- gpt-5-mini
- Short Digest
d25ca89802d04977
Response Measures
None
Description
Bank experienced depositor runs and suspended all payments on Jan 11, 1932; placed in charge of a liquidating agent/manager. The bank later reopened to the public on Jan 2, 1933 (press accounts of Jan. 4, 1933 confirm resumption). Cause of suspension/run described as part of broader national 'wave of public hysteria' and adverse business conditions.
Events (3)
1.
January 11, 1932
Run
- Cause
- Macro News
- Cause Details
- Runs and persistent withdrawals driven by adverse business conditions and a general wave of public hysteria nationwide.
- Measures
- Bank suspended operations and was placed in charge of a liquidating agent (Edward Ohlfest/J. E. Ohlfest) under supervision of the State Banking Department.
- Newspaper Excerpt
- The bank suspended operations one year ago Monday, Jan. 11, 1932, as result of runs that were made on the city's three banking institutions ... culmination months of persistent withdrawals due to adverse business conditions and general wave of public hysteria that swept the nation.
- Source
- newspapers
2.
January 11, 1932
Suspension
- Cause
- Macro News
- Cause Details
- Closed because of depositor runs and widespread withdrawals amid adverse business conditions and nationwide public hysteria.
- Newspaper Excerpt
- The bank suspended operations one year ago Monday, Jan. 11, 1932, as result of runs ... Two of the three banks were forced to close, the Valparaiso National being the first, to be followed by the Farmers' State, two hours later.
- Source
- newspapers
3.
January 2, 1933
Reopening
- Newspaper Excerpt
- Farmers' State Bank will reopen for business on January 2. More than $25,000 was deposited with the Farmers' State bank of Valparaiso when the bank resumed operations after having been closed since Jan. 11, 1932, due to runs by depositors.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
FARMERS' STATE BANK WILL REOPEN JANUARY 2 TO GIVE CITY GOOD START NEW YEAR Directors of Farmers' State Bank today broadcast "good news" for the city and pointed for the launching of new year. This was their message: "Farmers' State Bank will reopen for business on January 2." The bank suspended operations one year ago Monday, Jan. 11, 1932, as result of runs that made on the city's three banking institutions as the culmination months of persistent withdrawals due to adverse business conditions and general wave of public hysteria that swept the nation. Two of the three banks were forced to close, the Valparaiso National being the first, to be followed by the Farmers' State, two hours later. The First State Bank weathered the crisis and, with the support of depositors and the public, placed its affairs in condition continue operations on sound basis. Community confidence was quickly restored and Farmers' State was placed the hands of Edward Ohifest as liquidating agent. under the direction of the board of directors with supervision by the State Banking Department. Valparaiso National Bank was placed in receivership with Clay Haymond as receiver. It has paid 35 per cent dividend. Farmers' State Bank will reopen with P. W. Clifford president Edward Ohlfest as cashier and B. H. Kinne as assistant cashier.
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Article Text
$25,000 Deposited as Bank Reopens Service. VALPARAISO, Ind., Jan. 4. -More than $25,000 was deposited with the Farmers' State bank of Valparaiso when the bank resumed operations after having been closed since Jan. 11, 1932, due to runs by depositors. The bank had been in charge of liquidator, J. E. Ohlfest, the cashier. P. Clifford, local railroad contractor, recently assumed the presidency.