5584. Farmers State Bank (Walkerton, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 28, 1930
Location
Walkerton, Indiana (41.467, -86.483)

Metadata

Model
gpt-5-mini
Short Digest
7ab9551db4d9d212

Response Measures

None

Description

Contemporary newspaper reports (Feb 28, 1930) state that shortly after opening a run on the Farmers State Bank of Walkerton forced its closing; the bank 'will not reopen until completion of an audit.' Later (Dec 1931) references describe the bank as having closed Feb. 28, 1930, indicating the suspension led to permanent closure. No explicit receivership assignment for Walkerton is mentioned in the provided articles.

Events (2)
1. February 28, 1930 Run
Cause
Local Banks
Cause Details
Run triggered by news of the State Bank at Tyner closing and spread of uneasiness among depositors; county had seen multiple bank closures and runs.
Measures
Bank closed its doors 'in an effort to protect its depositors' and stated it 'will not reopen until completion of an audit.'
Newspaper Excerpt
News of the Tyner closing spread quickly and within an hour after the Farmers State bank of Walkerton had opened for business a run on deposits forced Its closing.
Source
newspapers
2. February 28, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after the run; cited 'uneasiness among depositors and generally unsound business conditions' as reasons for closing (precautionary/protect depositors).
Newspaper Excerpt
The bank will not reopen until completion of an audit.
Source
newspapers

Newspaper Articles (3)
1. February 28, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 28, 1930

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Article Text

THREE COUNTRY BANKS IN ST. JOSEPH COUNTY CLOSED South Bend, Ind., Feb. 28.--Three banks in the farming communities of St. Joseph county have closed their doors within the last fortyeight hours and H receivership for another has been asked by the state banking commission. Since Jan. six banks of the county have been closed after n run. The state bank at Tyner closed its doors Wednesday In an effort to protect its depositors after a small run had been started. News of the Tyner closing spread quickly and within an hour after the Farmers State bank of Walkerton had opened for business a run on deposits forced Its closing. The bank will not reopen until compleof an audit. The latest closing occurred late Thursday afternoon when directors of the Farmers State bank at Lapaz called In Thomas Barr, state inspector. Uneasiness among depositors and generally unsound business conditions were given as the reasons for the closing. The closIng was described as a "precautionary measure." The state bank commission Thursday fileda petion In the St. Joseph Circuit court asking a receivership for the Lakeville State arranged: bank, which closed its doors carlier Music. in the week because of frozen assets. On Jan. 17 the North Liberty State bank was closed because of shrinkage in deposits. The day Music. before the closing of the North Liberty bank the Argos State bank of Argos suspended business. Music.

2. February 28, 1930 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, February 28, 1930

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Article Text

TWO BANKS IN STATE CLOSED South Bend. Ind., Feb. 28. The number of banks which have suspended operations in this vicinity since Jan. was boosted to six. when the Farmers' State Bank, of Walkerton. and the Farmers State Bank. of Lapaz, closed their doors yesterday. The State Bank. of Tyner, suspended business Wednesday after noon after a small run had started. The State Banking Commission yes terday filed a petition in the St. Joseph county court asking receivership for the Lakeville State Bank, which was closed earlier in the week because of frozen assets The North Liberty State Bank was forced to close Jan. 17, because of a shrinkage of deposits. The Argos State Bank, of Argos, suspended operation Jan. 16.

3. December 15, 1931 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, December 15, 1931

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Article Text

SCHOOL SUES FOR $5,000. Trustees Seek to Recover Surety Funds. The board of trustees of the township consolidated school late Monday filed suit in superior court No. against the superior court No. against the Detroit Fidelity & Surety company, seeking to recover $5,000 of school funds for which the defendant was surety in the Farmers' State bank of Walkerton. this county, which closed its doors Feb. 28. 1930. ForStaley, Clemment Hahn Fred W. Bellinger. members of the township finance board. are made party defendants to the suit.