5646. Farmersburg State Bank (Farmersburg, IN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
March 11, 1929
Location
Farmersburg, Indiana (39.249, -87.382)

Metadata

Model
gpt-5-mini
Short Digest
99b00f30

Response Measures

Capital injected, Full suspension

Other: Depositors signed waivers to allow quarterly payments on old accounts (15-35%). Capital subscriptions of $25,000 raised.

Description

Bank experienced a run (panic in Sullivan County after another state bank closed), closed by directors on 1929-03-11, and then reopened with new capital subscriptions and depositor waivers by early April 1929.

Events (3)

1. March 11, 1929 Run
Cause
Local Banks
Cause Details
Run followed the closing of the State Bank at Hymera and a panic that swept Sullivan County; contagion from other local bank closures.
Measures
Directors closed the bank on March 11; later subscriptions of $25,000 raised and depositors signed waivers to permit payment quarterly (15-35%).
Newspaper Excerpt
The Farmersburg State Bank ... which closed by its directors on Mar. 11, after run on the bank due which swept Sullivan to panic county
Source
newspapers
2. March 11, 1929 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank following the run and county-wide panic tied to another bank's failure (Hymera).
Newspaper Excerpt
The Farmersburg State Bank, $600,000 institution, which closed by its directors on Mar. 11, after run on the bank ...
Source
newspapers
3. April 5, 1929 Reopening
Newspaper Excerpt
The Farmersburg State Bank, closed March 11 after a run, will be reopened Saturday, it was announced today. The city has planned a celebration.
Source
newspapers

Newspaper Articles (4)

Article from The Indianapolis Times, March 20, 1929

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Article Text

BANK TO BE REOPENED $25,000 Is Raised at Meeting in Farmersburg. By United Press FARMERSBURG, Ind., March 20. -The Farmersburg State Bank, closed recently by its directors, will reopen soon, according to announcement. At a meeting, subscriptions totaling $25,000, were raised to provide the institution with capital. The bank's closing came after the State Bank at Hymera had closed its doors. A slight run occurred.


Article from The Indianapolis Times, April 5, 1929

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Article Text

REOPEN WILL BANK Farmersburg Plans Celebration of Event Saturday. Bat United Press FARMERSBURG, Ind., April 5.The Farmersburg State Bank, closed March 11 after a run, will be reopened Saturday, it was announced today. The city has planned a celebration. Stores will be decorated and various ceremonies held.


Article from The Times, April 5, 1929

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Article Text

Bulletin GENEVA. III., April (I.N.S.) Eugene Boyd Fairchild, dry investigator whose false affidavit led to the raid in Aurora in which Mrs. Lillian De King was killed by deputy sheriff, was arraigned before Police Magistrate Charles P. Dickerson today and was ordered held in the Kane county jail in lieu of bond of $1,500 on charges of perjury. PHILADELPHIA, Pa., April H. Ross, of New York, was discharged after heartoday before United States Commissioner J. Harold Patterson on charges of attempting to defraud the federal revenues by attempting smuggle and/unlawfully transport alleged intoxicating liquors. INDIANAPOLIS, April Parents must pay from 5 to 15 cents more for nearly all of their children's textbooks in the "three R's-reading. writing and 'rithmewhen schools open again next fall. The increases were foreordained today when the state board of education made awards for books in these three branches to be used for the next five years. EVANSVILLE, Ind., April (U.P.) F. Harold Van Orman, wife of the former lieutenant governor of Indiana, has filed notice of her candidacy for mayor of Evansville, on the republican ticket. Herbert Males, present mayor and Hopkins have announced their candidacies. BLOOMINGTON, Ind., April members of family were under treatment for rabies here today after having been bitten by the same dog. Those bitten, ranging in age from 2 to 74, said the dog was peaceful one minute and raging the next. The canine bit every governor of Indiana, has field notice member of the family before it could be killed. FARMERSBURG, Ind., April 5. Farmersburg State bank, $600,000 institution, which closed by its directors on Mar. 11, after run on the bank due which swept Sullivan to panic county, will be reopened here tomorrow. NEWKIRK. Okla., April advent of the "talkies" in Newkirk, was an epochal event. The theater was crowded; the vitaphone equipment was functioning perfectly; the was enjoying the performance. Suddenly the "talkies quit talking. Among the spectators a tobacco chewer. He had spit on wire, short circuiting the "talkie" apparatus.


Article from The Times-Mail, April 5, 1929

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Article Text

TO REOPEN BANK AT FARMERSBURG Institution Closed During Sullivan County Panic Reopens Saturday FARMERSBURG, Ind., April The Farmersburg State Bank, $600,000 institution, which was closed by its directors on March 11 after a run on the bank due to a panic which swept Sullivan county, will be reopened here tomorrow. The entire city which has a population of about 1,200 will be decorated tomorrow for the occasion which will be gala day. The reopening of the bank was made possible When more than 99 percent of the 1,200 depositors of the bank signed waivers on the deposits which will be paid quarterly in sums of 15, 25, 30 and 35 per cent This agreement will bind only the old accounts.