5648. New First National Bank (Farmland, IN)

View Charter #12866 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12866
Charter Number
12866
Start Date
June 24, 1930
Location
Farmland, Indiana (40.188, -85.127)

Metadata

Model
gpt-5-mini
Short Digest
751d3a97

Response Measures

None

Receivership Details

Depositor recovery rate
54.9%
Date receivership started
1930-06-25
Date receivership terminated
1936-07-29
OCC cause of failure
Governance
Share of assets assessed as good
38.4%
Share of assets assessed as doubtful
57.8%
Share of assets assessed as worthless
3.8%

Description

Bank suspended/closed June 1930 and a receiver was appointed. Articles report an $8,000 alleged shortage by cashier Glen Turner (denied) and poor farm/business conditions; comptroller ordered closure (article 4 mentions closed by order of the comptroller June 24, 1930). No run is described. Receiver later paid dividends to depositors.

Events (5)
1. December 31, 1925 Chartered
Source
historical_nic
2. June 24, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by comptroller June 24, 1930 after alleged $8,000 shortage in cashier's accounts and poor business/farm conditions.
Newspaper Excerpt
declared insolvent and closed by order of the comptroller the June 24. 1930
Source
newspapers
3. June 25, 1930 Receivership
Source
historical_nic
4. June 30, 1930 Receivership
Newspaper Excerpt
Robert G. Harris of Noblesville, has been appointed receiver for the New First National Bank of Farmland, which closed its doors last week. The appointment was made by Harry Fuller, of Indianapolis, national bank examiner.
Source
newspapers
5. November 11, 1930 Other
Newspaper Excerpt
More than 800 depositors of the closed New First National bank will receive checks during the next thirty days, covering their share of a 25 per cent dividend which has been announced by Robert Hartman, Noblesville, receiver of the bank.
Source
newspapers

Newspaper Articles (4)
1. June 30, 1930 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, June 30, 1930

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Article Text

NOBLESVILLE MAN IS BANK RECEIVER Will Take Charge of Farmland Institution. FARMLAND, Ind., June 30.-Robert G. Harris of Noblesville, has been appointed receiver for the New First National Bank of Farmland, which closed its doors last week. The appointment was made by Harry Fuller, of Indianapolis, national bank examiner. It is understood that Harris will take charge of the bank's affairs in a short time. Fuller has made no statement relative to conditions causing the bank's closing. Denies Shortage. President L. W. Greene, in telephone conversation with newspapers, alleged that Glen Turner, cashier, confessed a shortage of $8,000 in his accounts to the board of directors on the day before the bank's suspension. This was denied by Turner in signed statements to newspapers. Turner alleges that unsatisfactory business and farm conditions caused the closing. He said that with careful work on the part of the receiver, depositors should reecive dollar for dollar.

2. November 8, 1930 The Richmond Item Richmond, IN
Article from The Richmond Item, November 8, 1930

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Article Text

Creditors Of Farmland Bank To Get Dividends Receiver Makes No Statement On Possibility of Federal Grand Jury Indictment; Dividend To POUNDSTONE Ind., Nov. that the creditors the New First National bank of this quiet Randolph county which June will pleasant prise the form per cent dividend Robert Noblesville, federal for the said today that the dividend had "prepared" expected checks include more than 800 depositors, would be sent out within about days. Mr. Hartman had comment make on statement made to The Item by W. Greene, president the defunct institution, the time bank suspended operations, charges would be against Glen who had been the bank for and its cashier the time closing. Mr. Hartman did not deny the possibility an turned the federal grand jury the next term of federal court, dianapolis, result of the Investigation the affairs New First National bank. but he did indicate who might be indicted. The question whether in(Continued On Page Six)

3. November 11, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 11, 1930

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Article Text

Receiver Admits Return of Federal Indictment to Be Possible. RU Times Special FARMLAND, Ind., Nov. 11.-More than 800 depositors of the closed New First National bank will receive checks during the next thirty days, covering their share of a 25 per cent dividend which has been announced by Robert Hartman, Noblesville, receiver of the bank. The receiver, however, has no statement to make concerning the assertion of L. W. Greene, president of the bank, that charges probably would be preferred against Glen Turner, cashier.

4. June 11, 1931 Palladium-Item Richmond, IN
Article from Palladium-Item, June 11, 1931

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Article Text

Farmland Board Is Seeking To Recover $5,950 From Greene echo of the failure of the New First National bank of Farmland. Ind., year ago, was heard in Wayne circuit court, Thursday An action filed by the board trus tees of Farmland. acting board of finance for the town, to recover from Levi W. Greene, who was president the defunct institution. other officers and stockholders the sum of the amount of town funds on deposit at the time the declared insolvent and closed by order of the comptroller the June 24. 1930 The case venued Wayne circuit court from Randolph circuit Demand Refused It alleged complaint the the receiver and the individual defendants to the suit have all the of the town board of repayment of the amount involved The as principal and Greene and the othsureties gave bonds on about Jan. for the bank to depository the funds of the town of Farmland amount to exceed $8,000. The Farmland board of alleges breach of conditions governing the issuance acceptance depository bonds. HEADS ASSOCIATION June Dr. Edward Henry Cary, of Dallas, Tex., was today chosen presidentelect of the American Medication asin session here. Dr. Cary, emeritus dean of Baylor University College of Medicine, will as sume office the annual meeting of the