5967. Farmers Trust & Savings Bank (Kokomo, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
January 29, 1930
Location
Kokomo, Indiana (40.486, -86.134)

Metadata

Model
gpt-5-mini
Short Digest
abe397cd

Response Measures

Capital injected, Full suspension, Books examined

Other: State banking department ordered closure and took charge; depositors later organized to form new bank but receivership and venue change led toward liquidation.

Description

Unexpected heavy withdrawals Jan 29-30 led state banking department to take charge and the bank to suspend. Temporary receivership was granted in late Feb and permanent receivers were appointed; reorganization efforts were attempted but venue/change of proceedings indicated likely permanent closure. No single concrete misinformation event is described; cause of withdrawals is listed as 'other'.

Events (4)
1. January 29, 1930 Run
Cause Details
Unexpected heavy and unusual withdrawals of cash depleted the bank's cash reserve; no specific rumor or single misinformation event is described.
Measures
Bank officers closed the bank; state banking department deputies (Thomas Barr and deputies) placed the bank in charge and began audit and liquidation procedures.
Newspaper Excerpt
because of unexpected heavy withdrawals of cash, the institution will not open its doors tomorrow.
Source
newspapers
2. January 30, 1930 Suspension
Cause
Government Action
Cause Details
The state banking department took charge and the bank ceased operations (did not open for business) following depletion of cash reserves due to heavy withdrawals.
Newspaper Excerpt
will not open its doors tomorrow. Thomas Barr and deputies of the state banking placed charge bank's and arrange to liquidate
Source
newspapers
3. February 21, 1930 Receivership
Newspaper Excerpt
Judge Joseph Cripe today granted petition for a receiver for the Farmers Trust and Savings bank here. which closed its doors recently. The receivership wis be temporary out of deference to depositors, who have voted to donate 25 per cent of their deposits to the bank to assist It in reopening.
Source
newspapers
4. February 23, 1930 Receivership
Newspaper Excerpt
Fredrick, Parson Named Kokomo Bank Receivers ... filed joint bond the $100,000 and assets of the bank have been turned them by representatives of the partment.
Source
newspapers

Newspaper Articles (18)
1. January 30, 1930 The Star Press Muncie, IN
Article from The Star Press, January 30, 1930

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RUN ON BANK FORCES CLOSE TODAY Farmers Trust and Savings Institution in Charge of State Officials. Kokomo. Ind., Jan. 29 Seaward, president the Farmers Trust and Savings Bank of Kokomo, announced tonight that because of unexpected heavy withdrawals of cash, the institution will not open its doors tomorrow. Thomas Barr and deputies of the state banking placed charge bank's and arrange to liquidate the to depositors soon as the books have been examined. Deposits Near Farmers and small merchants princomprise the clinetele said have total posits nearly Mr. Seward issued following officers and directors the Farmers Trust and Bank regret announce that owing heavy unexpected deposits have depleted the cash they find advisable close upon state banking take charge. They take this step in order to treat customers fairly and partially and with the desire not impare the bank's reserve further

2. January 30, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 30, 1930

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Fortunate City from Embarrassment In Failure of the Farmers Trust Savings Bank its open doors Thursday morning served only temporary the of whose funds deposit that institution. Policemen, firemen and others expected receive their salary checks Thursday ment of the bank's closing which tied all funds the But the was short duration. By fortunate circumstance. the city had already made arrangements negotiate temporary loan of by the issuance time loan, which in the usual custom this time the year money to meet the city's penses until tax money became had already been proved by the city council and had been publicly advertised. as quired and the time for the sale of the warrants set at o'clock Thursday morning. Two Blds on Loan. Two bids received from banks for the purchase the warrants, being awarded to Citizens National Bank $10. was then nounced by city officials that the money would be placed on deposit that bank and the salary checks issued Thursday usual. In the Farmers Trust Savings bank the city had Of this about $38,000 contained the fund, about $12,000 the line fund and the rest among other funds the city. amount on deposit regarded amply protected bonds and which signed by Simmons, Learner, Danner, liams. Conrad. Dietzen. Geo. Roemer, and W. Drink. water. About $3,500 in funds collected by the bailiff the city deposit the Farmers Trust Savings bank and also said to be covered personal Nine)

3. January 30, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 30, 1930

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Barr and Stutts Begin Survey Of Closed Institution's Affairs. MAY FOR RECEIVER Some Talk of ReorganizingWork of Auditing to Be Pushed. At the Farmers Trust and ings bank, which did not open for business Thursday morning, having been taken in charge by the state banking the request the Thomas D. Barr, deputy bank commissioner, of and Morris special the state banking of under way general survey bank's This survey will reveal the bank's bilities and and what has with which to them. audit are said Mr. Barr. pushed with haste consistent with accuracy. my from week days which complete Until that been would be purely ulative attempt to discuss the bank's loans the character the security behind them. We will have three four clerical assistants from the state banking partment here to help All the will be supervised Stutts and myself. Mr. Stutts former state bank talk among the official and stockholders, of movement the institution. If such reorganize be the action can state banking department will disposed afford full opportunity for However, no steps toward reorganization should be taken within the next two or three days, the law require that into the circuit court and petition for After such petition been filed, time for hearing will be This would be fixed sufficient period permit to complete the audit. petition for receiver filed. be well for all to bear in mind that appointment of receiver the wholly business of the judge the circuit court. Our department would entertain suggestions who should receiver. nor make suggestions the would that subject. the court which appoints bank court ceivers, not the state banking Safe Boxes "Because of the desire in hand before things thoroughly the public the begin admitting are keeping the banking room, closed today. On Friday doors the opening morning, banking hours, the vault containing deposit boxes will made identified holdduly such boxes. insurance branch of the bank's busines will carried in as to protect the manner terests policy holders wishing renewals. The trust and real make estate branches of the bank's have stopped operations other departments. "Officials and members of the staff the bank lendclerical ready assistance getting for the audit. things in shape the fullest No report to the creditors its debtors be made this time. can hazard what the survey guess reveal. only that will the say department to protect the the bank's depositors to the fullest extent possible handle matters pertaining to the bank's liquidation manner that best the interests of the Facts About Deposits. The deposits the Farmers bank, at the close business Wednesday evening, amounted $1,129,000. This, of course, was clusive of the trusts. The capital stock of the bank $150,000, and has surplus $75,000. The capital stock and plus must to the liquidation the before any be levied against the shareholders. Each shareholder. however, subject per cent his shares stock, should such assessment needed liquidate the bank's obligations In full. the Farmers bank the time suspending operations public monies to the amount of

4. January 30, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 30, 1930

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200 Guests Will Attend Meet= ing of Continental Steel Corporation. Their statement is The semi-annual bank. safety banquet Continental Steel lows: will be Statement of Directors held the Frances hotel Thursday officers and directors of the at seven 200 people Trust Savings bank Farmers will attend the affair, owing including regret to announce that officials the withdrawals guests. beavy and unexpected foremen and members the depleted of deposits which have safety their cash reserve. they find Henry Roemer. president the visable to close their institution and company, charge call upon the state department program and banking take charge. ans make the take this in order to address of the evening. treat their customers fairly and Other guests McMil- with the desire and Reagan of the impair the bank's resources board and the information of the tives and lic they desire to state that the Canton branches the directors have nothing corporaborrowed from the bank There will general review indirectly and they will use all their the company's advance hest efforts to hasten liquidation cident prevention during the the assets and payment past prompt and new safety plans outlined and discussed. SIGNED: Tabulations show that com- E. Seaward, pany has had substantial Simmons, accident record in 1929 and greater reduction Drinkwater, prospect for this year. Rulo Conrad.

5. January 30, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 30, 1930

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LIQUIDATE Unusual Withdrawals Given As Cause of Action Taken By Bank Officers THOMAS BARR IN CHARGE Early Liquidation Promised For Benefit of Depositors: Assurance Given Depletion of its cash reserve by unusual the of the closing of Farmers Trust bank this city Wednesday evening. Its affairs have been placed the hands of Thomas Barr, chief and other members the department of banking for liquidation. With announcement of its request officers local came assurthat its affairs would found essentially sound. Indications that would the case were found statements both officers local bank. the state banking and Kokomo Clearing Doubted. Mr. Barr stated that on Dec. the state department had examined the affairs the institution thoroughly and had found nothing indicate conduct irregularities. He said that and Morris Stultz of the state banking department would examine assets immediately would keep the public informed times to the conditions found shall be greatly disappointed any said. Statements made by the banks Kokomo. of Dec. 31, 1929, vealed them to be unusually good condition this period of the That the other banks and their officers regretful the closing of the institution and willing to every way expressed by ments and statement from the Clearing House Association. statement issued by the The komo Clearing House follows: Co-Operation Promised regret that the Trust and Savings bank found to close doors. necessary and associates Clearing House feel that bank's af fair fairs in liquidation will have combined efforts looking successful and funds Its many payment depositors. the the guard safely will have our loyal support and taken the That the the officers of the bank the protection all that its assets would and dated quickly as possible that Indicated purpose ments made by and other officials of president, also and 000 all Three other directors of the bank had been reached the time

6. January 31, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 31, 1930

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FARMERS BANK Impressive Scene as Hundreds Depositors Visit Suspended Institution. TALK OF REORGANIZING Officials Hopeful Way May Be Found to Bring About Such Action. Orderly, yet impressive, was the scene the Farmers Trust Savings bank Friday. The spacious lobby of the institution was crowdpractically throughout the iness hours the day with positors who called to leave pass books verification. visit their safe-deposit boxes confer with officials or other attaches of the institution. By late in the afternoon number of callers had reached hundred. indicating eral movement upon the part depositors direct inquiry what to expect in the liquidation of the bank's gations. Most of the depositors were taking. the smiling grimly the predicamont which the bank's closing had left them hopefully. There did not have their feelings entirely under control, who wept were bit their versations with the bank's There angry expressions, however, and pleasant Audit Progressing In the meantime, the state banking department going forward with the work auditing the bank's This work proceeding under supervision Morris representative the deputy state bank who charge the hank, been called to Indianapolis for day. Mr. Stutts said the state banking was hurrying the work over books much as possible, to the end that depositors might know exactly how their accounts stood time the bank's closing. marked too, that holders deposit boxes were being access needed papers the boxes contained ranging for new banking tions. While Mr said the partment wished be dating possible the bank's depositors, he remarked would tend confusion and hasten the work of making the praisal of the bank's assets would, after the business bringing them withdraw, instead lingering in the lobby and engagin conferences there. Favor Reorganizing Officials bank were talkmore Friday about the poselbility of reorganizing and ing the than they They said they were much undertake such movement. asserted that many of the bank's depositors had them with assurances they would stay with them if they would reorgan- Another interesting report given by the bank's official circle that offers assistance event reorganization should attempted had been from some three four out-ofsources. One of from and one from county adjoining county. Officials of the bank. while they were disposed to favorable consideration the proposition, said that nothing the way of work could be done until the banking completed its of the resources. That reveal much money would the institution on its again. Mr. Stutts reiterated Friday the statement made that the state banking would afford full opportunthe shareholders ize the they really desire enter such He would not. of hazard any opinion to the obstacles such action would Depends on Appraisal present that whether the praisal which being made. hoped be pleted by the middle soon the appraisal

7. January 31, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, January 31, 1930

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BOARD Request for Approximately Expected to Be Made Monday PROGRAM IS ANNOUNCED Additional Would Provide Six More Policemen; Im= prove Headquarters Request from the police department imately $12,000 probably of the most items be presented the city council its regular Monday night. expected that another proposing the negotiatemporary loan through time warrants also introduced. The loan would effected provide sufficient funds meet its expenses until such time money becomes available. loan of $50,000 manner effected Thursday but felt that of the closing of the Farmers Trust and Savings tying such funds the city deposit there the time. additional loan might be until satisfactory adjustments made. Members of the board of police have been discussplans for the of the department for some time have made official report the city council and have made no quest for favors from the city. announced plan of the to make request for funds until had completed thorough investigation conditions the department and had carefully sidered plans its Items The of the board police commissioners expected contained in port made the council Monday night which include proposed ordinance providing for sufficient funds to out the program its entirety, the total cost which was placed at and $12,000. Included the plans of the board the addition of which would cost the city salaries about $7,500 during year. This the largest of the items to included the request. Next largest item approximately $2,200 the and the basement the city Equipment criminal identification and ord being developed the police department expected cost additional $500. Miscellanitems make up the balance of the amount be requested. Force Now Too Small Increase the number of men the police been felt time necessity. At the present time and for years past. the department has manned the portion usual city population whereas the 1920 the city above 30,000 and the population now estimated than 40,000. Adequate police protection for cities figured on the basis of one patrolman to each of population and each 5,000 population. The members he requested the board will bring the sonnel of the department up proximately the standard for city of 30,000 population. Even with present force duties, the of the department has been years Plans by local for the and of the basement the city been carefully the with view to making changes and little cost possible. thought this be accomplished about $2,200 and will include the removal the old boller, long used, and the raising the floor of this room to level of the others, of the fice rooms providing suitable

8. February 1, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 1, 1930

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Meeting of Stockholders Called for Next Monday Night City Hall. OUTLOOK CLAIMED Some Think Bank May Be Back in Operation by Middle of February. First really constructive steps toward reorganizing the Farmers Trust and Savings bank, which ceased operations the close business last Wednesday, were takFriday evening, when group of seven or eight stockholders. were in conference. took action to start movement by subscribconsiderable several thousand organization fund. From this conference, too, arose decision to instruct officials bank to call meeting stockholders the institution, held Monday evening, February at o'clock. in the council chamber at the city hall. letter announcing for this meeting went stockholders Friday night's mail. Urged Attend. While the letter stockholders contained details what matters would be before the meetconsideration, stated plainly that meeting would be great importance to all the bank's stockholders and to the munity. urged attendance by every owner of shares in the bank. It intended, according to lay before the facts to what must be done, the bank to be reorganized and reopened. Those who behind movement. said, are pressed that the best way out of dilemma produced the suspension operations, stockholders, reorganize the institution reopen soon possible. One gathers that the intention sound the suggestion that they put into the institution enough additional ital to reinstate going Those who the proposal say they have met highly encouraging far. their discussion the proposal but point that they have not been able to see nearly all of them. Suggest New Netup. It is that those constituting the present directorate and official staff of bank have indicated willingness event of there entirely setup administration of affairs, the desire. other words. they suggesting that the provided with an tirely new board of directors and officials. There seems to be an impression upon the part all who are ested that for receivership the bank should be avoided, possible. This arises from realization that receivership the most expensive system that can be adopted for winding up the affairs bank any other kind of business cern. being pointed out, too, that this instance very probably would mean dred per cent against every stockholder on stock, the bank passing manently of business. This, said, constitutes one the strong reasons for urging stockholders provide enough additional capital save the institution. Receives Encouragement Promoters the reorganization idea assert they continue offers of case they from individuals. They positors who in the bank reorganized, take part their deposits stock. Such encouraging expressions, those in. terested responsible for the reorganization movement getting aggressively under way. In the meantime, representatives the state banking department, charge the bank, ahead with audit they started Thursday morning. They will take several days plete Charles Shewmon and Walter Parsons, appointed appraise the notes held the Farmers bank, have not yet begun their work. but expecting to get under within the next day two. In the event the movement lookthought that the bank gotten back into about or around the middle February.

9. February 18, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 18, 1930

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Estimate Given After Closing of Kokomo Institution. Ru Times Special KOKOMO, Ind., Feb. 18.-Losses due to closing recently of the Farmers Trust and Savings bank here will total about $500,000, according to Maurice Stults, examiner. A hearing for appointment of a temporary receiver will be held Friday in Howard circut court before Judge Joseph Cripe on petition of Luther F. Symons, state bank examiner. It is believed by Stults the bank will pay about 75 cents on the dollar.

10. February 22, 1930 The Call-Leader Elwood, IN
Article from The Call-Leader, February 22, 1930

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SOCIETY T. U. Met Friday Afternoon. The Woman's Christian Temperance Union held their February meeting at the Methodist Protestant church on Friday afternoon at 2 30 o'clock. Mrs Fred Ebert, president had charge of the business session Many plans were discussed for the good of the organization, after which the following program was carried out: Devotions were led by Mrs. India Knotts. The theme was "Narcoties," with Mrs. O. W. Cox en, as leader. Splendid talks were given on the subject by Mrs. Julia Mills and Mrs. India Knotts. A general discussion of current events followed. Benediction The Madison County convention of the W. C. T. U will be held at the library at Ander son on Tuesday, March 25. This will be an all day meeting. The morning session begins at 10 o'clock. large delegation of local people are planling to attend. Legion Auxiliary Washington Tea. There about sixty members and guests in attendance at the Mar tha Washington Tea party. given by the American Legion Auxiliary in the Knights of Pythias hall. yesterday af ternoon. The hall was prettily decorated A color scheme of red, white and blue predominated. The afternoon was enjoyed in bridge, euchre and contests. Bridge prizes were awarded to Mrs. Hazel Hershey high; Mrs. Lula VanTine. second high. Euchre prizes were won by Mrs Lula Armstrong and Mrs. Josenhine Geis. Mrs. Lula VanTine captured the Washington contest prize. Miniature red hatchets were given to each guest as favors. Mrs. Louise Lewis. Mrs. Claudlne Scott and Mrs. Bess Wiles, attired wafers during the afternoon Yesterday The regular meeting of the W. R. C. No. 117 was held yesterday afternoon in the G. A. R. hall in the city building. There was fine attendance of members. All members on the sick list were reported better. Following a brief business session, an interesting program was enjoyed. Several members sketches and the life of Washington. At the close of the aft ernoon dainty refreshments of tea and wafers were served. The next regular meeting of the W. R. C. Sewing club will be held on next Friday afternoon with Mrs Lou Webb at Shadeland Hotel Past Councilors Club Meeting. The Past Councilors club of the Daughters of America. council No. 46. met at the home of Mrs. Lizzie Fred. at 225 North Eighth street Friday evening. After the business session the hostess invited the members into the dining room where the table was beautifully decorated with flags and other decorations in keeping with Washington's birthday A Washing ton's tea was then served. which was much enjoyed Mrs Fred was the winner of the club prize The next regular meeting will be held at the home of Mrs. Lou Blackford. residing at 2306 South A street. on March 14 Needlecraft Club at Borst Home The regular meeting of the Needlecraft club was held yesterday after noon at the home of Mrs. James Borst 1222 South H street A brief business session was held and the remainder of the afternoon was spent in sewing and social conversation. Delicious refresh ments were served by the hostess to the following Mrs. William Carter Mrs. Thomas Eastburn. Mrs. Dan Mil ler. Mrs. Wooster Mrs. Ollie Dellinger. Mrs Charles Helms and Mrs. John Mooney The next regular meeting will be held in two weeks the home of Mrs Charles Helms. in West Main street Mrs Ethel Giselbach. residing at 1005 North Eighteenth street and William Leachman residing at the Alpine Hotel were united in marriage at a nuptial mass at St. Joseph's church this morning at 30 o'clock Father B. Biegel. pastor. read the impressive single ring ceremony. They were at tended by Mr and Mrs. C. W. Miller. Mr. and Mrs. Leachman have a large circle of friends who will extend congratulations. They will reside at 1005 North Eighteenth street Delphian Chapter At Fihe Home. The Delphian chapter will meet at the home of Mrs. H. Fihe in South Anderson street, on Monday evening at 7:15 o'clock The lesson for the evening will be "The Gift of Modern Italy. the World's Culture.' Mrs Richard Broadbent will be in charge of the lesson Topic for report will be given by Mrs. Hileman. Mrs. John Kiefer Mrs. E. P. Myers, Mrs. George Sellers. Mrs Frank Bradley Mrs. W H. Cluggish and Mrs George Woell werts Mooseheart Legion Euchre and Dance The Mooseheart Legion entertain ed at a delightful euchre and dance in the Moose hall last evening Prizes were awarded to Mrs. Blanche Lamm, ladies' high Mr. Roy Justice, gents' high: Mrs Louise Brewer, lone hand, and Mrs. Mae Carr. consolation Charles Frye's orchestra furnished the music for the dance Another enchre and dance will be given in two weeks Delta Theta Tau Annual Examination. The members of the Delta Theta Tau sorority will have their annual examination at their meeting Monday evening at 7:30 o'clock at the home of Mrs. Mina Noble, residing at 909 South B street The examination will be conducted under the supervision of Miss Alice Mays. All mem bers must be present. Complimented Red Cross In Tipton County Miss Julia Sullivan. state representative of the Red Cross and her mother. and Miss Rheul Castor. Tip ton county Red Cross nurse. visited the West Elwood school Friday and highly complimented the Junior Red Cross for their splendid work in Tipton county Mooseheart Legion Chicken Supper. The Mooseheart Legion will serve a chicken supper in the Moose hall, on next Saturday evening. March 1, from 5 to 7 o'clock Tickets are thirty-five cents and the public is APPROVE BANK RECEIVER. Kokomo. Ind., Feb. 21.-Judge Jos eph Cripe today granted petition for a receiver for the Farmers Trust and Savings bank here. which closed its doors recently. The receivership wis be temporary out of deference to depositors, who have voted to donate 25 per cent of their deposits to the bank to assist It in reopening. This move was made when it became known that the, loss under a receivership would be about 40 per cent over a period of four or five years.

11. February 23, 1930 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 23, 1930

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Fredrick, Parson Named Kokomo Bank Receivers Ind. Feb. Judge Joseph Cripe of the Howard Circuit court today and Walter for the Farmers Trust and Savings here. which order banking ment. Fredrick Parson filed joint bond the $100,000 and assets of the bank have been turned them by representatives of the partment.

12. March 3, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, March 3, 1930

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RECEIVERS OF FARMERS BANK SUGGEST THESE BE TURNED IN QUICKLY. Announcement was made Monday John Fredrick and WaltParson, receivers the Farmers Trust and Savings bank. that several passbooks possession of depositors have handed be checked and balanced. The receivers suggest depositors having passbooks that have not been ballanced since the bank was closed make point to turn them in immediately. The are collecting notes due the bank rapidly possible. This true, however, only cases where the Individual owing note not depositor in the bank. The receivers balancing against accounts this time, they leaving cases used proposed set-up for the organization cases of that kind, they simply ask the interested wait little while. Receiver Parson spending all his time at the bank, handling talls the receivership they arise. Fredrick also the the time, but being mainly the movement organize bank take the place of the closed Institution. have been made have Fredrick attend the stockholders meeting at the hall Monday evening and prethe facts to what the prospects are for the bank that would the valuable assets the Farmers' and join in that plan would to stockholders depositors of the Farmers' alike.

13. March 13, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, March 13, 1930

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PLEDGES NEW BANK Scores of Depositors Closed Institution Put Names on Dotted MOVEMENT GOING WELL Depositors' Committee Reports Fine Progress on New Bank Scheme. An interesting and highly aging report progress the to establish bank on the the tersection of Main and Sycamore streets, made Thursday by the representing the depositors the Farmers Trust and Savings bank, which suspended operations six weeks and is now In ago the hands of receivers. The depositors committee has been engaged obtaining, from persons firms each having $500 deposit the Trust and Savings bank when failed, signed binding In would pledged ultimately to depay full, leave their money deposit with such new bank for least one from its year opening. Handed List of The committee says was handlist approximately 400 positors, each whom had deposit with the Farmers' bank when ceased operations. These deposits totaling Drafting sixteen helpers, the committee to work of the depositors included the list mentioned. Thursday forenoon the committee reported that signed total of 274 depositors, representing total of $626,000. There remained approximately depositors on the who not yet been seen, being temporarily from away Kokomo while others residents of other cities, of some them other states. These will all however, and believed that practically will The committee further reported that in making canvass among depositors each whom in the closed bank, encountered many each $500 tied up; who only willingness, but desire, agreement similar to the that one was being circulated. Comply With Wish. comply with the wishes depositors in this class, the committee having blank form of ment prepared for submission them. The committee will not able to go out and hunt them but with the receivers banking room open every next from twelve o'clock, noon, nine the which period members the depositors' will to explain the plan to depositors be and accept signatures of those wish to sign. believed that the of this will result dollars more being pledged be left on deposit new bank for definite period after the institution ed. tically According to the committee, practhe plan making the among depositors each had more the bank when Sentiment, according report, practically unit extending such pledge bank binding Itself ultimately of the bank cents the dollar. that timent of like kind be found among most of the who had than $500 in the bank had business. that the spirit co-operation already manifested practically success the movement bank Contents To that public may something details the agreement that is being ed the the depositors, the ollowing paragraph covering most of the points quoted from one of the forms: the undersigned, depositor the Farmers Savings the time of closing the

14. March 22, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 22, 1930

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BANK'S CAREER MAY CLOSE IN VENUE CHANGE Shift of Suit to Frankfort Checks Plan to Reorganize at Kokomo. By Times Special KOKOMO Ind., March 22.-Doubt prevails that an effort to reopen the closed Farmers Trust and Savings bank here will be continued in view of the fact that receivership proceedings have been taken to the Clinton circuit court at Frankfort on a change of venue. It is pointed out that should Judge Brenton Devol of Frankfort rule that a permanent receiver be appointed. thus doing away with the present temporary arrangement, the only course open would be liquidation. thus ending the bank's career. It is considered likely Judge Devol will favor the permanent plan, it being believed that court in a county other than the one in which the bank is located would not care to be burdened with the responsibilities connected with the temporary arrangement. More than-three-fourths of stockholders at a meeting held recently signed an agreement to contribute toward a fund for reorganizing the bank, between $700,000 and $800,000 being offered. However, this will have no effect under a permanent receivership. The application for a change of venue was filed on behalf of Bern Tate, a depositor of $240. He alleged that the state banking department, on whose orders the bank was closed, "exercises an undue influence over the citizens of Howard county," and that an odium attaches to the defendant's cause in Howard county," the bank being the defendant.

15. May 28, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, May 28, 1930

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LETTERS TERMS Definite Statement as to How Payments Will Be Made by New Bank. PROGRESS IS BEING MADE Everything Possible Being Done to Expedite Opening of New Institution. As means of expediting the ening of the bank that being organized Kokomo, all persons, deposits $200 more with the Farmers Trust Savings bank, are being asked to immediately the receivers that Institution and sign contracts stinulating how such denosits shall be handled by the new bank. Letters to hundreds of the denositors, the terms under they will receive their in full, placed the mails Tuesday Like notices others are being placed in the mails fast they gotten out. of deposits of $200 more being left with the new bank, the latter agrees to pay three months from the date of its opening, months. in nine months and in with interest the rate of per cent. This plan, it is understood, is acceptable to-practically all depositors and believed that agreements embodying will signed up promptly. All depositors understand that the sooner such preliminaries taken care of the sooner the new bank will get into operation. Self-interest should deter any depositor from needlessly delaying signing, is contended. Walter E. Parson and John E. Fredrick, receivers of the Trust Savings bank, assert that all but very few of the that have paid their 100 per cent stock and that the few who have not yet paid are arranging to pay possible, wishing delay longer than absolutely the opening of the new bank. The speak the outlook, that thing connected with the bank movement going along satisfactorily. No one prepared to say just when the bank be opened, but with good made in the matter of obtaining depositors' agreements and collecting stock the opening date should not be far away. Returned to Prison. Michigan City, Ind., May 28 (AP) Hayes, 57, sentenced from county two years serve one to ten years for vehicle taking and released from the state prison here last Feb. was turned the penitentiary today for parole violation.

16. January 13, 1931 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, January 13, 1931

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PH BROWN Former Turfman, Member of County Council, Noted in Racing Circles. [Special to The H. Brown, 67 years old member of the Howard county Council and prominent figure in local cial and political died at his home today following year's Funeral will held at 2: Wednesday aft. at the M the S. ille officiating. Mr. Centerville Feb. Early life he came light harness horses and became well known trainer and driver On April he married Mrs Jeanette B. Kiger of this city who with two Mrs Stone May Wischart, Newcastle, him. Mr Brown came to Kokomo about thirty ago as trainer for stable of horses which John Leach For many years Mr was on harness tra over the est and the East and on the Grand In 1926 he for the Republic ticket and In 1930 was and was elected without opposition DINNER FOR ROLL ow night the Howard CounBar Association will have Curtis W. Roll. judge of the state Supreme as guest of honor to The banquet farewell to Judge Roll who for the last fifteen years has law Judge George Shenk and Conrad former law partners Judge Roll, will be the principal speakers, and Attorney Herron president the will tender the tion's felicitations to first of the local bar to attain the high PRICE TO GO ON TRIAL. Charles C. Price, cashier of the for mer Farmers Trust and Savings bank which suspended here and who on charge of im of will be tried again on one the several indictments voted against him by the grand In the former trial the jury The new trial has been set for Feb. POLICE READY FOR WORST With submachine guns in the police emergency car and installation of short radio contact with roving police squads, the local department today declared itself fit to meet with the most type bandit that migh to tackle any Kokomo in stitution.

17. December 9, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, December 9, 1931

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Receivers to Compromise with Surety Company on FormCashier's Bond. A petition compromise claim against the National Surety compthe bond for Charles any on Price, former cashier. was granted Judge Joseph Cripe in circuit by court Wednesday after been presented Fredrick and Walter Parson, receivers for the Farmers Trust Savings bank. The bond was executed ember. 1918, and was listed by the receivers among the assets of the bank. In the receivers serted that suit against the company and the such action bring would only delay settlement and would increase to the bank, and showed the surety offered to compromise in the of $6,250. The receivers also set out cheir opinion that Price an ficer of the bank "falled honestly faithfully discharge his jes as such officer' and that virtue the company became on account of Price's default. pointed out by the petitionamount of the claim determined unliquidated, and and that the company denies liability but willing compromise. Such compromise would to the best Interests of the bank, the receivers declared:

18. July 30, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, July 30, 1932

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REAL ESTATE TRANSFERS Furnished by the Anderson Abstract Company the Citizens National Bank Building. Omer H. Long, to Lora E. Shutwife. acres in HarD., Omer H. Long to Lora B. Shutters, 66,792 acres in Harrison township W. $1.00. Investment & Loan Peoples Company to Asa and lot Howe's sub-division. W. Union and Trust Co. trustee Lindley. lot 23 in Bellaire W. $1.00. Lindley by sheriff to Fletcher Trust 71 Monroe township, sheriffs deed, Nellic M. Mullen, ot te C. E. Tracy and 38 in Taylor $1.00. Tessa M. Reed and husband to Robert March Ethel M. March, acres in Union townW. D., Emery W. Hopkins and wife to Burrell Freeman. land in City of D. $1.00. Burrell B. trustee, to Emery W. Hopkins and wife. land in City of Kokomo, W. D., $1.00. Turley and to Estle Perry 77.54 in Ervin D., $5.00. Harrison Roe Roscoe z. Roe. lot 197 in Hall's Highland park, W. $1.00. Fred Hegner, et Paul F. Hogner. 100 in Howard townShutters and wife to Emma Horn, acros in Harrison township, W. $1.00. Roscoe Dawson and wife Elizabeth lots 172, 173. 174 and 175 in Covalt's addito W. D. $1.00. Elizabeth Palmer, trustec Roscoe L. Dawson and wife, lots 172. 173, 174 and 175 in Covalt's addition to Greentown. W. D. $1.00 Elsie Miller to Conradt. 534 in Air Crest addition; $1.00: Ernest P. Seaward Trustee to Farmers Trust and Bank, part lot 32 in Miller & Harbaugh's second addition, $1.00. Farmers Trust Savings Bank by Miriam Hodgen. part lot 32 Miller Harbough's second addition. receiver's deed Elijah W. Boring and wife LO acres in Liberty township, W. D., $1.00. Anna Kendall and husband to Joseph B. Martin, 80. acres Liberty $10,000.00 Emma E. Field. Harel Wright, part lots 108 and in the City Kokomo, $1.00. Peoples Investment and Loan Company to Charles Parson: trustee, lot 22 in Chandler's addition; 19 Blythe's Riverside: in Terrace park: lot 2 in Commercial Discount Corporation sub. division: lot 131 Bon Air Acres: part Faulkner's first dition; 25 Washington Heights: lot Diamond Glass lot 50 in Hall's Highland park, $1.00. Peoples Investment Loan Company Charles Parson, trustee lot 255 In Haralin's Highland addition: part lot 851/2 Corydon Richmond's; part out lets 90 and Kokomo and part lot 34 in Brand's second addition, W. D., Victor Cooper. etal to Jennie Cooper. interest acre In MonW. D., Jennie Cooper to Victor Cooper and Clinton Cooper, 89 acres in Monroe township, W. D., $1.00. Jennie Cooper to Victor Cooper. acres in Monroc township, W. William Vanaradal to Belle Vanarsdal, acres in Clay township and 15 acres Harrison township. D., $1.00. Peoples Investment '& Loan Company Martha Troyer, loc 86 Hall's Highland Park, D.. $1.00. Robert H. Graves and wife to Verlin in Howard township. W. $1.00 Jennie Cooper to Clinton Cooper, acros in Monroe township, W. D., $1.00.