Farmers & Merchants Bank

Episode Information

Episode UID: 5967677491075
Episode Type: Suspension → Closure
Bank Type: trust
Bank ID: 596767749 hash
Start Date: July 3, 1889
Location: Humboldt, Nebraska (40.164, -95.945)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 0bdedccfee2090cb

Response Measures

None

Description

Charter expired and the president made an assignment; bank appears insolvent and closed.

Events (2)

1. July 3, 1889 Receivership

Newspaper Excerpt: on Monday made an assignment. He claims that the bank will pay out or nearly so. Thirty or forty thousand dollars are locked up.
Source: newspapers

2. July 3, 1889 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Charter expired; president started private bank, could not meet new law requirements, made an assignment; officers and prominent citizens implicated in improprieties and diversion of funds.
Newspaper Excerpt: News has been received here of the suspension of the Farmers' and Merchants' bank of Humboldt.
Source: newspapers

Newspaper Articles (1)

1. July 4, 1889 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, July 4, 1889

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Article Text

Bank Failure at Humboldt. PAWNEE CITY, Neb., July 3.-News has been received here of the suspension of the Farmers' and Merchants' bank of Humboldt. There are ugly rumors involving the best citizens of that place. The charter of the bank expired June 29, and President Lambertson started a private bank with a capital stock of $10,000, but at the expiration of two days found he could not get affairs in shape to meet the requirements of the new law before July 10, and on Monday made an assignment. He claims that the bank will pay out or nearly so. Thirty or forty thousand dollars are locked up. Ten or twelve thousand dollars were deposited on Saturday. When the officer took possession Monday only $400 were found. Money was received and drafts given on eastern banks Saturday afternoon. Stockholders and certain depositors knew an assignment was to be made Saturday morning. Diven, Hartner and Lambertson, who were in the grain and stock business, are involved. They arew money out of the Table Rock bank Monday and disposed of property in a manner to excite surprise. Captain Humphreys met Diven at Liberty yesterday and forced him to disgorge $500 he drew from the bank at Table Rock. Diven was formerly a Sunday school teacher here and stood high in the community. Several Pawnee City citizens have claims against Diven, whose every movement is closely watched.