6081. Farmers State Bank (Milford, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1924*
Location
Milford, Indiana (41.409, -85.847)

Metadata

Model
gpt-5-mini
Short Digest
e3077f42

Response Measures

None

Description

The Farmers State Bank at Milford closed in December 1924 due to a large shortage/embezzlement; a permanent receiver was later appointed and the bank remained in receivership (no reopening reported). Dates taken from newspaper publication dates and article text.

Events (4)

1. December 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large shortage/embezzlement discovered (cashier James Shepard pleaded guilty); reported shortage figures $200,000–$250,000 in December 1924
Newspaper Excerpt
the defunct Farmers State bank of Milford which failed for $200,000 was in the hands of a receiver today
Source
newspapers
2. December 17, 1924 Receivership
Newspaper Excerpt
The defunct Farmers State bank of Milford ... was in the hands of a reciver today, Tom J. Nye, former Kosciusko county auditor.
Source
newspapers
3. December 30, 1924 Receivership
Newspaper Excerpt
Donald Vanderveer, attorney, was permanent receiver today for the Farmers' State Bank at Milford, recently closed as the result of $250,000 shortage.
Source
newspapers
4. January 6, 1925 Other
Newspaper Excerpt
Total shortage of the Farmers State Bank at Milford, Ind., which closed its doors in December, is $230,000, according to a report made ... by Tom Nye, temporary receiver.
Source
newspapers

Newspaper Articles (5)

Article from The Daily Worker, December 18, 1924

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Article Text

Probe Bank Failure. WARSAW, Ind., Dec. 17.-The defunct Farmers State bank of Milford which failed for $200,000 was in the hands of a reciver today, Tom J. Nye, former Kosciusko county auditor. Fif. teen indictments returned by the grand jury which investigated the bank shortage were believed to implicate one or more persons besides James Shepard, cashier, already sentenced to the state prison or two to fourteen years on his plea of guilty to charges of embezzlement.


Article from The Indianapolis Times, December 30, 1924

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Article Text

Bank Receiver Named Bw Times Special WARSAW, Ind., Dec. 30.-Donald Vanderveer, attorney, was permanent receiver today for the Farmers' State Bank at Milford, recently closed as the result of $250,000 shortage. Vanderveer was appointed by Judge L. W. Royse on petition of 175 creditors.


Article from The Indianapolis Times, January 6, 1925

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Article Text

TOTAL SHORTAGE SET Temporary Receiver of Milford Bank Says Loss Is $230,000. Bu Times Special WARSAW, Ind., Jan. 6.-Total shortage of the Farmers State Bank at Milford, Ind., which closed its doors in December, is $230,000, according to a report made in Kosciusko County Court by Tom Nye, tem porary receiver.


Article from The Indianapolis Times, October 30, 1925

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Article Text

Hoosier Briefs ARSAW'S curfew law is being enforced again after W twenty years. Too many school children were going to night picture shows, officials said. Kosciusko Circuit Court has ordered Donald Vanderveer, receiver of the Farmers State Bank, Milford, which failed last spring, to sell the bank building and fixtures. Herbert Laramore, former editor and owner of the Starke County Republican, takes up his duties as postmaster of Knox, Monday. A post of disabled war veterans will be organized soon in Greencastle. Baltimore & Ohio shops at Washington have indefinitely furloughed ninety-two men, leaving`a force of 750 men. William Settle, president of the Indiana Farm Bureau Federation, will speak at Greensburg Nov. 3. UNCIE G. A. R. post will dedicate the huge cannon M in the courthouse yard on Monday. Senator James E. Watson will speak. Vegetables and fruit frozen during the present cold spell can be saved if not moved and permitted to thaw out slowly, C. L. Burkholder of Purdue University has announced. Charles Polk, 11, of Rochester, will probably lose the sight of his right eye as a result of being struck by a match fired from an air gun by another lad. Sampson was a "ladies' man, according to Dr. W. H. Beachler, evangelist at Peru, who spoke on "An Expensive Hair Cut."


Article from The Indianapolis Times, March 20, 1926

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Article Text

Harvey Kreider has been chosen as president of the Farmers State Bank of South Whitley to succeed John Swihart, former president, who died as a result of injuries suffered in an automobile accident. D. S. Vanderveer, receiver of the Farmers' State Bank of Milford, has filed a report with the Warsaw Circuit Court here, showing claims amounting to $322,135.74, and a distribution of 18 per cent or $58,834.58. It is now evident that creditors will receive less than 20 per cent. J. S. Hubbard, assistant supervisor of the State vocational rehabilitation department in conjunction with Harry Lewallen, county superintendent of schools, has arranged for a health survey of Kosciusko County. Boynton Garman, 30, Claypool, jumped to safety when the locomotive of a Big Four freight train struck and completely demolished his automobile. The city council has purchased the old Wabash hospital site for $5,000 and the land will be made a part of the Wabash park system. As a result of rapidly changing weather conditions, half of the 5,000 residents of Warsaw are taking medicine, according to physicians. The Cooperative Creamery of New Paris will ship 5,000 gallons of milk daily to Chicago in new thermos trucks. Hammond folk say an early Spring is positive. Wild geese are returning from the South, they say. Igleheart Brothers Milling Company of Evansville has been taken over in a merger with the Postum