6100. Farmers State Bank (Monticello, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 17, 1930
Location
Monticello, Indiana (40.745, -86.765)

Metadata

Model
gpt-5-mini
Short Digest
744dfc2e

Response Measures

None

Description

Articles report the Farmers State Bank suspended on March 17, 1930, followed by appointment of receivers (court named receivers March 31, 1930). The bank remained defunct: receivers made distributions in December 1930 and receivership litigation continued into 1932. No run is described in the articles; suspension appears initiated by the state banking commissioner and court action.

Events (4)
1. March 17, 1930 Suspension
Cause
Government Action
Cause Details
State banking commissioner filed petition and the bank was suspended by action of banking authorities/court; state banking department in charge of assets.
Newspaper Excerpt
the bank was suspended the county treasurer had on deposit. Named in the suit are ... It is set forth in the complaint that the bank was used as a depository of public funds and that on March 17, when the bank was suspended
Source
newspapers
2. March 31, 1930 Receivership
Newspaper Excerpt
MONTICELLO BANK RECEIVERS NAMED ... appointed joint receivers for Farmers' State bank this morning Judge Ralph McClug, in circuit ... to take ... (March 31, 1930).
Source
newspapers
3. December 1, 1930 Other
Newspaper Excerpt
DISTRIBUTION OF $40,000 STARTS Depositors Now Receiving Checks at Farmers State Bank. The distribution of $40,000 to depositors of the defunct Farmers State Bank was started today by the receivers. The amount represents 35 per cent of the total deposits of the institution.
Source
newspapers
4. December 11, 1930 Other
Newspaper Excerpt
Decision Made On Bank Claims At Monticello ... matter of claims in the Farmers State bank receivership was up for hearing in the White circuit court and the following were allowed as preferred and ordered paid in full by the receivers ...
Source
newspapers

Newspaper Articles (10)
1. March 22, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, March 22, 1930

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DEPOSITORS ASK DELAY IN NAMING BANK RECEIVER Seek Sufficient Time To Study Prospects of Reorganization. 150 ATTEND MEETING. A petition praying the White circuit court to hold in abeyance the appointment of a receiver for the Farmers State Bank for a time while the depositors considered the advisability of perfecting a reórgenization was signed by a large number of depositors of the bank, who held meeting in the basement of the library Friday evening. If it becomes necessary to appoint receiver, the petition continued, then the depositors would like to have a voice in selecting the person to be designated. T. J. Hanna, local attorney, a depositor and stockholder in the bank, acted as temporary chairman of the meeting by request. Dr. A. B. Cray was selected permanent chairman, and John A. Rothrock secretary. Captain William Guthrie made talk, in which he urged the depositors to stand together for the benefit of all. He said that he was not familiar with the details of the bank, and had no immediate solution to offer for the problem, but suggested that the proper course was for the depositors to study the situation carefully, and work out the plan which would be best both for themselves and the community at large. Charles Johnson said be would like to hear a report on the condition of the bank. Hanna replied that Mr. Fraser, the deputy state bank commissioner in charge of the local institution, completed his report Friday and had forwarded it to the department at Indianapolis. As soon as it had been checked over and o. k.ed there, Mr. Hanna stated, it would be available for public inspection, and he suggested that another meeting be held next week when Mr. Fraser could appear before the depositors and tell them what he knew regarding the bank's condition. Petition Presented At this point the petition was presented and read. Sam Young, formerly receiver for the National Bank. suggested that a definite time be set for the postponement of action by the court. He said that too much delay might give some one a chance to "get out from under.' After considerable discussion, a period of days was decided upon, which would bring the matter up for definite action by the court on March 3 1st. By that time, it is thought that the desirability and practicability of reorganization can be canvassed. Dr. Cray, in speaking at the meeting, pointed out that the interests of the depositors were identical. All of them, he said, were interested in getting 100 cents on every dollar they had put in the bank, if there was any way to work out the problem. He thought that a quick liquidation of the assets might result in material loses. His talk appeared to be well received. None of the officers of the bank attended the meeting, which was more or less in the nature of a preliminary to the business which is expected to come later. A committee probably will be appointed by the depositors to represent them in the future, and the probabilities are that another meeting will be held early next week, at which time Mr. Fraser will make a report. The interest of the depositors is indicated by the fact that 150 out of about 250 depositors of the bank were present last evening.

2. March 24, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, March 24, 1930

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CONTINUANCE IS GRANTED TO BANK Depositors Name Committee To Go Over Report of Bank's Condition. A weeks continuance was granted this morning by Judge Ralph McClurg in circuit court to permit the depositors of the Farmers State Bank more time to determine the condition of the bank and the possibilities of reorganization before a receiver is appointed. A petition had been filed by the state banking commissioner asking that a receiver be appointed for the bank this morning. A large crowd of depositors was present in the court room although it had been voted at depositors meeting to ask for a continuance. T. J. Hanna, acting as attorney for the depositors, explained to the court the attitude of the depositors and asked for the delay. Judge McClurg said he was anxious to give the depositors as much time as possible without further injuring the condition of the bank, and the representatives of the state banking department who were present, agreed to the week's continuance. Mr. Hanna requested that a committee from the depositors be given access to the report filed with the court by the bank examiner and this was agreed to. The depositors held a meeting in the jury room and selected a group of five who were to act for the rest in selecting the committee. They were Dr. A. B. Cray, S. W. Young, Mrs. Rosa Sills, Bert Jackson and Charles Si' The committee which they select work in cooperation with W. K. Fraser of the state banking department and on their report probably will determine the action of the court next Monday morning. Suit was filed in circuit court this morning by the White County Board of Finance against the Farmers State bank and others asking ,000 on bond. It is set forth in the complaint that the bank was used as a depository of public funds and that on March 17, when the bank was suspended the county treasurer had on deposit. Named in the suit are Burdell B. Baker, Frank U. Baker, S. W. Young, O. A. Rothrock, Wm. Lods, Burdell W. Baker and Wm. N. Scott. L. D. Carey is the attorney for the county. The county commissioners were in session Friday, and it is understood decided upon the filing of the suit as a precautionary measure. Many of the depositors are hopeful of opening the bank in the near future, and there are several means suggested for reorganization. Others say that if the assets are properly liquidated and are not hurried too much, that the depositors will easily be paid in full. It is expected that some time during the week enother meeting of the depositors will be held, when- the committee will report on the condition of the bank. At that time decision will be made as to the best course to pursué. Whatever is done, of course, will have to meet the approval of the state banking department, which is now in charge of the assets of the Farmers Bank.

3. March 29, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, March 29, 1930

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FRICTION BETWEEN HOOVER S. NAVAL DELEGATION AND Acting Secretary of State Cotton, After White House Conference, Issues Statement Saying Delegates Have Unqualified Support and Authority of President in Negotiations. HooWASHINGTON, March ver moved today to quell reports that he is at odds with Secretary of State Stimson and the other American delegates at the London naval conference over Stimson's anthe United States into a nounced willingness to put political pact. These reports have gained such wide currency that LOSS EXPECTED they have been embarrassing to Mr. Hoover, to the state to an even greater degree to the American delegation London. the president sumActing Secretary of State moned the White House this CLOSING Cotton to BANK after conference morning, and Cotton to the department issued this Committee Recommends Re- differences "There view between the president ceivership and Estimates delegation London. delegation has always had, Depositors Will Get But now unqualified support authority. delegation in London Sixty Cents on Dollar. patiently to explore suggesMONTICELLO, Ind., March made and every any that leads the great purpose tempt at the State bank, special limitation naval Farmers' duction and depositors' committee recommended and preservation of the the of receiver, of the peace meet- that the high hope last court room be evolved which for doing The closed nearly

4. March 31, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, March 31, 1930

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MONTICELLO BANK RECEIVERS NAMED Ind., March Brucker Loughry, appointed joint receivers for Farmers' State bank this morning Judge Ralph McClug, in circuit Both accepted and to take

5. September 20, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, September 20, 1930

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NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Civil Monon Lumber Co., vs. Clarence Stiller. Judgment to plaintiff of $69.55 and costs. State ex rel Luther Symons vs. Farmers State Bank. Receivers granted petition to take over property of Thomas Stockton and operate until sale can be made. Leola Rondaan vs. Louise Rondaan. Defendent found guilty of contempt. Former order of court modified. Ralph Weakman et al vs. Nathaniel Bunnell et al. Title of plaintiffs quieted to real estate. Jennie Hathway vs. Henry Hathway. Citation for defendant returnable September 22. Michael Hoffman vs. Aldyth Thomas et al; Claude A, Hecker et al vs. Michael Hoffman et al. Judgment to plaintiff Michael Hoffman of and costs, judgment to cross-plaintiffs Wilson Schaeffer et al of $1557.50 and of $12.00 and judgment to cross plaintiffs Thacker and Kellogg of $310.32; judgment to cross plaintiff Monon Lumber Co., of $182.75; judgment to cross plaintiff Frank Young of $225.15. Sale of described real estate ordered to pay judgments. Matter of unsoundness of mind of Max Howell; court finds guardian should be appointed. State vs. James Steele; set for trial Wednesday, September 24. Assignment Meeker Lumber Co., Geo. W. Kassabaum tr. Court approves compounding of claim against Chas. E. Baker in sum of $200. Geo W. Kassabaum vs. Julia Belle Smith. Dismissed on plaintiff's motion. Cost against defendant. State vs. Jennie Baker. State files written motion to dismiss, which is sustained by court. State vs. Frank Hurlburt. Court sustains motion of state to dismiss. Bert VanVoorst and Fred Dahling receiver vs. Oscar Watson et al. Judgment to plaintiff of $3052 and costs. Petition of Bird Crockett et al for change of Shigley ditch. Allowance of $300 to Wm. VanVoorst for services as inspector. Petition Walter Chapman et al to change Scipio ditch, Drainage commissioners file verified reports. Assignment James R. McClure. Geo. W Kassabaum, trustee Re-appraisement filed. Chas, F. McClure assignment; Wilson Timmons, trustee, files re-appraisement. Clark S. Myers et al vs. Robert Jewett. Judgment to plaintiff of $251 and costs. Probate Guardianship of Mary Winkley et al. White Co. L. T. and S. Co., guardian. Trust closed as to Ray Winkley, deceased. Loren S. Watts estate, Mary S. Watts administratrix, referred to O. H. Friedn, inheritance tax appraiser. Guardianship Max Howell. Elsie Marie Howell appointed guardian. Clara Saylor estate. Fred L. Saylor issued letter of administration. Fred Dahling administrator vs. Herbert T. Straub et al. Sale of described real estate ordered by court. Clara L. Spangler estate. Henry C. Spangler executor. Hearing on final report set for September 25.

6. December 1, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 1, 1930

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DISTRIBUTION OF $40,000 STARTS Depositors Now Receiving Checks at Farmers State Bank. The distribution of $40,000 to de positors of the defunct Farmers State Bank was started today by the receiv. ers. The amount represents 35 per cent of the total deposits of the institution. The checks ranged in amount from a few cents to $1400, and were given to about 130 people, ninety per cent of whom live in this community. Under a ruling of the banking au thorities, interest on certificates of de posit was allowed up to the date of the closing of the bank. Coming as the distribution does, just at the opening of the Christmas season, the money doubtless will have a beneficial result on the trade in this vicinity. Confidence is expressed that the bank will pay at least so or 60 per cent through future dividends. Preferred claims, comparatively few in number. have not yet been allowed, but it is expected that action will be taken shortly and funds will be available to make payment. It is understood that the bank will be included among others who may contest suit filed by Guy Wolverton to foreclose mortgage on farm owned by Burdell Baker in Big Creek townsihp. While the bank is not directly interested. it feels that it might become so should certain litigation now pending in court turn in its favor.

7. December 1, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 1, 1930

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NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Probate Ottis M. Howell estate-Hirm N. Eltis administrator. Final report approved and estate settled Wm. Krapff guardianship - Bessi M. Pampel guardian. Certain expenditures confirmed. Agnes Arbuckle guardianship-Lucinda B. Arbuckle guardian. Current report filed. Hannah Halmes estate-Jennie E. Scott and Wm. N. Scott execut Court finds estate is probably ins vent and should be settled as such. Jennie M. Baker estate-Edward C. Cain administrator. Court finds inheritance tax due of $210. Miller 1. Turnipseed et al dian. Petition approved to advance $75 to ward for livin, expenses. Louis Miller estate-State Bank cf Burnettsville administrator. Cou finds no inheritance tax payable. Final report set for hearing Dec. 20. Amanda J. Mertz and George W. Mertz estates-Clark Mertz administrator ordered to file final repo in ten days. Le Chamberlain estate Chamberlain executor, ordered to file final report in ten days. Ira Johnsonbaugh estate State Bank of Burnettsville administra Court finds no inheritance tax payable. Sarah B. Dobbins V. Dobbins administrator. Court finds no inheritance tix payable. Carrie May Reed guardianshipLena H. Heath guardian, granted order reimburse guardian $70 for money advanced, and further expe diture of $35. Thomas J. Hoshaw te Co. L. T. S. report of sale of personal property approved. and Emma Coon VS Ella M. Ferguson estate-By agreement claim is compromised and allowed in sum of $650. Civil First Trust & Savings Bank of Peoria vs John E. Kercher et Final report of Edwin h. Friedrich, receiver, approved. Judgment to plaintiff of $10,488.76 and costs and foreclosure on described land. Farmers Cooperative Co. VS Geo. W. James and Arthur L. GabterDefendant Gabler asks change of venue and change is granted to Pulaski Farmers and Traders Bank of Monon VS James P. ed on plaintiff's motion. St. Louis Joint Stock Land Bank VS Preston M. Patchett-Dismised on plaintiff's motion. Petition of Lambert Cramer e: 21 to change parts of Wiley Baker dit -Court orders certain modifications ITT report; report is then confirm and construction is assigned to G. A homas, drainage commissioner. Conoco Oil Co. vs Clarence Conwell-Judgment to plaintiff of $/3 and Maria L. Guthrie et al WS While Co. L. T. and S. Co.-Hon Wm. a Pentecost assumes jurisdiction. Schloss Bros and Co. vs Ora Hamill et al-Judgment against de fendant Paul R Bausman and Frank Vinson of and costs. Lafayette Remedial Loan Assn Ray B. for trial Dec change Mecker unal estimate 52391 du L. M. Hort contractor. is approved by court Petition Rebecca C. Jackson al for ditch-Order of $10.10 for transcript approved. Della Pearson VS John B. Pearson -Defendant ordered to pay $50 strt Standard Auto Parts Co. VS R Cochran-Dismismissed on plaintiff's motion. Carl F. Miller VS James KablyDismissed at defendant's cost. Farmers and Traders State VS Wm. H. Hancock et al-Judg. ment to plaintiff of $252.47 and costs. State ex rel Luther Symons vs Farmers State Bank-Receivers fil. réport of claims. Gurd Surber VS Ross D Speicher--Court sustains plaintiff's motion return of fee bill. Int'l Ag. Corp. Hat'n way et al-Judgment plaintiff default of and costs. Int'l Ag Thomas et al-Judgment to plaintiff on default of and COSTS. State Bank of Monticello vs Franson-Assigned for trial Dec Chas. S. Siferd VS Elbridge G. Ricker-Defendant files answer in general denial. Mary Landis et al vs Nichoias to plaintiff of $191 due for rents collected. Midwest Home Service Co. Thomas Stockton et al-Judgme to plaintiff of $608.16 and costs. Int" Ag. Corp. VS Sabe Halsema al-Judgment on default of Intl. Ag. Corp. vs Sabe Halsema et al-Judgment on default of $78 and Intl. Ag Corp. vs Thomas Wheldon et al-Judgment on default of Intl. Ag. Corp. vs Frank StillerJudgment on default of $160.10. Intl. Ag Corp. VS Stanley S. Tull et al-Judgment on default of $105 State vs Wm. S. Peterson-Writ ten motion to dismrss sustained by court. State vs Herbert tor files written motion to dismiss. Wm. Erwin et al VS Arthur Hatrington et al-Assigned for tral Jan. 19 State ex rel Luther F. Symons vs Farmers State Bank Receivers granted petition to assign to Lafa ette Joint Stock Land Bank tax cartificate on described real estate for sum of $1200 Assignment Chas F. McClure Milton Timmons, tr. Sale of desc. ed real estate to Jacob F. Miller, Mirion county, approved. Assignment James R McClureGeo. W. Kassabaum, trustee. Court approves sale of land to Jacob T. White Star Motor Oil Co. vs Griffith Davis et al-Jadgment to plainAssignment Frank U. Baker-T. Hanna ,tr. Final report set for hearing Dec. Potition Agnes V. Gutavel et al for

8. December 11, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, December 11, 1930

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Decision Made On Bank Claims At Monticello MONTICELLO, Ind., Dec. 11.matter of claims in the Farmers State bank receivership was up for hearing in the White circuit court and the fol. lowing were allowed as preferred and ordered paid in full by the receivers: William Hilbert, $815, only $400 of which is preferred; Mrs. V. N. Henderson, $21; W. N. Scott, $67.42: L M. Ferguson, $14: Guy Wolverton, $111.57; Marilyn Inskeep, $132.51 Wm. K. Inskeep, $5.50: William Hickman, $60. The following were allowed as general claims and the receivers were ordered to pay 35 percent of the amount at this time: Toledo Scale Co., $7.36: American Petroleum Co., $287.86; Hillcrest Beach, $103.02; Mrs. Daisy Louderback, $13: United Corporation, $5.50; Victor Safe and Equipment Co., $3.17; Elwood Bank Supply Co., $42. FEW ON ROLL. The scholarship honor roll for the third month of school was yesterday by Principal Robert Ross and shows that in the senior high school of 260 members, 11 1-6 percent made the honor roll. Of the 29 on the honor roll, 13 or nearly one half are members of the junior class. There are 130 in junior high school and total of seven. or 5 1-3 percent, are on the. November honor YOUTH DIES. William Fred Burns, 16-year-old son of Mr. and Mrs. Jesse Burns, of the Sitka passed away Wednesday at a. m. following a' long illness of heart trouble. His condition had been critfor three weeks. The funeral will be held from the Sitka church Friday afternoon at 2:30 with Rev. Alvin Hall officiating. Burial in the Shafer The parents and four brothers Mrs. Freeman Cripe was removed to the Home hospital at Lafayette in the Free ambulance Wednesday in critical condition from a complication of appendicitis and peritonitis. PROFESSOR SPEAKS "The Service of Life" was the subject of brief talk given by Prof. Blackwell of Franklin college, before the student body of the high school, Wednesday morning. NEW SUITS FILED The suits have been filed in White circuit court during the past few days: Appointment of a guardian for Hugh F. Treanor. Robert H. Shook et al vs. John Kern. Flyod Wheeler et al VS. John L. Fife, et al-Action on note. Farmers and Traders State bank of Monon VS. Emery D. Kellenburger et al-Action for foreclosure of mortgage. Dena Bauman vs. Leq Gross et al-Action on note. Prudential Insurance company vs. Emma Decker et Foreclosure of first mortgage. Eastern Rock Island Plow company vs. Tom Lampe et alAction on note.

9. January 22, 1931 The Monticello Journal Monticello, IN
Article from The Monticello Journal, January 22, 1931

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VAN TO MOVE TO BANK BLDG. Rumors Say Chain Store May Occupy BakerAnheier Bldg. O. P. Van Alstine, proprietor of Van's Lunch, has leased the Farmers Bank Building from Pete Combis, of Valparaiso, who recently purchased the building from the bank receivers, and plans to move his restaurant to the corner room formerly occupied by the bank as soon as the vault can be torn out and the necessary alterations made. T.J. Hanna will continue occupy the rooms on the second floor. Mr. and Mrs. Van Alstine will move into the suite of rooms now rented by Mr. and Mrs. Heiny. The restaurant will be moved as soon as the remodeling of the bank is completed, which will probably take several weeks. The Baker-Anheier building, now occupied by Van's Lunch, has not yet been leased, although it is understood that negotiations are under way with several companies. One concern which has shown especial interest in the location is understood to be Tuttle Bros., a large packing company of Gary, who now operate 37 chain meat markets in the Calumet region. It is also rumored that a chain grocery company has been considering the advisability of opening a store in the building. Mr. Combis has made no announcement, and it is not known how authentic either of these reports may be. The Van Alstine restaurant was opened in the Baker-Anheier building about seven years ago by Ralph Davis. It was later purchased by Mr. Van Alstine, who has successfully operated it for five and a half years.

10. April 25, 1932 Journal and Courier Lafayette, IN
Article from Journal and Courier, April 25, 1932

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A MONTICELLO CASE before the of the important questions One Indiana supreme court for decision is that of funds in defunct bank whether not state in claims. The question prior application, contained in suit brought of Marythe Fidelity and Deposit company land against W. F. Brucker and William N. Farmers' State bank receivers of the Loughry, Monticello. had $10,000 in the The state deposited Monticello bank with the Fidelity company bond in that amount security posting When the bank closed in March, 1930, and the state the Fidelity company paid the amount, it filed claim in its intervening petition asking that its claim be allowed preferred claim with priority payment general The grounds which the filed was that the company claim right of to the state's sovereign abrogated preferred payment. The Fidelity company lost its suit in the White circuit court and appealed the decision court. After conthe Indiana appellate sidering the case for some time, appellate on to the supreme court passed the case of the six appellate judges court because four failed to agree. Brucker, Loughry, the appellees Farmers' State bank receivers, and the bank itself relation of Luther Symons, state banking commissioner.