6209. Farmers State Bank (Poneto, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 15, 1931
Location
Poneto, Indiana (40.657, -85.222)

Metadata

Model
gpt-5-mini
Short Digest
1d06f1b5

Response Measures

None

Description

The Farmers State Bank of Poneto closed its doors on December 15, 1931. Examiners found asset depreciation and insolvency; state banking commissioner filed for a receiver and one was appointed Dec. 30. Articles do not describe a depositor run on this specific bank (other towns experienced withdrawals after Poneto's closing), so this is a suspension leading to permanent closure/receivership.

Events (2)
1. December 15, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examination showed asset depreciation ($38,822) from book value and insolvency; capital and surplus insufficient to cover deficits, prompting closure.
Newspaper Excerpt
The bank closed its doors on December 15
Source
newspapers
2. December 30, 1931 Receivership
Newspaper Excerpt
J. Frank Meyers ... was appointed receiver for the Farmers' State Bank of Poneto by Judge J. F. Decker at the conclusion of a hearing in the Wells Circuit Court ... The bank closed its doors on December 15 and C. R. Humston, an examiner from the state banking department, testified that an appraisal of the assets showed depreciation of $38,822 from the book valuation of the assets.
Source
newspapers

Newspaper Articles (4)
1. December 24, 1931 The Star Press Muncie, IN
Article from The Star Press, December 24, 1931

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Article Text

LIBERTY CENTER BANK IS CLOSED President Believes Depositors Fully Protected. Bluffton. Ind., Dec. 23.-The Liberty Center State Bank. only banking institution in the little town of Liberty Center, six miles west of Bluffton. did not open for business this morning and President John B. Funk and Cashier Roy L. Mossburg went to Indianapolis to ask the state banking department to take charge of the institution. The bank is capitalized at $25,000 and deposits total approximately $100,000 The bank is believed to be virtually solvent and while stockholders may lose, it is expected that depositors will be paid virtually in full. Two years ago when several other Wells County banks were closed. an audit by the state banking department found the Liberty Center bank to be solvent and it was re-opened with the consent of the state banking department after it had been closed temporarily to avert a run at that time. The closing December 15 of the bank at Poneto is believed to have caused some withdrawals at Liberty Center that induced the Liberty Center bank officials to decided to close the institution and preserve the assets for the best interests of creditors and stockholders. It is expected that after an examination and audit by the state banking department that an application will be filed for appointment of a liquidating agent. Woman Contracts Tularemia. Mrs. Clara Boden, 40, wife of Andrew Boden. farmer near Warren, is reported suffering from tularemia. rare malady attributed to infection from handling an infected rabbit. She has developed multiple Doctors have adopted vaccine treatment which they are hopeful will counteract the effects of the malady. Mrs. Boden has been sick several weeks Announcement was made here today that Mrs. Bertha Boden. proprietress of the Home Hotel on West Market street, and Harvey L. Ivins, chief engineer at the oil pumping station at Bracey. south of Bluffton. were married August 12 at Sedalia, Mo. They are residing at the Home Hotel here. The bride is a daughter of E. A. Bennett, Hartford City A claim of Mrs. Louisa Jetter against the estate of Mrs. Jennie C. Polley has been settled by payment of the sum of $3,000. the awarded by jury in the Wells County Circuit Court here few weeks ago. The complaint filed in court had asked $12,000. Another claim filed by Miss Jetter's husband was compromised and settled by the payment of $250. The cases came here from Jay County on change of venue. Bank Receiver Is Sought. There was filed in Circuit Court here today complaint by Luther F. Symons state banking commissioner, asking for the appointment of a receiver for the Farmers' State Bank of Poneto, which was closed on December 15. The complaint sets out that an examination of the bank has disclosed that it is in failing and insolvent condition. The complaint quotes no figures. Judge J. F. Decker designated Monday as the date for a hearing on the application for a receiver. A turkey gobbler which Elmer Bryan. farmer living two miles east of Tocsin, was planning to sell on the Fort Wayne market today was blamed primarily for fire early this morning which destroyed the barn on the Bryan farm. The turkey was one of thirty-six Bryan had planned to take to market, and only three of the fowls escaped. Whether one of these was the turk that started the fire is not known. When Bryan entered the barn before dawn he carried lighted lantern. One of the turkeys flew against the lantern. smashed it and caused it to explode. The building was fired. Hay. grain and farm imwere burned. The loss was only partially insured.

2. December 31, 1931 The Star Press Muncie, IN
Article from The Star Press, December 31, 1931

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Article Text

NAMES PONETO BANK RECEIVER Bluffton Judge Appoints J. F. Meyers as Agent. Bluffton, Ind., Dec. 30.-J. Frank Meyers, of this city, was appointed receiver for the Farmers' State Bank of Poneto by Judge J. F. Decker at the conclusion of a hearing in the Wells Circuit Court this afternoon in receivership proceedings filed by Luther F. Symons, state banking commissioner. The bank closed its doors on December 15 and C. R. Humston, an examiner from the state banking department, testified that an appraisal of the assets showed depreciation of $38,822 from the book valuation of the assets. The bank is capitalized at $25,000 and Humston testified that even counting the capital stock and surplus the bank still would show insolvency of at least $12,000. The receiver's bond was placed at $10,000. The receiver said that R. W. Stine, this city, would be his attorney. The bank's liabilities at the time of the last bank statement published were $101,000, including deposits of about $60,000. Boy Shot in Leg. Galen Myers, 15, a son of Mrs. Nannie Myers, this city, was accidentally wounded in the left thigh about 1:30 o'clock this afternoon while he and three other boys were engaged in shooting at a mark. The bullet ranged downward in the fleshy part of the leg. The boy was tinkering with the gun after it had failed to discharge when the accident occurred. His companions were Edward Stout, Loren Garr. and Howard Rothgeb. The annual meeting of the Wells County farm bureau was held at the community building in this city this afternoon. and Seth Snider was reelected president, Chester Eichhorn vice president, John Frantz secretary, and Rufus Decker, treasurer. The principal speaker on the program was Anson Thomas, of the state farm bureau. Gun Stolen From Window. The theft of a 22-calibre revolver from show window at the Jones and Ash hardware store on North Main street last night was reported to police today. The thief procured the gun by removing a section of the show window, which had been broken out and replaced by using a piece of wood and a screw to hold it in place By removing the screw and section of broken glass the thief was able to get his hand into the window and reach the gun. There was filed in the Wells Circuit Court here today new case that came from Huntington county on change of venue John E. Miller. plaintiff. seeks judgment from the Employers' Liability Assurance company on a bond of $1,000 alleged to have been furnished by the defendant company George H. Wilkins, an employe of Miller. Miller alleges that Wilkins appropriated to his own use property belonging to Miller of the value equivalent to the judgment sought. It is alleged defendant company had posted bond to indemnify the plaintiff against loss.

3. January 1, 1932 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, January 1, 1932

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Article Text

FORMER BANKERS INDICTED. EVANSVILLE, Ind., Dec. Henry B. Walker, member of the law firm of Walker Walker, president of the Lincoln bank which recently closed, and Edward Griener, vice president the institution, were dicted today charges of embezzlement and conspiracy commit felony by the grand jury. Both were arrested and placed der bond of $5,000 The eight count on deposits made at bank the day closed, charging both knew the bank was PONETO RECEIVER NAMED. BLUFFTON Ind., Dec. 31.-J. Frank Meyers, well known Bluffton resident, has been appointed Judge John Decker the Circuit court as receiver for the funct Farmers' State bank of Poneto. Examiners testified there deficit of needed to make the bank solvent.

4. January 1, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 1, 1932

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Article Text

Bank Receiver Named By Times Special BLUFFTON, Ind., Jan. 1.-Frank Meyers, Bluffton, has been appointed receiver of the Farmers State bank of Poneto by Judge John F. Decker of Wells circuit court.