Article Text
WILL REOPEN BANK VALPARAISO, Oct. Plans re-open the Farmers State bank, which closed January 11, were announced today following the election of W. Clifford as president to succeed A. A. Hughart. resigned.
6348. Farmers State Bank (Valparaiso, IN)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Start Date
- January 11, 1932
- Location
- Valparaiso, Indiana (41.473, -87.061)
Metadata
- Model
- gpt-5-mini
- Short Digest
49f018d9
Response Measures
Full suspension, Books examined
Other: Bank placed in charge of liquidating agent and supervised by State Banking Department; Valparaiso National placed in receivership.
Description
Articles state the Farmers State Bank experienced runs and suspended on January 11, 1932, was placed in hands of a liquidating agent, and reopened on January 2, 1933 (deposits reported Jan 4). Suspension was prompted by runs tied to adverse business conditions and a national wave of public hysteria. Valparaiso National (separate bank) went into receivership; included for context only.
Events (3)
1.
January 11, 1932
Run
- Cause
- Macro News
- Cause Details
- Runs and persistent withdrawals driven by adverse business conditions and a general wave of public hysteria that swept the nation.
- Measures
- Bank suspended and was placed in the hands of a liquidating agent (J. E. Ohlfest / Edward Ohlfest as liquidating agent) under supervision of the State Banking Department.
- Newspaper Excerpt
- the bank resumed operations after having been closed since Jan. 11, 1932, due to runs by depositors.
- Source
- newspapers
2.
January 11, 1932
Suspension
- Cause
- Macro News
- Cause Details
- Suspension followed runs and persistent withdrawals amid adverse business conditions and public hysteria; bank placed in hands of liquidating agent under State Banking Department supervision.
- Newspaper Excerpt
- The bank suspended operations one year ago Monday, Jan. 11, 1932, as result of runs that made on the city's three banking institutions
- Source
- newspapers
3.
January 2, 1933
Reopening
- Newspaper Excerpt
- Farmers' State Bank will reopen for business on January 2. / More than $25,000 was deposited with the Farmers' State bank ... when the bank resumed operations after having been closed since Jan. 11, 1932, due to runs by depositors.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
FARMERS' STATE BANK WILL REOPEN JANUARY 2 TO GIVE CITY GOOD START NEW YEAR Directors of Farmers' State Bank today broadcast "good news" for the city and pointed for the launching of new year. This was their message: "Farmers' State Bank will reopen for business on January 2." The bank suspended operations one year ago Monday, Jan. 11, 1932, as result of runs that made on the city's three banking institutions as the culmination months of persistent withdrawals due to adverse business conditions and general wave of public hysteria that swept the nation. Two of the three banks were forced to close, the Valparaiso National being the first, to be followed by the Farmers' State, two hours later. The First State Bank weathered the crisis and, with the support of depositors and the public, placed its affairs in condition continue operations on sound basis. Community confidence was quickly restored and Farmers' State was placed the hands of Edward Ohifest as liquidating agent. under the direction of the board of directors with supervision by the State Banking Department. Valparaiso National Bank was placed in receivership with Clay Haymond as receiver. It has paid 35 per cent dividend. Farmers' State Bank will reopen with P. W. Clifford president Edward Ohlfest as cashier and B. H. Kinne as assistant cashier.
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Article Text
$25,000 Deposited as Bank Reopens Service. VALPARAISO, Ind., Jan. 4. -More than $25,000 was deposited with the Farmers' State bank of Valparaiso when the bank resumed operations after having been closed since Jan. 11, 1932, due to runs by depositors. The bank had been in charge of liquidator, J. E. Ohlfest, the cashier. P. Clifford, local railroad contractor, recently assumed the presidency.