Farmers State Bank - Walkerton, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 27, 1933
Location: Walkerton, Indiana (41.467, -86.483)

Metadata

Model: gpt-5-mini
Short Digest: c2047069

Response Measures

None

Description

Article (Aug 17, 1933) reports Washington State Bank of South Bend was one of several closed banks taken under state control and under northern Indiana state control for about three weeks prior to publication. No run on this specific bank is described. This is a government-ordered takeover (state control/receivership) and the bank remained closed under state supervision.

Events (2)

1. July 27, 1933 Suspension

Cause: Government Action
Cause Details: State department of financial institutions ordered state control; bank had been closed and placed under northern Indiana state control.
Newspaper Excerpt: It is the third closed bank to be taken over, the Union Trust and Washington State bank, both of South Bend, having been under northern Indiana state control three weeks.
Source: newspapers

2. August 17, 1933 Receivership

Newspaper Excerpt: J. B. E. LaPlante, state liquidating chief for closed banks in the South Bend-Gary district, today took over the Farmers' State bank... It is the third closed bank to be taken over, the Union Trust and Washington State bank, both of South Bend, having been under northern Indiana state control three weeks. A formal notice stating that the bank is insolvent or in imminent danger of insolvency was filed by Mr. Plante in superior court No today. (article describes state control and filing of formal notice.)
Source: newspapers

Newspaper Articles (1)

1. August 17, 1933 The South Bend Tribune South Bend, IN

Article from The South Bend Tribune, August 17, 1933

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Article Text

STATE ASSUMES DUTIES AT BANK Takes Over Walkerton Institution; Name Clements Aid. J. B. E. LaPlante. state liquidating chief for closed banks in the South Bend-Gary district, today took over the Farmers' State bank of Walkerton upon instructions from Indianapolis. State control of the bank, which has been closed since Feb. 27, 1931, was ordered by Richard A. McKinley, director of the new state department of financial institutions. It is the third closed bank to be taken over, the Union Trust and Washington State bank. both of South Bend. having been under northern Indiana. state control three weeks. Mr. LaPlante announced that Milo W. Slick, who has been serving as liquidating agent of the Farmers' State bank of Walkerton. will continue in active charge of affairs as special representative of the state department. Walter L. Clements former city attorney of South Bend, has been designated as attorney to act for Mr. LaPlante and the state department. A formal notice stating that the bank is "insolvent or in imminent danger of insolvency" was filed by Mr. Plante in superior court No today. The notice claims that state control is necessary for the "best interest of the depositors. Mr. LaPlante, who is directing the activities of three appraisers at the Union Trust company. said he has no information as to whether the state will take over any other smaller banks in the the county county. Since the Farmers' State bank of Walkerton closed its doors following heavy run it has paid out dividends amounting to 36 per cent on its total deposit liability. Mr. LaPlante explained. boys. The present book value of the bank's assets as estimated by Mr. LaPlante $105,000 as against remaining deposit liability of $72,000.