6462. Citizens & Farmers State Bank (Arkansas City, KS)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 6, 1908
Location: Arkansas City, Kansas (37.062, -97.038)

Metadata

Model: gpt-5-mini
Short Digest: c8304ca3

Response Measures

None

Description

Bank closed by the Kansas state banking department on Nov 6, 1908 for investigation due to heavy bad loans to the Wells Produce company. The state placed examiners/special deputy in charge and the institution was wound up under a receiver; dividends were later paid but depositors not fully satisfied. No run is described in the articles.

Events (3)

1. November 6, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Heavy loans and $80,000 exposure to the Wells Produce company that could not be realized on, leaving the bank insolvent or impaired.
Newspaper Excerpt: This bank is closed pending an investigation of its affairs. The bank commissioner has been notified and is in full charge.
Source: newspapers

2. November 9, 1908 Receivership

Newspaper Excerpt: John Q. Royce ... appointed J. R. Morse ... to take charge of the Citizens' & Farmers' bank at Arkansas City ... to wind up closed banks under the new law. Later Merritt Jeffries is identified as receiver and paid dividends to depositors (1909-1910).
Source: newspapers

3. March 5, 1910 Other

Newspaper Excerpt: Depositors Get Dividend. ... Receiver Jeffries of the Citizens and Farmers' State bank, which suspended business November 6, 1908, began the payment of dividend No. 5 to depositors of the institution. The dividend amounts to 7 per cent ... Only 8 per cent of the deposits now remain unpaid.
Source: newspapers

Newspaper Articles (20)

1. November 6, 1908 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, November 6, 1908

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TAKE CHARGE OF BANK. Arkansas City Institution Closed by the State Department. The state banking department today took charge of the Citizens' & Farmers' State bank of Arkansas City, and placed W. T. Watson, one of the state bank examiners, in charge. The bank is said to hold about $80,000 worth of unsecured debts of the Wells Produce company of Arkansas City. The capital of the bank is $50,000, with $19,000 surplus and undivided profits. Its deposits are $385,176. Among bankers the institution is generally known as "Sanders' bank." N. D. Sanders, former assistant state auditor under Geo. E. Cole, is cashier. Wm. A. Wilson is president and A. F. Thomasson is vice president. The bank got into trouble, it is said, through lack of careful business methods in dealing with the Wells Produce company, a concern which bought poultry, butter, and eggs, and sold them in the east in car load lots. It was the custom of this firm to ship the goods, and draw a draft for the amount due. It then was allowed by the bank to deposit this draft the same as cash, and draw checks against the deposit. Sometimes these drafts were a little slow in payment by eastern banks, but they had always come out right. Recently the parties to whom the Wells Produce company shipped goods refused to pay the sight drafts, on account of the fact that the Wells company owed them money, and they protected themselves by holding the goods and refusing payment. This action left the account of the Wells company about $80,000 overdrawn. The bank at once bonded the Wells warehouse for $75,000. and hung onto whatever else security it could get for the debt, which wasn't very much. It then proceeded to hold its breath and wait for the Wells business to pay itself out. The bank commissioner was informed of the conditions, and immediately notified the bank that it must close up pending an examination. W. T. Watson was at once sent to take charge. W. S. Albright, assistant state bank commissioner, who in a few days will succeed John Q. Royce as bank commissioner, said today: "The bank did not suspend payment. This department learned the conditions exisiting, and decided that the safest plan for all concerned would be to take charge of the bank pending an investigation of all its affairs. Aside from this Wells' commission house situation, the affairs of the bank seem to be in good shape. If the investigation shows that the bank can pay out, it will be allowed to continue in business. If not, then a receiver will be asked for." Arkansas City, Kan., Nov. 6.-The Citizens' and Farmers' State bank closed its doors here this morning, the first information of its suspension of business being a notice posted on the locked door of the bank signed by all the officers. The notice read: "The bank is closed pending an investigation of its affairs. The bank commissioner has been notified and is in full charge. Full particulars will be given at the earliest possible moment after his arrival." William A. Wilson, president of the bank, resides in Kansas City and the closing of this bank this morning following the return of Mr. Sanders, the cashier, from a visit to that city.

2. November 6, 1908 Albuquerque Citizen Albuquerque, NM

Article from Albuquerque Citizen, November 6, 1908

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A KANSAS BANK CLOSED. Arkansas City, Nov. 5.-The Citizens and Farmers' State bank closed its doors this morning, the first intlmation of its suspension being a notice posted on the door, signed by all the officers, which read: "This bank closed pending an investigation of its affairs. The bank commissioner has been notified and is in full charge. Full particulars will be given out as soon as possible after his arrival." William A. Wilson, president of the bank, resides in Kansas City and the closing of the bank followed the return of Cashier Sanders from a trip to that city,

3. November 6, 1908 The Vinita Daily Chieftain Vinita, OK

Article from The Vinita Daily Chieftain, November 6, 1908

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CLDSED PENDING AN INVESTIGATION Bank at Arkansas City Closes its Doors-President and Several Officials in Kansas City By Associated Press Arkansas City, Kans., Nov. 6-The Citizens and Farmers State bank closed it's doors here this morning. The first information of the suspension of business was the notice, posted on the locked door of the 'sank, reading as follows: "This bank is closed pending an investigation of it's affairs. The bank commissioner has been notified. and is in full charge. The full particulars will be given out at the earliest possible moment after his arrival." A. F. Thomason. vice-president, N. D. Sanders cashier, G. Luther Brown, C.L. Thurston. Thomas Baird, directors and William A. Wilson president of the bank reside in Kansas City,

4. November 6, 1908 Palestine Daily Herald Palestine, TX

Article from Palestine Daily Herald, November 6, 1908

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ANOTHER BANK CLOSED Prosperity Following Election of Taft Had Not Reached Kansas Institution. Special to the Herald. Arkansas City, Kas., Nov. 6.-The Citizens and Farmers' State Bank closed its doors this morning. The officials posted a note saying the bank was closed for an investigation of its affairs. The bank commissioner is in charge. The closing followed the return of Cashier Sanders from Kansas City, where President Wilson lives. No information has been given out and the people who had deposits in the bank are almost in a panic.

5. November 7, 1908 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, November 7, 1908

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ARKANSAS CITY BANK IS CLOSED PENDING INQUIRY Kansas Institution Suspended Suddenly, and Commissioner Is Placed in Charge to Investigate Affairs ARKANSAS CITY, Kas., Nov. 6.The Citizens and Farmers State bank closed its doors here this morning, the following notice being posted: "This bank is closed pending an investigation of affairs. The bank commissioner has been notified and is in full charge. Full particulars will be given out at the earliest possible moment after his arrival." William A. Wilson, president of the bank, resides in Kansas City, and the closing of the bank this morning followed the return of Mr. Sanders, the cashier, from a visit to that city.

6. November 7, 1908 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, November 7, 1908

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Arkansas Bank Closed. ARKANSAS CITY, Kan., Nov. 6.-The Citizens and Farmers State bank closed ts doors here this morning, the first inormation of its suspension of business being a notice posted on the locked door of the bank.

7. November 7, 1908 Palestine Daily Herald Palestine, TX

Article from Palestine Daily Herald, November 7, 1908

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BANK MAY PAY IN FULL Believed the Arkansas City Citizens and Farmers' Bank Will Make All Obligations Good Special to the Herald. Arkansas City, Kas., Nov. 7.-It is now believed that the Citizens and Farmers' Bank, which was closed yesterday for an investigation, will pay the depositors in full. The directors announce that the bank has much cash and available assets. It is announced by Cashier Sanders that heavy loans to the Wells Produce Plant caused the suspension of the bank.

8. November 9, 1908 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, November 9, 1908

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BANK WILL PAY ALL DEPOSITORS Citizens and Farmers State Bank Will be Able to Pay All of the Depositors. ARKANSAS CITY, Kan., Nov. 9.It is believed the Citizens and Farmers' State Bank, which closed yesterday will be able to pay all depositors in full. The announcement was made today by the directors that a large supply of cash was on hand. Cashier Sanders explains heavy loans to a produce company caused the suspension as the bank was unable to realize on security given.

9. November 9, 1908 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, November 9, 1908

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ROYCE NAMES MORSE. Phillipsburg Man Will Take Charge of Arkansas City Bank. John Q. Royce, state bank commission, performed his last official act today by appointing J. R. Morse of Phillipsburg as special deputy to take charge of the Citizens' & Farmers' bank at Arkansas City, which was found to be $80,000 short on account of bad loans to the Wells Produce company. The bank was taken charge of by the state department several days ago, and W. T. Bates, a regular deputy, placed in charge. Mr. Morse is president of the Phillips County State bank, and has been a banker for 30 years. He will not resign his position with the Phillipsburg bank, but will hold it during the time he is straightening out the Arkansas City tangle. Under the new banking law, the state appoints a special deputy bank examiner on a regular salary to wind up closed banks, and the law gives three months for this work. This system saves an expensive and tedious receivership. The bank is wound up in three months, and the depositors paid off as far as the assets will permit. On November 10, Mr. Royce's resignation as state bank commissioner takes effect, and he says: "I appointed Mr. Morse because I believe he will be a fine man to handle this work, and because I wanted to get this bank wound up in the best shape possible. It is my last official act, and I wanted it to be my best. Many applications for the position of special deputy were received from Arkansas City people, but I wanted an outside man SO that he would be able to act absolutely without prejudice, fear or favor."

10. November 12, 1908 Abilene Weekly Reflector Abilene, KS

Article from Abilene Weekly Reflector, November 12, 1908

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To Wind Up a Kansas Bank. Topeka, Kan., Nov. 10.-J. F. Morse of Phillipsburg, Kan., has been named by the bank commissioner, J. Q. Royce, to settle the affairs of the Citizens' & Farmers' bank of Arkansas City, Kan. Under the new law Mr. Morse is not known as a receiver although his duties are the same. He will be paid the same salary as a deputy bank examiner.

11. November 12, 1908 River Falls Journal River Falls, WI

Article from River Falls Journal, November 12, 1908

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An express train was derailed near Grisolles, France, and ten persons were killed and many were injured. An explosion at the mine of Col. W. P. Bond, three miles west of Benton, Ill., wrecked the shaft, and as a result four shot firers were entombed and probably killed. Vice-President-elect Sherman forwarded to Albany for filing with the secretary of state, a statement of his expenses in the campaign just closed. It showed his expenditures to have been $2,800. The second squadron of the American battleship fleet left Amoy for the Philippines. The freight steamer B. M. Whitney of the Metropolitan Steamship line was sunk in the East river while on her way to Boston. The loss on vessel and cargo is about $800,000. The Union Telephone & Telegraph Company, having a telephone system in Rock Island and Moline, Ill., and at Davenport, Ia., and capitalized $550,000, went into the hands of a receiver on an application filed by the American Trust and Savings bank of Chicago. A small steamer carrying 600 passengers from Amoy to Tungan, China, sank and 200 of the passengers were drowned. Thrilling escapes and heroic work by a Costa Rican student, Rubena Herrera, marked a fire which burned to the ground the Bliss Electric school in North Takoma, a suburb of Washington. James T. Mulhall was sentenced to 15 months at the federal prison at Leavenworth, Kan.; Edgar McConkey to one year and one day at Leavenworth, and Felix Nathanson to six months in the county jail by Judge Milton Purdy at Minneapolis for fraudulent operation of the Nicollet Creamery Company. Talk of the election of Theodore Roosevelt to the United States senate to succeed Senator Platt of New York was revived in Washington. The Japanese steamer Taish Maru sank in a storm and 150 persons were drowned. The general committee of foreign missions of the Methodist Episcopal church, at its session in St. Louis, began the work of itemizing the appropriations for the year 1909, after voting to appropriate a total of $1,060,578. John Cooper, a student at the University of North Carolina, and a member of the 'varsity football eleven, who was injured during the preliminary practice of the team in September, is dead. Two women and five children perished in a burning farmhouse near Swan Lake, Man. Chancellor E. Benjamin Andrews of the University of Nebraska resigned, to take effect January 1. The people of Plauen, Germany, were terrified by a violent earthquake shock. The Citizens' and Farmers' State bank of Arkansas City, Kan., closed its doors. The suit to oust the Western Trust and Savings bank of Chicago as trustee of the $10,000,000 bond issue of the Chicago & Milwaukee Electric Railroad Company was begun in Milwaukee by Alexander Beaubien, a bondholder. Boston's park system fund has been increased by more than $4,000,000 by the terms of George F. Parkman's will, made 30 years ago. Mount McCulloch, which last year thrust its head up from the center of Bogaslov island, 60 miles west of Unalaska, has disappeared in the throes of another volcanic change. Many mills and factories that have been running on half time have begun operating on full time. While attempting to arrest Jesse Rice, a negro, at Riverside, Pa., Constable George Brown shot him dead and was himself fatally shot in the abdomen by the negro. Phil Short, one of the best known newspaper men in North Dakota, was shot and killed by Clayton Yeakins while they were hunting deer in Mc-

12. November 13, 1908 The Yale Expositor Yale, MI

Article from The Yale Expositor, November 13, 1908

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An express train was derailed near Grisolles, France, and ten persons were killed and many were injured. An explosion at the mine of Col. W. P. Bond, three miles west of Benton, III., wrecked the shaft, and as a result four shot firers were entombed and probably killed. Viçe-President-elect Sherman forwarded to Albany for filing with the secretary of state, a statement of his expenses in the campaign just closed. It showed his expenditures to have been $2,800. The second squadron of the American battleship fleet left Amoy for the Philippines. The freight steamer B. M. Whitney of the Metropolitan Steamship line was sunk in the East river while on her way to Boston. The loss on vessel and cargo is about $800,000. The Union Telephone & Telegraph Company, having a telephone system in Rock Island and Moline, III., and Davenport, Ia., and capitalized at $550,000, went into the hands of a receiver on an application filed by the American Trust and Savings bank of Chicago. A small steamer carrying 600 passengers from Amoy to Tungan, China, sank and 200 of the passengers were drowned. Thrilling escapes and heroic work by a Costa Rican student, Rubena Herrera, marked a fire which burned to the ground the Bliss Electric school in North Takoma, a suburb of Washington. James T. Mulhall was sentenced to 15 months at the federal prison at Leavenworth, Kan.; Edgar McConkey to one year and one day at Leavenworth, and Felix Nathanson to six months in the county jail by Judge Milton Purdy at Minneapolis for fraudulent operation of the Nicollet Creamery Company. Talk of the election of Theodore Roosevelt to the United States senate to succeed Senator Platt of New York was revived in Washington. The Japanese steamer Taish Maru sank in a storm and 150 persons were drowned. The general committee of foreign missions of the Methodist Episcopal church, at its session in St. Louis, began the work of itemizing the appropriations for the year 1909, after voting 578. to appropriate a total of $1,060,John Cooper, a student at the University of North Carolina, and a member of the 'varsity football eleven, who was injured during the preliminary practice of the team in September, is dead. Two women and five children perished in a burning farmhouse near Swan Lake, Man. Chancellor E. Benjamin Andrews of the University of Nebraska resigned, to take effect January 1. The people of Plauen, Germany, were terrified by a violent earthquake shock. The Citizens' and Farmers' State bank of Arkansas City, Kan., closed its doors. The suit to oust the Western Trust and Savings bank of Chicago as trustee of the $10,000,000 bond issue of the Chicago & Milwaukee Electric Railroad Company was begun in Milwaukee by Alexander Beaubien, a bondholder. Boston's park system fund has been increased by more than $4,000,000 by the terms of George F. Parkman's will, made 30 years ago. Mount McCulloch, which last year thrust its head up from the center of Bogaslov island, 60 miles west of Unalaska, has disappeared in the throes of another volcanic change. Many mills and factories that have been running on half time have begun operating on full time. While attempting to arrest Jesse Rice, a negro, at Riverside, Pa., Constable George Brown shot him dead and was himself fatally shot in the abdomen by the negro. Phil Short, one of the best known newspaper men in North Dakota, was shot and killed by Clayton Yeakins while they were hunting deer in McKenzie county, N. D. John Hagen, a hotel keeper at Scranton, N. Y., killed his wife and son and attempted suicide. Nine laborers were killed by a premature blast on the Grand Trunk Pacific road near Dryden, Man. Prince Louis d'Orleans Braganza and Princess Maria-Pia of BourbonSicily, were married at Cannes, France. Business property valued at $500,000 was destroyed by fire in Pembroke, Ont. Near Jefferson City, Tenn., Victor McMahon, a prominent farmer, probably fatally shot Mrs. John Wilkes, the wife of a tenant on his farm, while shooting at her husband. Wilkes then emptied the contents of a shotgun into McMahon's breast. Israel Janesson, former cashier of a bank in Lindersburg, Sweden, who was arrested by a detective at Yankee Bush, Pa., has, it is alleged, made a complete confession, admitting he abstracted 127,000 kroners of the bank's funds. Mrs. Catherine Louis Lynn of Chi-

13. November 26, 1908 The Taney County Republican Forsyth, MO

Article from The Taney County Republican, November 26, 1908

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Personal. William Arnold Shanklin, president of Upper Iowa university of Fayette, la., has been elected president of Wesleyan university, Middletown, Conn. Col. George H. Torney has been ap. pointed surgeon general of the army to succeed R. M. O'Reilly. Judge Jackson L. Smith, for 16 years a member of the Kansas City court of appeals, and a former attorney general of the state, is dead at his home in Kansas City. He was born in Callaway county, Mo., in 1837. L. C. Crittenden, probate judge of Franklin county, Kan.. is dead at his home in Ottawa. He organized the first Masonic lodge along the border at Paola and took part in the border warfare. He was 78 years old. Secretary of the Navy Victor H. Metcalf has tendered his resignation , to the president on account of iii health. Assistant Secretary Newbor: ry will be named to succeed him. Rear Admiral James M. Miller, governor of the United States Naval home at Philadelphia, is dead after a brief illness. He was a native of Liberty, Mo., and was 61 years old. T. B. Gerow, director of the Kansas free employment bureau for the past eight years, is dead at his home in Atchison after an illness of nine weeks. He was born in New York in 1846, and came to Kansas in 1856. In an interview in Boston Secretary Root declared that he was not a candidate for the United States senate. The Daily Nebraskan, the leading publication of the University of Ne. braska, advocates the election of William J. Bryan to the position of chancellor of the university to succeed E. Benjamin Andrews, who recently re' signed. Dr. David D. Thompson, editor of the Northwestern Christian Advocate, published in Chicago, was run down by a motor car in St. Louis and fatal: ly injured. He was a native of Cin) cinnati and was 56 years old. J. F. Morse of Phillipsburg, Kan., has been appointed to settle the af: fairs of the Citizens' and Farmers' bank of Arkansas City, Kan. The engagement of Miss Anna e Hoch, youngest daughter of the gov: ernor of Kansas, to James W. Ried, an attorney of Chanute, Kan., has been announced. Gen. Samuel Chamberlain, a veteran of the Mexican, Indian and Civil wars, is dead at Worcester, Mass. He was 81 years old. Emperor William of Germany has personally decorated Count Zeppelin, the aeronaut with the order of the Black Eagle. Rev. Dr. Alfred H. Harding, for the past 22 years rector of St. Paul's Episcopal church of Washington, has been elected bishop of that diocese. Justice S. S. Calhoun of the supreme court of Mississippi is dead at Jack son. He was born in Brandenburg, Ky., in 1838.

14. August 18, 1909 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, August 18, 1909

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enced a change of heart, or is this letter simply a ruse for the purpose of acquiring funds to accomplish by a legal technicality that which you are unable to accomplish when it is fairly and openly submitted to the people? This letter of yours, governor, is very smooth and fetching, but it will not fetch much money from the depositors, at least from the depositors of the Citizens' and Farmers' State bank-not yet. Regretting very deeply that I am unable to accommodate myself to your wishes in this matter and renewing my expressions of high personal regard, I am, very respectfully, MERRITT JEFFRIES, Receiver Citizens' and Farmers' State Bank of Arkansas City.

15. March 5, 1910 The Hays Free Press Hays, KS

Article from The Hays Free Press, March 5, 1910

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Depositors Get Dividend. Arkansas City.Receiver Jeffries of the Citizens and Farmers' State bank, which suspended business November 6, 1908, began the payment of dividend No. 5 to depositors of the instivition. The dividend amounts to 7 per cent of the deposits and Mr. Jeffries paid out between $8,000 and $10,000 in receiver's checks. Only 8 per cent of the deposits now remain unpaid. The bank failed because it could not realize on security given by the C. T. Wells Produce company.

16. October 15, 1910 Tulsa Daily World Tulsa, OK

Article from Tulsa Daily World, October 15, 1910

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HAD MANY CAUSES FOR ACTION. A Bank Receiver at Arkansas City Would Recover from Officers. Arkansas City Kan., Oct. 14.-Merritt Jeffries, receiver for the Citizens and Farmers State Bank, filed suit in the district court at Winfield today to recover $98,000 which he says the C. T. Wells Produce company owed the bank at the time it failed. C. Luther Brown, Thomas Baird and C. T. Thurston, directors of the bank, are made defendants in the suit. The petition probably is the largest ever filed in the district court of Cowley County. It sets forth twentyfour thousand causes of action in the case. A similar suit is to be filed by Mr. Jeffries's attorneys in the federal court at Kansas City against William A. Wilson and N. D. Sanders, former president and cashier of the bank.

17. October 28, 1910 The Chanute Times Chanute, KS

Article from The Chanute Times, October 28, 1910

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Asks $98,000 From Directors. Arkansas City, Kan.-W. L. Cunningham. attorney for Merrill Jeffries, who is receiver for the Citizen's and Farmer's State bank of this city, filed in the district court at Winfield a civil suit against the local directors of the bank, G. Luther Brown, Thomas Baird. G. T. Bacastow and C. T. Thurston, for the recovery of $98,000, which amount was due the bank from the C. T. Wells produce company at the time the bank failed on November 6, 1908. In other words, that is the amount of C. T. Wells' indebtedness to the bank.

18. November 4, 1910 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, November 4, 1910

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BANK SUIT CLOSED. Final Testinmony in Arkansas City Case Sumbitted. Arkansas City, Kan., Nov. 4.-Several witnesses testified Thursday, the last day in the preliminary hearing of officers and directors of the Citizens and Farmers' State bank that failed November 6, 1908. Among them were A. F. Thomasson. former vice president; Merritt Jeffries, receiver; Ralph Brown, a former bookkeeper; A. H. Denton of the Home National bank; J. Mack Love, an attorney; George S. Hartley, trustee in bankruptcy for the Wells Produce company, and Edward Ray, manager of the Arkansas City Produce company that purchased the Wells property from the trustee. The plant was appraised at $31,000. the trustee said, The testimony related to notes held by the bank. The officers and directors are charged with having received deposits when they knew the bank was not solvent. With the exception of William A. Wilson of Kansas City, former president of the bank, who was not here when the bank closed in 1908, all also are accused of signing false statements regarding the condition of the bank. This was sent to the state bank commissioner. The other four men are N. B. Sanders

19. February 16, 1912 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, February 16, 1912

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THOSE PANIO CASES DISMISSED. Three Men Held Under Bond in Bank Case Released. Arkansas City, Kan., Feb. 16.-All criminal cases against W. A. Wilson and N. D. Sanders of Kansas City, Mo., and Thomas Baird and George T. Bacastow of Arkansas City, growing out of the failure of the Citizens' & Farmers' State bank here in 1909, were dismissed in the district court at Winfield today. The men were directors in the failed bank. The acquittal a few weeks ago of George Luther Brown, another director of the institution, tried on a charge similar to those against the four, was given by County Attorney Faulconer as a reason for the dismissal. Civil actions against all five men to recover $98,000, said to be due depositors of the bank, will be tried, according to the court officials.

20. October 15, 1912 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, October 15, 1912

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Want Bank Case Settled. Arkansas City, Kan., Oct. 15.-The local A. H. T. A., at a meeting held here adopted a resolution petitioning the attorney general of the state to take a hand in the old bank matter and to inquire the cause of the delay in settling up the business of this concern. The bank referred to is the Citizens' and Farmers' State bank, which closed its doors in the fall of 1908. The depositors have not yet been paid in full. The case has been in the courts ever since the bank closed. Merritt Jeffries, formerly an employee of the bank, is receiver.