Farmers State Bank (Bulpitt, IL)

Episode Information

Episode UID
70186771558
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7018677 routing
Routing Number
70-1867
Start Date
October 12, 1929
Location
Bulpitt, Illinois (39.592, -89.424)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
12fb2654dae3b9eb

Response Measures

None

Events (4)
1. October 12, 1929 Run
Cause
Local Banks
Cause Details
Run precipitated by closure/failures of nearby banks (J.B. Colegrove State bank and other Christian County banks) causing a county-wide money scare and heavy withdrawals.
Newspaper Excerpt
The closing of the J. B. Colegrove State bank in Taylorville Thursday of last week, followed by that of the Farmers' State bank at Bulpitt on the following day
Source
newspapers
2. October 13, 1929 Suspension
Cause
Local Banks
Cause Details
Bank closed amid county-wide scare and cascade of local bank failures and voluntary closings to protect depositors.
Newspaper Excerpt
the closing of six Christian county banks in the last week... the closing of the Farmers' State bank at Bulpitt on the following day
Source
newspapers
3. May 1, 1930 Receivership
Newspaper Excerpt
Mr. Early was appointed receiver of the defunct bank May 1, 1930. This is the second dividend payment to be made. Depositors of Closed Bank Mailed Second Dividends (1929-04-24 article refers to receiver mailing dividends).
Source
newspapers
4. August 1, 1930* Other
Newspaper Excerpt
Suits Dismissed On 5 Stockholders of Bulpitt Bank - Robert G. Earley, receiver for the Farmers State Bank at Bulpitt has dismissed the stockholders suit ... who have since paid their assessment (1930-08-26).
Source
newspapers

Newspaper Articles (4)
1. October 12, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 12, 1929

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Article Text

OF CLOSE (Special to The Herald) tical circles there, of many Oct. stockholders Democrats, the Colgrove State bank here practically all the political offices day an unexpected the run on State county are held by members Bank of Bulpitt which SIX that party now hours the of closing that bank The demands of the farmers and brought disaster to that recent rumois of trouble which institution. heavy losses of cash Both banks closed Saturday through depositors' The Taylorville bank to cash exchange as closed, the Bulpitt bank with to open some time next week, its deposits of more than one News of the Taylorville ban's Officers the bank John an all-day on Colegrove, Josiah institution and the bank first vice-president, Ralph Rick, though sound, short of cash, and president, explained logher, cashier. to Farmers Depositors Unexcited The Colgrove bank's failure Closing of the bank occasioned make the regular quarterly Taylorville ment called for by Nelson Oct. Most depositors brought close, was learned the move The news of Friday closing spread rapidly The last statement issued. that Christian county June 30, Friday assets and liabilities Deposits shown Resources and liabilities, aggregating as however June 30, follows loans Inability of farmers Christian county to meet notes the bank for money loaned to tide over the season and exceedingly heavy loans cited factors in frozen assets. County, Funds The bank's depositors were drawn heavily from the rural areas county. learned that the stock funds of the city of and Christian county were largely deposited the institution. This attributed to the fact that leading Democrat the Hope The William house man the Later the stated The

2. October 19, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, October 19, 1929

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Article Text

THREE INSTITUTIONS CLOSE The melodramatic arrival of federal reserve bank officers by airplane from Chicago at 1:45 p. m. today with $500,000 in cash halted an all day run on the only one of four Taylorville banks remaining and was believed to have broken the back of a money scare that has caused the closing of six Christian county banks in the last week. The money was dispatched from Chicago in response to a phone call for help from J. J. Adams, president of the Farmers' National bank here, after an alladay run had threatened to eat up all the bank's available cash. The run on the Farmers' National was precipitated when the First National, the Taylorville National, and the Turner State bank at Edinburg, near here, posted notices this morning that they had voluntarily decided to. close their doors to "protect depositors." Three Other Banks Closed. The closing of these three banks was a. direct result of the closing of the J. B. Colegrove State bank in Taylorville Thursday of "last week, followed by that of the Farmers' State bank at Bulpitt on the following day, and the closing of the Farm- ers' State bank at Edinburg yester+ day. The resulting scare caused the most serious bank run in the history of central Illinois. From 9 o'clock this morning, when the Farmers' National opened its doors, a line gathered and withdrawals began. The run continued unabated and at noon today $80,000 had been withdrawn. A large supply of currency had been secured by Mr. Adams, president of the bank, in anticipation of heavy withdrawals, but at noon, with over 50~persons lined up before the paying teller's window, fighting for positions, Adams realized that the avail. able currency would not be sufficient and appealed to Chicago federal reserve officials. Help Arrives Quickly. The airplane bearing the money are rived at the local airport in 1 hour and 50 minutes after the call for help was received in Chicago. A squad of. deputy sheriffs and police escorted the money to the local bank. Depositors who were in the line were shoved aside with shotguns as the guards entered the bank with the two sacks containing the currency. With the entry of the guards and money the waiting line, that extended into the street, melted away and the crisis was over.

3. August 26, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, August 26, 1930

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Article Text

Suits Dismissed On 5 Stockholders of Bulpitt Bank Robert G. Earley. receiver for the Farmers State Bank at Bulpitt has dismissed the stockholders suit against the following persons who have since paid their assessment: W. H. Lawrence. J. H. Brvant Roy Tack ett. Ed J. Achenbach and Wm. Achenhach. The suits against the other stockholders is set for the August term of court.

4. April 24, 1931 Herald and Review Decatur, IL
Article from Herald and Review, April 24, 1931

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Article Text

Depositors of Closed Bank Mailed Second Dividends TAYLORVILLE-Robert G. Earley, receiver of the Farmers State Bank of Bulpitt is mailing depositors of the defunct bank an additional 10 per cent. dividend Thursday amounting to $40,000. Mr. Early was appointed receiver of the defunct bank May 1, 1930. This is the second dividend payment to be made.