Farmers & Merchants Savings Bank (Highland, IN)

Episode Information

Episode UID
71101071587
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
7110107 routing
Routing Number
71-1010
Start Date
March 15, 1932
Location
Highland, Indiana (41.546, -87.457)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ef1acec15775f515

Response Measures

None

Description

Closure and receivership are reported; date of suspension inferred from March 15, 1932 deposit-liability reference.

Events (3)
1. March 15, 1932 Suspension
Cause
Government Action
Cause Details
Bank had been closed and placed in receivership; assets being liquidated under receiver oversight.
Newspaper Excerpt
deposit liability has been reduced from $166,812, as of March 15, 1932
Source
newspapers
2. October 25, 1934 Receivership
Newspaper Excerpt
Mr. Folk ... is receiver of the ... Farmers & Merchants Savings bank of Highland. Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000.
Source
newspapers
3. March 16, 1935 Other
Newspaper Excerpt
All assets of the closed Farmers and Merchants Savings bank of Highland, have been liquidated and are now in the form of cash ... Receiver Harry E. Folk ... notified Superior Court Judge Harold Strickland this morning.
Source
newspapers

Newspaper Articles (10)
1. October 25, 1934 The Times Hammond, IN

Article Text

Judge Harold L. Strickland, today, approved a petition of Harry E. Folk, requesting permission to pay to 9,000 depositors of the First Trust & Savings bank of Hammond an additional five per cent dividend. This dividend will amount to a cash disbursement to depositors of $160,000 and is made available from cash acquired through the liquidation of various assets of the bank together with funds borrowed from the Reconstruction Finance corporation. This will make a total of 20 per cent in dividends paid to the depositors of the First Trust & Savings bank. Of this amount, 15 per cent has been paid since Mr. Folk assumed charge of the affairs of the bank in March, 1933. The 20 per cent in dividends amounts to a total payment of cash of $675,824.95. Mr. Folk was ordered to begin payment of the dividend on Oct. 30. COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931. Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93. The last dividend of 5 per cent was ordered paid by Judge Strickland on Sept. 28. This dividend amounted to $50,500 and was paid to approximately 5,500 depositors. As yet, $8,000 remains to be paid, and depositors holding notices for this amount are urged by Mr. Folk to call for payment at his office in the First Trust building. ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000. The banking situation throughout the Calumet region has in large measure settled down. The new federal legislation upon the subject, guaranteeing deposits up to $5,000, has revived a confidence in banks that once was sorely lacking. A checkup of the local banking debacle discloses that out of approximately 31 banks operating in the Calumet district in 1930, approximately 25 have closed and suspended business. There are now two banks operating in Whiting, two in East Chicago, two in Gary and two in Hammond. The following is a list of closed banks and the amounts of dividends paid: WHITING Central State bank ........10% GARY First National bank ......41 1/2 % National Bank of America. 45 2-3% Amercian State Bank and First Indiana State bank. 10% Central Trust & Sav. bank. None The Fifth Avenue bank....25% Gary Labor bank .........24.6% Glen Park State bank......15% Mid-City State bank.......None Miller State bank.........10% First State bank..........None Peoples State bank........None EAST CHICAGO Citizens Trust & Sav. bank. None Indiana State bank........None Peoples State bank, ord....12 1/2 % East Chicago State bank...None American State bank ......None HAMMOND First Trust & Sav. bank...20% Ham'd Nat Bank & Tr. Co. 17 1/2 % Nor. Trust & Sav. bank....10% Maywood Tr. & Sav. bank..None Amer. Trust & Sav. bank...15% State Bank of Hammond...None Peo. Co-Op State bank.....29 1/2 %

2. October 25, 1934 The Times Hammond, IN

Article Text

Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.

3. October 25, 1934 The Times Hammond, IN

Article Text

COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931. Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93. The last dividend of 5 per cent was ordered paid by Judge Strickland on Sept. 28. This dividend amounted to $50,500 and was paid to approximately 5,500 depositors. As yet, $8,000 remains to be paid, and depositors holding notices for this amount are urged by Mr. Folk to call for payment at his office in the First Trust building. ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000.

4. October 25, 1934 The Times Hammond, IN

Article Text

ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000. The banking situation throughout the Calumet region has in large measure settled down. The new federal legislation upon the subject, guaranteeing deposits up to $5,000, has revived a confidence in banks that once was sorely lacking. A checkup of the local banking debacle discloses that out of approximately 31 banks operating in the Calumet district in 1930, approximately 25 have closed and suspended business. There are now two banks operating in Whiting, two in East Chicago, two in Gary and two in Hammond. The following is a list of closed banks and the amounts of dividends paid: WHITING Central State bank .......10% GARY First National bank ......41 1/2% National Bank of America.45 2-3% American State Bank and First Indiana State bank.10% Central Trust & Sav. bank.None The Fifth Avenue bank....25% Gary Labor bank ........24.6% Glen Park State bank.....15% Mid-City State bank......None Miller State bank........10% First State bank.........None Peoples State bank.......None EAST CHICAGO Citizens Trust & Sav. bank.None Indiana State bank.......None Peoples State bank, ord....12 1/2% East Chicago State bank...None American State bank .....None HAMMOND First Trust & Sav. bank...20% Ham'd Nat Bank & Tr. Co.17 1/2% Nor. Trust & Sav. bank....10% Maywood Tr. & Sav. bank..None Amer. Trust & Sav. bank...15% State Bank of Hammond...None Peo. Co-Op State bank.....29 1/2%

5. October 25, 1934 The Times Hammond, IN

Article Text

and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93. The last dividend of 5 per cent was ordered paid by Judge Strickland on Sept. 28. This dividend amounted to $50,500 and was paid to approximately 5,500 depositors. As yet, $8,000 remains to be paid, and depositors holding notices for this amount are urged by Mr. Folk to call for payment at his office in the First Trust building. ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000. The banking situation throughout the Calumet region has in large measure settled down. The new federal legislation upon the subject, guaranteeing deposits up to $5,000, has revived a confidence in banks that once was sorely lacking. A checkup of the local banking debacle discloses that out of approximately 31 banks operating in the Calumet district in 1930, approximately 25 have closed and suspended business. There are now two banks operating in Whiting, two in East Chicago, two in Gary and two in Hammond. The following is a list of closed banks and the amounts of dividends paid:

6. October 25, 1934 The Times Hammond, IN

Article Text

ration. This will make a total of 20 per cent in dividends paid to the depositors of the First Trust & Savings bank. Of this amount, 15 per cent has been paid since Mr. Folk assumed charge of the affairs of the bank in March, 1933. The 20 per cent in dividends amounts to a total payment of cash of $675,824.95. Mr. Folk was ordered to begin payment of the dividend on Oct. 30. COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931. Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.

7. October 25, 1934 The Times Hammond, IN

Article Text

COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931. Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93. The last dividend of 5 per cent was ordered paid by Judge Strickland on Sept. 28. This dividend amounted to $50,500 and was paid to approximately 5,500 depositors. As yet, $8,000 remains to be paid, and depositors holding notices for this amount are urged by Mr. Folk to call for payment at his office in the First Trust building. ONLY $5,000 DUE DEPOSITORS Mr. Folk has succeeded in liquidating the debts of the Farmers & Merchants Savings bank of Highland practically dollar for dollar. At present, the indebtedness of the bank to depositors is less than $5,000. The banking situation throughout the Calumet region has in large measure settled down. The new federal legislation upon the subject, guaranteeing deposits up to $5,000, has revived a confidence in banks that once was sorely lacking. A checkup of the local banking debacle discloses that out of approximately 31 banks operating in the Calumet district in 1930, approximately 25 have closed and suspended business. There are now two banks operating in Whiting, two in East Chicago, two in Gary and two in Hammond. The following is a list of closed banks and the amounts of dividends paid: WHITING Central State bank ........10% GARY First National bank ......41 1/2% National Bank of America. 45 2-3% American State Bank and First Indiana State bank. 10% Central Trust & Sav. bank. None The Fifth Avenue bank....25% Gary Labor bank .........24.6% Glen Park State bank......15% Mid-City State bank......None Miller State bank.........10% First State bank..........None Peoples State bank........None EAST CHICAGO Citizens Trust & Sav. bank. None Indiana State bank.......None Peoples State bank, ord....12 1/2% East Chicago State bank..None American State bank .....None HAMMOND First Trust & Sav. bank..20% Ham'd Nat Bank & Tr. Co. 17 1/2% Nor. Trust & Sav. bank....10% Maywood Tr. & Sav. bank..None Amer. Trust & Sav. bank...15% State Bank of Hammond...None Peo. Co-Op State bank.....29 1/2%

8. March 16, 1935 The Times Hammond, IN

Article Text

OLD BANK OF HIGHLAND IS LIQUIDATED FOLK SAYS Assets Finally Converted to Cash or Notes for Closing Receivership All assets of the closed Farmers and Merchants Savings bank of Highland, have been liquidated and are now in the form of cash, deposited in the Bank of Whiting, or in notes, Receiver Harry E. Folk, of Hammond notified Superior Court Judge Harold Strickland this morning. "In view of the fact that the deposit liability has been reduced from $166,812, as of March 15, 1932, to approximately $3,000 at present," said Folk, "I and my counsel believe it would be to the best interest of the remaining 54 creditors to dispose of the balance of the assets at the best available figure. Offer Assets for Sale. "This policy was discussed with your honor and, at that time, it was concluded it would be to the best interest of the creditors to advertise the remaining assets for sale and to give all creditors an opportunity to purchase any or all, if they so desire, or to sell these assets for cash at not less than the appraised value." Mr. Folk said the appraised value was placed at $755.50 by Bartzel Zandstra and Waymond J. Pettit, "men of repute in Highland and familiar with said assets." If the foregoing course is pursued, according to Mr. Folk, he will be able to close the receivership and pay a cash dividend to remaining creditors, amounting to 50 per cent of their claims. He said he already has paid a dividend of 10 per cent to them; consequently, their next dividend would enable them to realize 60 per cent on their investments. 27 Stockholders Pay. Mr. Folks' report further goes on to state that all but five of the 32 stockholders have settled their stock liabilities with the receiver. The liability of the remaining five stockholders, he declares, amounts to $16,000. Two of the five are dead, two others cannot be found, and one left an insolvent estate, according to Mr. Folk.

9. March 16, 1935 The Times Hammond, IN

Article Text

OLD BANK OF HIGHLAND IS LIQUIDATED FOLK SAYS Assets Finally Converted to Cash or Notes for Closing Receivership All assets of the closed Farmers and Merchants Savings bank of Highland, have been liquidated and are now in the form of cash, deposited in the Bank of Whiting, or in notes, Receiver Harry E. Folk, of Hammond notified Superior Court Judge Harold Strickland this morning. "In view of the fact that the deposit liability has been reduced from $166,812, as of March 15, 1932, to approximately $3,000 at present," said Folk, "I and my counsel believe it would be to the best interest of the remaining 54 creditors to dispose of the balance of the assets at the best available figure.

10. March 16, 1935 The Times Hammond, IN

Article Text

Uses Gas Mask to Insure Suicide CHICAGO, March 16.—(I.N.S.)—Demetri Spanko, 55, used a war-time gas mask today to insure his suicide. Unemployed for two years, Spanko was found dead today in the basement of his home with an army gas mask strapped on his head. A small rubber hose connected to an open jet led underneath the mask, which held the full lethal effects of the gas. OLD BANK OF HIGHLAND IS LIQUIDATED FOLK SAYS Assets Finally Converted to Cash or Notes for Closing Receivership All assets of the closed Farmers and Merchants Savings bank of Highland, have been liquidated and are now in the form of cash, deposited in the Bank of Whiting, or in notes, Receiver Harry E. Folk, of Hammond notified Superior Court Judge Harold Strickland this morning. "In view of the fact that the deposit liability has been reduced from $166,812, as of March 15, 1932, to approximately $3,000 at present," said Folk, "I and my counsel believe it would be to the best interest of the remaining 54 creditors to dispose of the balance of the assets at the best available figure." DECIDE ROSEN'S RIGHT TO HAUL LIQUOR MONDAY Gary Man May Be Forced to Pay Federal Retail Tax on Each Sale The right of a liquor dealer to peddle intoxicating beverages without first receiving an order at his place of business or through a regular order-taker will be decided by Judge Thomas J. Slick in the Hammond division of Federal court Monday. This question, raised by Internal Revenue Collector, Will H. Smith in the case against the United Beverage company of Gary, will decide whether such sales auto-