Farmers State Bank (Urbana, IN)

Episode Information

Episode UID
71101771585
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7110177 routing
Routing Number
71-1017
Start Date
January 1, 1932*
Location
Urbana, Indiana (40.898, -85.793)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1ca87014d7da2c78

Response Measures

None

Description

Receiver appointed in 1932 and multiple articles refer to the bank as closed and in receivership.

Events (2)
1. January 1, 1932* Suspension
Cause
Government Action
Cause Details
Bank failed and was closed, leading to appointment of a receiver in 1932.
Newspaper Excerpt
closed Farmers State Bank of Urbana
Source
newspapers
2. September 19, 1932 Receivership
Newspaper Excerpt
H. Smith, receiver for the Farmer's State bank of Urbana, was today named trustee for Glen Richards, voluntary bankrupt
Source
newspapers

Newspaper Articles (9)
1. September 19, 1932 Chronicle Tribune Marion, IN

Article Text

BANK'S RECEIVER NAMED TRUSTEE WABASH, Ind., Sept. 19.- H. Smith, receiver for the Farmer's State bank of Urbana, was today named trustee for Glen Richards, voluntary bankrupt, after hearing before A. F. Marsh. Richard's said his property amounted to $629 and claimed an exemption of $600 under the law. It was brought out during the hearing that Richards was a director of the Urbana bank and as such was a signer of three depository bonds, one for $25,000 for county money; one for $40,000 of township money and the third of $10,000 for school funds. He admitted signing the bonds but said he did not know what they were. "E. V. Sholty cashier, often gave us papers to sign, which we put our names on without really knowing what they were," Richards said, A. N. McCracken, attorney for the bank receiver, said affairs in the closed institution were such that he would probably request a grand jury investigation. Judgement was taken today in suit of Nondus Pretorius against directors of the Bank at Urbana for enforcement of the tockholders liability law. The court ordered a 100 per cent assessment against the stockholders. the same to be paid to A. H. Smith, receiver and he in turn is to pay it out to creditors in the bank. Judgment was ordered against John Zintsmaster, George Printy, Herman Wasem, Caroline Wasem. Adam and Horace Baer, Martha Speicher Earl Sholty, Frank and Howard Plummer, Olive Alger. John Miller, Virginia Speicher, Miriam Speicher, Naomi Speacher, Henry Vincent, Esta Schafer George Wolf, Carl Wasem, Roy Clark, Charles Scott, Floyd and Philip Beghtel, Merle Gochenour. Carrie Haupert, Esther Speicher, Edward Baker and Jacob Pretorius. The total judgments amounted to about $12,000. HOLD RITES TODAY Funeral services for Thomas Jefferson Mills, 67, who died Saturday at his home, south of Gas City, were to be held at 2:30 p. m. today at the home. Burial was to be in Gas City cemetery

2. March 3, 1933 The Indianapolis Star Indianapolis, IN

Article Text

$50,698 Judgment Taken Against Malott Estate [Special to The Indianapolis Star.] WABASH, Ind., March 2.-Judgment of $50,698.55 was taken in Circuit court today against the estate of John C. Malott, wealthy farmer and stockholder in the closed Farmers State Bank of Urbana. The action taken was in four different suits in each of which plaintiffs were creditors of the closed bank. Lagro township board of finance, awarded $35,000, had brought suit against Malott and other stockholders and directors asking $50,000. the greater portion of which represented township school funds Albert H. Smith, receiver, given judgment for $11,698.55. The Wabash county board of finance was awarded judgment of $2,800, representing county funds on deposit in the bank. Naomi Pretorius and other depositors were $800 against the estate and $400 against Mrs. Malott.

3. February 1, 1934 Leader-Tribune Marion, IN

Article Text

CLAIMS FILED IN BANK CASE Receiver and 2 Attorneys Seek Total of $7,000 for Work in Receivership of Lagro Bank. Wabash. Ind. Jan. -Claims for $7,000 in the receivership of the Citizens' State Bank of Lagro were filed in circuit court here today by Ike Duffy, receiver for the bank, and D. F. Brooks and Walter Bent, local attorneys. Brooks and Bent filed a detailed report of their work for the receiver during the last three years. They ask $3,500 for their services. Duffy in his claim also asks $3,500, setting out that the first three months of the receivership he spent practically his whole time for It and has been called in at least once a day since for some action in the receivership. He says he has collected approximately $57,000 for the bank. Of this amount 000 was from bondsmen of T. W. Gillespie cashier, and $35,000 was from sale of notes on mortgages to the Wabash Loan & Trust Co., also now in receivership. Duffy was supposed to file an amended report tomorrow, but on request of his attorneys the time for filing the report was extended to Feb. 15. He was expected to resign as receiver tomorrow, but since the request of his attorneys was granted will not resign until Feb. 15. Depositors of the bank are expected to protest allowance of the $7,000 asked today. The court also allowed D. F. Brooks $800 on a $950 claim in the receivership of the Farmers' State Bank of Urbana and allowed Plummer and Plummer, attorneys, $500 on a $600 claim for services to the same bank.

4. December 3, 1934 Chronicle Tribune Marion, IN

Article Text

SEEKS ACTION BY RECEIVER WABASH, Ind., Dec. 3.-Naomi Keaffaber, depositor in the closed Farmers State Bank of Urbana, who last week lost suit in circuit court under which she sought to force Mary Bruner to return to the bank receiver notes amounting to $5,500, has filed petition in the receivership. asking that Smith, receiver, be ordered to sue for return the notes. In the original action the court held that the receiver, and not depositor in the bank, should institute the court action In the present petition Mrs. Keaffaber sets out that when the bank failed she had $1,300 on deposi in That short time prior to the failure E. Sholty, cashier, turned over to Mary Bruner, notes given the bank by various persons and amounting to $5,500 order to protect deposit of $5,509.81 Mrs. Bruner had in the bank It is charged that at the same time Sholty turned over notes to Eldevert Thompson of Lafontaine and Florence Freed, North Manchester to protect deposits they had in the bank. The sum of the notes turned over to these two persons and their deposits were not listed in the petition. The petitioner asks that the receiver ordered to name all three persons named as defendants in the suit to rcover and that they be ord-

5. February 27, 1935 Leader-Tribune Marion, IN

Article Text

BANK PUZZLE IS CLARIFIED Urbana Bank Depositors Expected to Receive Large Dividend as Preferred Claims Are Paid. Wabash, Ind., Feb. 26.—A story published last week stating that fees paid the receiver and a local firm of attorneys in receivership of the Farmers State Bank of Urbana amounted to more than the first five percent dividend which was paid creditors this month, has resulted in numerous letters being sent Judge B. C. Kennedy. The story as it was published was correct, the receiver and attorney having received more than $4,000 for their services and the depositors in the bank receiving less than $3,500 during the three years the bank has been in receivership. A current report, to be filed either the last of this week or early next week, will show another side to the matter and straighten out any misunderstanding. The report will show that A. L. Smith, receiver, has collected some $30,000 or more with the greatest share of it going to two preferred creditors. These creditors, the Reconstruction Finance Corp. and the Farmers and Wabash National Bank, now in receivership, hold some $70,000 worth of securities of the Farmers State Bank for loans advanced the Urbana bank. The receiver has about paid off these loans and when final payment is made then he will receive the security held by the two groups. This security will then be available for distribution to the creditors of the Urbana bank. Had the receiver defaulted on payment of these preferred claims the entire security would have been lost but the five percent paid this month would have been slightly larger. However, with the return of the securities to the receiver, it will be possible to make an additional dividend of about 25 percent. This would eventually give depositors in the bank approximately 30 percent of their money.

6. March 27, 1935 Chronicle Tribune Marion, IN

Article Text

BANK RECEIVER FILES SUIT FOR NOTE MONEY WABASH, Ind., Mar. 27.—A. H. Smith, receiver for the Farmers' State Bank of Urbana today filed suit against Louie Haupert et al asking judgment for $675. It is claimed that the defendants gave a note to the bank, prior to its failure in 1932, and that no payments have been made on it.

7. April 14, 1935 Leader-Tribune Marion, IN

Article Text

URBANA BANK RECEIVER SEEKS CHANGE OF VENUE Wabash, Ind., April 13.—Motion for a change of venue from the county was filed today in the suit of A. H. Smith, receiver for the Farmers' State Bank of Urbana against Mary H. Bruner when the defendant claimed she could not obtain a fair trial here. In the suit Smith is seeking to recover a little more than $5,000 which was given Mrs. Bruner by the cashier of the closed bank on certificates of deposit she held. It is claimed she was thus made a preferred creditor to the detriment of other depositors in the bank when it failed.

8. June 28, 1935 Chronicle Tribune Marion, IN

Article Text

URBANA BANK RECEIVER FILES MILEAGE CLAIM WABASH, Ind., June 28.—A. H. Smith, receiver for the Farmers State Bank of Urbana, today filed a claim for $535.54 against the receivership as a mileage allowance for himself. He sets out that the mileage was covered from the time the receivership was opened in 1932 until last November and payment is scheduled at six cents a mile.

9. July 14, 1935 Leader-Tribune Marion, IN

Article Text

GUARDIAN FACES ESTATE ACTION Wabash, Ind., July 13.—E. W. Haupert, guardian in the Roscoe Haupert estate may have to make up approximately $1,000 belonging to the wards and which was lost in failure of the Farmers State Bank at Urbana when the bank closed several years ago. Haupert recently filed a final report in the guardianship showing that Claude Haupert had $346.25 due him and Virgil and May Haupert had $609.81 coming to them. He stated that the money had been deposited in the Urbana bank because it paid slightly more interest than other banks in the county. In the final report he offered to turn over to the wards the claims against the bank receiver for the money. Judge Kennedy disapproved the report, refusing to accept it as final. It is claimed that Haupert, as guardian, failed to comply with rules of the court relative to the investment of money belonging to a ward. The court rules provide that all money must be invested in government or other non-taxable bonds on which there is no chance of the money being lost. must also speak the English language. Any alien who does not pass the examination is denied his papers. Aliens with certain classifications such as alien women who marry a citizen, or whose husband is naturalized after Sept. 22, 1922; native-born American women who before Sept. 22, 1922, lost American citizenship by marriage to an alien, and aliens serving in the armed forces of the United States before Jan. 1, 1900, do not need declaration of intention. All other requirements are the same as aliens generally. Aliens who have served in the armies of the U. S. after Jan. 1, 1900, must fulfill all the requirements of naturalization laws, under the groups of aliens generally, and their service discharge alone does not make them citizens of the U. S. under any circumstances. Information regarding naturalization papers may be obtained from County Clerk Landess White and B. A. Berchekas, the citizenship instructor, who teaches under the Emergency Education program.