745. Farmers & Merchants Bank (Imperial, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 10, 1927
Location
Imperial, California (32.848, -115.569)

Metadata

Model
gpt-5-mini
Short Digest
88e35c1088323a4f

Response Measures

None

Description

The bank was closed by the California Superintendent of Banks (Will C. Wood) on October 10, 1927 due to impaired capital and taken into liquidation; a receiver was appointed and the institution remained in liquidation with suits and settlements continuing through 1929. There is no mention of a depositor run; closure is government action leading to receivership and permanent closure.

Events (6)
1. October 10, 1927 Suspension
Cause
Government Action
Cause Details
Closed by State Superintendent of Banks (Will C. Wood) because capital was impaired and bank was unsafe; put into liquidation.
Newspaper Excerpt
The Farmers and Merchants Bank of Imperial was closed by me on October 10, 1927, in accordance with the Bank Act...
Source
newspapers
2. October 17, 1927 Other
Newspaper Excerpt
We shall liquidate as rapidly as possible and shall pay the depositors and other creditors dividends from time to time... (statement by Will C. Wood regarding taking possession and liquidation).
Source
newspapers
3. October 19, 1927 Receivership
Newspaper Excerpt
Frank V. Bordwell of Alameda has been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by W. C. Wood...
Source
newspapers
4. December 15, 1927 Other
Newspaper Excerpt
A civil action was filed ... by Will C. Wood as superintendent of state banks and trustee in charge of the liquidation of the Farmer's and Merchants' Bank of Imperial against J. W. Dearinger.
Source
newspapers
5. March 30, 1928 Other
Newspaper Excerpt
Frank V. Bordwell, ... is here as receiver in connection with the liquidation of the Farmer's and Merchant's bank of Imperial, has moved his headquarters...
Source
newspapers
6. April 12, 1929 Other
Newspaper Excerpt
The 50 per cent compromise reached between the receivers of the Farmers and Merchants Bank of Imperial and the farmers ... is undergoing completion.
Source
newspapers

Newspaper Articles (12)
1. October 17, 1927 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, October 17, 1927

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Article Text

WOOD ISSUES STATEMENT ON CLOSING OF IMPERIAL BANK of repairing it. and in view of Following is a statement rethe frozen condition of the bank ceived by the Press this mornthat has continued over a period ing from Will C. Wood, state of years without appreciable imsuperintendent of banks, relaprovement, T was obliged under tive to his action in closing the the law to take over the bank Farmers and Merchants bank at and proceed toward liquidation Imperial last Monday: of the assets. "The Farmers and Merch"We shall liquidate as rapants Bank of Imperial was idly as possible and shall pav closed by me on October 10, the depositors and other cred1927, in accordance with the itors dividends from time to Bank Act which requires the time, the amount being dependsuperintendent of banks to take ent upon how much we can realpossession of the property and ize out of the assets. Until the business of any bank whenever receiver has had opportunity to he is satisfied that the capital make a careful analysis of the of any such bank is impaired or assets, it wi llbe impossible for that it is unsafe and inexpedient us to estimate what percentage to permit it to continue busiof the total deposits can be ness. paid." "The Farmers and Merchants Signed, WILL C. WOOD, Bank at Imperial was last ex"Supt. of Banks." amined by us on September 3, Inquiry conducted by the 1927. Before that date howPress among several Imperial businessmen shows that there ever, we had determined from is considerable dissatisfaction reports and conferences that the capital of the bank was impairamong them because the bank ed. Accordingly, on August 31, was permitted to open for a 1927 I levied an assessment of short period last Monday $50,000 on the stockholders of just sufficiently long to get deposits from merchants who the bank to repair the capital. had sums carried over from SatSubsequently one of the chief stockholders of the bank went furday. into voluntary bankruptey, makIn several cases, it is alleged, ing it apparent that the amount the bank's action in accepting necessary to make up the imthese deposits. seriously crippairment could not be raised. pled business by tying up funds In view of the large impairment which were to be used in payof capital and the improbability ing current debts.

2. October 19, 1927 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, October 19, 1927

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Article Text

Imperial Bank Receiver Named Frank V. Bordwell of Alameda has been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by W. C. Wood, state superintndent of banks. The appointment was made yesterday afternoon by Superintendent Wood. It is expected that Bordwell will arrive in the valley about Friday morning to assume charge of the bank's affairs. At the bank this morning it was stated that while they have not as yet received official notice of the appointment, several dispatches from unofficial sources have been received, notifying them of the action. As soon as Bordwell arrives the task of cleaning up all of the banks business will begin. It is hoped that a sufficient amount of the bank's assests may be collected within the next 60 days to enable the receiver to declare a dividend.

3. October 19, 1927 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, October 19, 1927

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Article Text

Imperial Bank Receiver Named Frank V. Bordwell of Alameda been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by Wood, state superintndent of banks. The appointment was made yesterday afternoon by Sup erintendent Wood expected that Bordwell will arrive in the valley about Friday morning to assume charge of the affairs. At the bank this was stated that while morning they have not yet received ficial notice of appointment, several dispatches from unofficial have been received, notifythem of action. As Bordwell arrives the soon task of cleaning up all the banks business will begin. It hoped that sufficient amount of the assests may be collected within the next 60 days to enable the receiver to declare dividend.

4. December 15, 1927 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, December 15, 1927

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Article Text

Suit Filed By State Official A civil action was filed at the county clerk's office this morning by Will C. Wood as superintendent of state banks and trustee in charge of the liquidation of the Farmer's and Merchant's Bank of Imperial against J. W. Dearinger. The action is based on a promissory note in the amount of $1,292.35. It asks that property held on a mortgage by the plaintiff be turned over to a receiver. An order was later issued by Judge A. C. Finney naming D. V. Stewart as receiver of the property.

5. March 30, 1928 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, March 30, 1928

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Article Text

RECEIVER MOVES OFFICE Frank V. Bordwell, deputy superintendant of the state banks and who is here as receiver in connection with the liquidation of the Farmer's and Merchant's bank of Imperial, has moved his headquarters from the bank building in Imperial to the Imperial Chamber of Commerce rooms in City hall. Anyone wishing to see the receiver beginning today is requested to call on him at the new quarters.

6. June 16, 1928 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, June 16, 1928

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Article Text

FARMERS UNITE FOR PROTECTION IN CIVIL ACTIONS Farmers involved in suits now being brought by the receiver of the defunet Farmers and Merchants bank of Imperial art recently in the Farm Bureau office. These men had all given notes to the bank as renewals for notes given in payment for Farm home and Loan As sociation stock. After a discussion of the situation it was decided that all those named in the suit should unite in employing defense counsel and an organization was formed to this end. George G. Russell of Seelev was elected chairman, Edwin Nil son, Holtville, treasurer; and Scott B. Foulds, of the farm bureau of fice, secretary. Arrangements were made with C. L. Brown, El Centro attorney, to defend all suits brought against these farmers by the receiver of the bank as well as any that may be brought by the receiver of the Farm Home and Loan association. Those named as a membership committee were S. W. Johnston, Westmorland; James Havlik, Westmorland Clyde Bell, Brawley; C.A. S. Howard, Brawley: George Rus sell. Seelev: C.C. Bogue, Calexico; T. J. Wells, El Centro; G. !.. Farm ler. El Centro; W. H. Farmer, El Centro; Edwin Nilson, Holtville; Joseph Wolfensberger, Calexico; Joe Enz, Holtville: M. F. Boettger, Holtville, W. J. Stewart, Calipatria. Others present at the meeting were D. B. Bromley, El Centro; G. N. Vouch, Holtville; Ara A. Cada rette, John Ritter, George Longue ville, S. W. Johnston, W. D. John

7. November 13, 1928 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, November 13, 1928

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TWO TTAILIC Arrests J. R. Shin of Brawley was operating a ear on the Imperial highway with a bad set of glaring headlights, according to is ticket given to Shin by Traffic Officer Smyer, summoning him to appear before Judge Mayfield tomorrow. Joe Pedro, of this city, also received a ticket for 'cutting in on the Brawley highway, Officer Tackett making the arrest. Buttered Pop Corn of best quality: fresh and warm at all times. A 25c carton is plenty for your family 01 your party. Also we take special or ders for parties. At Paul's Iemonade Stand, Pickwick Stages Depot. adv Complaint Against Produce Firm -A John Doe warrant of arrest was served today on Maggio Brothers, charging violation of a city health ordinance, Complaint in the case was made by City Engineer Knights, who charged the firm with disposing of garbage in the alley at their place of business on the east side. We Loan to Busia, buy or refin. once. Tyler Insurance Agency. adv Dine in Comfort. New Oregon Hotel Coffee Shop. Air Cooled. Open adv all night. Held For Immigration-Otto Wenz, 24, a German, who has been in this country over three years, was arrested yesterday by immigration inspectors upon a charge of illegal entry. Feleciano Garcia, who crossed the line from Mexico yesterday, reglected to have the proper papers with him and is also held for investigation. Natural Permanent Waves $10. Parisienne Beauty Shoppe. Tel. 783. ttstf Dr. Harry Hooper, Dentist. Rubher and "Hecolite Plates a Specialty. adv 647 Main St., El Centro. Savage Case Dismissed-Due to the disappearance of Mrs. Maud Swinney, the complaining witness, a statutory charge against O. A. Savage was dismissed by the distriet attorney's office this morn ing. The alleged offense occurred the summer. Since during Mrs. that time Swinney has left the valley 1 and all efforts to locate her proved futile. Dinner by Presbyterian Guild, Friday 6 to 8 p. m., in church basement.Adults or children 75c. adv Barbara Worth Hotel Club Break ] fast, 25c up; merchants lunch 60e; adv table d' hote dinner $1.00. Dr. A. B. Hanson, Dentist, Davis adv Bldg. Extraction specialist. t Wood Files Suit-Will C. Wood, as receiver for the Farmers' and r Merchants' Bank of Imperial, filed ; suit in the superior court this morn-

8. March 25, 1929 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, March 25, 1929

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Farm And Home Loan Meeting A meeting of the Farm and Home Loan Legal Protective Association is called for 10 a. 111. Wednesday, March 27 at the court house to consider the matter of the proposed compromise with the receiver of the Farmers and Merchants Bank of Imperial. Something over $1,000 has been paid in on the compromise and considerably more is promised to come in soon. However, it is evident that some work will have to be done to obtain the full amount of $1,000. It is particularly urged that those who have not been attending the meetings, come in and look after their interests.

9. March 29, 1929 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, March 29, 1929

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Settlement In Bank Wrangle A compromise between the Farm and Home Legal Protective Association and the receiver of the Farmers and Merchants bank of Imperial, was effected at a meeting held at the court house recently. Some time ago stock was sold in an institution called the Farm and Home Association, and the Farmers and Merchants Bank of Imperial was organized to deal with the problem of intermediate credit.

10. April 12, 1929 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, April 12, 1929

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Settlement In Bank Difficulty Near Completion The 50 per cent compromise reached between the receivers of the Farmers and Merchants Bank of Imperial and the farmers whose notes of the Farm and Home Loan Association were held by the bank, is undergoing completion. When the Farm and Home Loan Association gained control of the bank at Imperial it persuaded the farmers who had given their notes for stock in the association to renew those notes through the bank, and that the receivers and the farmers agreed to accept a 50 per cent settlement. The state banking department then demanded that $3000 be put in escrow before it would consent to the compromise. This has been done and Frank V. Bordwell, deputy in charge of the liquidation of the bank. and Scott B. Foulds of the farm bureau are asking the court to make a settlement for those whose money has been paid. This is expected to go into effect within a week or 10 days at which time the money will be paid to the receivers and the notes returned to the farm bureau which has been acting in an advisory capacity. As the farm bureau in the past had been connected with the affair, the present management felt that ii should do all it could to protect the Farmers and consequently formed an association and hired an attorney to represent their interests. Thruogh their efforts much money has been saved the farmers who would otherwise have had to pay the full face value of the notes.

11. March 29, 1930 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, March 29, 1930

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Court House marriage license was issued to A Martinez, 35, and Tomasa Sanchez, Juan 28, both of Brawley. The appointment of M. 1. was Me. as deputy sheriff the placed Parland on file in the office of county clerk. final decree of divorce was A Hannah Hoffman by Judge awarded this morning against of Thompson Hoffhan, on the grounds Frank cruelty. The interlocutory June 17, decree extreme had been granted on 1927. certificate of amendment the to The articles of incorporation of comthe Valley AAA Water clerk's Imperial ,any, was filed in the county office this morning. I amended complaint of J. was Ed An Ross against Carl Michael this ! gar to superior court paypresented It asks for $1050 sale as of ment morning. of an agreement for ! real estate, Damron not yet filed paid. his amended CitiGeorge to the complaint of the that he answer State bank, denying plaintiff made sens promissory or delivered note to as the set the forth com- in the his second paragraph of plaint. petition was presented Baughman, to su A court by Lucy H. of H. C. perior administratrix of the estate purchase deceased, to for the farm Baughman, implements necessary estate. P. Williams, administrator de- of S. estate of Hiram Dickinson, asking the petitioned the court, assignceased, order authorizing the and a ment for an of a promissory note real estate first mortgage. and final account the and es The for distribution of deceased. etition Soo Hoo Sam Don, administate was filed of by S. P. Williams, trator judgment of said estate. rendered by Judge of A in the case of the County Pitts, et Griffin versus James T. is enImperial stated that the County of the al. the condemnation by titled of to way and land owned of con A. right Ma!!, for the purpose defend arts structing i. to cover a state $300 The highway, from land the is county situated as compensation. in tr. 114 1,2, T16S, R14E, S. B M., Imperial Thompson county. rendered a judg is Judge by which William O. Stevenson Taibot the to ment recover from of lot James 15. block 11, the in ossession Brawley; damages to and the city of $150; $36 rental, judgment the costs. amount Another of signed effect by Judge Will Thompson C. Wood, is as to superintend- of Califorent that 1 12, of trustee Banks in Farmers in charge the state and of the Merchants liquida recover tion of the Imperial, should of with bank W. of J. Thornburg, the sum from $2782.50, interest. issued yesA marriage Alonso license Fonseca, was 34. Braw and |cerday to Nunez, 36, both of R. Burr, receiver bank of ley. Conception of and Ca- su Clyde First National to the presented a petition approving lixico, court for an order 20 in block perior of lots 19 and block 12, the Bragg's sale subdivision Peterson, of for 4570. Calexico, 12, to O. S. for annulment of A complaint filed in superior court marriage Mildred was Richardson known against as by Richardson, also marGlenn E. Knight. They November were 29, in Liberty, Mo., of Knight at 1029, using at James ried and the remarried name Okla- 5, that time City, Okla., on December of Richardhoma under the name that false 1929. The plaintiff charges and son. of the :epresentations by position defendant char- he actor were made marriage as at the time in jail of for the impersonating a

12. November 28, 1930 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, November 28, 1930

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DISTRICT LOSES SUIT TO RETAIN IMPERIAL BONDS Judgment for Will C. Wood as superintendent of banks for the State of California against the Imperial Irrigation district for $51,062.50 was returned by Judge Vaughn Thompson Wednesday afternoon. Another judgment against the irrigation district in its suit against Albert A. Rosenshine, who succeeded Wood as superintendent of banks in charge of liquidation of the Farmers and Merchants Bank of Imperial, was returned in which the plaintiff district was given nothing and Rosenshine, defendant, directed to recover costs of the suit. Both cases grew out of the holding by the district of United States bonds valued at $51,062.50, given it as security on a deposit of $62,902.53 made in the Farmers and Merchants Bank of Imperial before that institution became insolvent. Wood entered suit against the district to recover the amount of the bonds. which had been called by the government subsequent to the closing of the bank, but before suit was filed. In its turn the district filed suit against Rosenshine, Wood's successor, to recover the rest of the money deposited in the bank before its close. The district asked a judgment of $10,392.79 against Rosenshine. It was the finding of Judge Thompson that the bonds held by the Imperial Valley Irrigation District were a part of the assets of the Imperial bank prior to its close. and that as such they should be returned to the receiver to be applied in the most useful manner in clearing up the bank's entanglements.