Farmers State Bank (Albion, NE)

Episode Information

Episode Type
Suspension → Closure
Start Date
October 28, 1931
Location
Albion, Nebraska (41.691, -98.004)
Bank Type
state
Routing Number
76-1253

Metadata

Episode ID
Bank ID
City ID
310826929
Model
gpt-5-mini
Short Digest

Notes

Article states the bank went into voluntary liquidation on Oct. 28, 1931 and the state banking department assumed control (receiver) in January.

Events (2)
1. October 28, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank went into voluntary liquidation and closed Oct. 28, 1931; liquidation process authorized with three years allowed
Newspaper Excerpt
the bank closed Oct. 28, 1931. At the time the bank went into voluntary liquidation
Source
newspapers
2. January 1, 1935* Receivership
Newspaper Excerpt
the state banking department, receiver for the Farmers State bank of Albion... the banking department assumed control in January.
Source
newspapers

Newspaper Articles (2)
1. May 18, 1935 Lincoln Journal Star Lincoln, NE

Article Text

BANK RECEIVER SUES.

ALBION, Neb. (AP). The state banking department, receiver for the Farmers State bank of Albion, filed suit against fifteen stockholders for $108,916.09 in interest and costs. At the time the bank went into voluntary liquidation, some of the stockholders signed a guarantee to guard the depositors against losses. With three years allowed for liquidation, bank officials took charge without turning the collateral over to the state department when the bank closed Oct. 28, 1931. Authorities said crop failures and business reverses made collection slow, and the banking department assumed control in January.

2. May 18, 1935 Lincoln Journal Star Lincoln, NE

Article Text

BANK RECEIVER SUES.

ALBION, Neb. (AP). The state banking department, receiver for the Farmers State bank of Albion, filed suit against fifteen stockholders for $108,916.09 in interest and costs. At the time the bank went into voluntary liquidation, some of the stockholders signed a guarantee to guard the depositors against losses. With three years allowed for liquidation, bank officials took charge without turning the collateral over to the state department when the bank closed Oct. 28, 1931. Authorities said crop failures and business reverses made collection slow, and the banking department assumed control in January.