Farmers & Merchants Bank (Barton, ND)

Episode Information

Episode UID
77043671514
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7704367 routing
Routing Number
77-0436
Start Date
February 11, 1926
Location
Barton, North Dakota (48.507, -100.176)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
87474430f1346d5b

Response Measures

None

Description

Closure followed alleged embezzlement by the former cashier and the bank was placed in receivership; dividends paid later.

Events (3)
1. February 11, 1926 Receivership
Newspaper Excerpt
The bank was closed on February 11, 1926, and is now in the hands of a receiver.
Source
newspapers
2. February 11, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged embezzlement by former cashier Eugene G. Olson led to closure and receivership.
Newspaper Excerpt
The bank was closed on February 11, 1926, and is now in the hands of a receiver.
Source
newspapers
3. January 17, 1927 Other
Newspaper Excerpt
Farmers and Merchants State Bank, Barton, 20 per cent dividend to depositors announced by state receiver.
Source
newspapers

Newspaper Articles (2)
1. March 31, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 31, 1926

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Article Text

Former Cashier of Barton Bank Faces Embezzlement Count Rugby. N. D., March 31.-(A) Eugene G. Olson, former cashier of the Farmers and Merchants Bank of Barton, N. D., is at liberty under bonds of $1,000, charged with embezziement of $900 of the bank's funds, and is scheduled to have a preliminary hearing on April 15. The bank was closed on February 11, 1926, and is now in the hands of a receiver. A representative of the district receiver's office at Minot is making an audit of the bank's books at the prese ' time, to determine the actual amount of the alleged peculations charged to Olson. The complaint against Olson was filed on March 11, and was signed by G. E. Gillmore, a director of the bank, according to information made public today by State's Attorney Semms of this city. Olson was arraigned in Rugby on March 12 before a justice of the peace and the preliminary hearing was set for April 15, to enable a check to be made of the bank's books.

2. January 17, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 17, 1927

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Article Text

DIVIDENDS TO BE PAID BY 10 CLOSED BANKS State Receiver Baird Announces Payments Through District Offices Dividends to be paid to the depositors in 10 closed banks were announced here today by L. R. Baird, state receiver of closed banks. Five dividends to be paid through the office of C. W. Conroy, district manager at Devils Lake, are: Security Bank of Oberon, a second dividend of 10 per cent; Security State Bank, Kensal, second dividend of 10 per cent; Farmers State Bank, Hesper, second dividend of 15 per cent; Karnak State Bank, second dividend of 20 per cent; Security State Bank, Brantford, a dividend of 10 per cent. Two dividends will be paid through the office of G. R. Van Sickle, district manager at Minot, as follows: Farmers and Merchants State Bank, Barton, 20 per cent; Towner State Bank, Towner, a second dividend of 30 per cent. Three dividends will be paid through the office of J. P. Reeve, district manager at Burlington, as follows: Farmers State Bank, Noonan, a second dividend of 20 per cent; Citizens State Bank, Flaxton, second dividend of 10 per cent; First State Bank, Lansford, second dividend of 10 per cent.