Farmers Savings Bank (Tea, SD)

Episode Information

Episode UID
78061571503
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
7806157 routing
Routing Number
78-0615
Start Date
March 1, 1925*
Location
Tea, South Dakota (43.446, -96.836)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
84eb0b7f7e9289f4

Response Measures

None

Description

OCR in Article 1 is garbled; articles state the Tea bank had already closed and legal action followed.

Events (1)

1. March 1, 1925* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had closed (early 1925) and state guaranty fund brought suit seeking payment of deposits; officers later held liable for notes sold.
Newspaper Excerpt
the Farmers Savings of Tea... the first in the state to close
Source
newspapers

Newspaper Articles (2)

Article from Argus-Leader, March 30, 1925

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Article Text

GUARANTY FUND MEMBERS HERE Commission Members and State Banking Superintendent Confer on Tea Bank Suit Members of the state guaranty fund and the of banks, Fred R. Smith, were in Sloux Falls in with in connection with their defense in the suit brought week by the of the Farmers Savings of Tea. No action resist the this will made the time of the order to held Parker April not the bank which was of the first in the state to close, are seeking payment of their deposits from the state guaranty fund total the their having the funds on all outstanding The commission gathered in Mitchell Saturday morning but to Sioux Falls brief matters they wanted to take care were in Members of the this are H. R. Kibbee, H. Lightner, Aberdeen, and McGarrough, Dupree.


Article from The Daily Deadwood Pioneer-Times, April 15, 1925

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Article Text

LIABLE FOR NOTES BANK SOLD CANTON. April Rudolph in circuit court. holds that ficers of the closed Farmers' Savings bank of Tea liable for notes sold closed Commercial Savings bank of Sioux Falls. This considered an important victory for the state which charge the Sioux Falls institution.