8293. Farmers National Bank (Union City, MI)

View Charter #2372 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2372
Charter Number
2372
Start Date
March 14, 1911
Location
Union City, Michigan (42.067, -85.136)

Metadata

Model
gpt-5-mini
Short Digest
5ca0ca16ac849679

Response Measures

None

Description

National Bank Examiner ordered the Farmers National Bank at Union City to suspend after an exam finding loose methods, worthless paper, and alleged intent to defraud. The failed bank's business and liabilities were assumed by the Union City National Bank which paid depositors — i.e., the bank was closed and taken over rather than reopened. Dates drawn from March 1911 newspaper reports.

Events (4)
1. October 12, 1877 Chartered
Source
historical_nic
2. March 14, 1911 Other
Newspaper Excerpt
Union City National bank takes over the entire business of the defunct Farmers' National bank, paying the depositors promptly and fully assuming all other liabilities and assets. This was made possible by the guarantee of the directors of the closed bank, who give a guarantee of $70,000 ... This action averts a receivership and its attendant expense. insuring prompt payment of all claims.
Source
newspapers
3. March 14, 1911 Suspension
Cause
Government Action
Cause Details
Ordered closed by National Bank Examiner F. A. Rorabeck after a two-day examination citing loose banking methods, carrying of worthless paper, and alleged intent to defraud; assets short $70,000.
Newspaper Excerpt
After two days' examination, National Bank Examiner F. A. Rorabeck of Chicago ordered the Farmers' National bank closed and compelled Cashier Henry T. Carpenter to resign.
Source
newspapers
4. April 28, 1911 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. March 14, 1911 The Detroit Times Detroit, MI
Article from The Detroit Times, March 14, 1911

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Article Text

TAKES OVER DEFUNCT BANK. Assumes Institution Union City Charge of Farmers' National. UNION CITY, Mich., March 14.Through the efforts of the national manking department the Union City National bank takes over the entire business of the defunct Farmers' National bank, paying the depositors promptly and fully assuming all other liabilities and assets. This was made possible by the guarantee of the directors of the closed bank, who give a guarantee of $70,000, secured by gilt-edge real estate mortgages and one $100,000 bond. Five individuals makes the guarantee, President D. D. Buell, Vice-President J. P. Fox, Directors Thomas Buell and Thomas Case and Mrs. Sarah Case, all stockholders. This action averts a receivership and its attendant expense. insuring prompt payment of all claims.

2. March 17, 1911 Northern Wisconsin Advertiser Wabeno, WI
Article from Northern Wisconsin Advertiser, March 17, 1911

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Article Text

BANK CLOSED; CASHIER OUSTED. Examiner Forces Farmers' National at Union City, Mich., to Suspend. Union City, Mich.-After two days' examination, National Bank Examiner F. A. Rorabeck of Chicago ordered the Farmers' National bank closed and compelled Cashier Henry T. Carpenter to resign. The failure is attributed to loose banking methods, the carrying of much worthless paper and an alleged intent to defraud. The assets lack $70,000 of paying depositors, and in addition the bank's capital of $50,000 is wiped out.

3. March 17, 1911 Watertown Leader Watertown, WI
Article from Watertown Leader, March 17, 1911

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Article Text

BANK CLOSED; CASHIER OUSTED. Examiner Forces Farmers' National at Union City, Mich., to Suspend. Union City, Mich.-After two days' examination, National Bank Examiner F. A. Rorabeck of Chicago ordered the Farmers' National bank closed and compeiled Cashier Henry T. Carpenter to resign. The failure is attributed to loose banking methods, the carrying of much worthless paper and an alleged intent to defraud. The assets lack $70,000 of paying depositors, and in addition the bank's capital of $50,000 is wiped out.