State Bank (Arrington, KS)

Episode Information

Episode UID
83072271479
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8307227 routing
Routing Number
83-0722
Start Date
March 30, 1923
Location
Arrington, Kansas (39.463, -95.536)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ab69762e52990d5d

Response Measures

None

Description

Bank placed in liquidation by the state banking department and a deputy receiver appointed.

Events (3)
1. March 30, 1923 Receivership
Newspaper Excerpt
O. L. CLARKE APPOINTED DEPUTY BANK RECEIVER ... and the State Bank of Arrington. Mr. Clarke returned from a trip to Topeka, Wednesday morning and will begin his duties at once.
Source
newspapers
2. March 30, 1923 Suspension
Cause
Government Action
Cause Details
Placed in liquidation by the state banking department and taken into receivership by the state bank commissioner.
Newspaper Excerpt
deputy bank receiver ... is to have direct charge of the Farmers State Bank of Washington, the State Bank of Arrington ...
Source
newspapers
3. December 15, 1923 Other
Newspaper Excerpt
State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April.
Source
newspapers

Newspaper Articles (4)
1. March 30, 1923 Washington Palladium Washington, KS
Article from Washington Palladium, March 30, 1923

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Article Text

O. L. CLARKE APPOINTED DEPUTY BANK RECEIVER O. L. Clarke has been appointed by C. J. Peterson, bank commissioner, as assistant receiver for four defunct banks, the Farmers State Bank at Washington, the Hanover State Bank and the Peoples State Bank at Hanover and the State Bank of Arrington. Mr. Clarke returned from a trip to Topeka, Wednesday morning and will begin his duties at once. He is now on a month's leave of absence from the postoffice and will no doubt soon be relieved of that responsibility as a call has been made for postmaster's examination.

2. April 6, 1923 The Hanover Democrat and Enterprise Hanover, KS
Article from The Hanover Democrat and Enterprise, April 6, 1923

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Article Text

New Bank Receiver O. L. Clarke of Washington returned from Topeka last week with the announcement that he had been appointed a deputy bank receiver, and is to have direct charge of the Farmers State Bank of Washington, the State Bank of Arrington, the Peoples State Bank and the Hanover State Bank of this city. This change was brought about by a change in politics of the state. It is expected that it will be two or three weeks before Mr. Clarke enters actively on his duties.

3. December 24, 1923 The Iola Register Iola, KS
Article from The Iola Register, December 24, 1923

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Article Text

CHRISTMAS DIVIDENDS. Depositors of Defunct Banks Will Receive Part of Deposits. Topeka, Kans., Dec. 24.—Depositors whose funds were tied up in half a dozen of the 58 banks now being liquidated by the state banking department, are being enabled to make their Christmas a merry one by the receipt of checks representing at least a part of their deposits. The largest of these payments—in fact, the largest in the history of the department—was the 81 per cent, or approximately $400,000, to more than 1,100 depositors of the Kansas State Bank of Salina which failed nearly five years ago. Other defunct banks paying dividends are: American State Bank, Cherryvale, 30 per cent, on December 20. State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April. Citizens State Bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank from which three dividends of 40, 20 and 10 per cent respectively already have been paid. The balance will come from the state guaranty fund. Osawatomie State Bank, 20 per cent, December 20. This guaranty bank already has paid depositors 45 per cent since it failed, April 19. Farmers State Bank, Wamego, 88 per cent, December 15. This is the aggregate depositors will receive as the bank was not protected by membership in the guaranty fund. "In addition to their original investments, depositors in the guaranty banks receive interest on their deposits from the day the bank failed," State Bank Commissioner C. J. Peterson said. "The depositors of the Salina bank thus are receiving in the 81 per cent dividend approximately the entire amount of the deposits from the guaranty fund, plus the 19 per cent they already had received direct from the assets of the bank. That is, the interest that has accrued in the four and a half years since the bank failed added about 20 per cent to their original deposits." Commissioner Peterson said no special assessment against the 900 banks belonging to the guaranty fund membership will be required because of the record disbursement from the fund to meet the obligation at the Salina bank. The annual guaranty fund assessment falls due next month. It is one-twentieth of one per cent of the

4. December 27, 1923 Smith County Journal Smith Center, KS
Article from Smith County Journal, December 27, 1923

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Article Text

CHRISTMAS PRESENTS TO DEPOSITORS OF DEFUNCT BANKS Depositors whose funds were tied up in half a dozen of the fifty-eight banks now being liquidated by the state banking department are being enabled to make their Christmas a merry one by the receipt of checks representing at least a part of their deposits. The largest of these payments—in fact the largest in the history of the department—was the 81 per cent, or approximately $400,000 to more than 1,100 depositors of the Kansas State bank of Salina which failed nearly five years ago. Other defunct banks paying dividends are: American State bank, Cherryvale, 30 per cent on December 20. State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April. Citizens State bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank from which three dividends of 40 20 and 10 per cent respectively already have been paid. The balance will come from the state guaranty fund. Osawatomie State Bank, 20 per cent, December 20. This guaranty bank already has paid depositors 45 per cent since it failed, April 19. Farmers State Bank, Wamego, 88 per cent, December 15. This is the aggregate depositors will receive as the bank was not protected by membership in the guaranty fund. "In addition to their original investments, depositors in the guaranty banks receive interest on their deposits from the day the bank failed." State Bank Commissioner C. J. Peterson said, "The depositors of the Salina bank thus are receiving in the 81 per cent dividend approximately the entire amount of the deposits from the guaranty fund, plus the 19 per cent they already had received direct from the assets of the bank. That is, the interest that has accrued in the four and a half years since the bank failed added about 20 per cent to their original deposits." Commissioner Peterson said no special assessment against the 900 banks belonging to the guaranty fund membership will be required because of the record disbursement from the fund to meet the obligation at the Salina bank. The annual guaranty fund assessment falls due next month. It is one-twentieth of 1 per cent of the total deposits in each bank. This will add approximately $300,000 to the guaranty fund which was reduced to approximately $500,000 by the Salina payment according to Commissioner Peterson. "The guaranty fund has proven to be a wonderful asset to banking and business interests generally during the last year," said Mr. Peterson. "In addition to securing depositors against loss it serves as a security for the state at large, for all business—in this state especially agriculture—is closely related to the banking business. There is no occasion for such a thing as a run on a bank nor a financial depression in a community, or in the state, as long as the guaranty fund operates."—Topeka State Journal.