9398. Farmers & Merchants Bank (St Clair, MO)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
February 1, 1933*
Location
St Clair, Missouri (38.345, -90.981)

Metadata

Model
gpt-5-mini
Short Digest
a0be56d9e6c08c03

Response Measures

None

Description

Articles report heavy withdrawals causing a brief suspension in early Feb 1933 and the bank reopening under state/federal laws by early April 1933 with withdrawal limits (5%). Likely local contagion—another St. Clair bank had closed a few weeks earlier, triggering withdrawals. Dates approximated from publication dates. OCR typos corrected (e.g., 'lin County' -> 'Lincoln County' not needed for core classification).

Events (3)
1. February 1, 1933* Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered after another St. Clair bank had closed a few weeks earlier, producing depositor panic.
Measures
Agreement restricting withdrawals signed by about 60% of depositors; later limits set (5% allowed).
Newspaper Excerpt
The bank suspended business last week because of heavy withdrawals.
Source
newspapers
2. February 1, 1933* Suspension
Cause
Local Banks
Cause Details
Bank suspended operations due to the heavy withdrawals/panic in town after a nearby bank had closed.
Newspaper Excerpt
The bank suspended business last week because of heavy withdrawals.
Source
newspapers
3. April 4, 1933 Reopening
Newspaper Excerpt
The Farmers and Merchants Bank of this city resumed operation Tuesday morning under the state and federal banking laws now in effect. ... deposits ... limited to 5 per cent.
Source
newspapers

Newspaper Articles (2)
1. February 10, 1933 The Advertiser-Courier Hermann, MO
Article from The Advertiser-Courier, February 10, 1933

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Article Text

St. Clair Bank Reopen After Brief Suspension Mr. and Mrs. Graf were in St. Clair, Mo., Wednesday evening where Mr. Graf presided and spoke mass meeting of stockholders and depositors of the Farmers & Merchants Bank of St. Clair in lin County. The bank suspended business last week because of heavy withdrawals. There are two banks in St. Clair, one of them having closed few weeks ago. It is expected to consolidate the two banks. The & Bank of St. Clair is in healthy condition and no waiver of any percentage of deposits is asked. It is expected to reopen the bank as soon as the depositors have agreed to restriction of withdrawals. Fully sixty per cent of the depositors have signed the restriction agreement and it is pected to reopen the bank within few days.

2. April 6, 1933 Tri-County News Sullivan, MO
Article from Tri-County News, April 6, 1933

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Article Text

Farmer: d Merchants Bank of St Clair Reopens The Farmers and Merchants Bank of this city resumed operation Tuesday morning under the state and federal banking laws now in effect. The bank is not operating under the McCawley Bill as is commonly believed. Banking business has been resumed as usual, with the exception of deposits, which is being limited to 5 per cent. No rush was made by the public to obtain even the five per cent allowed, bank officials said, and in most cases individuals refused to take the withdrawal allowance. -St Clair Chronicle