Farmers National Bank - Union City, MI

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: f4b9ec80

Response Measures

None

Description

No run is described. National bank examiner ordered the Farmers' National Bank to suspend for alleged fraud/loose methods and shortage; subsequently the Union City National Bank took over the defunct bank's business and paid depositors, averting a receivership. Dates in the papers cluster mid-March 1911 (reported Mar 14 and Mar 17).

Events (4)

1. October 12, 1877 Chartered

Source: historical_nic

2. March 14, 1911 Other

Newspaper Excerpt: Through the efforts of the national banking 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 action averts a receivership ... guarantee of $70,000 by directors secured by real estate mortgages and one $100,000 bond.
Source: newspapers

3. March 14, 1911 Suspension

Cause: Government Action
Cause Details: Ordered closed by national bank examiner after two days' examination; failure attributed to loose banking methods, carrying worthless paper, and alleged intent to defraud; assets short $70,000.
Newspaper Excerpt: Examiner Forces Farmers' National at Union City, Mich., to Suspend. ... 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.