9977. Farmers State Bank (Cut Bank, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 16, 1928
Location
Cut Bank, Montana (48.633, -112.326)

Metadata

Model
gpt-5-mini
Short Digest
78a7318a24f168be

Response Measures

None

Description

Articles indicate the Farmers State Bank of Cut Bank was closed/defunct and had a receiver (Clifford Coover) appointed by 1928; subsequent sheriff's sale (Nov 1928) and later oil leases (1934, 1936) managed by the receiver show the bank did not reopen and assets were liquidated to pay depositors. No contemporaneous run is described. OCR corrected minor punctuation/spacing in names (e.g., Farmer's -> Farmers).

Events (5)
1. March 16, 1928 Receivership
Newspaper Excerpt
Clifford Coover of this city was recently appointed receiver of the Farmer's State Bank of Cut Bank ... Judge J. J. Greene made the appointment. These institutions were closed several years ago.
Source
newspapers
2. November 19, 1928 Other
Newspaper Excerpt
Clifford Coover as receiver of the Farmers State Bank of Cut Bank, Montana, corporation ... To be sold at Sheriff's Sale ... Dated at Cut Bank Montana, this 19th day of November 1928 R. CROFF, Sheriff Glacier County By H. G. EWING, under-sheriff.
Source
newspapers
3. October 5, 1934 Other
Newspaper Excerpt
The application of Nadeau Brothers to lease the tract of land of the Farmers State Bank of Cut Bank, Clifford Coover, receiver, was approved Oct. Judge Hattersley.
Source
newspapers
4. May 30, 1936 Other
Newspaper Excerpt
When the bank failed, stockholders were called upon to pay double the amount of their stock... Coover, receiver of the bank, leased to Nadeau Brothers... The accumulation of six months is enough to pay a 30 per cent dividend to depositors.
Source
newspapers
5. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Article states the institution was closed (failed) several years prior to 1928; context (later receivership and calls on stockholders) indicates insolvency/failure rather than a mere temporary holiday.
Newspaper Excerpt
These institutions were closed several years ago.
Source
newspapers

Newspaper Articles (4)
1. March 16, 1928 Tribune of Shelby Shelby, MT
Article from Tribune of Shelby, March 16, 1928

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Article Text

Coover Appointed As Bank Receiver Clifford Coover of this city was recently appointed receiver of the Farmer's State Bank of Cut Bank and also the Security State Bank of Revon. Judge J. J. Greene made the appointment. These institutions were closed several years ago. Notice is further given that the name of the person claiming to have obtained tax deed to said propery hereinafter described H. 8. Boyce of Shelby, Montana: that the name of the person in whose name said property was assessed is Margaret Richardson, and demand is hereby made that you, the said Margaret M. Richardson within thirty (80) days from date of the first publication of this notice pay to the undersigned claimant, Boyce, OF to the County Treasurer for his use the amount of the taxes, interest and penalties as the same may appear in the records of the County Treasurer of Toole County, Montana, or bring suit to quiet your title to said deed. lands or to set aside said tax The lands in said tax deed described, and to which the undersigned claims title by virtue thereof are situated in Toole County, Montana, and are described as follow, to-wit: Southeast Quarter (SE%) of Section Fifteen (15) and Northeast Quarter (NE%) of Section Twenty-two (22), Township Thirtytwo (32) North, Range One (1) East, M. P. M. containing 320 acres, more or less. Dated at Shelby, Montana this 15th day of March, 1928. H. S. BOYCE, Claimant.

2. November 23, 1928 Cut Bank Pioneer Press Cut Bank, MT
Article from Cut Bank Pioneer Press, November 23, 1928

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Article Text

SHERIFF'S SALE In the District Court, of the nineteenth Juudicial District of the State of Montana in and for the County of Glacier. The Federal Land Bank of SpoPlaintiff, kane, a corporation. versus George A. Bell and Florence R. Bell. husband and wife: Cut Bank, National Farm Loan Association, a corporation; The First National Bank of Cut Bank, Montana. corporation Frank Browne as Receiver of the First National Bank of Cut Bank. Montana, a corporation; Farm. ers State Bank of Cut Bank, Montana. a corporation; Clifford Coover as receiver of the Farmers State Bank of Cut Bank Montana, corporation: State Board of Hail Insurance, Montana, and Glacier County, Montana, a municipal corporation. Defendants. To be sold at Sheriff's Sale at the front door of the Court House at the City of Cut Bank, Glacier County, Montana, on Monday, the 17th day of December, D 1928, at 2:00 o'clock P. M., of said day. all the right. title interest of the above named defendants in and to the following real property. to-wit: The souuthwest quarter (SW4) of CUT BANK HOSPITAL Mrs. M. McAfee, Proprietor Doctors: P. O. Neraal, CutBank M. D. Ridle. J. W Williamson, Shelby Section Thirteen (18): the east half of the west half (E2W2) of Section Fourteen (14) in Township Thirtythree (38) North of Range Five (5) West of the Montana Principal Dated at Cut Bank Montana, this 19th day of November 1928 R. CROFF. Sheriff Glacier County By H. G. EWING. under-sheriff. (First publication Nov. 23rd. 1928.) Max P. Kuhr, Atty for Plaintiff. SHERIFF'S SALE In the District Court, of the nineteenth Judicial District of the State of Montana. in and for the County of Glacier. Harold Bailey versus R. Alex Fox. E. Lander & Co., a corporation. Viennia Peters, J. W Powell, Carl Beardslee James R. Owens. as administrator of the estate of Frank E. Smith, deceased, Dave C. Yegen, and Conrad Securities Corporation, corporation and the State of Mentana. Defendants. To be sold at Sheriff's Sale at the front door of the Court House at the City of Bank County Montana, on Monday. the 17th day of December. A. D., 1928, at 2:00 o'clock P. M of said day, all the right, title and interest of the above named defendants in and to the following real property, to-wit: The south half of the southwest quarter (S2SW4) of Section Two (2). and Lot One (1) of Section Three (3). and the east half of the northeast quarter (E2NE4) of Section Ten (10) and the west half of the northwest quarter (W2NW4) and the northeast quarter of the northwe quarter (NE4NW4) of Section Eleven (11) in Township Thirty seven (37) Nortn of Range Eleven (11) West M. P: M. in Glackr Dated at Cut Bank. Montana this 5th day of Novem er. 1978. CROFF Sheriff Glacier County By H. G. EWING. Under-sheriff. First Publication Nov. 23rd. 1928.)

3. October 5, 1934 Cut Bank Pioneer Press Cut Bank, MT
Article from Cut Bank Pioneer Press, October 5, 1934

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Article Text

Pay For Oil The application of Nadeau Brothers to lease the tract of land of the Farmers State Bank of Cut Bank, Clifford Coover, receiver, was approved Oct. Judge Hattersley. Essential provisions of the lease are the payment of $16,000 in cash and the drilling of five wells between now and May 1938. The first well is to be commenced within 30 days of the approval of the lease. The land now considered proven oil area, adjoins the VanOrmer well, brought in by Montana Power Company, one of the best ducers in the field. To date this the largest sum paid for an oil lease of this size, 160 of record. acres, The land lies in Section

4. May 30, 1936 Montana Oil and Mining Journal Great Falls, Billings, MT
Article from Montana Oil and Mining Journal, May 30, 1936

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Article Text

# OIL WILL PAY (Continued From Page One) burse the stockholders of the bank—plus a profit, in Cut Bank oil field. This became known with the completion of the No. 3 well on the Coover lease, which belongs to the Farmers State Bank of Cut Bank, defunct. When the bank failed, stockholders were called upon to pay double the amount of their stock. One stockholder deeded 160 acres of farm land, in NE¼ 17-33-5W, in lieu of cash. When oil development came, Coover, receiver of the bank, leased to Nadeau Brothers. They have completed three wells. The first, completed December 12, 1935, had an initial of 42 barrels, the second 100 barrels and the third will be 150 barrels or better. The accumulation of six months is enough to pay a 30 per cent dividend to depositors. It will not be long, with the added production of the No. 3, before the depositors will be paid out 100%. The bank has 12% landowner's royalty, having given the former owner of the farm one half of one percent in settlement of a controversy over title.