12054. Farmers & Merchants Bank (Barton, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 11, 1926
Location
Barton, North Dakota (48.507, -100.176)

Metadata

Model
gpt-5-mini
Short Digest
f06e5751

Response Measures

None

Description

The bank (listed in 1927 dividends notice as Farmers and Merchants State Bank, Barton) was closed on Feb 11, 1926 and placed in receivership after alleged embezzlement by the former cashier. A dividend payment was later made in Jan 1927, indicating the bank remained closed and in liquidation under the state receiver.

Events (3)
1. February 11, 1926 Receivership
Newspaper Excerpt
The bank was closed on February 11, 1926, and is now in the hands of a receiver.
Source
newspapers
2. February 11, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure followed discovery/allegation of embezzlement by former cashier Eugene G. Olson; complaint filed March 11, 1926.
Newspaper Excerpt
The bank was closed on February 11, 1926, and is now in the hands of a receiver.
Source
newspapers
3. January 17, 1927 Other
Newspaper Excerpt
Farmers and Merchants State Bank, Barton, 20 per cent (dividend).
Source
newspapers

Newspaper Articles (2)
1. March 31, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 31, 1926

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Article Text

Former Cashier of Barton Bank Faces Embezzlement Count Rugby. N. D., March 31.-(A) Eugene G. Olson, former cashier of the Farmers and Merchants Bank of Barton, N. D., is at liberty under bonds of $1,000, charged with embezziement of $900 of the bank's funds, and is scheduled to have a preliminary hearing on April 15. The bank was closed on February 11, 1926, and is now in the hands of a receiver. A representative of the district receiver's office at Minot is making an audit of the bank's books at the prese ' time, to determine the actual amount of the alleged peculations charged to Olson. The complaint against Olson was filed on March 11, and was signed by G. E. Gillmore, a director of the bank, according to information made public today by State's Attorney Semms of this city. Olson was arraigned in Rugby on March 12 before a justice of the peace and the preliminary hearing was set for April 15, to enable a check to be made of the bank's books.

2. January 17, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 17, 1927

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Article Text

DIVIDENDS TO BE PAID BY 10 CLOSED BANKS State Receiver Baird Announces Payments Through District Offices Dividends to be paid to the depositors in 10 closed banks were announced here today by L. R. Baird, state receiver of closed banks. Five dividends to be paid through the office of C. W. Conroy, district manager at Devils Lake, are: Security Bank of Oberon, a second dividend of 10 per cent; Security State Bank, Kensal, second dividend of 10 per cent; Farmers State Bank, Hesper, second dividend of 15 per cent; Karnak State Bank, second dividend of 20 per cent; Security State Bank, Brantford, a dividend of 10 per cent. Two dividends will be paid through the office of G. R. Van Sickle, district manager at Minot, as follows: Farmers and Merchants State Bank, Barton, 20 per cent; Towner State Bank, Towner, a second dividend of 30 per cent. Three dividends will be paid through the office of J. P. Reeve, district manager at Burlington, as follows: Farmers State Bank, Noonan, a second dividend of 20 per cent; Citizens State Bank, Flaxton, second dividend of 10 per cent; First State Bank, Lansford, second dividend of 10 per cent.