New First National Bank (Farmland, IN)

Episode Information

Episode UID
1286601566
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
128660 national
Charter Number
12866
Start Date
June 24, 1930
Location
Farmland, Indiana (40.188, -85.127)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fc7947723dc8b049

Response Measures

None

Receivership Details

Depositor recovery rate
54.9%
Date receivership started
1930-06-25
Date receivership terminated
1936-07-29
OCC cause of failure
Governance
Share of assets assessed as good
38.4%
Share of assets assessed as doubtful
57.8%
Share of assets assessed as worthless
3.8%

Description

Closure was by order of the Comptroller and a receiver was later appointed; articles also cite alleged cashier shortage.

Events (4)

1. December 31, 1925 Chartered
Source
historical_nic
2. June 24, 1930 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller on June 24, 1930 following insolvency concerns
Newspaper Excerpt
declared insolvent and closed by order of the comptroller the June 24. 1930
Source
newspapers
3. June 25, 1930 Receivership
Source
historical_nic
4. June 30, 1930 Receivership
Newspaper Excerpt
Robert G. Harris of Noblesville, has been appointed receiver for the New First National Bank of Farmland, which closed its doors last week.
Source
newspapers

Newspaper Articles (5)

Article from Muncie Evening Press, June 30, 1930

Click image to open full size in new tab

Article Text

NOBLESVILLE MAN IS BANK RECEIVER Will Take Charge of Farmland Institution. FARMLAND, Ind., June 30.-Robert G. Harris of Noblesville, has been appointed receiver for the New First National Bank of Farmland, which closed its doors last week. The appointment was made by Harry Fuller, of Indianapolis, national bank examiner. It is understood that Harris will take charge of the bank's affairs in a short time. Fuller has made no statement relative to conditions causing the bank's closing. Denies Shortage. President L. W. Greene, in telephone conversation with newspapers, alleged that Glen Turner, cashier, confessed a shortage of $8,000 in his accounts to the board of directors on the day before the bank's suspension. This was denied by Turner in signed statements to newspapers. Turner alleges that unsatisfactory business and farm conditions caused the closing. He said that with careful work on the part of the receiver, depositors should reecive dollar for dollar.


Article from The Richmond Item, November 8, 1930

Click image to open full size in new tab

Article Text

Creditors Of Farmland Bank To Get Dividends Receiver Makes No Statement On Possibility of Federal Grand Jury Indictment; Dividend To POUNDSTONE Ind., Nov. that the creditors the New First National bank of this quiet Randolph county which June will pleasant prise the form per cent dividend Robert Noblesville, federal for the said today that the dividend had "prepared" expected checks include more than 800 depositors, would be sent out within about days. Mr. Hartman had comment make on statement made to The Item by W. Greene, president the defunct institution, the time bank suspended operations, charges would be against Glen who had been the bank for and its cashier the time closing. Mr. Hartman did not deny the possibility an turned the federal grand jury the next term of federal court, dianapolis, result of the Investigation the affairs New First National bank. but he did indicate who might be indicted. The question whether in(Continued On Page Six)


Article from The Indianapolis Times, November 11, 1930

Click image to open full size in new tab

Article Text

Receiver Admits Return of Federal Indictment to Be Possible. RU Times Special FARMLAND, Ind., Nov. 11.-More than 800 depositors of the closed New First National bank will receive checks during the next thirty days, covering their share of a 25 per cent dividend which has been announced by Robert Hartman, Noblesville, receiver of the bank. The receiver, however, has no statement to make concerning the assertion of L. W. Greene, president of the bank, that charges probably would be preferred against Glen Turner, cashier.


Article Text

Farmland Board Is Seeking To Recover $5,950 From Greene echo of the failure of the New First National bank of Farmland. Ind., year ago, was heard in Wayne circuit court, Thursday An action filed by the board trus tees of Farmland. acting board of finance for the town, to recover from Levi W. Greene, who was president the defunct institution. other officers and stockholders the sum of the amount of town funds on deposit at the time the declared insolvent and closed by order of the comptroller the June 24. 1930 The case venued Wayne circuit court from Randolph circuit Demand Refused It alleged complaint the the receiver and the individual defendants to the suit have all the of the town board of repayment of the amount involved The as principal and Greene and the othsureties gave bonds on about Jan. for the bank to depository the funds of the town of Farmland amount to exceed $8,000. The Farmland board of alleges breach of conditions governing the issuance acceptance depository bonds. HEADS ASSOCIATION June Dr. Edward Henry Cary, of Dallas, Tex., was today chosen presidentelect of the American Medication asin session here. Dr. Cary, emeritus dean of Baylor University College of Medicine, will as sume office the annual meeting of the


Article Text

The office of National Bank Receiver, Robert G. Hartman, in the American National Bank Building for the past four years was closed today it was announced by Mr. Hartman. The receiver severed his connection with the Treasury Department in March of this year making the resignation effective April 30th. Mr. Hartman came to this city in January, 1928, and assumed charge of the liquidation of the First National bank of Noblesville and the First National bank of Sheridan. On July 3, 1928, he assumed the First National bank of Arcadia receivership. In December of that year the First National bank of Warren, Huntington county, was placed in his charge for liquidation. Later he was appointed by the Comptroller of the Currency as receiver of the First National Bank and New First National Bank in Farmland, Indiana, the Farmers National Bank of Wilkinson and the First National Bank of Lewisville, Indiana, the last named bank having suspended in October, 1932. Since coming to Noblesville Mr. Hartman has completed the liquidation of the First National bank of this city, from which the depositors received 98-2/10% in dividends; the First National bank of Sheridan, paying 100% plus interest on the liabilities, and full liquidation on the First National Bank of Farmland, Ind. At the time of his resignation the receiver had paid in dividends: First National Bank of Arcadia 88%, First National Bank of Warren 58%, Farmers National Bank of Wilkinson 62% with an additional cash distribution of 5% available, the New First National Bank in Farmland 50%, and two dividends aggregating 27Β½% plus a 7% dividend in the process of payment, making a total of 34Β½% at the First National Bank of Lewisville. Alden H. Baker, of this city, has been appointed receiver of the Wilkinson and Lewisville banks; John Heller of Hartford City for the Farmland and Warren institutions and Lester E. Everett, a Boone county farmer, has taken the appointment to liquidate the Sheridan and Arcadia banks. Mr. Baker is also receiver of the Farmers First National Bank of New Castle, while Heller and Everett have other banks at Montpelier, Hartford City, Flora and Lebanon. Before coming to Noblesville Mr. Hartman spent five years in the Examining Division of National banks under the direction of the Treasury Department, with headquarters in St. Louis, Mo., and Louisville, Ky. He also spent some time in Mississippi where he was engaged in the liquidation of national banks in that state. During the difficulties following the bank holiday, Mr. Hartman was called to Washington to assist in the Comptroller's office. At the time he had charge of several New England states in which numerous banks were in the hands of conservators. He had intended to remain in Washington indefinitely but had to return to Noblesville on account of the death of his sister which occurred in June, 1933, in this city. Later the former receiver was directed by the Comptroller to assist in the opening of receiverships in Lebanon, Mulberry and New Castle, Ind. Atlanta Christian Church ATLANTA, Apr. 30. (Spl.)β€”Funeral services for Myrtle Lane were held Sunday afternoon at the Christian church, Rev. Berry officiating. The church was well filled with rela- JOHN HARMS AT ATLANTA ATLANTA, Apr. 30 (Spl.)β€”Sunday, May 5th, John Harms, director of Religious Education in Indiana, will be here all day. He will be with the Junior church in the morning, in the afternoon will meet in conference with the officers and teachers of the Bible school and in the evening will address the entire congregation.