Farmers & Wabash National Bank (Wabash, IN)

View Charter #6309 on SPMC View balance sheet

Episode Information

Episode UID
630901597
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
63090 national
Charter Number
6309
Start Date
January 1, 1933*
Location
Wabash, Indiana (40.798, -85.821)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
da73d66af5241df0

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1934-01-11
Date receivership terminated
1938-10-24
Share of assets assessed as good
81.0%
Share of assets assessed as doubtful
17.5%
Share of assets assessed as worthless
1.5%

Description

Articles indicate the bank was closed (since 1933) and in receivership; government ordered stock assessments.

Events (6)
1. June 20, 1902 Chartered
Source
historical_nic
2. January 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed by government action leading to receivership under the comptroller; bank remained closed.
Newspaper Excerpt
closed since 1933
Source
newspapers
3. January 11, 1934 Receivership
Source
historical_nic
4. January 11, 1934 Receivership
Newspaper Excerpt
A. H. Kruse, receiver for the Farmers and Wabash National Bank
Source
newspapers
5. April 27, 1934 Other
Newspaper Excerpt
comptroller of currency has ordered an assessment against stockholders in the bank and that the bank has sufficient funds on hand in the estates to pay the assessment asked
Source
newspapers
6. April 18, 1935 Other
Newspaper Excerpt
65 Percent of Deposits Paid. ... third report to the comptroller of currency ... collections from all sources amounted to $1,278,513.83
Source
newspapers

Newspaper Articles (3)
1. April 27, 1934 Leader-Tribune Marion, IN

Article Text

FILES 3 CLAIMS OVER BANK CASE Receiver of Wabash Bank Seeks $6,000 Judgment Against Bank to Pay Stock Assessment Wabash, Ind., April H Kruse, receiver for the Farmers and Wabash National Bank today filed three claims against the Farmers and Wabash National Bank, administrator of three estates, asking judgment for $6,000 to pay a 100 percent assessment on stock in the closed institution. In each case it is set out that the comptroller of currency has ordered an assessment against stockholders in the bank and that the bank has sufficient funds on hand in the estates to pay the assessment asked. In the Amos L. Stephenson estate the sum of $1,000 is asked for 50 shares of stock he owned; the sum of $4,000 is asked from the Catherine Shively estate, representing 200 shares and. the sum of $1,000 is asked from the Anna T. Little trust, also representing 50 shares. Representatives of the bank announced today that a few of the stockholders have already made arrangements to pay their assessments, all of which are due by May 7 under the government order. Those so far paying have taken advantage of the 25 percent offer made by the government under which payments will be distributed over a period of four months, with one-fourth of the amount due to be paid each month. Under this plan there will be no interest charged on deferred payments. A total assessment of $160,000 has been ordered against stockholders in the bank, being 100 percent of the par value of the stock which was listed with a par of $20. In event stockholders fail to pay their assessments by May 7 the receiver has been given authority to start legal proceedings against them to collect.

2. October 9, 1934 Chronicle Tribune Marion, IN

Article Text

ORDER IS AWAITED BY BANK RECEIVER WABASH, Ind., Oct. 9.-While newspaper dispatches from Washington stated that the comptroller of currency has issued an order to receivers of all closed national banks to report to him immediately in his reported effort to have the government pay depositors in full and end the receiverships, no such request has been received here A. H. Krause, receiver for the Farmers & Wabash National Bank stated today. According to the news dispatches the government would take over as sets of the closed banks and then pay the depositors. This would end the receiverships and end payment of large sums to receivers and work. ers still employed in the closed banks.

3. April 19, 1935 Leader-Tribune Marion, IN

Article Text

BANK RECEIVER MAKES REPORT Farmers and Wabash National Bank Lists Assets, Liabilities; 65 Percent of Deposits Paid. Wabash, Ind., April 18. — A. H. Kruse, receiver for the defunct Farmers and Wabash National Bank closed since 1933, today made his third report to the comptroller of currency at Washington, D. C. It shows that total assets of the bank, at the time it was closed by the government amounted to $2,097,676.62 and it has liabilities of $1,723,956. Uncollected assets are listed at $584,951; uncollected additional assets are $25,490.11 and there remains $80,968 uncollected on the 100 percent stock assessment which was ordered by the comptroller last June. It was estimated by the receiver that of the $691,409.11 uncollected, not more than $460,481.23 could be regarded as collectable. The estimated value of the $584,951 uncollected assets was given by the receiver as $451,062.45; the $25,490.11 uncollected additional assets was valued at $281.94 and it was expected that $9,136.84 could be collected on the $80,968 outstanding stock assessment. There are $393,064.92 in secured and preferred claims and $1,232,547.51 in unsecured claims. Collections from all sources amounted to $1,278,513.83 and cash amounted to $55,807.68, making a total of $1,587,341.97. The secured and preferred claims have all been paid and $813,078.04 has been paid depositors in the first 65 percent distribution made on date bank closed. A loan of $109,140.41 from the RFC has also been paid. At the present time the receiver has $229,056.33, cash on hand compared to $161,317.64 when the last report was made on January 15. This is an increase of $67,738.69 in three months. Cost of the receivership to date has been $43,926.30, according to the report.