Farmers State Bank (Colfax, IL)

Episode Information

Episode UID
70188071585
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7018807 routing
Routing Number
70-1880
Start Date
January 27, 1932
Location
Colfax, Illinois (40.567, -88.616)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6fba7f8677e9962e

Response Measures

None

Description

Some depositors showed nervousness (one attempted withdrawal) but no sustained run is described.

Events (2)
1. January 27, 1932 Suspension
Cause
Government Action
Cause Details
Directors closed bank and state auditor ordered examination; bank did not open pending audit/examination.
Newspaper Excerpt
the Farmers State Bank of Colfax, McLean county, closed its doors pending auditing accounts.
Source
newspapers
2. February 19, 1932 Receivership
Newspaper Excerpt
C. E. Irvin of Bloomington was installed Thursday as receiver for the Farmers' State bank of Colfax. He announced he would be ready in about week receive proofs of claims from depositors.
Source
newspapers

Newspaper Articles (7)
1. January 22, 1932 The Pantagraph Bloomington, IL

Article Text

Nearby Banks Fall in Line and Take Protective Steps spread Central banks various took similar Farmers State bank Colfax the Anchor State bank their Friday that for the by check otherasking spirit and purpose reached The that the banks worth, Holder adopted the local plan substance. DEPOSITOR CHANGES MIND. Friday the plan prevent few persons from attempting to withdraw deposits these shown the institutions and operated the movement by funds typical example that west about 27 years old. He presented savings book and stated wished to withdraw the Asked bank official planned replied he tended automobile. He when There with the causes bank failures and depositor how could the whole community The and thrust the pass book into his shook with the

2. January 27, 1932 Waukegan News-Sun Waukegan, IL

Article Text

CURB FOLLOWS STOCK SLUMP Scattered Over Night Selling Develops Slump At The Opening Today. By JOHN COOLEY Associated Press Financial Writer NEW YORK, Jan. (P)-Curb prices underwent mild contraction today, following the lead of the big board. Recessions the junior market, however, were comparatively narrow and there was little or no pickup the volume. Opening quotations reflected scattered overnight selling prompted by the poor earnings report of the United States Steel corporation an apparent belief in speculative quarters that the might be ready for reaction. offerings failed to and trading droned at the snail's pace. Here and stock down as much but generally the fractional Electric Bond Share sold in the vicinity was fairly active although resistance appeared around last week's low for this leading issue. Transactions industrials were made mostly at small declines. BANK CLOSINGS state auditor's office today announced the Farmers State Bank of Colfax, McLean county, closed its doors pending auditing accounts. The bank had deposits of $237,000 the Harris president and C. Harris, cashClosing of the Farmers State Bank Macon with deposits also was announced. Highly and Young cashier the concern which in Macon county. The First State Bank of Ohio Ill. with deposits totalling $240,000 also closed the auditor announced Anderson president and Ruff cashier. The bank is in Bureau county. CASH GRAIN hard 56; yellow hard CORN-1 mixed mixed 38 mixed mixed yellow 39-39% yellow 38; yellow 35-37: yellow yellow yellow 35-3516; white sample grade OATS-2 white white BARLEY SEEDS CHICAGO Jan. market. Red Clover fair to good 1050-1300; choice 1350 sweet clover Alsike 1000-1350. Timothy good 350; choice 375; fancy 400. FOREIGN EXCHANGES NEW YORK, Jan. exchange irregular. Demands (Great Britain in dollars. others in Britain 3.46; France Italy 5.02; 13.95; Germany Holland 40.25; Norway 18.84; Sweden 19.39; Denmark 19.09; Switzerland Spain 8.35; Tokyo APPLES ples $1.25@1.60 per bushel. FLOUR Flour unchanged. Shipments 27,626 Pure bran 13@14. Standard middlings $11@12.

3. January 29, 1932 The Pantagraph Bloomington, IL

Article Text

Depositors' Meeting Called Pantagraph Central Illinois Service. COLFAX the regular meeting of the Colfax Lions club Thursday night plans were made for a special session of all the depositors of the closed Farmers State bank to be held at p. m. Saturday in the high school gym. It was announced that permanent chairman and other officers will be appointed to "safeguard the interests

4. February 4, 1932 The Saybrook Gazette and Arrowsmith News Saybrook, IL

Article Text

Colfax Bank Closed Colfax Press: The Farmers State Bank of Colfax did not open for business on Tuesday morning as the result of action taken at a meeting of the directors of the bank held Monday night. At that time it was decided to close the bank pending examination by representatives of the office of Oscar Nelson, state auditor of public accounts. A notice to this effect was posted on the front door of the bank. The affairs of the bank are now in the hands of the state auditor represented in the person of J. L. Northup, examiner. A representative of this newspaper called Mr. Northup, the examiner in charge, Wednesday for a statement, but was informed that he could give none until the examination was completed. The Farmers State Bank was capitalized at $25,000 with a surplus of $9,000. Its officers were: President, B. B. Harris; Vice President, W. A. Harris; Cashier, C. L. Harris. The director were Arch Harpole, Wm. Thompson, S. C. Bane, W. A. Harris, B. B. Harris, B. H. Harms and C. L. Harris.

5. February 19, 1932 The Pantagraph Bloomington, IL

Article Text

Bank Receiver Takes Charge COLFAX-C. E. Irvin of Bloomington was installed Thursday as receiver for the Farmers' State bank of Colfax. He announced he would be ready in about week receive proofs of claims from depositors. PANTAGRAPH PHONES-4500

6. July 8, 1934 The Pantagraph Bloomington, IL

Article Text

RFC RATIFIES $82,000 LIBERTY BANK LOAN RECEIVER SEES POSSIBLE WAIT Court Actions May Cause Dividend Delay Until Fall, Says Pietsch. An $82,000 nance corporation loan on of the closed Liberty State bank has been approved in Washington, D. Carter deputy said but he plained no dividend payment from this source can be made before autumn unless methods are found whereby possible to the apparently unavoidable delay In establishing preferred claims in court against the bank. "A petition will be filed Monday circuit court," he to publish notice to depositors and all others interested in the bank that application for the loan has been filed. The time will be fixed for hearing objections, court hearing on such step the process of liquidation state legal requirement. Mr. Pletsch Shows Complications. Preferred claims already in the process of adjudication have sible maximum of Mr. Pietsch pointed out Adjudication process complications arise he from Those city's $134,000 claim relative of the securities and the Metropolitan Life Insurance company's claim in accountings on loans for alleged to have been negotiated through the bank when it was functioning as such. ruling was given the An city on its claim in circuit court and the matter has been taken the appellate court where It scheduled for hearing in October. Whether the be permitted to treat $134,000 In securities as protecting municipal funds on deposit and otherwise frozen in the bank. or whether the securities shall be again held to be assets of the bank are questions, Mr. Pletsch said, vitally affecting the payment of dividend. Preferred claims, he explained, must be paid first. Two Others Pay Dividends. The Liberty's deposit liability Mr. Pietsch said, is approximately $400,000. No dividends have been paid to date. The bank was placed under the deputy receivership of Mr. Pietsch last Oct. He applied last February for the RFC loan in an effort to hasten payment of dividend and later submitted with face value of $187,000 for RFC examination, the loan to be based on these assets. Two of the seven banks for which Mr. Pietsch is deputy receiver in McLean county which have paid dividends to date are the Exchange State bank of Bellflower and the State bank of Hudson. The former has paid 50 percent, or $86.which 35 percent from liquidation and 15 percent from #tockholders liability. The Hudson bank has also paid 50 percent. or $30,000. all from liquidation. Mr. Pietsch said Saturday he was placed in charge of the Farmers State bank of Colfax and the State bank of Lexington last month, succeeding Mayor James M. Allison, Lincoln. He was already in charge of the Farmers State bank Downs and the State bank of Saybrook in addition to the Liberty, Bellflower and Hudson banks. COMPROMISE PROPOSED Circuit Judge Chalmer C. Taylor Saturday heard testimony whereby $40,000 the Saybrook State bank's $132,000 in deposit liability will be struck off through compromise proffered by Deputy Receiver Carter Pietsch and representatives of the Pacific States Life Insurance A court order sanctioning the compromise is expected to be entered Monday. The Pacific company, it was explained, took over assets of the former Chicago National Life In-

7. December 5, 1934 The Pantagraph Bloomington, IL

Article Text

$4,500 of Liberty Bank's Dividend Is Not Yet Claimed Carter Pietsch, Liberty State bank deputy receiver, is beginning to suspect the economic situation is not so serious after all. After week of distribution of the bank's first dividend. he estimated that 500 worth of smaller are still awaiting claimants, he said The percent dividend totaled $29,096.17. Inactive (forgotten) and small accounts are generally represented by the unclaimed checks, Mr. Pietsch said. Typical of some of these are for 8 cents, another for $19. "The people must not be so hard up after all," he commented. "And yet," he added, sheking his head sadly, "Christmas is coming on. The unclaimed checks are approximately half the total 600 comprising the dividend issue. Although he would divulge no particulars, Mr. Pietsch said three of the six rural banks for which he is also deputy receiver, will pay dividends early in January. He did not designate which banks would so pay. Rural banks under his supervision are: Exchange State, Bellflower: State banks of Hudson, Lexington and Saybrook and Farmers State banks of Colfax and Downs.