Farmers & Merchants State Bank

Episode Information

Episode UID: 71064971563
Episode Type: Suspension → Reopening
Bank Type: state
Bank ID: 7106497 routing
Routing Number: 71-0649
Start Date: March 6, 1930
Location: Otterbein, Indiana (40.491, -87.096)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 4066dde6c418822e

Response Measures

None

Description

Reopening planned under depositors signing time certificates (60/90 days and one year).

Events (1)

1. March 6, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed due to frozen assets and decreases in deposits; to reopen after depositors sign time certificates (60/90 days and one year).
Newspaper Excerpt: It was said to-day that the Farmers' & Merchants' State bank at Otterbein, in Benton county, may be reopened within a few days under the same agreement as that at Monon.
Source: newspapers

Newspaper Articles (1)

1. March 6, 1930 The South Bend Tribune South Bend, IN

Article from The South Bend Tribune, March 6, 1930

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Article Text

LAKEVILLE BANK RECEIVER NAMED Citizens Trust & Savings Appointed; Others Likely to Right Selves. The Citizens Trust & Savings bank of South Bend to-day was named as receiver for the Lakeville State bank by Judge Cyrus E. Pattee in circuit court. The appointment was made after a brief hearing at which Thomas Barr, state bank examiner, declared that the institution, which closed its doors two weeks ago, is insolvent and that a receiver is needed to protect the interests of depositors and creditors. Officials of the Citizens' Trust & Savings bank will take charge of the defunct bank's affairs immediately under the order signed by Judge Pattee to-day. It was indicated to-day that three other banks in St. Joseph and Marshall counties which closed during the last week because of "frozen assets" and decreases in deposits would not be thrown into receivership by the state banking department following announcements that they are prepared to make voluntary liquidation of assets. The Farmers' State bank of Lapaz and the Farmers' State bank at Tyner, which have a total of about $300,000 in deposits have received permission from the state authorities to make a voluntary liquidation after an examination revealed that they have sufficient assets to meet the claims of depositors. It also was indicated to-day that the Farmers' State bank of Walkerton, this county, would not be placed in receivership. A petition has been circulated by a special depositors' committee, it was reported, and a majority of the depositors have asked that the institution be allowed to meet the claims voluntarily. The Farmers' & Traders' State bank at Monon, in White county, which closed its doors a month ago, was reopened Wednesday after depositors had agreed to sign time certificates for an extension on the payment of their claims. The time certificates will run for 60 and 90 days and one year. It was said to-day that the Farmers' & Merchants' State bank at Otterbein, in Benton county, may be reopened within a few days under the same agreement as that at Monon.