Farmers State Bank (Walkerton, IN)

Episode Information

Episode UID
71108871562
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7110887 routing
Routing Number
71-1088
Start Date
February 28, 1930
Location
Walkerton, Indiana (41.467, -86.483)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4aa0c0f5c23f1cc0

Response Measures

None

Description

Multiple closures referenced across 1930–1933 (initial run/closing in Feb 1930, later closed again by Feb 1931 and taken over in 1933).

Events (5)
1. February 28, 1930 Run
Cause
Local Banks
Cause Details
News of the State Bank at Tyner closing spread and precipitated a run on Walkerton deposits.
Measures
Bank closed to protect depositors; announced it will not reopen until completion of an audit.
Newspaper Excerpt
News of the Tyner closing spread quickly and within an hour after the Farmers State bank of Walkerton had opened for business a run on deposits forced Its closing.
Source
newspapers
2. February 28, 1930 Suspension
Cause
Local Banks
Cause Details
Suspended/closed immediately following the run triggered by news of nearby bank failures.
Newspaper Excerpt
The bank will not reopen until compleof an audit.
Source
newspapers
3. February 27, 1931 Suspension
Cause Details
Article states bank had been closed since Feb 27, 1931 (reason for that specific closure not detailed in provided articles).
Newspaper Excerpt
State control of the bank, which has been closed since Feb. 27, 1931, was ordered by Richard A. McKinley...
Source
newspapers
4. August 17, 1933 Other
Newspaper Excerpt
State control of the bank... today took over the Farmers' State bank of Walkerton upon instructions from Indianapolis. A formal notice stating that the bank is insolvent or in imminent danger of insolvency was filed by Mr. Plante in superior court No today.
Source
newspapers
5. August 17, 1933 Receivership
Newspaper Excerpt
State control of the bank... was ordered by Richard A. McKinley, director of the new state department of financial institutions. A formal notice stating that the bank is insolvent or in imminent danger of insolvency was filed by Mr. Plante in superior court No today.
Source
newspapers

Newspaper Articles (7)
1. February 28, 1930 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 28, 1930

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Article Text

THREE COUNTRY BANKS IN ST. JOSEPH COUNTY CLOSED South Bend, Ind., Feb. 28.--Three banks in the farming communities of St. Joseph county have closed their doors within the last fortyeight hours and H receivership for another has been asked by the state banking commission. Since Jan. six banks of the county have been closed after n run. The state bank at Tyner closed its doors Wednesday In an effort to protect its depositors after a small run had been started. News of the Tyner closing spread quickly and within an hour after the Farmers State bank of Walkerton had opened for business a run on deposits forced Its closing. The bank will not reopen until compleof an audit. The latest closing occurred late Thursday afternoon when directors of the Farmers State bank at Lapaz called In Thomas Barr, state inspector. Uneasiness among depositors and generally unsound business conditions were given as the reasons for the closing. The closIng was described as a "precautionary measure." The state bank commission Thursday fileda petion In the St. Joseph Circuit court asking a receivership for the Lakeville State arranged: bank, which closed its doors carlier Music. in the week because of frozen assets. On Jan. 17 the North Liberty State bank was closed because of shrinkage in deposits. The day Music. before the closing of the North Liberty bank the Argos State bank of Argos suspended business. Music.

2. February 28, 1930 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, February 28, 1930

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Article Text

TWO BANKS IN STATE CLOSED South Bend. Ind., Feb. 28. The number of banks which have suspended operations in this vicinity since Jan. was boosted to six. when the Farmers' State Bank, of Walkerton. and the Farmers State Bank. of Lapaz, closed their doors yesterday. The State Bank. of Tyner, suspended business Wednesday after noon after a small run had started. The State Banking Commission yes terday filed a petition in the St. Joseph county court asking receivership for the Lakeville State Bank, which was closed earlier in the week because of frozen assets The North Liberty State Bank was forced to close Jan. 17, because of a shrinkage of deposits. The Argos State Bank, of Argos, suspended operation Jan. 16.

3. 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.

4. December 15, 1931 The South Bend Tribune South Bend, IN

Article Text

SCHOOL SUES FOR $5,000. Trustees Seek to Recover Surety Funds. The board of trustees of the township consolidated school late Monday filed suit in superior court No. against the superior court No. against the Detroit Fidelity & Surety company, seeking to recover $5,000 of school funds for which the defendant was surety in the Farmers' State bank of Walkerton. this county, which closed its doors Feb. 28. 1930. ForStaley, Clemment Hahn Fred W. Bellinger. members of the township finance board. are made party defendants to the suit.

5. August 17, 1933 The South Bend Tribune South Bend, IN

Article Text

STATE ASSUMES DUTIES AT BANK Takes Over Walkerton Institution; Name Clements Aid. J. B. E. LaPlante. state liquidating chief for closed banks in the South Bend-Gary district, today took over the Farmers' State bank of Walkerton upon instructions from Indianapolis. State control of the bank, which has been closed since Feb. 27, 1931, was ordered by Richard A. McKinley, director of the new state department of financial institutions. It is the third closed bank to be taken over, the Union Trust and Washington State bank. both of South Bend. having been under northern Indiana. state control three weeks. Mr. LaPlante announced that Milo W. Slick, who has been serving as liquidating agent of the Farmers' State bank of Walkerton. will continue in active charge of affairs as special representative of the state department. Walter L. Clements former city attorney of South Bend, has been designated as attorney to act for Mr. LaPlante and the state department. A formal notice stating that the bank is "insolvent or in imminent danger of insolvency" was filed by Mr. Plante in superior court No today. The notice claims that state control is necessary for the "best interest of the depositors. Mr. LaPlante, who is directing the activities of three appraisers at the Union Trust company. said he has no information as to whether the state will take over any other smaller banks in the the county county. Since the Farmers' State bank of Walkerton closed its doors following heavy run it has paid out dividends amounting to 36 per cent on its total deposit liability. Mr. LaPlante explained. boys. The present book value of the bank's assets as estimated by Mr. LaPlante $105,000 as against remaining deposit liability of $72,000.

6. March 21, 1935 The South Bend Tribune South Bend, IN

Article Text

ASK BANK LOAN FOR WALKERTON Seeks $18,000 From RFC to Pay Dividend. A petition on file in superior court No. 1 today seeks permission for the defunct Farmers' State bank, of Walkerton, this county, to borrow $18,000 from the Reconstruction Finance corporation for payment of a 25 per cent dividend to its depositors. Public hearing on the petition has been set for April 2 at 9:30 a. m. Frank McConaughy, special representative of the Indiana department of financial institutions which is liquidating the Walkerton bank, said today he hopes to announce the dividend within 60 days. The Farmers' State bank will pledge approximately $40,000 worth of its assets, mostly real estate in St. Joseph and Laporte counties, as security for the loan, which will be payable Feb. 1, 1937. Application for a $25,000 loan from the RFC was made a year ago by the state department, and negotiations are said to be virtually complete except for obtaining the court's permission to pledge the bank's assets. Only one previous distribution was made to depositors before the bank liquidation was taken over by the state department last August. It was a 36 per cent dividend, amounting to approximately $42,000.

7. March 27, 1935 The Culver Citizen Culver, IN

Article Text

NEWS OF MARSHALL CIRCUIT COURT CASES set for hearing in the Marshall Circuit Court: Wednesday, March 20: Court, claim, Lloyd H. Morris vs. Estate of Winnie L. Humrichouser. Thursday, March 21: Jury, false pretenses, State of Indiana vs. Clancy Phillips. Monday, March 25: Jury, Anthony Olczak vs. Frank Hogan. Court, to declare a trust, Farmers State Bank of Tyner vs. Frank O. Swanson and Frida Swanson. Tuesday, March 26: Court, note, Earl Russell vs. Paul Jones & Inc., Paul Jones, Jr., and D. Sherman Ellison. Court, promissory note, Wyatt Lumber and Coal Co. vs. Alvin B. Cline. Court, foreclose mechanic's lien, Walter O. Singery vs James Short and Eva Short, Aetna Life Insurance Co. Wednesday, March 27: Jury, damages for fraud, Herschel P. Bowser vs. Bernice Riley, George A. Riley. Thursday, March 28: Court, on note, The First National Bank of Marshall County at Plymouth, etc. vs. B. E. Linkenhelt, George W. Vinall. Court, on note, The First National Bank of Marshall County, at Plymouth, Ind., etc. vs. George E. Bidwell. Court, damages, Wendell Funkhouser vs. Forest Hepler. Friday, March 29: Court, note, The First National Bank of Marshall County at Plymouth by Louis G. Trixler, receiver, vs. Austin M. Downing, Minnie Bell Downing. Court, on note, Newton Forsythe, executor of the estate of Sarah Forsythe, deceased, vs. Willis W. Whisman. Court, on note and account, issues and trial, J. D. Emmons, receiver, etc. vs. James B. Coleman. Monday, April 1: Court, Farmers State Bank of Walkerton, Indiana, by the Department of Financial Institutions vs. Albert F. Burke. Jury, reckless driving, State vs. Marie Holmes. Court, declaratory judgment, Harry O. Cochrane et al. vs. Teegarden Dairy Corp. et al. Tuesday, April 2: Court, issues only, Mary A. Young etc. vs. Farmers Mutual Insurance Co., St. Joseph, etc. Court, on contract, Eva Irene Kollar vs. Income Guaranty Company, South Bend. Wednesday, April 3: Jury, injunction, Nellie Soice vs. Anna Myers, et al. Thursday, April 4: Court, conversion, Barbara Friedman vs. Mishawaka Building and Loan Association. Friday, April 5: Court, on note, The Argos State Bank vs. Ray Hooker. Court, issues and trial, for removal of trustee, Maggie Parks and Esther Dillingham vs. Wilford Erwin. Court, motion as to receiver, Nora M. Fuchs vs. Amos Hall and Anna B. Hall, Citizens Trust and Savings Bank, receiver Lakeville State Bank. Jury, damages, John Meek vs. Edwin Blackburn, George F. Green, Abbott's Laboratory, Epworth Hospital Association. Monday, April 8: Jury, damages, Jessie O. Davey vs. Bendix Products Corporation, et al. Court, issues only, Timothy L. Putman vs. Minne Mae Barwick Kistler, et al. Court, issues only, Mike Kozakovich vs. Pauline Kozakovich. Tues, April 9: Court, issues only, in partition, Andrew P. Mast vs. Walter Mast, Friterike Mast, George Mast, Mary Mohrlock, Carl Mast, Irma Mast, Cyrus L. Henkes, administrator of Fred Mast estate. Court, motion, Florence Wygant vs. Benton Ross. Court, motion, Edward Wygant vs. Benton Ross. Court, issues only, Louis G. Trixler, receiver of First National Bank vs. Laura Shoemaker, Christiana Shoemaker. Jury, personal injuries, Samuel C. Metzger vs. Gaylen Paul, E. P. Paul, etc. Jury, property damages, Samuel C. Metzger vs. Gaylen Paul, E. P. Paul, etc. Wednesday, April 10: Jury, damages, Keith Faulkner vs. Indiana Motor Bus Company. Thursday, April 11: Court, declaratory judgment, Town of Bremen, Ind., vs. State of Indiana, Philip Lutz, Attorney General of State of Indiana, Floyd E. Williamson, Auditor of State of Indiana, The Department of Financial Institutions of Indiana. Friday, April 12: Court, claim, Winfield V. S. Norris, administrator for the personal estate of Emma E. Norris, formally Emma E. Wood, now deceased, vs. Julius Born. Court, motion for new trial, Bert Pustay vs. Pennsylvania R. R. Co. Monday, April 15: Court, issues and trial, foreclose mortgage and on note, Louis G. Trixler, receiver, et al. vs. Margaret A. Garn and Ira M. Garn, State of Indiana School Fund and The Federal Land Bank of Louisville, Ky. Court, liquidation, in re: liquidation of Bourbon Banking Co. Tuesday, April 16: Court, on note, Judith Dawson vs. F. C. Stevenson, Austin C. Yearick, Nathan N. Yearick, by A. O. Yearick. Court, issues and trial, claim, Helen Lucas vs. Steven Kinsey. Court, issues and trial, on note and to foreclosure mortgage, The Department of Financial Institutions of The State of Indiana, as Liquidating Agent, Montmorenci Bank, etc. Court, forclose mechanic's lien, William J. Stewart, et al. vs. Bess Bristol et al. Court, construe will, Claude E. Weiss, administrator et al. vs. Minnie V. Doering. Court, quiet title and partition, Theodore Marszalkowski vs. Mary Szulkowska, et al. Wednesday, April 17: Court, foreclose mortgage, Warren A. Cartier, et al. vs. Co-Operative Investment Co. of South Bend. Court, on account and foreclosure mechanic's lien, James O. Ferrier, etc. vs. The Plymouth Christian Church of Plymouth, Indiana, etc. Court, in replevin, William B. Davis vs. Frank B. Sherrill, et al. Court, issues only, promissory note, White Star Refining Company vs. H. A. Mead, etc. Court, issues and trial, Milon R. Cline vs. Robert Crum and James E. Crum. Thursday, April 18: Court, issues and trial, promissory note, Schlosser Bros., Inc. vs. James M. Cain, William L. Cain, A. C. Cain, and W. F. Cain, etc. Court, issues and trial, on note, Louis G. Trixler, receiver, etc. vs. Vincent Mathia, Mary Mathia. Court, issues and trial, on note, Louis G. Trixler, receiver, etc. vs. Arthur M. Cleveland. Court, claim, Philip E. Kline vs. Albert Kline Estate. Monday, April 22: Court, foreclose lien, Minnie L. Whitesell, Maude Edwards, Fred Smith, Ella Smith, Virgil Smith, and Hewitt Smith, vs. Charles B. Smith. Wednesday, April 24: Jury, damages, Marvin V. Bennett vs. H. R. Lanning, etc. and Richard Beck. Jury, damages, Elizabeth O. Bennett vs. H. R. Lanning, etc. Jury, personal injuries, Betty Hillier vs. Albert Quitt. Thursday, April 25: Court, issues and trial, foreclosure, Louis G. Trixler, receiver, etc., vs. Sadie Bollinger, et al. Court, on bond, Ervin W. Brockmann and Elizabeth M. Brockmann vs. Charles D. Scott and William Bennett. Court, on note, issues and trial, Louis G. Trixler, etc. vs. Edgar J. Cox, et al. Court, issues and trial, Louis G. Trixler, etc. vs. Levi K. Hill, et al. Court, issues and trial, to foreclose mortgage, on note, Louis G. Trixler, receiver, vs. Mary L. M. Thayer, George H. Thayer, Jr. Court, issues and trial, Louis G. Trixler, etc. vs. Edgar J. Cox, et al. Court, divorce, Lela M. Warner vs. Vernon I. Warner. Court, issues and trial, divorce, Calvin D. Bates vs. Eva Bates. Court, quiet title, issues and trial, George Mast vs. Friterike Mast, Andrew Philip Mast, Walter Mast, Christian Mast, Anna Mast, etc. Court, note, American Trust Company of South Bend, Indiana, vs. Mary F. Hubbard, et al. Court, note, issues and trial, First National Bank of Marshall County, at Plymouth, by Louis G. Trixler, receiver vs. Edwin J. Grant, Bertha A. Grant. Court, issues and trial, on account, Ambrose E. Fink vs. Ed. Baker, etc. Court, set aside fraudulent conveyance, Ralph Mason as Trustee in Bankruptcy of Delbert J. Rockhill, Bankrupt, vs. Delbert J. Rockhill, Nellie E. Rockhill, and Isaac H. Williamson.