Farmers State Bank (Dyersville, IA)

Episode Information

Episode UID
72048471493
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7204847 routing
Routing Number
72-0484
Start Date
May 5, 1924
Location
Dyersville, Iowa (42.484, -91.123)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d2d667ac7cdb2cac

Response Measures

None

Events (2)
1. May 5, 1924 Suspension
Cause
Government Action
Cause Details
Directors closed the bank on instructions from state bank examiner J. A. Heng; bank failed to open May 5, 1924.
Newspaper Excerpt
The Farmers' State bank at Dyersville, in Dubuque county, failed to open its doors this morning. The bank was closed at the order of the board of directors. The directors are believed to have received instructions to take this action from J. A. Heng, state bank examiner.
Source
newspapers
2. August 7, 1924 Receivership
Newspaper Excerpt
J. A. Heng took the witness stand in court Wednesday as a witness for the receiver of the Farmers State Bank in an equity action ... asking that a receiver be appointed by the court over a farm ... the receiver for the Farmers' State bank in an equity action against B. J. Schemmel ... (disclosure of the conversion by officers of the Farmers' State Bank of approximately $74,000).
Source
newspapers

Newspaper Articles (6)
1. May 5, 1924 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, May 5, 1924

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Article Text

IOWA BANK CLOSES. Dubuque, Ia., May 5.—The Farmers' State bank at Dyersville, in Dubuque county, failed to open its doors this morning. The bank was closed at the order of the board of directors. The directors are believed to have received instructions to take this action from J. A. Heng, state bank examiner. Mr. Heng is in Dyersville now and has been investigating conditions at the Farmers' State for some time. The Farmers' State bank is Dyersville's biggest bank. Officers of the bank are: President, John T. Sudmeier; vice presidents, J. A. Steger and Joseph Langel; cashier, J. A. Schnieders.

2. August 7, 1924 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, August 7, 1924

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Article Text

CHARGE BANKER AT DYERSVILLE MISUSED TRUST Conversion of $74,000 Is Disclosed When Suit is Tried; Criminal Action Possible; Speculated in Sand DUBUQUE, Ia., Aug. 7.—Whether the disclosure of the conversion by officers of the Farmer's State Bank of Dyersville, of approximately $74,000 which was made in Dubuque district court, by Heng, state examiner, Wednesday afternoon, will start any actions by the county attorney's office is not known at the present time. At present County Attorney Kane is looking into facts and will take any action which his findings justify. Notice was drawn to the case when J. A. Heng, took the witness stand in court Wednesday as a witness for the receiver of the Farmers State Bank in an equity action against B. J. Schemmel, asking that a receiver be appointed by the court over a farm, known as the Carr farm, against which the Farmer's State Bank holds a mortgage of $10,000. Schemmel purchased a farm in 1920, for $25,000, and at the time of the purchase he placed a mortgage against it for $20,000 and another mortgage for $10,000. This second mortgage is the one held by the bank. The first has already been foreclosed. In connection with the mortgage the attorneys for the bank's receiver argued that it was the bank's money which was used in the purchase of the Carr farm. The attorneys also brought out that Schemmel is indebted to the bank in the sum of $60,000 of which more than $32,000 repre-

3. August 7, 1924 The Daily Times Davenport, IA
Article from The Daily Times, August 7, 1924

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Article Text

PROBE AFFAIRS OF DYERSVILLE BANK [Associated Press Leased Wire] DUBUQUE, Aug. 7.—Whether disclosures of the conversion by officers of the Farmers' State Bank of Dyersville, of approximately $74,000, which was made in Dubuque district court by J. A. Heng, state bank examiner, Wednesday afternoon, will start any action by the county attorney's office is not known at the present time. At present County Attorney Kane is looking into the facts and will take any action which his findings justify. Notice was drawn to the case when J. A. Heng took the witness stand in court Wednesday as a witness for the receiver for the Farmers' State bank in an equity action against B. J. Schemmel, asking that a receiver be appointed by the court over a farm, known as the Carr farm, against which the Farmers' State bank holds a mortgage of $10,000. Schemmel purchased the farm in 1920 for $25,000 and at the time of the purchase he placed a mortgage against it for $20,000 and another mortgage for $10,000. This second mortgage is the one held by the bank. The first has already been foreclosed. In connection with the mortgage the attorneys for the bank's receiver argued that it was the bank's money which was used in the purchase of the Carr farm.

4. August 7, 1924 The Gazette Cedar Rapids, IA
Article from The Gazette, August 7, 1924

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Article Text

WITNESS IN SUIT STARTS PROBE OF DYERSVILLE BANK DUBUQUE, Aug. 7.—(By Associated Press.)—Whether the disclosure of the conversion by officers of the Farmers State bank of Dyersville of approximately $74,000, which was made in Dubuque district court by J. A. Heng, state bank examiner, Wednesday afternoon, will start any action by the county attorney's office is not known at the present time. At present County Attorney Kane is looking into the facts and will take any action which his findings justify. Notice was drawn to the case when J. A. Heng took the witness stand in court Wednesday as a witness for the receiver for the Farmers State bank in an equity action against B. J. Schemmel, asking that a receiver be appointed by the court over a farm, known as the Carr farm, against which the Farmers State bank holds a mortgage of $10,000. Schemmel purchased the farm in 1920 for $25,000 and at the time of the purchase he placed a mortgage against it for $20,000 and another mortgage for $10,000. This second mortgage is the one held by the bank. The first has already been foreclosed. In connection with the mortgage the attorneys for the bank's receiver argued that it was the bank's money which was used in the purchase of the Carr farm. The attorneys also brought out that Schemmel is indebted to the bank in the sum of $60,000 of which more than $32,000 represents payments made by the bank on overdrafts occurred in Schemmel's checking account. It was regarding these overdrafts that Heng told of the conversion of more than $40,000 worth of Liberty bonds which had been deposited in the bank for safe keeping. Heng said the bonds had been sold and that the proceeds from the sale had been used to meet overdrafts such as those which occurred in Schemmel's account. Heng also said that more than $24,000 in cash which had been paid on notes by debtors to the bank had also been used to meet overdrafts.

5. August 7, 1924 The Gazette Cedar Rapids, IA
Article from The Gazette, August 7, 1924

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Article Text

DUBUQUE, Aug. 7.—(By Associated Press.)—Whether the disclosure of the conversion by officers of the Farmers State bank of Dyersville of approximately $74,000, which was made in Dubuque district court by J. A. Heng, state bank examiner, Wednesday afternoon, will start any action by the county attorney's office is not known at the present time. At present County Attorney Kane is looking into the facts and will take any action which his findings justify. Notice was drawn to the case when J. A. Heng took the witness stand in court Wednesday as a witness for the receiver for the Farmers State bank in an equity action against B. J. Schemmel, asking that a receiver be appointed by the court over a farm, known as the Carr farm, against which the Farmers State bank holds a mortgage of $10,000. Schemmel purchased the farm in 1920 for $25,000 and at the time of the purchase he placed a mortgage against it for $20,000 and another mortgage for $10,000. This second mortgage is the one held by the bank. The first has already been

6. August 7, 1924 Quad-City Times Davenport, IA
Article from Quad-City Times, August 7, 1924

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Article Text

CLAIM MONEY OF BANK WAS WRONGLY USED County Attorney May Begin Action in Case of Dyersville Institution By the Associated Press. Dubuque, Aug. 7.— Whether the disclosure of the conversion by officers of the Farmers' State bank of Dyersville, of approximately $74,000, which was made in Dubuque district court by H. A. Heng, state bank examiner, Wednesday afternoon, will start any actions by the county attorney's office is not known at the present time. At present County Attorney Kane is looking into the facts and will take any action which his findings justify. Notice was drawn to the case when J. A. Heng took the witness stand in court Wednesday as a witness for the receiver for the Farmers State bank in an equity action against B. J. Schemmel, asking that a receiver be appointed by the court over a farm, known as the Carr farm, against which the Farmers' State bank holds a mortgage of $10,000. Schemmel purchased the farm in 1920 for $25,000 and at the time of the purchase he placed a mortgage against it for $20,000 and another mortgage for $10,000. This second mortgage is the one held by the bank. The first has already been foreclosed. In connection with the mortgage the attorneys for the bank's receiver argued that it was the bank's money which was used in the purchase of the Carr farm.