gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ffbaaca752752b87
Response Measures
None
Description
Closure precipitated by inability to realize heavy loans to the C. T. Wells Produce Company; receiver appointed to wind up affairs.
Events (3)
1.November 6, 1908Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy loans to the C. T. Wells Produce Company; bank unable to realize on security given.
Newspaper Excerpt
The Citizens and Farmers' State Bank closed its doors this morning. The officials posted a note saying the bank was closed for an investigation of its affairs. The bank commissioner is in charge.
Source
newspapers
2.November 10, 1908Receivership
Newspaper Excerpt
J. F. Morse ... has been named by the bank commissioner ... to settle the affairs of the Citizens' & Farmers' bank of Arkansas City, Kan. Under the new law Mr. Morse is not known as a receiver although his duties are the same.
Source
newspapers
3.March 5, 1910Other
Newspaper Excerpt
Receiver Jeffries ... began the payment of dividend No. 5 to depositors of the institution. The dividend amounts to 7 per cent of the deposits and Mr. Jeffries paid out between $8,000 and $10,000 in receiver's checks.
ANOTHER BANK CLOSED Prosperity Following Election of Taft Had Not Reached Kansas Institution. Special to the Herald. Arkansas City, Kas., Nov. 6.-The Citizens and Farmers' State Bank closed its doors this morning. The officials posted a note saying the bank was closed for an investigation of its affairs. The bank commissioner is in charge. The closing followed the return of Cashier Sanders from Kansas City, where President Wilson lives. No information has been given out and the people who had deposits in the bank are almost in a panic.
2.November 7, 1908Omaha Daily BeeOmaha, NE
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Article Text
Arkansas Bank Closed. ARKANSAS CITY, Kan., Nov. 6.-The Citizens and Farmers State bank closed ts doors here this morning, the first inormation of its suspension of business being a notice posted on the locked door of the bank.
BANK MAY PAY IN FULL Believed the Arkansas City Citizens and Farmers' Bank Will Make All Obligations Good Special to the Herald. Arkansas City, Kas., Nov. 7.-It is now believed that the Citizens and Farmers' Bank, which was closed yesterday for an investigation, will pay the depositors in full. The directors announce that the bank has much cash and available assets. It is announced by Cashier Sanders that heavy loans to the Wells Produce Plant caused the suspension of the bank.
4.November 9, 1908The Daily Gate CityKeokuk, IA
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Article Text
BANK WILL PAY ALL DEPOSITORS Citizens and Farmers State Bank Will be Able to Pay All of the Depositors. ARKANSAS CITY, Kan., Nov. 9.It is believed the Citizens and Farmers' State Bank, which closed yesterday will be able to pay all depositors in full. The announcement was made today by the directors that a large supply of cash was on hand. Cashier Sanders explains heavy loans to a produce company caused the suspension as the bank was unable to realize on security given.
5.November 10, 1908The Free LanceFredericksburg, VA
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Article Text
Arkansas City Bank Closes. Arkansas City, Kan., Nov. 7.-The Citizens' and Farmers' State bank closed its doors. The first information of its suspension was a notice posted on the locked door saying: "This bank is closed pending an investigation of its affairs. The bank commissioner has been notified and is in full charge."
To Wind Up a Kansas Bank. Topeka, Kan., Nov. 10.-J. F. Morse of Phillipsburg, Kan., has been named by the bank commissioner, J. Q. Royce, to settle the affairs of the Citizens' & Farmers' bank of Arkansas City, Kan. Under the new law Mr. Morse is not known as a receiver although his duties are the same. He will be paid the same salary as a deputy bank examiner.
7.November 12, 1908The Hope PioneerHope, ND
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Article Text
Kansas Bank Closes. Arkansas City, Kan., Nov. 7.-The Citizens' and Farmers' State bank closed its doors here Friday, the first information of its suspension of business being a notice posted on the locked door of the bank.
8.November 13, 1908Greene County HeraldLeakesville, MS
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Article Text
Kansas Bank Closes Down. Arkansas City, Kan., Nov. 6.-The Citizens and Farmers' State Bank closed its doors here today, the first information of its suspension of bus iness being a notice posted on the locked doors of the bank.
9.November 17, 1908The Topeka State JournalTopeka, KS
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Article Text
Paying Dividends on Failed Bank. Iola, Kan., Nov. 17.-W. T. Watson of this city, is still in Arkansas City in charge of the Citizens and Farmers' State bank which failed last week. According to an announcement in the newspapers given by him he is today paying out a 25 per cent dividend on the deposits in the bank at the time of the failure. J. F. Morse, of Phillipsburg, was named by the state bank commissioner to take charge of the bank and wind up its affairs. He has refused to accept the appointment. It is a three months' job. Mr. Watson has a wide acquaintance in Arkansas City and he is being put forward by some of them as the man to act as permanent receiver.
10.November 20, 1908Greene County HeraldLeakesville, MS
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Article Text
Kansas Bank Closes Down. Arkansas City, Kan., Nov. 6.-The Citizens and Farmers' State Bank closed its doors here today, the first information of its suspension of business being a notice posted on the locked doors of the bank.
11.January 14, 1909Warren SheafWarren, MN
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Article Text
Kansas Bank Closes. Arkansas City, Kan., Nov. 7.-The Citizens' and Farmers' State bank closed its doors here Friday, the first information of its suspension of business being a notice posted on the locked door of the bank.
12.August 18, 1909The Topeka State JournalTopeka, KS
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Article Text
enced a change of heart, or is this letter simply a ruse for the purpose of acquiring funds to accomplish by a legal technicality that which you are unable to accomplish when it is fairly and openly submitted to the people? This letter of yours, governor, is very smooth and fetching, but it will not fetch much money from the depositors, at least from the depositors of the Citizens' and Farmers' State bank-not yet. Regretting very deeply that I am unable to accommodate myself to your wishes in this matter and renewing my expressions of high personal regard, I am, very respectfully, MERRITT JEFFRIES, Receiver Citizens' and Farmers' State Bank of Arkansas City.
13.March 5, 1910The Hays Free PressHays, KS
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Article Text
Depositors Get Dividend. Arkansas City.Receiver Jeffries of the Citizens and Farmers' State bank, which suspended business November 6, 1908, began the payment of dividend No. 5 to depositors of the instivition. The dividend amounts to 7 per cent of the deposits and Mr. Jeffries paid out between $8,000 and $10,000 in receiver's checks. Only 8 per cent of the deposits now remain unpaid. The bank failed because it could not realize on security given by the C. T. Wells Produce company.
14.October 15, 1910Tulsa Daily WorldTulsa, OK
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Article Text
HAD MANY CAUSES FOR ACTION. A Bank Receiver at Arkansas City Would Recover from Officers. Arkansas City Kan., Oct. 14.-Merritt Jeffries, receiver for the Citizens and Farmers State Bank, filed suit in the district court at Winfield today to recover $98,000 which he says the C. T. Wells Produce company owed the bank at the time it failed. C. Luther Brown, Thomas Baird and C. T. Thurston, directors of the bank, are made defendants in the suit. The petition probably is the largest ever filed in the district court of Cowley County. It sets forth twentyfour thousand causes of action in the case. A similar suit is to be filed by Mr. Jeffries's attorneys in the federal court at Kansas City against William A. Wilson and N. D. Sanders, former president and cashier of the bank.
15.October 28, 1910The Chanute TimesChanute, KS
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Article Text
Asks $98,000 From Directors. Arkansas City, Kan.-W. L. Cunningham. attorney for Merrill Jeffries, who is receiver for the Citizen's and Farmer's State bank of this city, filed in the district court at Winfield a civil suit against the local directors of the bank, G. Luther Brown, Thomas Baird. G. T. Bacastow and C. T. Thurston, for the recovery of $98,000, which amount was due the bank from the C. T. Wells produce company at the time the bank failed on November 6, 1908. In other words, that is the amount of C. T. Wells' indebtedness to the bank.
16.December 25, 1911The Topeka State JournalTopeka, KS
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Article Text
# BROWN FOUND NOT GUILTY.
Director of Defunct Kansas Bank
Cleared by Jury.
Winfield, Kan., Dec. 25.-G. Luther Brown, a director of the defunct Citizens' and Farmers' State bank of Arkansas, charged with illegal complicity in the failure of that institution, was acquitted by a jury in the district court here.
The case was brought by Merritt Jeffries, receiver for the defunct bank, to force payment of money due depositors. Two similar cases pending against W. A. Wilson and T. B. Sanders, also directors, are expected to come to trial soon.
KANSAS BANKER ACQUITTED. Winfield, Kan., Dec. 37.-G. Lother Brown. a director of the defunct Citizens' and Farmers' State bank of Arkansas City, charged with illegal complicity in the failure of that ink stitution, was acquitted by a jury in the district court here today. The case was brought by Merritt Jeffries. receiver for the defunct bank, to force payment of money due depositors. Two similar cases pendIng against W. A. Wilson and N. B. Sanders, also directors, are expected to come to trial soon.
18.February 16, 1912The Topeka State JournalTopeka, KS
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Article Text
THOSE PANIO CASES DISMISSED. Three Men Held Under Bond in Bank Case Released. Arkansas City, Kan., Feb. 16.-All criminal cases against W. A. Wilson and N. D. Sanders of Kansas City, Mo., and Thomas Baird and George T. Bacastow of Arkansas City, growing out of the failure of the Citizens' & Farmers' State bank here in 1909, were dismissed in the district court at Winfield today. The men were directors in the failed bank. The acquittal a few weeks ago of George Luther Brown, another director of the institution, tried on a charge similar to those against the four, was given by County Attorney Faulconer as a reason for the dismissal. Civil actions against all five men to recover $98,000, said to be due depositors of the bank, will be tried, according to the court officials.
19.October 15, 1912The Topeka State JournalTopeka, KS
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Article Text
Want Bank Case Settled. Arkansas City, Kan., Oct. 15.-The local A. H. T. A., at a meeting held here adopted a resolution petitioning the attorney general of the state to take a hand in the old bank matter and to inquire the cause of the delay in settling up the business of this concern. The bank referred to is the Citizens' and Farmers' State bank, which closed its doors in the fall of 1908. The depositors have not yet been paid in full. The case has been in the courts ever since the bank closed. Merritt Jeffries, formerly an employee of the bank, is receiver.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
