Farmers State Bank (Petersburg, NE)

Episode Information

Episode UID
76042371563
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7604237 routing
Routing Number
76-0423
Start Date
March 6, 1930
Location
Petersburg, Nebraska (41.853, -98.079)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f51baa973e394f39

Response Measures

None

Description

Receiver in place by 1930 and suits/judgments against stockholders indicate permanent failure/receivership.

Events (3)
1. March 6, 1930 Receivership
Newspaper Excerpt
Brownell, receiver for the Farmers State Bank of Petersburg the plaintiff ... The bank has been in the hands of the receiver for some time and the state purposes to hold the former directors to their pledge or guarantee.
Source
newspapers
2. December 15, 1932 Other
Newspaper Excerpt
Judgments Rendered in State Bank Cases ... judgments in the cases of the Bank Receiver against the stockholders of the Farmers State Bank of Petersburg ... The suits were brought under the provisions of the stockholders liability law, following the closing of the two banks.
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank held large amount of slow and doubtful notes (~$160,045) leading to insolvency and state banking department action.
Newspaper Excerpt
Brownell, receiver for the Farmers State Bank of Petersburg
Source
newspapers

Newspaper Articles (4)
1. March 6, 1930 Albion News Albion, NE
Article from Albion News, March 6, 1930

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Article Text

Directors of Failed Farmers Bank Petersburg Are Made the Defendants Suit was instituted in the district court for Boone county last Friday volving more than one hundred thousand dollars. Brownell, receiver for the Farmers State Bank of Petersburg the plaintiff and Barak, Edwin Evans, Henry Arp, Chas. Preusser, Martin Thorberg, B. Koenig, Juelson and Wm. Koch are the defendants. E. Perry of coln and Vail of Albion are the attorneys for the plaintiff, who actin his official capacity as bank ceiver. Prior to October 26, 1921, the defendants named in this case the principal owners, directors and chief managing officers of the Farmers State Bank of Petersburg. According to the petition filed by the plaintiff it was found that the bank held certain notes aggregating $160,banking partment considered slow and doubtful paper. The petition further sets forth that the directors of the bank, desiring to retain control of the institution, to repair the capital and maintain the bank going concern, tered an agreement with the state banking department wherein they guaranteed the notes held in question by the department. Since that agreement was entered into about $60,000 has been realized on the notes, leaving uncollected sum trifle in excess of $100,000. The bank has been in the hands of the receiver for some time and the state purposes to hold the former directors to their pledge or guarantee. The case one of the most important civil action ever instituted in the county, involving as it does SO large sum of money.

2. March 14, 1930 The Humphrey Democrat Humphrey, NE
Article from The Humphrey Democrat, March 14, 1930

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Article Text

R. 0. Brownell, Receiver, Files Suit For $100,000 Suit was instituted in the district court for Boone county last Friday involving more than one hundred thousand dollars. R. O. Brownell, receiver for the Farmers State Bank of Petersburg is the plaintiff and A. J. Barak, Edwin Evans, Henry Arp. Chas. Preusser, Martin Thorberg, J. B. Koenig, S. M. Juelson and Wm. N. Koch are the defendants. E. B. Perry of Lincoln and H. C. Vail of Albion are the attorneys for the plaintiff. who is acting in his official capacity as bank receiver. Prior to October 26, 1921, the defendants named in this case were the principal owners, directors and chief managing officers of the Farmers State Bank of Petersburg. According to the petition filed by the plaintiff it was found that the bank held certain notes aggregating $160,045.39, which the state banking department considered slow and doubtful paper. The petition further sets forth that the directors of the bank, desiring to retain control of the institution, to repair the capital and maintain the bank as a going concern, entered In agreement with the state banking department wherein they guaranteed the notes held in question by the department. Since that agreement was entered into about $60,000 has been realized on the notes, leaving uncollected a sum a trifle in excess of $100,000. The bank has been In the hands of the receiver for some time and the state proposes to hold the former directors to their pledge or guarantee. The case is one of the most important civit actions ever instituted in the county, involving as it does 80 large a sum of money.-Albion News. Allow mud stains to dry and brush carefully before any other treatment. Sometimes nothing else is needed. Or if the fabric is washable, use soap and water. On other fabrics, try sponging with wood alcohol, denatured alcohol, or plain water. Mud stains may be taken off black silks of firm weare by rubbing the spot with a cut raw potato. The thin film of starch left by the potato can be brushed off when dry. This treatment is not recommended for any other materials. It leaves a spot on any except black fabrics. I'd like to know how long distance telephone operators always know when I am taking a bath.

3. December 15, 1932 Albion News Albion, NE

Article Text

Judgments Rendered in State Bank Cases Judge Spear entered judgments this week in the cases of the Bank Receiver against the stockholders of the Farmers State Bank of Petersburg and of the Receiver versus the Citizens State Bank of Petersburg stockholders. The judgment in the Farmers State Bank was as follows: J. L. Levos, $500.; C. Koch $2,500; B. M. Koch, $985.76; Geo. Stokes, $424.76; George Evans, $500; Carl Nore, $500; Frances Markus, $1,000; Mary Leder, $2,000; John Mannlein, Sr., $5,222.59; Frank Liefield, $500. The judgments assessed in the case of the Citizens State Bank of Petersburg were: Ed. O'Shea, $2,600; Tom O'Shea, $1.400; Zaida O'Shea, $1,000; Etha O'Shea, $1,000; Frances O'Shea Jones, $2,600; Jean O'Shea Hennes, $700. The suits were brought under the provisions of the stockholders liability law, following the closing of the two banks.

4. June 7, 1934 The Albion Argus Albion, NE

Article Text

on the 11th day of 1933, in an action therein ing Numbered Equity, wherein The Union Central Life Insurance Company of Cincinnati, Ohio, corporation Complainant, and Frank Mary feld, Joe Leifeld, also known Joe H. Luikart, Receiver of the Farmers State Bank, Petersburg, Nebraska, John Doe, real name unknown, and Mrs. John Doe, real name known, are Respondents, Special Master appointed for such purpose by said decree, will sell public auction to the highest bidder for cash the County Court House of Boone Nebraska, in the City of Albion, Boone County, Nebraska, at usual place where sheriff's land are made said County, on the 23rd day of June, the hour of One o'clock the following real property scribed in the Bill of Complaint and decree in said cause, situated the County of Boone, State of Nebraska, to-wit: The North Half (N%) of Section Thirteen (13), Township Twenty-one (21), Range Seven (7) West, containing Three Hundred and Twenty (320) acres, to satisfy the liens described said decree as follows, to-wit: In favor of The Union Centra Life Insurance Company of cinnati, Ohio, corporation, the of with terest at seven percent (7%) annum from the 11th day August, 1933, and to satisfy sum of $73.24 costs and the cruing costs, all provided said decree and Order of Sale. HERMAN AYE, SPECIAL May 24-31, June 7-14-21