Farmers Exchange Bank (Green Bay, WI)

Episode Information

Episode UID
79006171592
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7900617 routing
Routing Number
79-0061
Start Date
August 15, 1932
Location
Green Bay, Wisconsin (44.519, -88.020)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1520d9c593548e1b

Response Measures

None

Description

Holiday was a mayoral proclamation coordinated with state examiners; bank later completed reorganization and reopened.

Events (3)
1. August 15, 1932 Suspension
Cause
Government Action
Cause Details
Mayor's ten-day legal holiday (proclamation) authorized the bank to refuse business while state examiners worked on reorganization.
Newspaper Excerpt
Mayor John V. Diener today issued a proclamation declaring a ten-day holiday in Green Bay to prevent the closing of the Farmers' Exchange Bank.
Source
newspapers
2. August 16, 1932 Other
Newspaper Excerpt
The bank temporarily closed for reorganization Monday; session with examiner scheduled for tomorrow evening.
Source
newspapers
3. August 31, 1932 Reopening
Newspaper Excerpt
The Farmers' Exchange bank will be open for business tomorrow morning ... arrangements for the reopening were completed at a meeting of stockholders held last evening.
Source
newspapers

Newspaper Articles (10)
1. August 15, 1932 The Sheboygan Press Sheboygan, WI

Article Text

Bank Holiday Is Declared Green Bay, Wis. — (AP) — Mayor John V. Diener today issued a proclamation declaring a ten-day holiday in Green Bay to prevent the closing of the Farmers' Exchange Bank. The bank is technically in the hands of the State Department of Banking and during the ten day holiday a strong effort will be made to reorganize it and avoid another bank failure in the city, it was announced by C. L. Pitman, chief examiner for the State Department of Banking, who is here in charge of the reorganization. Pitman said that while the mayor's proclamation covers the entire city, in all probability only the Farmers' Exchange Bank will take advantage of it. While no definite plan of reorganization has been drafted as yet, Pitman indicated that it would be some form of deferred payment of deposits, such as has been worked out successfully elsewhere. For the present, the bank is not suspended. It will not be closed, Pitman said, but under the holiday proclamation it can legally refuse to do business and continue its status as a bank. The bank has deposits of approximately $1,200,000. It has capital stock amounting to $200,000 and surplus and undivided profits of approximately $59,000. Pitman said the bank is in difficulty primarily because of slow assets, which cannot be liquidated on demand, and because of a shrinkage in deposits. He added that while there has been a seepage of deposits for some time, there had been nothing, so far as he could see, even bordering on a "run." The bank was organized in 1903. The officers are J. Osterloh, president; Phil A. Haevers, vice president and A. L. Cannard, cashier.

2. August 15, 1932 The Oshkosh Northwestern Oshkosh, WI

Article Text

HOLIDAY GREEN BAY Green Mayor John Diener today issued proclamation declaring holiday Green Bay prevent the closing the Farmers Exchange bank The bank technically in the hands of the department of and during the holiday strong effort will made reorganize and bank failure in the city was by examiner for the state of banking who here charge the While the covers the probability only the Farmers' Exchange bank take advantage of Pitsaid While definite plan of reorganization has yet. Pitman that would deferred of has worked out successfully For the the not suspended and will not closed but under the holiday proclamation can legally refuse do business and continue its status bank The bank deposits of ap. proximately has tal stock amounting to surplus undivided profits approximately The bank in difficulty. to Pitman primarily because slow assets which cannot liquidated demand, and shrinkage in posits. While there has been seepage of deposits for some time Pitman there had been nothing so far he could see even border ing on "run The bank organized in 1903 The officers are Osterloh president: Phil Haevers, president and Cannard cashier.

3. August 15, 1932 Wausau Daily Herald Wausau, WI

Article Text

Badger State News Gives Proclamation For Ten-Day Rest to Aid Green Bay Bank Bank to Try Reorganization During Holiday in Effort To Remain Open Green Bay, Aug Mayor John today issued proclamation declaring ten-day holiday to prevent the closing of the Farmers Ex bank bank is technically in the hands of state department of banking and during the ten day holiday strong effort will be made to and avoid another bank failure in the was announced by Pitman. chief ex aminer for the state department of banking, who here in charge of the Deferred Payment Plan Pitman the mayor's proclamation covers the entire city, in all probability only the Farmers' Exchange bank will take advantage While definite plan of re-organization has as yet Pitman that would form payment deposits, such as has been worked out For the present, the bank is not suspended. will not be closed. Pitman said, but the holiday can legally refuse to do business and its status as No Run Indicated The approxiIt has capital to $200,000 and surplus and profits $59,000. Pitman said the bank difficulty not be on demand, and of in deposits He added that while there has been seepage for time, there so far as he could even bordering on The bank organized in 1903 The officers Osterloh, president: Phil A. Haevers. president and A. L. Cannard, cashier

4. August 15, 1932 The Post-Crescent Appleton, WI

Article Text

In Green Bay to Safeguard Bank Efforts Made to Reorganize Farmers' Exchange Period Green John Diener today issued proclamation declaring 10-day holiday in Green Bay to prevent the closing of the Farmers' Exchange bank. The bank technically in the hands of the state department of banking and during the 10-day holiday strong effort will be made reorganize and avoid another bank failure the city, announced by Pitman, chief examiner the of banking, here in charge the reorganization. While the mayor's proclamation cover the entire city, all probability only the Farmers' Exchange bank will take advantage of it Pitsaid. While no definite plan of re-organization been drafted Pitman indicated that it would form deferred payment of deposits, such has been worked elsewhere. present, the bank not suspended, will not closed but under the holiday can gally refuse business continue its status bank. The bank deposits of has stock amounting surplus undivided profits approximately $59,000. bank difficulty, according Pitman, primarily because slow assets, which cannot liquidated on mand, because shrinkage deposits. While there has been seepage deposits for some time, Pitman said, there been far he could see even bordering The bank organized in 1903. The officers are Osterloh, president; Phil Haevers, vice president, and Cannard, cashier. 32 Piece Sets of China at Tues. See 16. page

5. August 16, 1932 Green Bay Press-Gazette Green Bay, WI

Article Text

FARMERS' BANK Session With Examiner Scheduled for Tomorrow Evening. Stockholders of the Farmers' Exchange bank will meet in the bank evening o'clock to hear plans for reorganization discussed Pitman, chief examiner for the state nounced this Attendance will limited and the session will be closed said The bank temporarily closed for reorganization Monday. Mr. unable to state whether will possible definite the at this time, amount They be advised of has been made. according the chief examiner, largely examiners from department the bank force. are assisting in the compilation the required Public reaction to the bank's sus. pension business under ten day proclaimed by Mayor Diener has been moderate, and any seemed to have disep peared today Other banks did only their volume business, nothing resembling any time.

6. August 16, 1932 Leader-Telegram Eau Claire, WI

Article Text

AID PROMISED CLOSED BANKS IN MILWAUKEE Governor Agrees with County Plan for Assistance (By Associated Press) MADISON, Wis., Aug. nor LaFollette's office today notified George BowDistrict Attorney of Milwaukee county, that the man, will co-operate with him in state the affairs of all Milwauclearing up kee banks that have closed or clared moratoriums. Bowman submitted to the chief executive plan whereby the banks involved, of which there are about dozen, would be taken one at time and submitted to investigation action of the through co-operative state and the district attorney's office with the view of reopening them where possible and liquidating where necessary. Governor Backs Move Governor LaFollette replied to Bowman by letter, in which he said: attorney general's office and the state banking commission will both work in co-operation with you in order that the depositors may have knowledge and clear understanding of the situation of the banks in which they have put their money. Further than this, believe that such co-operation will eliminate much extra expense which would otherwise taxpayers in Milwaukee fall upon county in the costs of duplicate auto get at the same set of facts. appreciate your presenting this careful outline of your policy and agree with you that the duty of governmental agencies is not to harass honest individuals who have been involved in financial difficulties result of circumstances arising out the depression, over which they have no control and who are willing to co-operate fully with the authorities for the benefit of depositors. also agree fully with your policy prosecuting to the fullest extent of the law, those who have been guilty dishonesty and have attempted to evade their share of the responsibilities that are attached to their positions. "In the continuation of your polassure that you will have the full support and co-operation of state government." Bowman came to Madison yesterday to confer with the governor. who was resting over the weekend preparatory to resuming his campaign for re-election. Bank Holiday Declared GREEN BAY. Aug. John V. Diener today issued proclamation declaring ten-day holiday in Green Bay to prevent the closing of the Farmers' Exchange Bank. The bank technically in the hands of the state department of banking and during the ten day holeffort will be made to iday strong reorganize and avoid another bank failure in the city, it was announced Pitman, chief examiner for the state department of banking, who here in charge of the tion. Pitman said that while the maycovers the entire city. in all probability only the Farmers' Exchange Bank will take advantage of it. While no definite plan of re-organization has been drafted Pitman indicated that it would some form of deferred payment deposits, such as has been worked out successfully elsewhere. For the present, the bank not suspended. will not be closed, Pitman said, but under the holiday proclamation can legally refuse do business and continue its status as bank. The bank has deposits of approximately It has capital stock amounting to $200,000, and surplus and undivided profits of approximately Pitman said the bank in difficulty primarily because slow assets, which cannot be liquidated on demand, and because of shrinkage in deposits. He added that while there has been seepage deposits for some time, there had been nothing, so far as he could see, even bordering on "run". The bank was organized in 1903 The officers Osterloh, president; Phil Haevers vice president, and Cannard, cashier.

7. August 17, 1932 Green Bay Press-Gazette Green Bay, WI

Article Text

BANK TO MEET THIS EVENING There were developments the plans reorganization the Farmers' Exchange bank, which suspended business Monday morning ten-day holiday proclaimed Mayor John Diener Stockholders meet in the bank this evening which time Pitman, examiner for the department banking, will present facts the condidoubtful whether definplan can be prethis Tonight's meeting will be for was expected that might be forthcomtomorrow.

8. August 26, 1932 Green Bay Press-Gazette Green Bay, WI

Article Text

LEGAL HOLIDAY IS EXTENDED TO SEPT. FOR FARMERS' BANK DEPOSIT WAIVERS SIGNED; DELAY IS ASSESSMENT Officers Express Belief Bank Will Be Ready to Reopen by Monday. Since certain details required for the of the Farmers' Exchange reopening not the ten day which expired today Mayor John V. Diener until Belief expressed however, unless unforseen the bank will reopen Monday arises. The required percent covered waivers deposits last night, and today the proportion over percent, not slightly city's upon which counting banking department has not the The $55,000 deposit covered passed. this would mean an addiwaiver tional percent. The county's fund under waiver, voted yesterday by the finance committee of the county board. Proclamation Mayor Diener's proclamation, reads: John Diener, mayor of the city Green Bay. hereby extend the holiday for the city Green Bay the from Sept. the interest and for the benefit the people this This enextension the holiday declared 15, 1932." Pitman, chief examiner for the state banking department. stated the delay connection with collection the 100 percent stock assessment, but stated no details. He expressed the hope that the matter would be cleared up today. that case, the bank all probability would reopen Monday morning. large number of persons visited the bank this morning. curious to what action would be taken upon the close mayor's ten-day notice the extension was tor posted the and, after his sultory discussion, the spectators dispersed. HITS BANKING Vigorous criticism the banking department was included made night by Dist. Atty. George speech stockholders the Hopkins Street State bank. had strong banking laws and administration during prosperBowman said, "but the present situation seems to be the policy the banking department to permit insolvent banks operate. contention that the banking department was created protect the public, and especially the depositors. that this department performing its functions when permits banks operate: when permits banks accept deposits although it canits old deposits? Depositors the closed Shorewood meeting last night, demanded that officers directors of the prosecuted. John Doe hearing the bank's affairs has been except for the Lochner, former president, now California. John Doe hearing into the closLiberty State bank Monday, Judge Hedding announced.

9. August 31, 1932 Green Bay Press-Gazette Green Bay, WI

Article Text

REORGANIZATION IS COMPLETED AT MEET HELD LAST EVENING Officers and Directors Are Expected to Be Announced Soon. The Farmers' Exchange bank will be open for business tomorrow morning, it was announced today, barring some totally unforeseen and unlikely eventuality. Arrangements for the reopening were completed at a meeting of stockholders held last evening in the North Side Community hall, whereby the 100 per cent stock assessment was settled to the satisfaction of the state banking department. Consent to delayed payment of deposits already had been secured from 80 per cent of the depositors, and there is nothing further in the way of reopening. No Officers Named No announcement has been made as to the election of officers of the reorganized bank, although it is expected that such an announcement will be forthcoming soon. The reorganization was largely effected by the efforts of stockholders' committee consisting of E. R. Fischer, A. B. Fontaine and E. N. Murphy. These men arranged for the collection of a voluntary 100 per cent assessment on stock, and establishment of a pool fund for paying the assessments of stockholders unable to pay their own. Depositors will receive 75 per cent of their money over a four-year period, with all classes of deposits on the same basis. The bank may pay off this sum sooner, if conditions warrant, and businessmen in need of ready cash may use their certificates as collateral for loans. Pitman Leaves City Slow and questionable assets have been removed from the bank and placed in a trust fund, from which additional dividends up to the final 25 per cent of deposits may be paid whenever the trustees deem proper. C. L. Pitman, chief examiner for the state banking department, who has been here with his staff since the bank suspended business two weeks ago Monday, left this afternoon for Madison, stating that his work here was finished. One or two men will remain to check up on routine detail. Today's action brings to a "happy ending" the story of how the city administration, the stockholders and the depositors aided the state banking department in averting a third bank closing in the city, with the hardship which inevitably would have resulted. Three weeks ago, the state examiners felt that shrinkage of the bank's assets had progressed to a point where to permit further withdrawals would be unwise. They did not wish to close the bank, and so, under a law passed by the last legislature, Mayor John V. Diener declared a ten-day "holiday". The bank thus could decline to do business and still retain its status as a bank. In the meantime, efforts were immediately launched toward a reorganization. Depositors Consented The state department prescribed two conditions for reopening; first, payment of a voluntary 100 per cent assessment by stockholders, and, second, consent by depositors to delayed payment of their deposits. Consent of the depositors was secured at a meeting a week ago Saturday night, coupled with repeated appeals through the press, and a personal canvass by the state men. Signing of waivers by holders of 81 per cent of the deposits automatically bound the other 19 per cent. When it seemed that some of the stockholders would be unable to pay their assessment, a group of businessmen offered to take up the stock of those failing to pay. However, the stockholders themselves, through their committee, took over this task, and announced last week that pledges had been secured for the full amount. Before permitting reopening, however, the state men had to be assured that the pledges would be promptly paid. Checking of personal statements and collateral required some time, and Mayor Diener extended the holiday for five days, to expire at 9 a. m. tomorrow. Final arrangements were made at last night's meeting. MADISON BANK MORATORIUMS MADISON, Wis.—(U.P.)—The Security State Bank, with deposits of $600,000, today entered a 10-day period of suspended business, during which the state banking department will work out a plan of stabilization for the institution. The moratorium was authorized by Mayor A. G. Schmedeman at request of the bank's directors who explained that because of unemployment in the community a moderate shrinkage of deposits and increase of withdrawals had been experienced. The bank's problem is merely a result of economic depression, counsel for the bank said. The bank's directors recently were granted a request for a $100,000 loan from the Reconstruction Finance corporation, but decided not to accept the money, they explained. Thomas E. Coleman is president of the bank; L. L. Lunenschloss and Alfred Peterson, vice presidents; T. L. Herried, son of the acting commissioner of banking, cashier; and Otis Simley, assistant cashier. HOLIDAY IS DECLARED MADISON, Wis.—(AP)—The State bank of Mauston has declared a legal holiday to protect its depositors, the state banking department announced today.

10. March 3, 1933 Green Bay Press-Gazette Green Bay, WI

Article Text

Two Local Institutions Continue to Pay Out Limited Amounts. HOLIDAY UNPOPULAR Local Bankers Declare There Was No Need for Suspension In Green Bay. At this afternoon. two Green Bay banks transacting business partial basis, pending receipt definite advice the ordered morning proclamation Acting Governor Thomas during which all banks and trust companies Wisconsin directed to suspend business midnight March 16 other three had suspended all activities except the making of change and permitting customers access deposit The National was paying up five percent of checking and was cepting subject The Peoples and Trust paying "limited its officers depending and cashing checks for regular customThis does savings business Limited to Making Change The Bank Bay limited its activities making and servsafety customers, after of word that Attorney General Finnegan ruled that closing The bank had limited payments for but them The West Side State bank suspendbusiness all Marstated that the torney general's opinion seemed require that it would even cease making change. The Farmers' Exchange bank was making change keeping safety deposit vault according to word this afternoon. All confirmaof the attorney general's ruling all state and must and remain closed during the holiday from his office told the o'clock this morning. that his opinion that all banks remain closed during the two-weeks' holiuntil the moratorium had been lifted by the governor. word had been received here that the had given an opinion Richard Powell president of the First National that the banks could not kept closed they desired to open. When asked about this opinion. the said: Changed First Opinion changed my mind about this after consulting the statutes and conferring state officials That opinion to Mr. Powell, given unofficial my official opinion the banks must close and closed until the order is lifted by the proper receipt the unofficial opinion the from three banks, the National CONTINUED ON PAGE COLUMN