Farmers & Traders Bank (Porterfield, WI)

Episode Information

Episode UID
79098171618
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7909817 routing
Routing Number
79-0981
Start Date
October 15, 1934
Location
Porterfield, Wisconsin (45.154, -87.795)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
067e2e0d87a48a8b

Response Measures

None

Events (1)
1. October 15, 1934 Suspension
Cause
Government Action
Cause Details
State banking commission decided the town was too small to support the bank and ordered it closed and liquidated; FDIC to pay depositors
Newspaper Excerpt
But this week's scene at Porterfield was no run. It meant only, explains the state banking commission, that the town was too small to support a bank, that the commission had, therefore, decided to close it and liquidate it, and ... the Federal Deposit Insurance corporation was ready to pay all depositors in full
Source
newspapers

Newspaper Articles (8)
1. October 18, 1934 West Bend Pilot West Bend, WI

Article Text

No Bank This In front of the Farmers and Traders Bank in Marinette county's unincorporated village of Porterfield Monday small crowd gathered. The doors opened. Depositors went in, withdrew all their Two years ago this would have represented "run" on the bank, would have been merely one of the many that helped hurry the banking holidays of March. 1933. But this week's scene at Porterfield was no "run." meant only, explains the state banking that the town was tob small to support bank, that the had, therefore, decided to close and liquidate and, of most importance to depositors, that the Federal Deposit Insurance corporation was ready to pay all depositors in full, since no deposit over So the depositors now have their money, the FDIC. which will suffer no hardship by waiting, will have first claim the assets the bank, and the assets will be liquidated leisure that may be saved if possible for the stockholders.

2. October 18, 1934 The Reporter Horicon, WI

Article Text

NO BANK "RUN," THIS In front of the Farmers and TradBank in county's unvillage of Porterfield Monday small gathered. doors Depositors went all their Two years ago this would have "run" on the bank, would have been merely one of many that helped hurry the banking holidays of March, 1933. But this scene at Porterfield no meant only, explains the state banking that the town was too small to support bank, that the commission had, therefore, decided to close it and liquidate it, and of most importance to depositors, that Federal Deposit Insurwas ready pay all depositors in full, since no deposit over $5,000. So, the depositors now have their money, the which suffer hardship by waiting, will have first claim on the assets of the bank, and the assets will be liquidated leisure so that something may saved, if possible, for the stockhold-

3. October 18, 1934 The Waupun Leader-News Waupun, WI

Article Text

No Bank "Run," This In front of the Farmers and Traders Bank in Marinette county's unincorporated village of Porterfield on Monday a small crowd gathered. The doors opened. Depositors went in, withdrew all their money—$50,000. Two years ago this would have represented a "run" on the bank, would have been merely one of many that helped hurry the banking holidays of March, 1933. But this week's scene at Porterfield was no "run." It meant only, explains the state banking commission, that the town was too small to support a bank, that the commission had, therefore, decided to close it and liquidate it, and, of most importance to depositors, that the Federal Deposit Insurance corporation was ready to pay all depositors in full, since no deposit was over $5,000. So, the depositors now have their money, the F. D. I. C., which will suffer no hardship by waiting, will have first claim on the assets of the bank, PAID ADVERTISEMENT Authorized, published, and to be paid for at $1.98 by Paul A. Hemmy, Jr., 188 N. Main St., Juneau, Wis.

4. October 18, 1934 The Stoughton Courier Stoughton, WI

Article Text

Marinette — Frederick E. Lueke, former cashier and director of the Porterfield Farmers and Traders Bank, will be taken to Waupun prison Friday to start serving a one to three year sentence on forgery charges. He was sentenced by Circuit Judge Harold F. Murphy to one year each on six other counts of forgery in addition to the one to three year sentence. The terms will run concurrently. Bank officials said Lueke's offenses had nothing to do with the closing of the bank which this week was liquidated by the Federal Deposit Insurance Corporation.

5. October 18, 1934 The Oshkosh Northwestern Oshkosh, WI

Article Text

FORMER CASHIER GOES TO WAUPUN Marinette, (U.P.) E. Lueke, and direcof the Porterfield Farmers and Traders bank, be taken to Waupun Friday ing one to sentence on charges He was by Circuit Judge Arnold Murphy to one year each on other of forgery addition the one to three year sentence The terms will run concurrently. Bank officials said Lueke's 01fenses had nothing do with the closing of the bank this was by the Federal De.

6. October 18, 1934 The Dunn County News Menomonie, WI

Article Text

State Capital News NO BANK "RUN," THIS In front of the Farmers and Traders Bank in Marinette county's unincorporated village of Porterfield on Monday a small crowd gathered. The doors opened. Depositors went in, withdrew all their money—$50,000. Two years ago this would have represented a "run" on the bank, would have been merely one of many that helped hurry the banking holidays of March, 1933. But this week's scene at Porterfield was no "run." It meant only, explains the state banking commission, that the town was too small to support a bank, that the commission had, therefore, decided to close it and liquidate it, and, of most importance to depositors, that the Federal Deposit Insurance corporation was ready to pay all depositors in full, since no deposit was over $5,000. So, the depositors now have their money, the F. D. I. C., which will suffer no hardship by waiting, will have first claim on the assets of the bank, and the assets will be liquidated at leisure so that something may be saved, if possible, for the stockholders. GUARANTEED MILK CHECKS? Just as Uncle Sam now insures your bank deposits, so the 1935 legislature will be asked to provide some sort of state guaranty to farmers against the possible failure of fluid milk distributors to pay for their milk. The department of agriculture and markets will advocate such a new law, Commissioner Fred Schultheiss revealed this week. Reason: "Many of the men who are trusted for the milk of our producers until late in the following month (after delivery) are not sufficiently responsible for such a line of credit." The department may also ask the legislature to extend the plan to safeguard the milk and cream checks of farmers who deliver their milk and cream to cheesefactories, creameries, condenseries, and ice cream factories. Milk check insurance was recently proposed for the first time by a group of farmers who are now organizing a mutual insurance company to sell such insurance to other farmers. JOB-LOSERS' ROUND "The state treasurer has no discretion to remove for political reasons permanent officers protected by civil service." Thus spoke the state supreme court last week in the case of a La Crosse's Earl O. Nelson, deputy state oil inspector discharged a year ago by State Treasurer Robert K. Henry. But husky-voiced, neat, diminutive Treasurer Henry refused to take the high court's declaration as a personal slap. Said he: "We will have no trouble proving that we had ample grounds for discharging each one of the inspectors . . ." Treasurer Henry referred both to

7. October 18, 1934 The Leader-Press Muscoda, WI

Article Text

15,000 CATTLE PER WEEK State officials are no longer apologizing in the least for the progress of the Bang's disease testing program. Last week alone more than 15,000 cattle were tested. At the state laboratory 2,000 test samples are being checked daily. Meanwhile, applications for the tests continue to come in rapidly. Late last week applications had come from more than 11,000 herd owners. Leading counties in number of applications were Portage, 1,178; Wood, 531; Douglas, 524; Rusk, 467; Waupaca, 434; and Marathon, 420. NO BANK "RUN," THIS In front of the Farmers and Traders Bank in Marinette county's unincorporated village of Porterfield on Monday a small crowd gathered. The doors opened. Depositors went in, withdrew all their money----$50,000. Two years ago, this would have represented a "run" on the bank, would have been merely one of many that helped hurry the banking holidays of March, 1933. But this week's scene at Porterfield was no "run." It meant only, explains the state banking commission, that the town was too small to support a bank, that the commission had, therefore, decided to close it and liquidate it, and, of most importance to depositors, that the Federal Deposit Insurance corporation was ready to pay all depositors in full, since no deposit

8. October 19, 1934 Iron County Miner Hurley, WI

Article Text

No Bank "Run," This In front of the Farmers and Traders Bank in Marinette county's unincorporated village of Porterfield on Monday a small crowd gathered. The doors opened. Depositors went in, withdrew all their money—$50,000. Two years ago this would have represented a "run" on the bank, would have been merely one of many that helped hurry the banking holidays of March, 1933. But this week's scene at Porterfield was no "run." It meant only, explains the state banking commission, that the town was too small to support a bank, that the commission had, therefore, decided to close it and liquidate it, and, of most importance to depositors, that the Federal Deposit Insurance corporation was ready to pay all depositors in full, since no deposit was over $5,000. So, the depositors now have their money, the F. D. I. C., which will suffer no hardship by waiting, will have first claim on the assets of the bank, and the assets will be liquidated at leisure so that something may be saved, if possible, for the stockholders. Guaranteed Milk Checks? Just as Uncle Sam now insures your bank deposits, so the 1935 legislature will be asked to provide some sort of state guaranty to farmers against the possible failure of fluid milk distributors to pay for their milk. The department of agriculture and markets will advocate such a new law, Commissioner Fred Schultheiss revealed this week. Reason: