gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c0cc17ed288d53c7
Response Measures
None
Events (2)
1.October 10, 1927Suspension
Cause
Government Action
Cause Details
Closed by the state superintendent of banks due to impaired capital and insolvency risk after assessment failed; statutory takeover for liquidation.
Newspaper Excerpt
The Farmers and Merchants Bank at Imperial was closed by me on October 10, 1927, in accordance with the Bank Act ...
Source
newspapers
2.October 19, 1927Receivership
Newspaper Excerpt
Frank V. Bordwell of Alameda has been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by W. C. Wood, state superintendent of banks.
Source
newspapers
Newspaper Articles (12)
1.October 17, 1927Imperial Valley PressEl Centro, CA
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Article Text
WOOD ISSUES STATEMENT ON CLOSING OF IMPERIAL BANK of repairing it. and in view of Following is a statement rethe frozen condition of the bank ceived by the Press this mornthat has continued over a period ing from Will C. Wood, state of years without appreciable imsuperintendent of banks, relaprovement, T was obliged under tive to his action in closing the the law to take over the bank Farmers and Merchants bank at and proceed toward liquidation Imperial last Monday: of the assets. "The Farmers and Merch"We shall liquidate as rapants Bank of Imperial was idly as possible and shall pav closed by me on October 10, the depositors and other cred1927, in accordance with the itors dividends from time to Bank Act which requires the time, the amount being dependsuperintendent of banks to take ent upon how much we can realpossession of the property and ize out of the assets. Until the business of any bank whenever receiver has had opportunity to he is satisfied that the capital make a careful analysis of the of any such bank is impaired or assets, it wi llbe impossible for that it is unsafe and inexpedient us to estimate what percentage to permit it to continue busiof the total deposits can be ness. paid." "The Farmers and Merchants Signed, WILL C. WOOD, Bank at Imperial was last ex"Supt. of Banks." amined by us on September 3, Inquiry conducted by the 1927. Before that date howPress among several Imperial businessmen shows that there ever, we had determined from is considerable dissatisfaction reports and conferences that the capital of the bank was impairamong them because the bank ed. Accordingly, on August 31, was permitted to open for a 1927 I levied an assessment of short period last Monday $50,000 on the stockholders of just sufficiently long to get deposits from merchants who the bank to repair the capital. had sums carried over from SatSubsequently one of the chief stockholders of the bank went furday. into voluntary bankruptey, makIn several cases, it is alleged, ing it apparent that the amount the bank's action in accepting necessary to make up the imthese deposits. seriously crippairment could not be raised. pled business by tying up funds In view of the large impairment which were to be used in payof capital and the improbability ing current debts.
2.October 19, 1927Imperial Valley PressEl Centro, CA
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Article Text
Imperial Bank Receiver Named Frank V. Bordwell of Alameda has been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by W. C. Wood, state superintndent of banks. The appointment was made yesterday afternoon by Superintendent Wood. It is expected that Bordwell will arrive in the valley about Friday morning to assume charge of the bank's affairs. At the bank this morning it was stated that while they have not as yet received official notice of the appointment, several dispatches from unofficial sources have been received, notifying them of the action. As soon as Bordwell arrives the task of cleaning up all of the banks business will begin. It is hoped that a sufficient amount of the bank's assests may be collected within the next 60 days to enable the receiver to declare a dividend.
3.October 19, 1927Imperial Valley PressEl Centro, CA
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Article Text
Imperial Bank Receiver Named
Frank V. Bordwell of Alameda been appointed receiver of the Farmers' and Merchants' Bank of Imperial, which was closed recently by Wood, state superintndent of banks. The appointment was made yesterday afternoon by Sup erintendent Wood expected that Bordwell will arrive in the valley about Friday morning to assume charge of the affairs. At the bank this was stated that while morning they have not yet received ficial notice of appointment, several dispatches from unofficial have been received, notifythem of action. As Bordwell arrives the soon task of cleaning up all the banks business will begin. It hoped that sufficient amount of the assests may be collected within the next 60 days to enable the receiver to declare dividend.
4.December 15, 1927Imperial Valley PressEl Centro, CA
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Article Text
Suit Filed By State Official A civil action was filed at the county clerk's office this morning by Will C. Wood as superintendent of state banks and trustee in charge of the liquidation of the Farmer's and Merchant's Bank of Imperial against J. W. Dearinger. The action is based on a promissory note in the amount of $1,292.35. It asks that property held on a mortgage by the plaintiff be turned over to a receiver. An order was later issued by Judge A. C. Finney naming D. V. Stewart as receiver of the property.
5.March 30, 1928Imperial Valley PressEl Centro, CA
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Article Text
RECEIVER MOVES OFFICE Frank V. Bordwell, deputy superintendant of the state banks and who is here as receiver in connection with the liquidation of the Farmer's and Merchant's bank of Imperial, has moved his headquarters from the bank building in Imperial to the Imperial Chamber of Commerce rooms in City hall. Anyone wishing to see the receiver beginning today is requested to call on him at the new quarters.
6.November 13, 1928Imperial Valley PressEl Centro, CA
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Article Text
Wood Files Suit Will C. Wood, as receiver for the Farmers' and Merchants' Bank of Imperial, filed suit in the superior court this morn-
7.November 30, 1928Imperial Valley PressEl Centro, CA
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Article Text
FOR SALE-A bargain, by receiver of Farmers & Merchants Bank of Imperial, 10 Charters incubators, 540 egg capacity, two No. 6 Buckeye Mammoth incubators, 2500 egg capacity, all as good as new. Address Frank V. Bordwell, city 30t6 hall, Imperial, California.
8.December 1, 1928Imperial Valley PressEl Centro, CA
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Article Text
FOR SALE-A bargain, by receiver of Farmers & Merchants Bank of Imperial, 10 Charters incubators, 540 egg capacity, two No. 6 Buckeye Mammoth incubators, 2500 egg capacity, all as good as new. Address Frank V. Bordwell, city 30t6 hall, Imperial, California.
9.March 25, 1929Imperial Valley PressEl Centro, CA
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Article Text
Farm And Home Loan Meeting A meeting of the Farm and Home Loan Legal Protective Association is called for 10 a. 111. Wednesday, March 27 at the court house to consider the matter of the proposed compromise with the receiver of the Farmers and Merchants Bank of Imperial. Something over $1,000 has been paid in on the compromise and considerably more is promised to come in soon. However, it is evident that some work will have to be done to obtain the full amount of $1,000. It is particularly urged that those who have not been attending the meetings, come in and look after their interests.
10.March 29, 1929Imperial Valley PressEl Centro, CA
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Article Text
Settlement In Bank Wrangle A compromise between the Farm and Home Legal Protective Association and the receiver of the Farmers and Merchants bank of Imperial, was effected at a meeting held at the court house recently. Some time ago stock was sold in an institution called the Farm and Home Association, and the Farmers and Merchants Bank of Imperial was organized to deal with the problem of intermediate credit.
11.November 28, 1930Imperial Valley PressEl Centro, CA
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Article Text
DISTRICT LOSES SUIT TO RETAIN IMPERIAL BONDS Judgment for Will C. Wood as superintendent of banks for the State of California against the Imperial Irrigation district for $51,062.50 was returned by Judge Vaughn Thompson Wednesday afternoon. Another judgment against the irrigation district in its suit against Albert A. Rosenshine, who succeeded Wood as superintendent of banks in charge of liquidation of the Farmers and Merchants Bank of Imperial, was returned in which the plaintiff district was given nothing and Rosenshine, defendant, directed to recover costs of the suit. Both cases grew out of the holding by the district of United States bonds valued at $51,062.50, given it as security on a deposit of $62,902.53 made in the Farmers and Merchants Bank of Imperial before that institution became insolvent. Wood entered suit against the district to recover the amount of the bonds. which had been called by the government subsequent to the closing of the bank, but before suit was filed. In its turn the district filed suit against Rosenshine, Wood's successor, to recover the rest of the money deposited in the bank before its close. The district asked a judgment of $10,392.79 against Rosenshine. It was the finding of Judge Thompson that the bonds held by the Imperial Valley Irrigation District were a part of the assets of the Imperial bank prior to its close. and that as such they should be returned to the receiver to be applied in the most useful manner in clearing up the bank's entanglements.
12.January 12, 1932Imperial Valley PressEl Centro, CA
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Article Text
PLAINTIFF GETS JUDGEMENT FROM HEAD OF BANKS Both Will C. Wood, superintendent of state banks in charge of liquidation of the Farmers and Merchants bank of Imperial, and B. E. Campbell, stockholder in that institution, were ignorant that an assessment levied by Wood against the stockholders was not valid. Judge A. C. Finney ruled today in returning judgment for $2515.87 in favor of Campbell and again Wood. The assessment was made on a pasis of $100 for every share after the bank went into the hands of a receiver in 1927. According to Judge Finney's findings, Wood believed he had the power to levy such an assessment, and Campbell believed he must pay it. Campbell's total assessment was $6000, of which he paid $2515.87. Later discovering the assessment to be invalid, Campbell brought suit against Wood, as superintendent of state banks. By the judgment rendered today Wood is directed to return to Campbell the amount paid on the invalid assessment.
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.
