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Jim stands uncorrected facts
in case of Farmers Bank, Cane Valley, KY


The Farmers Bank of Cane Valley was closed in 1910; the mystery of the 1925 check is solved, however, as 'Jim' reports, the bank was reorganized and reopened under the leadership of Mr. T.T. Tupman in 1919. CM readers will now await the next answers, including when the Farmers Bank ceased to exist after 1925; and the other two questions on everybody's minds as Cane Vally re-emerges as an important post between Columbia and Campbellsville: 1) When will the bank re-open next?, and 2) When will Cane Valley merge with Coburg? (or will they just grow and bump up against each other as Jamestown and Russell Springs have done?
About: Old Check from Farmers Bank, Cane Valley, Adair Co., KY

by "Jim"

I stand uncorrected in stating that the Farmers Bank of Cane Valley closed in the 1910, as noted in the "Hundred Years Ago" column of for February 16, 2010. That the Bank did indeed fold is evidenced by the following three articles, two from the News and one from the Berea (KY) Citizen newspaper"


September 28, 1910
Cane Valley Bank Closed
The Farmers Deposit Bank, which has been doing business at Cane Valley, this county, for three or four years, suspended payment last Saturday [Sept. 24th]. The bank has a heavy debt out, and on account of the scarcity of money, the Directors met and decided to temporarily suspend business until collection could be made.

November 3, 1910 (in the Berea Citizen, published at Berea, Ky.)
Frankfort.--Secretary of State [Ben L.] Bruner asked for a receiver for the Cane Valley Farmers' Bank, of Adair county. The bank has been closed for more than a month, and a receiver is wanted to wind up the affairs of the bank. The depositors will be paid in full. Overloaning was the causeof the bank's failure. Bruner has closed 12 banks since the first of the year.
(The Report of the condition of the Farmers Bank "doing business at Main Street, Cane Valley, Kentucky" as of June 30, 1910 appeared in the July 13, 1910 News. It noted the Bank's Resources and Liabilities each totaled slightly over $60,000, but the Resources column included "loans and discounts with one or more endorsers as surety" totaling $46,095.)November 23, 1910
Judge W.W. Jones, assignee of the defunct Cane Valley Bank, is making collections as rapidly as possible. Up to this date he has paid the depositors 37 per cent. It will take a little time to close up the business, but Judge Jones thinks now that he will be enabled to pay the concern out without assessing the stockholders.Not until 1919, nearly a decade later, was the bank reorganized and reopened with Mr. T.T. Tupman, one of the officers of the original Bank of Cane Valley, serving as President.


This story was posted on 2010-02-21 07:07:38
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