Farmers State Bank

1943 - Jan 21 - Lapaz Bank Taken Over By State Exchange, Culver

The assets and business of the Farmers State Bank of LaPaz have been purchased and taken over by the State Exchange Bank of Culver. The Culver institution will continue to operate the LaPaz offices as a branch. - - Bremen Enquirer

In February 1943, the Board of Directors approved purchase of the Farmers State Bank, LaPaz, Indiana, by the State Exchange Finance Company. Deposits were $11,400,000, and Loans of over five million.

1942 - Feb. 10 - Stockholders of Argos-Culver Banks Purchase Institution At LaPaz

The stockholders of The State Exchange Bank of Culver and Argos, Indiana, have contracted to purchase all of the stock of the Farmers State Bank of Lapaz, Indiana, which institution will be operated under the supervision of the present officers and directors of The State Exchange Bank, of Culver and Argos. The Farmers State Bank, of Lapaz, will be in charge of W. L. Johnson, the pres ent Cashier.

The culmination of this sale is the result of many years of friendly relationship which has existed" between the Lapaz and Culver- Argos banks, all of which, in the opinion of the directors of both institutions, will increase the ser vices which the Lapaz bank will be able to render to its many customers.

The Lapaz bank has had a very rapid growth within the past few years and at the present time has total resources of more than $600,-000.00. The Culver bank has total resources of approximately $4,400,000.00, which would make-the total combined resources of the Culver, Argos and Lapaz banks approximately $5,000,000.00.

A contract has already been let for the reconstruction of the present vault at Lapaz by adding all new safety deposit boxes and equipping the vault with a modern, six ton vault door, so that persons desiring to rent safety deposit boxes in Lapaz will be given the same protection a city bank is able to offer its customers.

As a result of the sale of the Lapaz bank, all of the present stockholders of the Lapaz bank are to be paid in full (at par with a premium), and at the same time, all frozen or impounded deposits are all to be paid in full immediately.

The Lapaz bank will continue to operate under the same policy it has successfully followed in the past, giving to its customers as much service as possible, all in keeping with the long established practice of both the LaPaz and the Culver-Argos banks.. - Citizen; Argos Reflector Feb. 11, 1943

1978 - Farmers State Bank opened their branch in Bremen

1982 - Sep 10, 1982 - Banks, plot merger in Culver, LaPaz

CULVER - The boards of directors of the State Exchange Bank of Culver and the Farmers State Bank, LaPaz, which are made np of the same Individuals, have authorized the managements of the two banks to pursue merger negotiations.... South Bend Tribune

1983 - June - Bank Purchase Eyed

Culver (UPI) The State Exchange Bank of Culver is considering, the purchase of its sister company, the State Exchange Finance Co , which has filed for Chapter 11 bankruptcy.

Allen Cummins, chairman of the bank, said the deal would include buying the finance company's subsidiary, the Farmers State Bank in Lapaz.

The proposal would be subject to approval by bankruptcy court, bank shareholders, and governmental regulatory agencies. - Thursday, June 2, 1983 Logansport Pharos-Tribune

Rex Figg was selected to head the finance company. -SOuth Bend Tribune -



Articles dealing with the Megrer process

1985 - Jan - 24 the State Exchange Bank and Farmers State Bake (ownded by State Exchnge Finance Company {SEFCO})ceased to eoist and became one as a result of a merger in an attempt to save them both - they became NorCen Bank / NorCen Financial Center.