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249 4 meeting of the Federal Reserve Board was held in the office of the ecieral .ieserve Board on :iednesday, March 21, 1928 at 5:00 p.m. PSENT: Governor Young Mr. Platt Mr. Hamlin Ir. James Mr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The Governor stated that the Board was to have held a hearing at 11:0n °'clock this morning at which representatives of the Farmers State 84111c: Genoa, liebraska had been requested to appear to show cause why the hIstitution shoulu not be required to surrender its stock in the Federal lieserve Bank of Kansas City and to forfeit all rights and privileges of 444118/ 111) in the Federal Reserve System. No one having appeared on behalf of the Farmers State Bank of Genoa, 17ebliaske at the time fixed for said hearing before the Federal Reserve Board, 414" the terms of Section 9 Of the Federal Reserve Act, or since that hour; 414 it ePPearinP to the Federal Reserve Board that the said Farmers State 14111k°f xenoa, Nebraska, has failed to comply with the provisions of Section 9°f the Federal Reserve Act in that it has failed to maintain with the Fed131'41 .cleerve Bank of Kansas City the reserve required by the Federal Reserve that in violation of the provisions of the Federal Reserve Act it 448 kePt on deposit ,ith banks not members of the Federal Reserve System 1344111ces n excess of 10i; of its paid up capital and surplus; and in that 14 1131ation of the provisions of the Federal Reserve Act it has made new 4443 While the reserve balance it is required by the Federal Reserve Act t° teirltairi was deficient; 250 -2_ UPon motion duly made and seconded, the following resolution was unanimously adopted: "Whereas, it appears to the Federal Reserve Board, from a consideration of the evidence and information received by it that the Farmers State Bank of Genoa, Nebraska, has failed to (3111.1)1Y With the provisions of Section 9 of the Federal Reserve " in that it has failed to maintain with the Federal aeserve 41 l ank of Kansas City the reserve required by the Federal deserve '*ct; in that in violation of the provisions of the Federal He!erve Act it has kept on deposit with banks not members of the eedaral deserve System balances in excess of 10,, of its paid up caPltal and surplus; and in that in violation of the provisions °f the Federal deserve 2ict it has made new loans while the reserve oalance it is required by the Federal deserve Act to maintain was deficient; "Now, therefore, be it resolved, that the Federal deserve idoard rSquire and direct the Farmers State Bank of Genoa, Nebraska, 11cler the terms of Section 9 of the Federal deserve Act as amended, 60 surrender its stock in the Federal Reserve Bank of Kansas City _and to forfeit all rights and privileges of membership in the eoederal deserve System as of the date on which otice Of this action 4 the part of the Federal deserve Board is rev wed by the said bank," The meeting adjourned. at 5:15 P.Y Secretary.
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