First National Bank (Shelbyville, IN)

View Charter #1263 on SPMC View balance sheet

Episode Information

Episode UID
126301586
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12630 national
Charter Number
1263
Start Date
February 1, 1932*
Location
Shelbyville, Indiana (39.521, -85.777)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4cd456856a3c462c

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
85.8%
Date receivership started
1932-02-10
Date receivership terminated
1939-01-31
Share of assets assessed as good
45.1%
Share of assets assessed as doubtful
51.0%
Share of assets assessed as worthless
3.9%

Description

The bank closed due to heavy withdrawals and was placed in receivership.

Events (6)
1. June 10, 1865 Chartered
Source
historical_nic
2. February 1, 1932* Run
Cause Details
Systematic heavy withdrawals over a period of time.
Newspaper Excerpt
tematic heavy period and possibility collecting notes from solvent the for action the directors closed
Source
newspapers
3. February 3, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and inability to collect on notes from solvent debtors.
Newspaper Excerpt
First National Bank of Shelbyville Closes Its Doors... decided the institution's the hands the national banking
Source
newspapers
4. February 10, 1932 Receivership
Source
historical_nic
5. February 11, 1932 Receivership
Newspaper Excerpt
the bank examiner was here today take charge
Source
newspapers
6. January 2, 1935 Other
Newspaper Excerpt
Morton Lamb, receiver for the First National Bank of Shelbyville, which closed Feb. 3, 1932, announced that a 35 per cent dividend will be paid
Source
newspapers

Newspaper Articles (2)
1. February 11, 1932 The Hancock Democrat Greenfield, IN
Article from The Hancock Democrat, February 11, 1932

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Article Text

First National Bank of Shelbyville Closes Its Doors Declaring the business and depositors be paid in through the process directors the First tional Bank of this morndecided the institution's the hands the national banking the protecdepositors interests. tematic heavy period and possibility collecting notes from solvent the for action the directors closed the bank examiner was here today take charge and by the financial the and obligations would immediately. decision and claring their solvency, members board directors morning appealed the public the community attitude ward other financial institutions the county. pointed that institutions all solvent and in position continue depositors and debtors the extent doing in usual manner.

2. January 2, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 2, 1935

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Article Text

Bank to Pay $150,000 By United Press SHELBYVILLE, Jan. 2.-An encouraging outlook for 1935 is presented for Shelby County residents. Morton Lamb, receiver for the First National Bank of Shelbyville, which closed Feb. 3, 1932, announced that a 35 per cent dividend will be paid in a few weeks. Approximately $150,000 will be disbursed. The bank already has paid two dividends, totaling 45 per cent.