4735. Citizens Bank (Anderson, IN)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
October 31, 1931
Location
Anderson, Indiana (40.105, -85.680)

Metadata

Model
gpt-5-mini
Short Digest
906e2720aeaadd1e

Response Measures

None

Description

Newspapers describe a heavy run fueled by rumors in late October 1931 that led the Citizens Bank of Anderson to voluntarily suspend/close and turn its affairs over to state banking authorities; later references show receivership activity and asset disposition. Bank name contains no 'National' or 'Trust' designation; treated as a state/local bank. Dates approximated from article publication dates (Oct 31โ€“Nov 1931).

Events (4)

1. October 31, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Wide-circulating, unfounded rumors about the bank's condition prompted depositors to withdraw funds rapidly.
Measures
Bank directors chose to close the bank 'as protection' to avoid exposing depositors to risk of a heavy run; city withheld issuing paychecks to prevent congestion.
Newspaper Excerpt
Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank.
Source
newspapers
2. November 1, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Voluntary closure/suspension declared by bank officials in response to the heavy withdrawals caused by rumors; affairs turned over to State Banking (examiners/authorities).
Newspaper Excerpt
On the ensuing four days all deposits tax monies made the Anderson Banking Company, and the close business on Friday, October each local bank had exactly the same amount of county money according awards County Board Finance. ... the bank voluntarily suspended business and turned its affairs to the State Banking
Source
newspapers
3. November 5, 1931 Other
Newspaper Excerpt
Citizens Bank at Anderson Closes Its Doors ... The assets of the bank total about $4,000,000 A heavy run on the bank by depositors caused the closing of its doors The officials of the bank assure depositors that it will pay their claims in full
Source
newspapers
4. June 7, 1932 Receivership
Newspaper Excerpt
Milburn H. Kane vs. William Shelton, receiver. Citizens Bank appointed receiver to charge property operate same until further order court. ... Report of Citizens State Bank receiver approved.
Source
newspapers

Newspaper Articles (14)

Article from Anderson Daily Bulletin, August 29, 1925

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IntheCourts SUPERIOR COURT RECORD. Winters. Mercer and Brannum Lumber Company VS. Charles Friel et mechanic's lien. Plea filed by Citizens receiver Winters, Mercer and Brannum Lumber Company vs. Lee Long fellow et al. lien. Plea abatement filed by Citizens' bank, reciver. CIRCUIT COURT RECORD. Harvey E. Snyder VS. Eleanor Snyder, divorce. Finding for plaintiff for divorce from defendant. Court restores defendant's former name, Eleanor Greenfield. Mary Jones Paul Jones, divorce. Finding for plaintiff for divorce Court orders defendant pay $100 back support and $500 al imony Plaintiff's maiden name, Mary restored. Cecil Hall Kenneth M Hall, Motion filed by plainliff for allowance. Defendant orderto pay 10 per week beginning Aug. 29. Mabel P. Hamilton vs. Earl E. Hamilton divorce. Motion for allow. ance filed by plaintiff Defendant ordered to pay $20 on Sept. and $20 every two weeks thereafter unfurther notice. Blanche McNatt VS. Lawrence McNatt. divorce. By agreement defendant is ordered to pay $10 per week beginning Aug. 29. Clarence Hanshew vs. Myrtle A Hanshew, divorce. Court changes the custody of the child Virgil Han shew about twenty months old and awards the care and custody of said child to the defendant. Myrtle Hanshew. Court ordered plaintiff, Clarence Hanshew, to pay $4 per week. Westinghouse Electric and Manufacturing Company Union Traction Company receiver. Intervening petition of defendant. Dew. ey H. Compton, to have his claim and judgment allowed and given priority over other claims filed. Frank E. Meek Cora M Meek, divorce. Restraining order dissolv. ed and complaint dismissed.


Article from The Anderson Herald, October 15, 1927

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DEEDS RECORDED Cecil R. Rodecap to Ben Rodecap, ne section township 19, range $4,500 Citizens Bank, receiver, to School of Anderson, part lot Hazelwood add, 2,025 Buena E. Crouch to Nicholas Moneyhun, part lot 74, K. McCullough's addn., Ander2,500 John M. Tyner to Nancy Ethel Quear, lot 56, DeHor4th addn. 1,600 Charles Cather John E. Morris, section township range 800 School Township to Charles McCarty. pt section 10, township 19, range 340 Leroy Taylor to Hardy Mfg. Co., part lot Russell addn, Pendleton 200 Duley Knotts to William Steele, section 15, 22, range 166 Daugherty the and R. Company, lot Conner and Stephenson addn., Alexandria 100 Alfred N. Hodson to Lewis Hodson. pt. section 16, township 18, range William Day Graham, Iot 194 Lowmandale addn. William L. Day to Clarence A. Graham, Int 128 South Park addn. Anderson Catherine Ronsheim to Joseph Day. lot 44 Fair Grounds addn. Anderson Wade Donnelly Max Hillmer, lot 72, Edgewood


Article from The Anderson Herald, November 18, 1927

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DEEDS RECORDED Citizens Bank, receiver to Neel M. McCullough, trustee, lots 217, 222, Englewood add and Clotacl6, 17, 18 Edgewood Park add Anderson Ralph H. Julian to Forest Larmore lots 156, 157, 158 Danagh's add Anderson Robert W. Bailey to James W. Bailey part lot 41, Hillside add Anderson James W. Bailey to Robert W. Balley 82 nw 4, sec 26, twp 19, range 7, also pt 2, se 4, sec 27, twp 19 range 7 Hughes Curry Packing Company to Alta M. Wicks lot 102, Elmhurst add Anderson.


Article from Anderson Daily Bulletin, May 2, 1928

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NEW SUITS FILED CIRCUIT COURT. Citizens Bank, Lula Dobson. collect liability bank stock. $300 Bagot, Free and Pence. Citizens Bank. receiver. Ken neth Mitchell. collect liability bank stock, $2,500. Bagot, Free and Citizens vs. Ruby Mitchell collect liability bank stock. $500. Bagot. Free and Pence. Fred Wendlan Earl Young, damage, $600. Bagot, Free and Pence. SUPERIOR COURT Alton Reynolds Dolores Reynolds. divorce. George McCammon. Judge Salyer enforces the law, vote for him.


Article from The Anderson Herald, September 12, 1928

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George add., Anderson Charles B. Salyer to Albert Lane, lot 159 Irondale add., Anderson Samuel H. Gray to Nora J. Stinson, ne 4, sec 36, twp 17, range 8, 20 acres John Alldredge to Anna White, lots 29-30 Hillside add., Anderson Oliver C. Hiatt to Jefferson E. Clymer, lot 61 J. M. DeHority's 4th add., Elwood William H. Coffin to Samuel H. Gray, pt se 4, nw 4. sec 19, twp 19, range 8, 13 acres. Neel M. McCulough. trustee, to Chester A. Starr, lot 83 W. P. Harter's 1st add. Anderson Neel M. McCullough to Chester A. Starr. lot $3, W. P. Harter's 1st add. Anderson Citizens Bank, receiver. to


Article from The Anderson Herald, November 8, 1929

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Court House News Wave Laird, 120 West Third street, cashier at the municipal electric light and water offices was named defendant in two suits filed in circuit court as a result of an automobile accident that occurred on state road 9, near Maplewood cemetery, last August 31. Automobiles driven by Miss Laird and Almonte E. Williams, Marion, collided, damaging the Marion automobile and injuring Williams and his wife, Rachel Williams. Their infant child and Iva Campbell, also of Marion. were unhurt. Williams demands $125 for damages to his auto and $225 for personal injuries and Mrs. Williams seeks to recover $10,000 for personal injuries. H. F. Hardin, Marion, is attorney for the plaintiff. DIVORCE SUITS. Ellen Smith, Anderson. filed suit in superior court for divorce from Wilber C. Smith, garage employe, alleging he is quarrelsome and threatened to kill her. The parties were married December 20. 1905. and are the parents of three children. W. A. Fisher is attorney for the plaintiff, Valeria Robinett asks divorce from George Robinett, living near the Hughes-Curry Packing Company plant. in suit filed in superior court through Attorney W A. Fisher The plaintiff is minor and the suit was brought in her behalf by her mother, Jennie Tate GROSS IS SENTENCED' Joseph Gross entered plea of guilty in circuit court yesterday when arraigned on a charge of contributing to the delinquency of two young girls. He was fined $100 and costs and sentenced to six months in the county jail by Judge Carl F. Morrow. Frank Cavanaugh, 19. Chicago, and Edward Grant, 21, 404 West Second street, have been returned to Anderson from Watseka. III., and are now in the county jail to await trial for the alleged theft of an automobile belonging to Raburn Roberts, who lives at the Y. M. C. The car was stolen on the night of October 25 from Tenth and Lincoln streets. They drove first to White Pigeon, Mich. and from there went to Chicago in the stolen car. SUITS FILED Circuit Court Frohman M. Foster vs. Rosa McGurle: possession of real estate Rachel Williams VS. Wave Laird: damages for personal injuries; $10,000. Almonte E. Williams VS. Wave Laird: damages, $125. Powell & Dorste. Inc. ys. Orville C. Smith, Elzie Grinnell: foreclose lien. The Elwood Trust Co., executor of the estate of Joseph T. Jeffries, vs. Joseph E. Jeffries, et al: sell real estate. Superior Court Valeria Robinett, by her next friend. Jennie Tate. vs. George Robinett: divorce. Ellen Smith vs. Wilber C. Smith; divorce. William A. Feight vs. Stewart COURT MINUTES Circuit Court Walter W. Wright, administrator of the estate of Hester E. Chamberlain, V6. Mildred Chamberlain, et al; convey real estate. Cause submitted. Evidence heard. Walter W. Wright appointed commissioner to make deed and upon payment to convey same to Boyer & Boyer. Citizens Bank of Anderson vs. the Electrical Equipment and Service company account. Final report of receiver filed and approved. State of Indiana vs. Joe Gross; criminal assault. Motion by prosecuting attorney to dismiss cause filed. State of Indiana VS. John Gibson: possession of intoxicating liquor Motion by defendant to be dis- Superior Court Marie Howard VS. George W Howard: divorce. Defendant ordered to pay $10 per week as support. William A. Feight vs. Stewart Hensley; note. Alexandria Bank appointed receiver to take possession of all property Marie Unroe vs. Ray B. Unroe; answer of defendant filed. Cross complaint of defendant filed. Daisy Henry vs. Icen Henry; divorce. By agreement of defendant is ordered to pay $5 per week as support William O. Todd, et al, as Ulysses Todd, et al; partition of real estate. Alias summons ordered for Neve McCl tock, returnable December 10. Ellen Smith vs. Wilber C. Smith; divorce. Defendant restrained from interfering with plaintiff and from selling or encumbering any of his property pending suit. Charity Hobbs, by Elmer Lawson, vs. Jerry Hobbs: divorce. Motion of defendant to vacate order of allowance filed. Bertha Cook vs. Petrel Cook: divorce. AT blication for support pending suit filed.


Article from The Star Press, April 15, 1930

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SECOND will be ning Injuries Fatal to Young Farmer at Anderson. Anderson, Ind., April farmer, living near died this morning at o'clock St. John's Hospital here, from injuries suffered when he was struck by automobile driven Herschel of Newcastle, last Thursday. Keesling was ing along the road carrying his Samuel. struck. The died an hour after the cident. Coroner Earl Sells opened court inquiry into to place blame for the that lives. Ratcliff under Police Investigate Accident. State police are cident state Ingalls and Fortville, when with Indiana license No. skidded paveupset and burned. trace found three young men, have been from Indianapolis, who were the machine. Three persons, Mr. and Mrs. Harold Green. Anderson. passengers, and pilot, Kansas were slightly hurt when ship operated by Goss the south failed lift dead wheel chuck who bruised. from under the wreckage, pluckily stated that she ready make another trial at flying. Augusta wife Jasper home here She left the husband and Francis Tucker, died at John's illness two weeks. He left the widow and four Ella Loftus, 70, died at the home niece, Mrs. James Rushere. Sigler, dead at the home Virgil Sigler. chilGilbert 52, died at the home daughter, Mrs. Raymond Beeson. Two children survive. Illness attorney today caused the Citizens Bank receiver for the Bank against directors the bank damages aggregating to losses depositors. heavy road building machine the north bridge White River and fell into tearing away much that the bridge hurt. Business and professional men and employes store and industries luncheon clubs and also groups attending services sponsorship Orien Fifer the being held the Paramount Theater, Anderson ministers Good Friday the union Passion Week services be conducted three hours First Methodist Episcopal Church will speak there "Were You


Article from Anderson Daily Bulletin, July 8, 1930

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Court New SUPERIOR COURT Frankton Building and sociation Margaret Lloyd al, mortgage. filed making First Bank of Elwood party defendant D. Burton, et al, forecloseure. missed. Helen Manley vs. Gilbert ley, Notice ordered by lication for defendant, returnable Sept. Elizabeth Montgomery vs. lard Montgomery, divorce. ordered for defendant, turnable Sept. 18. Daisy Martin George Martin, divorce. Dismissed. Earl Haymer John W. Heath, Dismissed William B. Legg Daisy Legg, divorce. Motions for and sult money filed. Answer and filed. Marie Grumley William Grumley, divorce. Notice ordered publication for defendant, returnaSept. Philip Collier vs. Homer Cook, partition of real estate. Dismissed. Exparte Archie Hensley, age. Time for filing report extende July Davis Foundry Co. Forse ufacturing account. Dismissed CIRCUIT COURT RECORD. Farmers Trust Co. vs. Sara Frick, note and Finding for plaintiff against defend ant Sara Frick sum of 964.75 principal and interest fees; foreclosure mortgage. Finding for Anderson Loan its plaint against Sara Frick of principal and terest and $175 attorney fees; closure mortgage. Finding George Armstrong his complaint against Sara Frick sum of principal and interest and $150 fees: as follows: First, Anderson Loan second, Farmers Trust Co., third, George Armstrong. State of Indiana Francis Lee Moss, Lasley, degree burglary Defendants plead guilty second count of affidavit. Finding that defendants are guilty. Each fined $25 and in Indiana State farm period six months. Milburn H. Kane vs. William Shelton, receiver. Citizens Bank appointed receiver to charge property operate same until further order court. Westinghouse Electric Manufacturing Co. Union Traction Co. Indiana, Petition receiver relating to return of Munline the MunciePortland Traction Co. submitted. Order extending date return granted. Report of of assets receiver filed approved. Matter continued to July Hare Chevrolet Co. vs. Mikel tor Sales, note, $600. Amended complaint making Ora Mikels party filed. Anderson Jewelry Co. VS. Allen Rounder, al. replevin. Default defendants Charles Dyer Robert White, $10,000. Motion of defendant dismiss cause filed. Albert R. Lawson Lawson Homes, Inc., receiver. Receiver dered sell real estate Anna Berry and apply receipts procure release five acre tract from Bank. State of Indiana ex rel Irene Pearson Everett Gustin, paternity. Motion by defendant change of venue from county filed.


Article from The Anderson Herald, November 1, 1931

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BANK SITUATION UNDER CONTROL (Continued from Page One) Directors of the Citizens Bank are Arthur W. Brady, George E. Nichol, George H. Alexander, Charles E. Strout, Ernest N. Hill, F. E. Mustard, Neel McCullough, Frank C. Cline, Charles E. Bonser, Augustus T. Dye, Robert Dorste, Daniel Boland, Thomas McCullough, G. W. Whitledge, Edward H. Matthew Jacob Groble, C. Kuch, J. Wilson Barber and George W. Pierce. Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank. Conferences held during the night contemplated reopening the bank on Saturday, but the reports had gained such wide circulation that it was finally decided to close the bank rather than expose depositors to the risk of heavy run. Public Funds Protected The civil city of Anderson had $120,000 deposited at the Citizens Bank, in funds as follows: Municipal electric light plant, $70,000; Barrett law department $30,000; general fund, $20,000. City Controller Ira Davis, who is acting as mayor during the illness of Mayor J. H. Mellett, withheld issuance of city pay checks untill Monday to prevent further congestion at the Anderson Bank. The city is protected against loss by $536,000 personal bond against stockholders of the Citizens Bank. Madison county funds deposited at the Citizens Bank totaled $150,000, said Marcia H. Barton, county treasurer. County money is also protected by bond. J. Wesley Stewart, township trustee, said his office would be handicapped somewhat during the temporary closing of the bank, where he had between $8,000 and $9,000 on deposit. School teachers and bus drivers were paid yesterday by checks issued against township accounts in the Anderson Bank. ALEXANDRIA ACTION Notice Posted on One Bank-Other Meets All Demands. ALEXANDRIA, Ind., Oct. 31.-In the face of heavy withdrawals today the Alexandria Bank today posted notice of voluntary closure shortly before 3 p. m. State examiners will check the affairs and an announcement will be made when their work is finished. It was believed that depositors will be fully protected. Sam Phillips is president. The local situation is not critical and the Commercial Bank Trust Company, the other local bank, is meeting all of its requirements.


Article from The Hancock Democrat, November 5, 1931

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Citizens Bank at Anderson Closes Its Doors On Saturday last, the Citizens bank of Anderson. Ind., closed its doors. The assets of the bank total about $4,000,000 A heavy run on the bank by depositors caused the closing of its doors The officials of the bank assure depositors that it will pay their claims in full SUITS AND OVERCOATS REDUCED reduced to $19.50 25.00 reduced to 22.50 reduced 25.00 35.00 reduced 29.50 Cleaning. Relining and Alterations JUSTUS THE TAILOR Phone 619 Mr. and Mrs. J. M. Pogue returned to their home in this Saturday. after visiting their son. Barton Reese Pogue and family, at Upland.


Article from The Anderson Herald, November 8, 1931

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AGAINST BANKS Property Owners Caught In Closings Find Other Ways To Pay Their Taxes. FALSE RUMORS SPIKED Deposits of County Funds Made According to Finance Board Award. report last night at the office of Marcia H. Barton, county showed that has been entered on the county tax books, while approximately $200,000 in banks outof the of Anderson is yet to side city entered on the records. Checks which failed to clear through the Citizens Bank of Anderand the Citson, Bank Trust Company izens those closed Elwod before week totaled about their doors the treasurer said. Persons were notified wrote who their the taxes until yestertime for paying day of the treasurer's office Doors been closed last which Monday were opened yesterthe three closed day on could taken up. Almost banks ninety percent the checks deemed Taxpayers pressed appreciation because were penalized for going delinquent after Monday. Rumors Spiked False rumors concerning county statement issued Miss Barton last night. Deposits were made the Citizens Bank Anderson until and including Monday, October 26. On the ensuing four days all deposits tax monies made the Anderson Banking Company, and the close business on Friday, October each local bank had exactly the same amount of county money according awards County Board Finance. The treasurer said there $34,000 tax money ready to be deposited the Citizens Saturday morning. October 31, when the bank voluntarily suspended business and turned its affairs to the State Banking The only check written the on the CitiBank the week before closed was for Barton said.


Article from The Anderson Herald, November 15, 1931

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Anderson's Spirit Real It's an indomitable spirit that carries city through depressions and other unfortunate events to conditions better than those which previously prevailed. Anderson had boom. It was fine while lasted, but failed. But Anderson, unlike many cities in perof adversity, rose the occasion. Thanks to its citizens refused to quit the city emerged from the resulting condition build stronger than ever. That same courage quick action by persons who, fortunately, claim Anderson their home has reasserted itself the last two weeks. The closing of the Citizens Bank, voluntary bemisleading rumors, would have been calamity city where community spirit failed to exist The movement which was immediately begun organize new bank real demonstration of community Not only persons who were stockholders in the closed bank but scores others who never owned bank stock but who believed in Anderson responded. They have furnished the capital necessary for new bank to begin operations. Anderson has experienced its Community Chest its campaigns the to aid inemployed, has purchased Liberty Bonds liberally, quotas in Red Cross and knew campaigns to get together to replace bank which became the victim of conditions which prevail everywhere. much for the city's public The bank spirit. new organized on sound basis. will be opened than three weeks after the former bank suspended operations. There no in room Anderson for "knockers" after this demonstration splendid community spirit.


Article from Anderson Daily Bulletin, June 7, 1932

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COURT RECORD Anna Thomas Russell Thomas, divorce. Evidence heard in part. Floyd Childers vs. Wilma Childers, divorce. Complaint dismissed. Finding on cross-complaint that defendant entitled to divorce. Finding that defendant owner of household goods and plaintiff owner of automobile. Plaintiff ordered pay mortgage on household goods and $5 week support. Ralph McNew Cora McNew, divorce. Finding that plaintiff titled to divorce. CIRCUIT COURT RECORD Sears, Roebuck and Company VS. Narrel Ritchey, foreclose gage Sanford Keltner appointed receiver pending trial. Ethel McNew Raymond McNew, divorce. Answer in general defiled. Druley Jesse H. Melappointment guardian. Ans in general Corey Nicholas Messadamages, $20,000. Amended complaint filed. Hettrick Manufacturing Co. Anderson Tent and Awning count, $325. Finding for plaintiff in $286. Peerless Foundry Co. George Hopkinson, account, demand $100. Finding for plaintiff sum of $90. Citizens State Bank Miriam Romine note, Plea abatement filed by Miriam Romine. Ruth Hummer Wilbur Humdivorce. Dismissed. Theodore Morris Ellen Ressler damages. $5,000. in general denial filed. State of Indiana Joseph Rea. Judgment finding of jury entered. State of Indiana Jesse Wallace, Motion quash seccount indictment overruled. State Indiana V8. Harry Little, Dismissed. State of Indiana John Owens, keeping gambling place. Defendant pleads State Indiana Edwin Brick. keeping gambling place. Defend State of Indiana Charles Cus ter, keeping gambling pleads guilty. Zoe Martin Edith damages. $10,000. Cause venued to Del county. Sylvia Gilbert Edith May, dam$2,000. Cause venued to Delacounty. Mitchell Martin Edith damages. $2,000. Cause venued to county. Davis Harry Baldwin, junction. Motion dissolve temporestraining order sustained. Trust Joseph Man. ghelli, foreclosure mortgage, $2.300. Report of Citizens State Bank receiver approved. John Alldredge. Russell Showalter Joe Pine, possession property Finding that plaintiffs entitled and $30 damages. Elizabeth Eugene Lan divorce. Default of defendant.


Article from The Anderson Herald, June 7, 1932

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COURT MINUTES Circuit Court. Zoe Martin Edith May; damdemand Cause venued Sylvia Gilbert Edith May damdemand Cause venued Mitchell Martin Edith May; damages, demand $2,000. Cause venued to Delaware Ira Baldwin: complaint ing order Motion sustained to disorder Elwood Trust Co. vs. Joseph Manghelli; mand $2,300. Report of Citizens State Bank receiver John Russell Joe Finding that plaintiffs are entitled to posses$30 Elizabeth Eugene Landivorce. Ethel McNew: divorce. Answer in denial general Walter Druley Jesse H. Mellett: Answer in general denial filed. Annees Corey Nicholas Mesalna damages, $20,000. Amended complaint filed. Hettrick Manufacturing Co. VS AnTent demand Finding for plaintiff sum $286. Peerless Foundry George Hopkinson, account demand $100. Finding for plaintiff in sum Citizens State Miriam Romine demand in abatement filed by Miriam Romine. Ruth Hummer Wilbur Hummer, Cause Theodore Morris Ellen Ressler, damages, demand $5,000. Answer in general denial filed. State of Indiana Joseph