4746. Peoples State Bank (Arcadia, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1918*
Location
Arcadia, Indiana (40.176, -86.022)

Metadata

Model
gpt-5-mini
Short Digest
fdc487dac4ce5184

Response Measures

None

Description

The People's State Bank of Arcadia was shut by the state banking department following a run that occurred when the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent. The bank went into receivership and paid dividends over several years; it did not reopen. Dates of failure are not explicitly given in the clippings; articles (1921–1922) reference closure 'several years ago' or 'three years ago', so the failure likely occurred circa 1918.

Events (6)
1. January 1, 1918* Run
Cause
Local Banks
Cause Details
A run occurred contemporaneously with declarations of insolvency at the Farmers' Bank of Chicago and the Hamilton County Trust Company, prompting depositor withdrawals at Peoples State Bank.
Measures
Bank was closed by the state banking department and placed in receivership.
Newspaper Excerpt
The bank failed when a run was made on it at the time the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent.
Source
newspapers
2. January 1, 1918* Suspension
Cause
Government Action
Cause Details
Closed by the state banking department following the run and related insolvencies of other banks.
Newspaper Excerpt
which was closed by the state banking department several years ago along with three other banks in Hamilton county
Source
newspapers
3. January 20, 1921 Receivership
Newspaper Excerpt
The Circuit Court has granted the request of Guy Booth, as receiver, to declare a 10 per cent dividend among the stockholders and depositors of the defunct People's State Bank of Arcadia, which was closed by the Auditor of State three years ago.
Source
newspapers
4. August 10, 1921 Receivership
Newspaper Excerpt
Guy Booth receiver, was allowed $4,330. Mr. Booth notified the court that he expected to pay 8 5 or 7 per cent dividend within the next few days. after which he would file his final report and asked to be discharged. The receiver has already paid 83 per cent in dividends.
Source
newspapers
5. February 28, 1922 Receivership
Newspaper Excerpt
final reports by receivers of the People's State bank of Arcadia. which was closed by the state banking department several years ago along with three other banks in Hamilton county, was filed in court Tuesday and approved.
Source
newspapers
6. November 27, 1922 Receivership
Newspaper Excerpt
Creditors of the defunct People's State Bank of Arcadia will receive a further dividend of eleven cents, according to the final report of Guy Booth, receiver... This makes the final dividend of the bank ninety-three cents on the dollar.
Source
newspapers

Newspaper Articles (4)
1. January 20, 1921 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, January 20, 1921

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Article Text

ARDEN BANK' DIVIDENDS PAID. NOBLESVILLE, Ind., Jan. 20.-The Circuit Court has granted the request of Guy Booth, as receiver, to declare a 10 per cent dividend among the stockholders and depositors of the defunct People's State Bank of Arcadia, which was closed by the Auditor of State three years ago. When the stockholders and depositors received this 10 per cent dividend they will have been paid 83 per cent.

2. August 10, 1921 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, August 10, 1921

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Article Text

Right Here I BANK RECEIVER MAKES REPORT Arcadia Institution to Pay Another Dividend. Special to The Times. NOBLESVILLE, Ind., Aug. 10.-In the Circuit Court Tuesday Judge E. E. Cloe allowed Lewis A. Coleman of Indianapolis and Neal & Noal of this city fees to the amount of $3,850 for services as attorneys in the receivership of the Peoples State Bank at Arcadia. Guy Booth receiver, was allowed $4,330. Mr. Booth notified the court that he expected to pay 8 5 or 7 per cent dividend within the next few days. after which he would file his final report and asked to be discharged. The receiver has already paid 83 per cent in dividends. This will be the best showing of any of the four banks which have failed in Hamilton County four years ago.

3. March 1, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, March 1, 1922

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Article Text

Defunct Bank's Stockholders Receive 93 Percent on Stock NOBLESVILLE, Ind., Feb. 28.A final.reports by receivers of the People's State bank of Arcadia. which was closed by the state banking department several years ago along with three other banks in Hamilton county, was filed in court Tuesday and approved.

4. November 27, 1922 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 27, 1922

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Article Text

ARCADIA BANK PAYS 93 CENTS ON THE DOLLAR B Times Special NOBLESVILLE, Ind., Nov. 27.Creditors of the defunct People's State Bank of Arcadia will receive a further dividend of eleven. cents, according to the final report of Guy Booth, receiver, made to Judge Fred Hines in the Hamilton Circuit Court. This makes the final dividend of the bank ninety-three cents on the dollar. The bank failed when a run was made on it at the time the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent.