Articles state the Citizens National Bank of Brazil failed to reopen after the banking holiday (spring 1933) and remained closed under a receiver. Officers were convicted of abstraction of funds. No article describes a depositor run; the closure appears tied to the banking holiday and subsequent insolvency/asset problems and receiver appointment.
Events (5)
1.March 30, 1907Chartered
Source
historical_nic
2.October 2, 1933Receivership
Source
historical_nic
3.January 6, 1934Other
Newspaper Excerpt
John F. Brown and William J. Snyder, president and vice-president of the Citizens National bank of Brazil, ... were found guilty ... of abstraction of funds. ... The bank receiver charged disappearance of $10,500 in road bonds reported to have been included among the bank's assets previously.
Source
newspapers
4.October 3, 1934Receivership
Newspaper Excerpt
J. Harold Bassett ... will also remain as receiver for the Citizens National Bank of Brazil. The local bank has paid depositors 78 per cent in dividends under Mr. Bassett's jurisdiction.
Source
newspapers
5.*Suspension
Cause
Government Action
Cause Details
Failed to reopen after the banking holiday (spring banking holiday closures in 1933); bank remained closed thereafter
Newspaper Excerpt
The bank failed to reopen after the banking holiday last spring
Source
newspapers
Newspaper Articles (4)
1.January 6, 1934The Indianapolis TimesIndianapolis, IN
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Article Text
FINDS BRAZIL BANKERS GUILTY IN BOND CASE John Brown and William Snyder to Be Sentenced Jan. 13. John F. Brown and William J. Snyder, president and vice-president of the Citizens National bank of Brazil, yesterday afternoon were found guilty by Federal Judge Robert C. Baltzell of abstraction of funds. Sentence will be imposed Jan. 13. The maximum penalty is five years in prison and $5,000 fine. The bank failed to reopen after the banking holiday last spring and the bank receiver charged disappearance of $10,500 in road bonds reported to have been included among the bank's assets previously.
2.October 3, 1934The Indianapolis TimesIndianapolis, IN
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Article Text
WILL REMAIN AS RECEIVER By United Press BRAZIL, IND., Oct. 3.-J. Harold Bassett, Lebanon, who was appointed receiver for the Citizens National Bank and Trust Company of Terre Haute Saturday, has been notified that he also will remain as receiver for the Citizens National Bank of Brazil. The local bank has paid depositors 78 per cent in dividends under Mr. Bassett's jurisdiction.
3.June 1, 1935The Indianapolis TimesIndianapolis, IN
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Article Text
Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.
4.June 1, 1935The Indianapolis TimesIndianapolis, IN
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Article Text
Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.
