4869. Carroll County Loan & Trust Company (Delphi, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
July 24, 1928
Location
Delphi, Indiana (40.588, -86.675)

Metadata

Model
gpt-5-mini
Short Digest
5cd8da0b9ae003e0

Response Measures

None

Description

Articles (Jul 27-28, 1928) report several days of withdrawals/rumors that precipitated action by the Indiana deputy state banking commissioner who closed the bank for low cash reserve/overloans; a receiver was expected. Sequence: run → suspension by state examiner → likely permanent closure/receivership.

Events (3)
1. July 24, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Newspapers report various rumors caused heavy withdrawals over the previous three or four days.
Newspaper Excerpt
various rumors had caused a run on the bank the last three or four days.
Source
newspapers
2. July 27, 1928 Suspension
Cause
Government Action
Cause Details
Closed by order of deputy state banking commissioner/ state examiners after exam found low cash reserve and excessive loans.
Newspaper Excerpt
Doors of the Carroll County Loan and Trust Company at Delphi ... closed its doors this morning by order of the state bank examiners.
Source
newspapers
3. July 28, 1928 Receivership
Newspaper Excerpt
Sale of the trust company to the State Bank at Delphi had been under consideration, but Barr said today a receiver probably would be appointed.
Source
newspapers

Newspaper Articles (3)
1. July 27, 1928 The Monticello Journal Monticello, IN
Article from The Monticello Journal, July 27, 1928

Click image to open full size in new tab

Article Text

CARROLL CO. LOAN AND TRUST CLOSED Thought Depositors of Bank Will Be Paid in $25,000. The Carroll County Loan and Trust Company at Delphi, the newest of the four banks in that city, closed its doors this morning by order of the state bank examiners. Harry Reed is president and Yantis Wells, cashier of the bank. No statement was made by the officials as yet. The bank which was capitalized $25,000, is believed will pay out to the depositors although the stock holders may be losers to certain extent. Overloans is one of the reasons given for the failure. It was stated that various rumors had caused a run on the bank the last three or four days. An effort to effect a consolidation with some other bank in Delphi bad not been successful. The Carroll County Loan and Trust has been in operation about four or five years.

2. July 28, 1928 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, July 28, 1928

Click image to open full size in new tab

Article Text

CLOSE DELPHI BANK Low Cash Reserve Found by State Examiner. Doors of the Carroll County Loan and Trust Company, Delphi, were closed today by order of Thomas D. Barr, Deputy State Banking Commissioner. A low cash reserve discovered in the course of an examination by L. K. Billings, examiner, resulted in the closing. Loans were found to total $320,000, deposits $380,000 and surplus and profits but $10,000, Barr said. Sale of the trust company to the State Bank at Delphi had been under consideration, but Barr said today a receiver probably would be appointed. Officers of the institution were Yantis Wells, president; H. E. Reed, secretary treasurer, and W. M. Goslee, vice president.

3. July 28, 1928 The Indianapolis News Indianapolis, IN
Article from The Indianapolis News, July 28, 1928

Click image to open full size in new tab

Article Text

BANK CLOSED AT DELPHI Commissioner Issues Order After Examiner Reports Low Reserve. Doors of the Carroll County Loan and Trust of Delphi, were ordered closed Friday by Thomas D. Barr, deputy state banking commissioner, following a report the condition of the bank by K. Billings, bank examiner One of the reported causes for closing was low cash reserve, cording to Barr. The records show the bank had loans of posits of and surplus and profit account of $10,000 The bank was capitalized at Yantis Wells was president: W. M. Goslee, vice- president and H. E. Reed, secretary and treasurer. Indiana Utility Sales Made Sale by the Kokomo Water Works Company of $600,000 in per cent bonds not less than 88 per cent and $250,000 of per cent preferred stock at not less than 96 per cent. of par was authorized Friday afternoon by the public service commis-