4905. Citizens National Bank (Evansville, IN)

View Charter #2188 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2188
Charter Number
2188
Start Date
January 17, 1910
Location
Evansville, Indiana (37.975, -87.556)

Metadata

Model
gpt-5-mini
Short Digest
54bdf27faa3ad483

Response Measures

None

Description

The Citizens' National Bank suspended temporarily on Jan 17, 1910 pending investigation by a National Bank Examiner (government action). There were crowds of depositors but no reported destructive run; the bank was reorganized and reported likely to reopen within a week–10 days and did resume after arrangements and new capital. Later articles report losses (~$272,000) and indictments of the former president, but the bank was reorganized rather than put in receivership.

Events (3)
1. September 23, 1874 Chartered
Source
historical_nic
2. January 17, 1910 Suspension
Cause
Government Action
Cause Details
Temporarily suspended pending investigation by National Bank Examiner J. C. Johnson after discovery of many insecure/weak loans (individual large loans raised suspicion).
Newspaper Excerpt
Announcement today that the Citizens' National bank would suspend temporarily pending an investigation into its affairs by National Bank Examiner J. C. Johnson of Indianapolis.
Source
newspapers
3. January 21, 1910 Other
Newspaper Excerpt
Bank Will Be Reopened. ...the Citizens' National bank here, which has been closed several day will be reopened in a week or 10 days. ...no receiver will be named for the bank. Plans have been formulated to start the bank with new capital. The bank was immediately reorganized.
Source
newspapers

Newspaper Articles (21)
1. January 17, 1910 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 17, 1910

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Article Text

BIG BANK SUSPENDS. Pending an Investigation. by the National Examiner. Evansville, Ind., Jan. 17.-Announcement today that the Citizens' National bank would suspend temporarily pending an investigation into its affairs by National Bank Examiner J. C. Johnson, of Indianapolis, astonished thousands who had implicit confidence in the institution. The plain statement of the examiner made in the newspapers in advance of the hour of opening today served somewhat to allay alarm and there was no demonstration around the bank doors by depositors. The $1,400,000 of private money in the bank included large commercial deposits besides probably as many small accounts as any national bank in the city. Examiner Johnson said he was unprepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full. This same hope is offered in the brief notice posted by the examiner on the bank's doors. It is known that out of $1,202,000 outstanding in loans there is a considerable proportion in which the credit is weak. but just how much is a question. Individual loans in excess of $50,000 caused the first suspicion of the examiner. It is said that President S. P. Gillette has borrowed to that extent, but he has made over personal property to indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution.

2. January 17, 1910 Evening Star Washington, DC
Article from Evening Star, January 17, 1910

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Article Text

IN HANDS OF EXAMINER. Indianapolis Bank Suspends While Being Investigated. EVANSVILLE, Ind., January 17.-The Citizens' National Bank today suspended temporarily pending investigation into its affairs by National Bank Examiner J. C. Johnson of Indianapolis. Examiner Johnson said today that he was unprepared to give data on the condition of the bank, but he hoped that the depositors could be paid In full. This same hope was offered in the directors' notice posted on the bank doors. There was.no demonstration by depositors and apparently little excitement, though a large crowd gathered in front of the bank. Out of $1,202,000 outstanding in loans there is said to be a considerable proportion for which the security is weak. Individual loans in excess of $500,00 caused the first suspicion of the examiner. It is said that President S. P. Gillett has borrowed to that extent, but that he has made over personal property to indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution. The Citizens' Bank has total assets, according to its statement, of $1,900,000, a $200,000 capital stock and $67,000 surplus. Capt S. P. Gillett, president, has been connected with it since 1866, when it was a private bank. He has been president since 1883.

3. January 17, 1910 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 17, 1910

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Article Text

EVANSVILLE, IND., CITIZENS' BANK WILL SUSPEND Evansville, Ind., Jan. 17.-Announcement today that the Citizens' National bank would suspend temporarily pending an investigation in its affairs by National Bank Examiner J. C. Johnson of Indlanapolis, astonished thousands who had Implicit confidence in the institution. The plain statement of the examiner. made in the newspapers in advance of the hour of opening today, served somewhat to allay alarm and there was no demonstration around the bank doors by depositors. The $1,400,000 of private money in the bank included large commercial deposits besides probably as many small accounts as any national bank in the city. Examiner Johnson said he was unprepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full. This same hope is offered in the brief notice posted by the directors on the bank's doors. It is known out of the $1.202,000 outstanding in loans there is a considerable proportion in which the credit is weak but just how much is a question. Individual loans in excess of $50,000 caused the first suspicion of the examiner. It is said President S. P. Gillett has borrowed to that extent but he has made over personal property to Indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution.

4. January 17, 1910 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 17, 1910

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Article Text

INDIANA BANK GOES UNDER. Loans to the Amount of $1,200,000 Have But Weak SecuritiesDepositors Will Be Paid. Evansville, Ind., January 17.-The Citizens National bank, one of the largest in the city. suspended today, pending an investigation of its affairs by National Bank Examiner J. C. Johnson of Indianapolis. The examiner's statement made this morning allayed alarm somewhat and there was no demonstration. Johnson said he believed the depositors will be paid in full. Individual loans in excess of fifty thousand dollars caused the first suspicion of the examiner. It is said that considerable proportion of the twelve hundred thousand dollars outstanding in loans have weak securities. President Gillett is said to have made over personal property amounting to fifty thousand dollars to the bank. So far as known, there was nothing criminal in the management of the bank.

5. January 17, 1910 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 17, 1910

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FAILED BANK IS BESIEGED BY DEPOSITORS Evansville, Ind., Jan. 17.-Crowds of depositors today assembled in front of the Citizens' National bank, which has temporarily suspended pending an investigation by examiners. There are $1,400,000 deposits on the bank's books. The bank's total assets are $1,900,000, and capital and surplus $267,000.

6. January 17, 1910 The Ogden Standard Ogden, UT
Article from The Ogden Standard, January 17, 1910

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Article Text

FAILURE IS A SURPRISE Evansville, Ind., Bank Had Won Confidence of Thousands Evansville, Ind., Jan. 17.-Announcement today that the Citizens National bank would suspend temporarily, pending an Investigation into its atfairs by National Bank Examiner J. C. Johnson of Indianapolis, astonished thousands who had implicit confidence in the institution. The $1,400,000 of private money in the bank included large commercial deposits, besides probably as many small accounts as any national bank in the city. Examiner Johnson said he was un. prepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full

7. January 18, 1910 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 18, 1910

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Article Text

BANK CLOSES DOORS. Citizens National of Evansville Temporarity Suspends Pending Investigation. Evansville, Ind., Jan. 17-Crowds of depositors today assembled in front of the Citizens' National bank, which temporarily suspended pending an investigation by examiners. There are $1,400,000 deposits on the bank's books. The bank's total assets are $1,900,000. The capital and surplus is $267,000.

8. January 18, 1910 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, January 18, 1910

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Article Text

By Associated Press. Evansville, Ind., Jan. 17.-Announcement today that the Citizens National Bank would suspend temporarily, pending an investigation into its affairs by National Bank Examiner J. C. Johnson, of Indianapolis, came like a bolt out of a clear sky to the citizens of Evansville, who had implicit confidence in the institution and believed it one of the safest in the city, The plain statement of the examiner in the newspapers in advance of the hour of opening today served to allay considerable alarm and there was no demonstration around the bank doors by depositors, although a crowd, increasing in size as they day wore on, gathered around the building. The $1,114,000 private money in the bank included large commercial deposits, despite probably as many small accounts as any national bank in the city has. MAY BE PAID IN FULL. Examiner Johnson said today that he was unprepared to give data on the condition of the bank, but he hoped that conditions would be such that the depositors could be paid in full. This same hope is offered in the brief notice posted by the directors on the bank door. Until the more than $1,500,000 loans of the bank can be investigated, no definite statement of conditions will be forthcoming and the examiner says this may take a month. It is known that out of the $1,203,000 outstanding in loans there is a consider ble proportion in which the credit is weak, but just how much is a question. 1 Individual loans in excess of $50,000 caused a suspicion of the examiner. 1 It is said that President S. P. Gillett has borrowed to that extent, but he has made over personal property to indemnify the bank. So far as known, there is nothing criminal in the alleged mismanagement of the institution. The bank examiner reported on the

9. January 18, 1910 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 18, 1910

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Article Text

EVANSVILLE, Ind., Jan. 17.-Announcement today that the Citizens National bank would suspend temporarily pending an investigation into its affairs by National Bank Examiner C. Johnson of Indianapolis, astonished thousands who had implicit confidence in the institution. The statement of the examiner, made in the newspapers in advance of the hour of opening today, served somewhat to allay alarm and there was no demonsiration around the bank door by depositors. The $1,400,000 of private money in the bank included large commercial deposits besides probably as many small accounts Exas any National bank in the city. aminer Johnson said he was unprepared to

10. January 18, 1910 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 18, 1910

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Article Text

BANK'S SUSPENSION SURPRISE TO MANY Institution Closes at Evansville, Ind., but Depositors Expect to Be Paid in Full-Loans De. clared Weak EVANSVILLE, Ind., Jan. 17.-Announcement today that the Citizens' National bank would be suspended temporarily pending an investigation into the affairs by National Bank Inspector J. C. Johnson of Indianapolis, astonished thousands who had implicit confidence in the institution. Two plain statements of the examiner made in advance of the opening today, served somewhat to allay alarm and there. was no demonstration around the bank doors by depositors. The $1,400,000 or private money in the bank included large commercial deposits besides probably as many small accounts as any national bank in the city. Examiner Johnson said he was unprepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full. This same hope is offered in the brief notice posted by the directors on the bank doors. It is known that out of the $1,200,000 outstanding in loans there is a considerable proportion of credit that is weak, but just how much is a question. Individual loans in excess of $50,000 caused the first suspicion of the examiner. It is said that President S. C. Gillett has borrowed to that extent, but he has made over personal property to indemify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution.

11. January 22, 1910 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 22, 1910

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Bank Will Be Reopened. Evansville, Ind., January 21.-It is learned from a high authority tonight that the Citizens' National bank here, which has been closed several day will be reopened in a week or 10 days. It is generally understood that plans have been formulated to start the bank with new capital. It was definitely learned tonight that no receiver will be named for the bank. The capitalists who are said to be back of the deal to reorganize the bank are F. W. Cook of the Cook Brewing company and Allen Gray, one of the wealthiest men in this part of the state.

12. February 4, 1910 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, February 4, 1910

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Bank Likely Will Reopen. Evansville.-Deputy Controller of the Currency W. J. Fowler of Washington, D. C., spent the day interviewing directors and debtors of the suspended Citizens' National bank and the belief is strengthened that a resumption of the institution will result. Arrangements made to pay doubtful loans or to get better securities are reducing the losses. A satisfactory adjustment on loans of nearly $150,000 was effected with losses of only a few thousand dollars, and if this ratio holds good throughout it is said there is no question of resumption.

13. June 23, 1910 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 23, 1910

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EX-BANK PREST. GILLETTE PLACED UNDER ARREST Evansville, Ind., June 23.-Capt. S. P. Gillette, former president of the Citizens' National bank, which was suspended for two weeks in January, 1910. following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws. The indictment was PLturned by the federal grand jury at Indianapolis yesterday. Capt. Gillette gave $10,000 bond. He is 70 years old. He was graduated from the United States naval academy during the Civil war but retired from the navy 40 years ago. The losses of his bank were $272,000. The bank was immediately reorganized.

14. June 23, 1910 The Ogden Standard Ogden, UT
Article from The Ogden Standard, June 23, 1910

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DOWNFALL OF A MAN OF WEALTH Evansville, Ind., June 23.-Capt. S. P. Gillette, former president of the Citizens National bank, which was suspended for two weeks in January, 1910, following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws, The indictment was returned at Indianapolis yesterday. Capt Gillette gave $10,000 bond. He is 70 years old. He was graduated from the United States naval academy during the civil war, but retired from the navy forty years ago. The losses of his bank were $272,000 The bank was immediately re-organized.

15. June 24, 1910 New-York Tribune New York, NY
Article from New-York Tribune, June 24, 1910

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ARREST BANKER, $272,000 LOSS Captain S. P. Gillett, 70 Years Old, Naval Academy Graduate. Evansville, Ind.. June 23.-Captain S. P. Gillett, former president of the Citizens' National Bank which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested to-day on a federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

16. June 24, 1910 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, June 24, 1910

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GRAND JURORS INDICT FORMER BANK PRESIDENT EVANSVILLE, Ind., June 23.-Captain S. P. Gillette, a retired naval officer, former president of the Citizens National bank which was suspended for two weeks in January, 1910, following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws. The indictment was returned by the federal grand jury at Indianapolis yesterday, Captain Gillett gave $10,000 bond. He is 70 years old. The losses of his bank were $272,000. The bank was immediately reorganized.

17. June 28, 1910 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, June 28, 1910

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ARREST BANKER, $272,000 LOSS. Captain S. P. Gillett, Seventy Years Old, Naval Academy Graduate. Evansville, Ind.-Captain S. P. Gillett, former president of the Citizens' National Bank, which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested on a Federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

18. June 30, 1910 Orange County Observer Hillsborough, NC
Article from Orange County Observer, June 30, 1910

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ARREST BANKER, $272,000 LOSS Captain S. P. Gillett, Seventy Years Old, Naval Academy Graduate. Evansville, Ind.-Captain S. P. Gillett, former president of the Citizens' National Bank, which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested on a Federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

19. July 6, 1910 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, July 6, 1910

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# DOMESTIC. United States District Attorney Asa P. French has informed the soldiers at Fort Banks, Winthrop, Miss., that Sunday baseball playing must cease. Because his wife had determined to leave him, David Downes, at Springfield, Mo., shot and killed her and her mother, Mrs. Ivy Woodard, and then killed himself. As a result of an old grudge Boss Allen of Arlington, Ill., was probably fatally stabbed in a saloon fight. Ed and Nathan Cautson and Robert Lanshon are under arrest. John McNally of Toledo, who was found along the Michigan Central tracks near New Buffalo, Mich, and taken to Michigan City is dead. McNally supposedly fell from a freight train while stealing a ride. As a result of a family quarrel Daniel J. Dalton, former county clerk, at Cincinnati is in a hospital. A warrant has been issued for his step-son, William Ungemeier, charged with shooting him. George Mason, aged 47, while cleaning a well near Lewiston, Ill., was overcome by damp. He called on his helpers to draw him out, but when near the top he lost his hold and fell back thirty feet into the well, being killed. Nick Minkkinen, an inmate of the couny poor house of Houghton, Mien., was awarded a verdict of $11,000 against the Quincy Mining company. Minkkinen was injured by a fall of rock underground five years ago, being rendered epileptic and insane. Carl Oder, a stock buyer, shot and killed his brother-in-law, Charles Quertermous, at Fairfield, Ill. It is alleged that Mr. and Mrs. Oder had quarreled and that the shooting took place as Quertermous had taken his sister back home. Insane over Jeffries-Johnson fight, Kate Blancke, an actress, was committed to the asylum at Newburg, Ohio. Since her arrival in Cleveland, Miss Blanke has been sending telegrams to the fight promoters begging them to take her to the contest. Capt. S. P. Gillett, former president of the Citizens National bank, which was suspended because of the discovery of a large volume of insecure loans was arrested at Evansville, Ind., charged with a violation of the banking laws. Capt. Gillett immediately gave $10,006 bond. He is 70 years old. Over $15,000,000 annually is poured into the coffers of those who exploit and advertise "fake" consumption cures, according to a statement issued by the Association for Study and Prevention of Tuberculosis. The report stated that for this vast sum the victims not only receive nothing

20. November 27, 1910 Evening Star Washington, DC
Article from Evening Star, November 27, 1910

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INDICTED, SHOOTS SELF. Former President of Bank Probably Is Fatally Wounded. EVANSVILLE, Ind., November 26.Capt. Simeon P. Gillette, former president of the Citizens' National Bank of this city, who is under two series of federal indictments for alleged mismanagement of the bank prior to its temporary suspension and reorganization last January. shot himself in the right temple at his home in this city today. His trial was scheduled for December 1, in the federal court at Indianapolis. Physicians say he will die.

21. November 28, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 28, 1910

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CAPTAIN SIMEON P. GILLETTE, former president of the Citizens' National Bank of Evansville, Ind., who is under two series of federal indictments for alleged mismanagement of the bank prior to its temporary suspension and reorganization last January, shot himself at bis home in that city Saturday. His trial was scheduled for December 1, but rather than force the ordeal he sought death at his own hands. Another object lesson.