4942. First National Bank (Fort Wayne, IN)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
11
Charter Number
11
Start Date
February 20, 1933
Location
Fort Wayne, Indiana (41.131, -85.129)

Metadata

Model
gpt-5-mini
Short Digest
439e0016f8648cd5

Response Measures

None

Receivership Details

Depositor recovery rate
38.9%
Date receivership started
1934-06-22
Share of assets assessed as good
0.9%
Share of assets assessed as doubtful
47.9%
Share of assets assessed as worthless
51.2%

Description

Articles indicate the First National Bank of Fort Wayne began enforcing the sixty-day rule (restricting withdrawals) in Feb 1933 and later had closed its doors and a federal receiver was appointed by early November 1933. The record shows a suspension (withdrawal restrictions/30/60-day rule) followed by permanent closure/receivership. OCR errors in articles were corrected (e.g., dates and fragmented sentences).

Events (6)

1. June 22, 1863 Chartered
Source
historical_nic
2. May 22, 1882 Chartered
Source
historical_nic
3. September 29, 1931 Voluntary Liquidation
Source
historical_nic
4. February 20, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank imposed sixty-day notice on savings and restricted checking withdrawals (liquidity pressure leading to temporary withdrawal restrictions)
Newspaper Excerpt
The old First National bank, one of the largest financial institutions in Ft. Wayne, started enforcing the sixty-day rule Monday
Source
newspapers
5. November 3, 1933 Receivership
Newspaper Excerpt
appointment of receiver for the First National ... the bank, said to be the largest northern Indiana ... up until since closing its doors, the bank has been under the conservator authority of the comptroller.
Source
newspapers
6. June 22, 1934 Receivership
Source
historical_nic

Newspaper Articles (5)

Article from The Indianapolis Times, February 23, 1933

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Article Text

WITHDRAWALS BY CHECK HELD DOWN BY BANK Business as Usual Will Be Order in Ft. Wayne Institution. By United Press FT. WAYNE, Ind., Feb. 23.-Officers of the Dime Savings and Trust Company, Ft. Wayne, one of the smaller financial institutions here, announced today that withdrawals on checking accounts will be restricted to 5 per cent a month temporarily. Z The bank also is enforcing the sixty-day notice on withdrawal of savings and certificates of deposits. It will continue business as usual. The old First National bank, one of the largest financial institutions in Ft. Wayne, started enforcing the sixty-day rule Monday, but has


Article from Journal and Courier, November 3, 1933

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Article Text

License Two Banks WASHINGTON, C., Nov. national banks censed by the comptroller the currency during the eleven days to resume business chartered take over business old bank. the Farmers First National bank Newcastle, and First National bank of Fort Wayne,


Article from The Indianapolis Times, November 3, 1933

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Article Text

AND EARL PETERS SPLIT OPENLY Senator Voices Protest on Choice of Ft. Bank Receiver. BY WALKER STONE Frederick Van Nuys today broke openly with Earl Peters, Indiana Democratic chairman, and National Chairman James Farley in controversy appointment of ceiver for the First National The controversy was brought the Comptroller advice Peters and Fartoday appointed Miller, Wayne serve ceiver for the bank, said to be the largest northern Indiana Appointment Miller bank receiver, charged. made the that the firm Peters Wayne, which Peters the senior would be named torney for the Up until since closing its doors, the bank has been under the of Frank Cutshall, president, who has been serving conservator authority of the comptroller. Served Attorneys The law firm of Eggeman, Reed Cleland, Wayne, has been ing attorneys for the conservator. the charge Senator Van Nuys that the comptroller ignored standing rule by naming as reof the community in which the Senator Nuys had recommended plante, Vincennes, former bank president, who, to the senator's serving the federal liquidating agent for three banks in southern Indiana From Los Angeles, where Senator Van Nuys gone member of senate subcommittee investigating federal court receivership practices, the senator today sent the following telegram to Farley: Thousands Interested hereby desire to protest foryour receiver and for old First National bank Ind. This thirty thousand depositors and fourteen hundred stockholders The aggrefrozen exceed continuously manded that the and his attorney for this bank be selected solely upon the efficiency and You ignored completely on behalf the business interests the city Wayne and the thousands of citizens of that city whose dearest interests are involved in this receivership. aforesaid, hereby filing my formal probelieve be repudiation of our repeated promise of square deal to the citizenship of Indiana. that while SenNuys was in State Chairwrangled and Farley Miller receiver the Wayne bank. order Peters law firm might become attorneys for the receiver. Charge Is Denied Senator Van Nuys' protest comptroller and the postreplied that the comptroller had dispensed his patronage on the basis the senator's recommendations but the instance bank that Peters should much Ft. Wayne is Peters home feud between Senator Van and Peters known the summer when Senator Van Nuys engineered appointment Stephen Peters enemies, manager the branch of Federal Home Owners Loan The senator's charge that the comptroller had disregarded rule the appointment resident ceiver today denied the comptroller's office. where said that no to the residence or of bank receiver. Served Postmasters Mr. Miller, member of the Peters faction Democircles served postmaster of that city during the administralikely that controthe Allen will side against since Cleland of firm of Reed Cleland, for county Democratic chairman.


Article from The Tipton Daily Tribune, November 10, 1933

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Article Text

FARLEY REJECTS VAN NUYS KICK Says Indiana Bank Receivership Appointment Is Closed Incident. STANDS BY PETERS Washington. Nov. 10. Appointments of a bank receiver and his attorneys for the old First National bank of Fort Wayne, Ind., that brought a wide breach between Senator VanNuys (D., Ind.). and R. Earl Peters. Indiana state Democratic chairman. is a closed issue as far as Postmaster General James A. Farley is concerned. When asked at his press conference yesterday about Senator VanNuys' protest telegraphed from Los Angeles, Calif., against naming E. C. Miller as receiver and the firm of Peters & Leas as attorneys, the postmaster general said the appointments had been made by the comptroller of the currency and that he would take no hand in the matter. Farley declined to discuss the dispute further. except to say he had replied to the Indiana senator to the effect the appointments already had been made. VanNuys characterized the appointment as a "repudiation" of the pledge of the Democratic party "to the people of Indiana for deal Referring to the new appointees, the senator said that he had been devoting his time in an effort to bring about action that would be "in the best interests of the citizenship of Fort Wayne. He did not mention that the Indiana chairman is a member of the firm of Peters & Leas. Farley said reports published in Indiana that Peters had resigned or would resign had not reached him. and that the Indiana chairman had not discussed a federal appointment with him. Farley's denial of reports of discussion about the federal position for Peters revived interest in the latter's possible candidacy next for the Democratic nomination for United States senator. VanNuys contended appointments were arranged between Peters and Farley even though the comptroller of the currency actually names the receiver.


Article from The Indianapolis Times, November 13, 1933

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Article Text

The Message Center I wholly disapprove of what you say and will defend to the death your right to say it.-Voltaire (Times readers are invited to express made a record for promotic Police Support their views in these columns. Make your various pieces of legislation 1 letters short, 80 all can have a chance. would, through extending the By Charles Clifford. Limit them to 250 words or less.) quota provision, or otherwise, Thanks to Buford Cadle, one holes in our protective immig friend of the police. I have been By O. P. Andrews. dike, which holes might be in further enlarged so that the ( Is it any wonder that people are in almost every large city in the might follow. The present su losing confidence in our present United States and have heard tion is in line with that polic government, as well as the press, praise for the city's fine police If large numbers of Chines when the only morning paper we Japanese are entering surrepti department. Some think the city have in Indianapolis will uphold the ly (the same is true of othe lazy tactics of the present prosebuys all the clothes and bullets, tionalities) it is because co cutor and take a fall out of Judge but they are wrong. Officers of and the administration fail to Cox, who has done everything he the lowest paid police department the necessary steps to enforc could to give the depositors of our law against illegal entry. Un in the United States buy their closed banks a square deal and, if continuation of that lax polic possible, recover a part of their deown uniforms and bullets and number of illegal entries fron posits? While Senator Van Nuys give $4 a month, or $1 a week, to would not be decreased by gra comes along and takes exception to 185 Japanese the permissio the city soup house. They also the appointment of E. O. Miller of come in through the ports. contribute to the Community Ft. Wayne as receiver for the old Canada, Australia and this Fund. First National Bank of Ft. Wayne try have had experience and recommends J. B. E. LaPlant, I am for the police. Japan's good faith in k who was president and principal agreements in connection wit stockholder of the First National and do hope he reads this and drops migration. Japan's promis Bank of Vincennes, which closed all his ideas for money and comes Theodore Roosevelt (see his about a year ago and has not paid clean. biography and his telegram 1 the depositors one cent. Senator John Jr. had a bad start last California legislature, Feb Van Nuys recommends him for this May, as he arrived home just thirty 1909), was that under the G position and asserts that only merit minutes after his stepmother died. men's agreement there would should be used in the naming of a After her funeral, there was no one increase of Japanese populati receiver. left but him and his father and two continental United States, and If Senator Van Nuys' choice is for half-sisters on this big farm. There entrance of laborers would be merit, why doesn't Mr. LaPlant arwas no attraction for this young vented. The record shows th range for the liquidation of his own man and no work he could obtain. tween 1907 and 1920, under a bank? We know he isn't so bad. He tion of that agreement, Jap One would be led to think that spent nearly ten years in jail and population in continental T our morning paper in Indianapolis doesn't know how to act outside. States trebled. In that same has some reason for not wanting We all extend our sympathy to his the number of Japanese "lal the true facts in regard to our men" (so classified in the mai family at Mooresville, his sister in closed banks in Indianapolis and for Maywood and also to John Jr., for by the department) who enter upholding our present prosecutor. we are sure he doesn't realize what United States was 56,980. The this means. We hope for the best ures are quoted from the I By a Friend of the Dillingers. for him, for we know his entire life. States immigration bureau r This letter is from persons who He has a heart and we hope he by Ichihashi in his "Japane have known John Dillinger many uses it now. the United States." years. Ask Congressman Dickste He was born of a good Christian By U. S. McClatchy. answer this. mother, but she died soon after. The Times recently called attenHis father always has lived a good tion to the suggestion of CongressChristian life, too. The residents man Dickstein, chairman of the of Brightwood and Mooresville house immigration committee, that since at least 4,000 Chinese and would vouch for Mr. Dillinger, the Daily Though father. Yet he was insulted when Japanese are smuggled into this twenty officers came to his home country each year in violation of the 1924 exclusion act we comply seeking his son. The officers treated But when they in their t him like he was the convict. with Japan's request, repeal that did turn unto the Lord God of : Now let me say this for the act and grant quota to Asiatics, and father. When he says he hasn't thereby secure Japan's co-operation and sought him, he was fou in cutting down the number of ilseen his son since last May, that them.-II Chronicles, 15:4, can be depended on. The father legal entries from Asia. The Times and sisters, and more friends than asks what can opponents of quota RIFLING troubles find John Jr. realizes, are heartsick over say to that. T ance; deeply felt pangs a They may say much that is perhis actions. So far, we are all glad lent.-Seneca. tinent. Congressman Dickstein has to know he isn't guilty of murder