4948. Old First National Bank & Trust Company (Fort Wayne, IN)

View Charter #3285 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3285
Charter Number
3285
Start Date
August 3, 1933
Location
Fort Wayne, Indiana (41.131, -85.129)

Metadata

Model
gpt-5-mini
Short Digest
7fb8ba77710137a1

Response Measures

None

Receivership Details

Depositor recovery rate
90.0%
Date receivership started
1933-11-02
Share of assets assessed as good
51.4%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
11.6%

Description

Articles describe the Old First National Bank & Trust Co. of Fort Wayne operating on a restricted basis after the banking holiday and later being placed under a conservator and then a federal receiver (appointment reported Nov 3, 1933). No contemporary newspaper description of a depositor run is given; the sequence is suspension/restricted operations followed by a receivership (permanent closure). There is notable political controversy over the choice of receiver and attorneys (Van Nuys protested appointment of E.C. Miller and Peters & Leas).

Events (5)
1. January 12, 1885 Chartered
Source
historical_nic
2. August 3, 1933 Other
Newspaper Excerpt
Plans for of new bank with $1,000,000 capital were approved by directors of the Old First National Bank and Trust Company, in special meeting today. The plan calls for the immediate release $6,000,000 in restricted deposits of the old bank. The new institution would be known as the National Bank of Fort Wayne. The Federal government would be partner in the proposed new institution, take the place of the Old First National Bank Trust Company. The latter has been operating on restricted basis since the banking holiday.
Source
newspapers
3. November 2, 1933 Receivership
Source
historical_nic
4. November 3, 1933 Receivership
Newspaper Excerpt
Appointment of E. C. Miller, Ft. Wayne lumberman, to serve as receiver for the bank ... Up until today, since closing its doors, the bank has been under the supervision of Frank Cutshall, president, who has been serving as conservator under authority of the comptroller. ... the aggregate frozen deposits exceed $6,000,000.
Source
newspapers
5. * Suspension
Cause
Government Action
Cause Details
Bank closed/operating on restricted basis pursuant to the 1933 banking holiday and under supervision/conservatorship by the Comptroller of the Currency
Newspaper Excerpt
The latter has been operating on restricted basis since the banking holiday.
Source
newspapers

Newspaper Articles (11)
1. August 4, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, August 4, 1933

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cided upon at a meeting of the organization's board Mrs. Daniels, president, was in Washington last night. New Fort Wayne Bank Would Release 6 Million FORT WAYNE, Ind., Aug. 3.(U.P.) Plans for of new bank with $1,000,000 capital were approved by directors of the Old First National Bank and Trust Company, in special meeting today The plan calls for the immediate release $6,000,000 in restricted deposits of the old bank. The new institution would be known as the Na tional Bank of Fort Wayne. The Federal government would be partner in the proposed new institution, take the place of the Old First National Bank Trust Company The latter has been operating on restricted basis since the banking holiday.

2. November 3, 1933 The Tribune Seymour, IN
Article from The Tribune, November 3, 1933

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Washington, Nov. Senator VanNuys, Indiana, today lodged protest with master general James Farely against the appointment of Miller as receiver for Old First National Bank Vt. Wayne, Ind., and the firms Peters and Leas as attorneys. Asserting his recommendation had been "completely and he has "continuously manded that the receiver and his attorney for this bank be lected solely upon the basis efficiency and experience" telegraphed Farley that the pointment constituted pudiation of our repeated prom to the people of square R. Earl Peters is head of firm of attorneys for ceiver. Peters is Indiana state democratic chairman.

3. November 3, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 3, 1933

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VAN NUYS AND EARL PETERS SPLIT OPENLY Senator Voices Protest on Choice of Ft. Way Bank Receiver. BY WALKER STONE Times Special Writer WASHINGTON. Nov. 3.-Senator Frederick Van Nuys today broke openly with R. Earl Peters, Indiana Democratic chairman, and National Chairman James A. Farley in a controversy over appointment of a receiver and attorneys for the old First National bank of Ft. Wayne. The controversy was brought into the open when Currency Comptroller J. F. T. O'Connor, apparently on advice of Mr. Peters and Mr. Farley, today appointed E. C. Miller, Ft. Wayne lumberman, to serve as receiver for the bank, said to be the largest in northern Indiana. Appointment of Mr. Miller as bank receiver, it is charged. was made with the understanding that the law firm of Peters & Leas of Ft. Wayne, of which Earl Peters is the senior member, would be named attorney for the receiver. Up until today, since closing its doors, the bank has been under the supervision of Frank Cutshall, president, who has been serving as conservator under authority of the comptroller. Served as Attorneys The law firm of Eggeman, Reed & Cleland, Ft. Wayne, has been serving as attorneys for the conservator. It is the charge of Senator Van Nuys that the comptroller ignored a standing rule by naming as receiver, a resident of the community in which the bank is located. Senator Van Nuys had recommended appointment of J. B. E. Laplante, Vincennes, a former bank president, who, according to the senator's office. now is serving as the federal government's liquidating agent for three banks in southern Indiana. From Los Angeles. where Senator Van Nuys has gone as a member of a senate subcommittee investigating federal court receivership practices, the senator today sent the following telegram to Posímaster-General Farley: Thousands Interested "I hereby desire to protest formally your appointments of receiver and attorneys for old First National bank of Ft. Wayne. Ind. This receivership involves more than thirty thousand depositors and fourteen hundred stockholders. The aggregate frozen deposits exceed $6,000,000. I continuously have demanded that the receiver and his attorney for this bank be selected solely upon the basis of efficiency and experience. You have ignored completely my recommendations on behalf of the business interests of the city of Ft. Wayne and the thousands of citizens of that city whose dearest interests are involved in this receivership. I am, as aforesaid, hereby filing my formal protest to what I believe to be repudiation of our repeated promise of a new and square deal to the citizenship of Indiana." It is understood that while Senator Van Nuys was in Indianapolis a couple of weeks ago, State Chairman Peters came to Washington and wrangled out of Controller O Connor and Mr. Farley a promise to name Miller receiver for the Ft. Wayne bank. in order that Peters' law firm might become attorneys for the receiver. Charge Is Denied To Senator Van Nuys' protest, it is said. the comptroller and the postmaster-general replied that the comptroller therefore had dispensed all his Indiana patronage on the basis of the senator's recommendations. but that in the instance of the Ft. Wayne bank it was felt that Peters should be recognized. in as much as Ft. Wayne is Peters' home town. The feud between Senator Van Nuys and Mr. Peters became known early in the summer when Senator Van Nuys engineered the appointment of Stephen B. Fleming, one of Peters' enemies, as manager of the Ft. Wayne branch of the Federal Home Owners Loan Corporation. The senator's charge that the comptroller had disregarded a rule in the appointment of a resident receiver today was denied at the comptroller's office, where it was said that there is no rule as to the residence or non-residence of a bank receiver. Served as Postmasters Mr. Miller, a member of the Peters faction in Ft. Wayne Democratic circles, served as postmaster of that city during the administration of Woodrow Wilson. It is likely that in this controversy the Allen county Democratic organization will side against Peters, since Samuel Cleland of the firm of Eggeman, Reed & Cleland, attorneys for the conservator, is

4. November 3, 1933 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, November 3, 1933

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IN AN PETERS OPEN BREAK in Protest to Senator Farley. PLEDGE With Appointment of Chairman's Nov. Nuys, Democrat, InSenator Van protest with today lodged diana, James against the appointment ley for the Old First Miller as Fort Wayne, Ind., National Bank firm of Peters Leas and the recommendation has Asserting his "completely ignored" and he demanded that has "continuously his attorney for the receiver bank be selected solely upon this basis of efficiency and experithe Van Nuys teleFarley that the appointgraphed ment of of new and our repeated the citizenship of deal to square Indiana. Peters Heads Firm. Heading the attorneys for the who the The state in action today brings into senator's the time the difopen for the and ferences senator. of the telegraphic proThe text follows: the to protest formhereby desire of receiver your Old First National for Wayne, Ind. This reBank of Fort than 30,000 ceivership depositors, and aggregate frozen dollars. have ceed six the his attorney for this ceiver and the basis of selected solely upon You have efficiency experience. completely my behalf of the business tion on Fort Wayne terests of the on thousands citizens the interests that city, whose involved in this receivership. aforesaid, hereby filing what believe to formal protest repudiation of our repeated square deal promise citizenship of Indiana." The protest was addressed dispenser of the Farley patronage though appointactually made ments comptroller currency Senator in Los Angeles. Senator Nuys telegraphed the Angeles, where ne protest from Los attend the hearing his way the Senate judiciary mittee in San Francisco. making public telegram statement Senator office here said Peters Van Nuys' had arranged his appointment Washington attorney on trip last meet the week. senator, who had recomThe mended Jebe Laplante Vincennes, comptroller general's contends ruling that national bank appointed from county must which the bank involved other than Miller's appointment, he located. contends, in direct violation this ruling. Nuys' office said Senator had received Miller the that of the Fort bank fairs Frank conhad been the presiwho dent of bank. Reed and Cleland had Eggeman, for the conservator. been attorneys

5. November 3, 1933 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, November 3, 1933

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TRIES TO HALT APPOINTMENT TO BANK POST Senator Brings Warfare With Chairman Into Open. SENDS PROTEST TO FARLEY Fort Wayne Bank Receivership Leads to Democratic Breach. tor Van Nuys today lodged protest with Postmaster General James Farley against the appointment of C. Miller receiver of the Old First tional bank of Fort Wayne, Ind., and the firm of Peters Leas as attorneys Asserting his has been completely ignored has continuously demanded that the receiver and his attorney for this bank be selected solely on the basis efficiency and Senator Nuys teleperience, graphed Farley that the ment constituted repudiation repeated promise square deal to the of Indiana Heading the legal appointed attorneys the receiver R. Earl who the democratic state chairman in Indiana The senator's action today brings into the open for the first time the differences the chairman and the senator 30,000 Involved. The text of the telegraphic protest follows hereby desire protest formally your appointment of receivand attorney for Old First tional Fort ind. this receivership involves more than 30,000 depositors, and 1,400 stockholders "The aggregate frozen deposits exceeded have continuously demanded that the ceiver and his attorney for this bank be selected solely upon the basis of efficiency and experience You have completely ignored my on behalf of the business interest of city of Fort the thousands of that city. whose dearest interests are involved in this ceivership am. hereby filing formal protest to what believe to repudiation our repeated promise new and square deal to the citizenship Indiana The protest was addressed to Farley's patronage despenser of the though the appointments actually are made by the comptroller currency. Arranged by Peters. Senator Van Nuys telegraphed the protest from Los Angeles where he on his way to attend the hearing of the senate judiciary in San In making public telegram and informal statement Senator Van Nuys' office here said Peters had arranged appointment as attorney trip to Washington meet the postmaster general last The senator, who had recom mended Jebe of Vincennes, it comptroller general's ruling that national bank must be appointed from county other than which the bank involved located Milhe contends. direct of this ruling. Senator Van Nuys' office said information had just been received that Miller had taken the affairs of the Fort Wayne bank today succeeding Frank Cutshall. had been the president of the bank.

6. November 4, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, November 4, 1933

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PETERS'S VICTORY ROUSES VAN NUYS State Chairman's Choice Gets Appointment-Senator Objects Sharply. BY EVERETT C. WATKINS. Nov. Earl Democratic state chairman of Indiana, today again scored Indiana' Democratic senator, FredVanNuys, when he once more obtained an appointment through the Roosevelt administration that did not VanNuys indorsement. While Peters is happy about the appointment, VanNuys is so indignant that from far-away California Postmaster Farley who also Democratic national chairman, protesting against having his own indorsement Twice by the Cabinet member hands out VanNuys, his spunk aroused. carry his protest to the White House. Broke Over Per Cent Club. The break between Peters and Governor McNutt recently into the open in the controversy the per club. long between Senator VanNuys and the Demochairman flared Controller Currency Connor acting upon PetersFarley E. Miller Fort receiver for the Old National First bank at Senator VanNuys recommended Laplante former bank president, for the Fort Wayne short Patrick Maloney ago Columbia City, by State Chairmna man to Senator the behest Postmaster General Farley, treasurer of the home owners loan corporation. Peters ebtained this appointment personal friend while VanNuys was cationing with VanNuys California as member inquisitorial committee, Peters obtained another choice plum and that he stands high with the Rooseevlt administration. No High Regard for Farley It is no secret that Senator VanNuys has no high regard for Postmaster General Farley, the Roosevelt patronage boss, but the fact feud has developed him and Indiana's Democratic chairman is just now coming into the Senator VanNuys, in the pointed message Postmaster General Farley, protests against what he considers "repudiation of our repeated promise of and square deal the of VanNuys, his indignation running high, voices protest against the Roosevelt Cabinet member pletely his be the Fort Wayne bank The asserts he had that only merit considered in the naming of bank receiver and an attorney for the ceiver He intimates that political given the ceptance of the Peters recommendaPostmaster General Farley had no comment protest. understood he considered the advice of Peters, rather than VanNuys, should accepted, because the bank is located in Peters's home Doesn't Care About Attorney. Peters not succeeded in having his choice named for bank receiver, but member of his own firm of Peters Leas expected to be for the ceiver It said, that VanNuys has little interest in who named but that he does object to having recognition go to "mere state chairman" rather than to senator the matter who shall be recommended for bank resenator objects to receivership being treated as "political Senator VanNuys's telegram, sent from Angeles, follows hereby desire to form ally your of receiver for Old First National bank of Fort This rethan thirty thousand depositers fourteen hundred stockholders. The aggregate frozen deposits exceed $6,000,000. that the and his attorney for this bank be selected upon the efficiency and experience. have completely ignored on of of the city of Fort Wayne and the citizens that dearest interests are involved in receivership as aforesaid hereby filing my formal protest to what believe to our repeated of and square deal to the citizenship of Indiana. Peters Holds Grudge. It is known Peters has had grudge against Senator VanNuys for time, being the charge the chairman that the senator has recommended only "enemies" Peters. VanNuys seeking appointment "enemies of Peters,' has Peters to get busy, using his with the Roosevelt administration, to get some of his friends to trolled by the administraOne of the made upon recommendation of VanNuys that irked Peters was that of Stemanager the Fort Wayne of the home owners The break VanNuys and Peters one that cheered by Lew Ellingham, editor of the Fort Wayne who has been urg. ing the overthrow of Peters as state While Peters has lost the friendship both and the senator to have high standing with the Roosevelt administration. General Farwas the that Peters sought advance nomination while McNutt and VanNuys were The appointment of bank not firmation, 80 that Senator VanNuys

7. November 10, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, November 10, 1933

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FARLEY EVADES ROW OF VAN NUYS, PETERS WASHINGTON Nov. pointments of bank receiver and his attorneys for the Old First Na. tional Bank of Fort Wayne, Ind., that brought wide breach between Senator Indiana) and R. Earl Peters. Indiana closed issue as far as Postmaster General James Farley is concerned. When asked today about Senator VanNuys's protest against naming E. C. Miller as receiver the firm of Peters Leas the postmaster general said the appointments had been made by the controller of the currency and that he would take no hand in the matter Farley said reports published in Indiana that Peters had resigned or would resign had not reached him, and that the Indiana chairman had a Federal appointment with him

8. November 10, 1933 The Richmond Item Richmond, IN
Article from The Richmond Item, November 10, 1933

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Complaint Is Ignored By Farley Appointments at Fort Wayne Which Caused Breach Between Senator and R. Earl Peters Upheld By National Democratic Chairman WASHINGTON, Nov. pointments bank receiver and attorneys for the old First National bank Fort Wayne, Ind., brought wide breach between Senator Van Nuys, Democrat, IndiEarl Indiana Democratic chairman, closed issue far Postmaster General James Farley is concerned. When asked at his press conferabout Van Nuys' protest from geles, Calif., against Miller receiver and the firm Peters Leas attorneys, postmaster general said the appointhad been made comptroller the currency and that would take no hand in the mat- Farley declined to discuss the pute further, except say he had replied to the Indiana senator the hate the smell pa's pipe, effect the appointments already had but when he quits been made. harder up with than any The Democratic national chairman kind out the city when Senator Syndicate) protest arrived last Van Nuys characterized the pointment "repudiation" of pledge the Democratic party the people of Indiana for new and deal." In his protest square not mention by name Plante, Vincennes, whom he had recommended for the receivership. laid emphasis the fact his not been cepted. Referring to the new appointees, the senator said had been devoting his time effort bring that would be the interests the citizenship Fort Wayne." He did not mention that the Indiana chairman member of the firm of Peters Leas. Farley said reports published in Indiana that Peters had resigned would resign had not reached and that the Indiana chairman had not discussed federal appointment him. Both rumors already have been denied by Peters. Farley's denial of reports of dis(Continued on Page Two)

9. November 10, 1933 The Star Press Muncie, IN
Article from The Star Press, November 10, 1933

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Van Nuys-Peters Break Is Closed Issue As Far As Farley Is Concerned Washington, Nov. 9 (/P)-Appointments of a bank receiver and his attorneys for the Old First National Bank, of Fort Wayne, Ind., that brought wide breach between Senator VanNuys (Dem., Ind.) and R. Earl Peters. Indiana state Democratic chairman. is closed issue as far as Postmaster-General Farley is concerned. When asked at his press conference today about Senator VanNuys' protest telegraphed from Los Angeles, Cal., against naming E. Miller as receiver and the firm of Peters and 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 Declines Discussion. 65c Houbigant's Dull Finish 54c Farley declined to discuss the dis50c Java Rice Face Powder 42c pound Mrs. Stevens' famous pute further, except to say he had Chocolate assortment. regular- 50c Freeman's Face Powder 44c replied to the Indiana senator to the effect the appointments already had ly sold at 29c; pound Villa 60c Pompeian Face Powder 54c been made Cherry Cordials, regularly 29c. 50c Mavis Face Powder 39c 25c Listerine Shaving Cream The Democratic national chairman Candy that is fresh, pure and 50c LaBlache Face Powder 39c was out of the city when Senator delicious. Total value, 58c- 89c $1.00 Azurea Face Powder 35c Ingram's Shaving Cream VanNuys' protest arrived last week. both boxes, 49c. 75c Hopper's Super Cling 69c 50c Molle Shaving Cream VanNuys characterized the appointment as a "repudiation" of the pledge 3-Lb. Box Chocolates of the Democratic party "to the people Spanish Peanuts Face Creams Razor Blades of Indiana for a new and square Miss Jane and Miss Judy confecLarge fresh select peanuts prop- 65c Pond's Cream 54c deal. In his protest he did not men- tions. Fruit and nut centers, Gillette Blades, 5s erly roasted and salted to bring 50c Boncilla Clasmic Pack 45c tion by name J. B. E. La Plante, of Probak Blades, 5s out their full flavor. nougats, caramels, cream 69c 10c 60c D. & R. Cold Cream 57c Vincennes, whom he had recommend- 35c Ever-Ready Blades, 5s centers, etc. Pound bag 42c ed for the receivership, but laid em- 50c Woodbury's Creams 35c Auto Strop Blades, 5s phasis on the fact his recommenda- 75c Lady Esther Creams 65c 50c Durham Duplex Blades tions had not been accepted. 50c Ingram's Milkweed 42c Twinplex Blades, 10s Peters May Run for Senate. 60c Pompeian Massage Cream 54c 40c Segal Blades, 5s $1.00 Cardui Referring to the new appointees, 84c Rubinstein's Pasteurized $1.00 30c Gem Blades, 5s the senator said that he had been Veg. Compound devoting his time in an effort to bring about action that would be "in the best interests of the citizenship of Fort 25c Ex-Lax Eye Tebs 94c Stropper 89c 19c New Wayne." He did not mention that the $1.00 Size Twinplex, $1 value Indiana chairman is a member of the Chocolate Laxative Dr. West's firm of Peters and Leas. Murine 49c Lath. Brush 98c Farley said reports published in InTooth Brush 60c Capudine diana that Peters had resigned or 49c 60c Eye Wash Ever Ready would resign had not reached him. Sealed in germproo For Headaches Kurlash 94c and that the Indiana chairman had glass tubes. WaterBarber Bar 35c proofed bristles 60% not discussed a federal appointment For Lashes, $1 Size 65c Bisodel greater cleans- 50c Colgate's, lb. with ing power 54c Mascarillo 84c Both rumors already have been deMirror nied by Peters. For Indigestion For Lashes, $1 Size Farley's denial of reports of dis- For Shaving cussion about federal position for Catarrhal $1.00 Marmola Peters revived interest in the latter's 84c possible candidacy next year for the Deafness Rouges Lipsticks Reducing Tablets Lotions, Talcs Democratic nomination for United 60c Pompeian Rouge 49c States senator If you are growing 50c Aqua Velva Lotion 60c Poslam 50c Djer-Kiss Rouge 39c VanNuys contended appointments hard 35c Mennen's Skin Bracer 42c 74c were arranged Peters and bling noises hissing your Angelus Rouge 25c Mennen's Tale Farley even though the Comptroller Skin Ointment $1.10 Coty's Rouge 49c 65c Fougere Royale Tale PARMINT and add of the Currency actually names the Three Flower Rouge 55c pt. 50c Colonial Club Lotion receiver. .89c $1.00 Angelus Lipstick

10. November 10, 1933 The Indianapolis News Indianapolis, IN
Article from The Indianapolis News, November 10, 1933

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Farley Affirms Appointment of Bank Receiver Despite Protest of VanNuys. The News Bureau, Albee Building. WASHINGTON, November of Miller, former Wayne (Ind.) receiver of the Old-First National Bank of that city, to stand despite the vigorous protest of Senator Frederick VanNuys to James Farley. national Democratic chairman, who dictated appointment at the quest Earl Peters, Indiana state chairman. "Not Senatorial Patronage." Farley replied to VanNuys, saying the appointment went through "regular channels" and pointing that bank receivers were not regarded as senate patronage. The national chairman not deny Peter's choice the controller of the curPeters had "played ball with rency. Chicago" and was not to turned down an appointment his home made known. in his had the and of the defunct bank had been tion of banker Ft. Wayne for receiver had been ignored. Farley Sets Out Attitude. Selection of Miller carried with of Fay Leas, one of the naming Peters's law partners and brotherattorney to the receiver. Farley made clear he would conconsult VanNuys Indiana tinue which may termed patronage that he would continue consider Hoosiers for offices not thus classified. He disclaimed knowledge of the of Peters. denied applicant for federal

11. November 10, 1933 The Tipton Daily Tribune Tipton, IN
Article from The Tipton Daily Tribune, November 10, 1933

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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 a new and square 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.