4956. American National Bank (Frankfort, IN)

View Charter #6217 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
6217
Charter Number
6217
Start Date
January 27, 1928
Location
Frankfort, Indiana (40.279, -86.511)

Metadata

Model
gpt-5-mini
Short Digest
eb8499e8afb3de2c

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Description

A rumor-driven run precipitated the bank closing its doors (temporary suspension) around Jan 27–28, 1928. Other local banks paid depositors and stockholders turned over assets; examiners found the bank solvent. No receivership or permanent closure is reported; bank was rescued and operations resumed.

Events (4)
1. April 21, 1902 Chartered
Source
historical_nic
2. January 27, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded reports circulated that the bank was insolvent and would close, precipitating heavy withdrawals.
Measures
Representatives of four other Frankfort banks paid off depositors in full; stockholders turned over assets; an audit by state and national bank examiners was performed.
Newspaper Excerpt
RUMORS CAUSE RUN ON BANK ... reports circulated ... that the American National bank of Frankfort was insolvent and would close its doors precipitated run on the institution today.
Source
newspapers
3. January 28, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
The institution closed its doors after the rumor-induced run; other banks intervened to pay checks and protect depositors while reorganization was considered.
Newspaper Excerpt
Frankfort Bank Closed by 'Run' ... The American National bank here closed its doors today following run on the bank yesterday ...
Source
newspapers
4. March 15, 1928 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. January 28, 1928 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, January 28, 1928

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Article Text

FRANKFORT BANK CLOSES ITS DOORS FRANKFORT Ind., Jan. students. The American National Bank During Col. Lindbergh's triumclosed its doors today following phant journey into flowers the yesterday. upon from balconies suffer Depositors, the streets rang with shouts the other banks the city paying the American legation, Col. certified checks drawn appeared the balcony funct bank. and greeting the multistate charter board only The tude which had gathered outside to days issued charter cheer him. the American Last night the flyer attended merger the Loan Trust Bank and honor at the Anglowhich American company, have $100,000 capital stock Crowds gathered before $100,000 surplus. United States legation early this sort attempted. (Turn Page Eight, Please) organization

2. January 28, 1928 The Huntington Herald Huntington, IN
Article from The Huntington Herald, January 28, 1928

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Article Text

Frankfort Bank Closed by 'Run' OTHER BANKS PAYING FIED ISSUED BY INSTITUTION The American National bank here closed its doors today following run on the bank yesterday however, will suffer no Depositors, was believed as the other loss, banks in the city are paying off certichecks drawn on the bank. The charter board only two state issued charter for the mer. of American National bank the Citizen Loan Trust comwhich combined would had capital stock and 000 was believed some sort of reorganization will be attempted.

3. January 29, 1928 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, January 29, 1928

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Article Text

RUMORS CAUSE RUN ON BANK [Special to The Indianapolis Star.) ports circulated about the city to the effect that the American National bank of Frankfort was insolvent and would close its doors precipitated run on the institution today. After an audit of its resources representatives of Frankfort's four other banking acting as paid off in full all depositors Stockholders voluntarily turned to the all the bank assets stood in hours, and when assured that they would receive every many left The according to state and national bank examiners was entirely solvent, but the heavy of deposits. together with the unfounded reports started the run. The institution was to merged with the Loan Trust pany of this and charter had been granted The bank capitalized at and had assets of

4. January 30, 1928 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 30, 1928

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Article Text

Bank Weathers Run By United Press FRANKFORT, Ind., Jan. 30.Although it was solvent, the American National Bank was the subject of false rumors, and a "run" resulted. Four other banks came to the rescue by paying anxious depositors.

5. February 2, 1928 Garrett Clipper Garrett, IN
Article from Garrett Clipper, February 2, 1928

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Article Text

RUMORS RESULT IN RUN ON IND., BANK Frankfort Ind., Jan. Reports circulated about the city to the efthe American National bank feet that of Frankfort insolvent and would was close its doors precipitated run on institution After an audit the today. representatives of of its resources, Frankfort's four other banking paid off houses, acting as in full all depositors. Stockholders voluntarily turned trustees all the bank's over the Customers stood in line for when assured that they hours, and many left would receive every penny according to state and The bank examiners, was entirenational the heavy withdrawals solvent, together with the unof deposits, started the run. The founded reports, to have merged with institution was and Trust Comthe Citizens Loan and charter had pany of this city, granted. The bank is capitalized been $100,000. and had assets of at 218,000. Police at South Bend refuse to law enforceoperate in prohibition Joseph recently placed ment, of federal dry law activity in charge Indiana. charges. "Any in northern the liquor traffic is effort to stop Allie declared. He said belittled,' administration is peeved bethe city cleanup in South cause of recent Bend by federal agents.