5062. Citizens Trust & Savings Bank (Indiana Harbor, IN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust
Start Date
August 16, 1930
Location
Indiana Harbor, Indiana (41.641, -87.445)

Metadata

Model
gpt-5-mini
Short Digest
fbd6f350a8b045eb

Response Measures

None

Description

Articles show the bank was taken over/put under new management in Aug 1930 after the death of the majority stockholder, with reporters stating the institution was sound. A later article (Jan 5, 1931) lists Citizens Trust & Savings Bank, Indiana Harbor among Indiana banks that 'failed to open' because of 'constant withdrawals' (i.e., a run) and were closed by directors to conserve assets. The sources do not state whether the bank ultimately reopened or was placed in receivership, so outcome is uncertain.

Events (3)
1. August 16, 1930 Other
Newspaper Excerpt
taken over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker ... he stated that be absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially.
Source
newspapers
2. January 5, 1931 Run
Cause
Local Banks
Cause Details
Directors closed the bank because of 'constant withdrawals' (a depositor run); closure mentioned alongside other local Indiana bank suspensions, suggesting contagion/local bank run pressure.
Measures
Directors closed the bank and posted notice that it would not open to conserve assets for benefit of depositors.
Newspaper Excerpt
closed today by action of the Board of Directors ... owing to constant withdrawals and to conserve the assets for the benefit of depositors.
Source
newspapers
3. January 5, 1931 Suspension
Cause
Local Banks
Cause Details
Board of directors closed the bank 'owing to constant withdrawals' and to conserve assets; listed among multiple Indiana depository closures.
Newspaper Excerpt
Four Indiana banks failed to open for today ... Citizens' Trust and Savings Bank, Indiana Harbor ...
Source
newspapers

Newspaper Articles (2)
1. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

These proceedings, however, are regarded formality prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, in no way indicate that the bank is insolvent. Fear of on the bank kept doors closed since Defries' death. He the majority stockholder of the bank, and sale of his holdings was prevented by them being tied up his estate. When Mr. Kozacik was found to be willing to the bank, Judge Greenwald this morning designated Harvey Watson, of the First National Bank Gary, He will place the fairs the immediately where they can be taken over by Mr. stated that be absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially. Mr. Kozacik, famed as Indiana's president, head the Indiana bank and the Cit. izens Trust Savings bank Indiana Harbor. He recently consummated the sale three Indiana off Harbor and theaters to the Warner price to be $750,000.

2. January 5, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 5, 1931

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Article Text

CENTRAL in Last Statement Deposits of One of Five Depositories in Town. FOUR SUSPENSIONS IN INDIANA TOWNS Two at Indiana Harbor, and One at 000 Depository at Zanesville, Central Trust Co. of Charles, one of five banks closed today by action of the Board of Directors. notice on the door stated that the directors' action was "owing to constant withdrawals and to conserve the assets for the benefit of depositors. Willbrand, secretary of the company, said the company solvent. Its capital stock is $100,000, been increased from $50,000 ago. Its last stateyear ment, Dec. 10, deposof and loans of $838,267. of which $138,904 on real estate security and the mainder on personal and collateral security. The statement showed the total assets and of liabilities as listed $50,000 plus and $8056.08 undivided The resources include $58,454.57 bonds, which $1251 are Government bonds, State, county and municipal bonds, $1855 foreign bonds and bonds of railroads and public service companies. The trust company's building at 103 South Main street valued at Dr. Wentker president of the pany. dividend of $2 share little more than month ago. by depositors of the trust company had been gradual. and had not attracted general tention. The State Finance Department City, on being notified of the closing of the trust company, sent W. Chapman, bank examiner, take charge for the department. Fort Dodge Bank Suspends Due Rumors." DODGE, Jan. board directors of the Iowa Savings Bank voted not open the bank for business today. Cirof injurious rumors, decided "run" the bank and effort to protect loyal depositors were given reasons for the move, according to statement by Smeltzer, The Iowa bank directory lists the bank's deposits at Zanesville (O.) Depository Closed; Is Cause. Associated Jan. Security Bank closed day by Gray, State Superintendent of Banking. The superintendent said that "frozen loans" and depreciation in bond accounts had caused closing. At the close of business last Saturday the State curity Bank had resources capital of and surplus and undivided profits of $70,000. Four Indiana Depositories Close Doors; Gary. Ind., Jan. Four Indiana banks failed to open for today, Luther Symons, State Banking Loss deposits given the cause for the closings. The banks closed today are: The the First Indiana State Bank Gary, Ind., capitalized at Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000; Indiana State Bank of Indiana Harbor, capitalized Bank of Huntertown, len County, capitalized at Two Small Illinois Banks Close for Ill., Jan. Closing of the State Bank of Yale Jasper and the Joppa State Bank in County today by State Auditor of Oscar Both banks closed examination and adjustment.