The articles consistently describe the Citizens State Bank of Lagro as defunct or closed with a receiver (Ike Duffey and later others) managing assets, suing stockholders and bondsmen, and pursuing claims in 1931–1934. No contemporaneous run on the bank is described; the bank had already failed and was in receivership, so this is a suspension leading to permanent closure/receivership. Cause appears to be bank-specific adverse developments (insolvency, assessments, alleged improper transfers, and claims against officers/bondsmen).
Events (9)
1.January 1, 1931*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had failed and was placed in receivership; issues include unpaid assessments, disputed notes, alleged improper transfers by directors and insolvency of the bank.
Newspaper Excerpt
the defunct Citizens State bank of Lagro... receiver when he took over affairs of the bank
Source
newspapers
2.October 29, 1931Receivership
Newspaper Excerpt
the defunct Citizens State bank of Lagro today, when Judge Switzer ordered note... The bank receiver then said that have the bank records audited ... the prior failure.
Source
newspapers
3.November 27, 1931Receivership
Newspaper Excerpt
petition of the Wabash County Loan Trust Co. against receiver of the Citizens State Bank of to have claim declared preferred... receiver when he took over affairs of the bank
Source
newspapers
4.February 10, 1932Receivership
Newspaper Excerpt
Judge Switzer today sustained a demurrer by the defendant in suit of Ike Duffey, receiver of the Citizens State Bank of Lagro ... receiver sought to collect an assessment against Bartholomew, who was a stockholder in the bank.
Source
newspapers
5.August 21, 1932Receivership
Newspaper Excerpt
Judgment of $8,000 against bondsmen of D. W. Gillespie, former cashier of the defunct Citizens State bank of Lagro, has been obtained by Ike Duffey, receiver
Source
newspapers
6.May 14, 1933Receivership
Newspaper Excerpt
Ike Duffey, receiver for the Citizens State bank of Lagro, reported ... robbed of $500 early yesterday.
Source
newspapers
7.September 12, 1933Receivership
Newspaper Excerpt
former director in the closed Citizens' State Bank ... petition filed in the bank receivership ... charged ... transfers to defraud creditors.
Source
newspapers
8.January 13, 1934Receivership
Newspaper Excerpt
Duffey, receiver for the Citizens State bank of Lagro for the last three years, today said he planned to resign ... report filed by Judge ... account for all assets of the Depositors objected expenditures listed previous reports
Source
newspapers
9.October 9, 1934Other
Newspaper Excerpt
Oct. 15, Citizens State Bank receivership of Lagro. (court calendar listing)
Source
newspapers
Newspaper Articles (10)
1.October 29, 1931Leader-TribuneMarion, IN
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Note Confuses
Wabash, Indiana, Oct. ther complications entered the fairs of the defunct Citizens State bank of Lagro today, when Judge Switzer ordered note, purported to have been signed by Sam and Mrs. Ferrell, concelled and impounded. The receiver of the note, but when the matter came up in court, Mr. and each denied signed the note and when their was pared with that the was found that not Gillespie, the bank when and be court. taken, which that note copy the original that had settled was intended part the bank's assets. said he did not know exact dates
The bank receiver then said that have the bank records audited actual action been taken whether full whether they held assets bank examiners checked the been depositors state bank were lax their of the bank which permitted worthnotes be tiable assets for years the prior failure. other matters were discussed relative bank court but continued for decision. the claim Quinderia Courson She, acting for directors the bank, setled the town ship trustee town trustee closing their accounts which the bank when failed. that the claim gtneral and that she had ready obtained the bank directors before making payment. The other was the claim of an
2.November 27, 1931Leader-TribuneMarion, IN
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Hearing Planned for Bank Claim
Wabash, Ind., Nov. neys and officials today agreed to hear petition of the Wabash County Loan Trust Co. against receiver of the Citizens State Bank of to have claim declared preferred, on next Wednesday, The note given by Rudolph and Martha Hunt to the Lagro bank was for $555.70, came in possession the receiver when he took over affairs of the bank and was in turn sold to the local bank. When it was presented to Hunt for payment, he said that it had been paid and produced cancelled checks to prove it. The payments, it was said, had never been credited on the note. The local bank is now asking that it be permitted to recover from the receiver the amount paid.
3.February 10, 1932Chronicle TribuneMarion, IN
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BANK RECEIVER IS DENIED PLEA
WABASH, Ind., Feb. 10.-Judge Switzer today sustained a demurrer by the defendant in suit of Ike Duffey, receiver of the Citizens State Bank of Lagro against Warner Bartholomew, in which the receiver sought to collect an assessment against Bartholomew, who was a stockholder in the bank. In the demurrer it was contended that Duffey had no right to sue the stockholders in the bank, and that such action would have to be instituted by the depositors or others holding claims against the defunct bank. The decision is expected to result in dismissal of the case and also others of a similar nature.
4.August 22, 1932The Indianapolis StarIndianapolis, IN
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Lagro Bank Receiver Gets $8,000 Judgment
[Special to The Indianapolis Star.] WABASH, Ind., Aug. 21. Judgment of $8,000 against bondsmen of D. W. Gillespie, former cashier of the defunct Citizens State bank of Lagro, has been obtained by Ike Duffey, receiver, through mise settlement W. G. Todd, Indianapolis depositors, said today he probably would file an action mandating the receiver to file suits against bondsmen for R. G. Fults and John Thomas, former presidents of the bank, in an effort to obtain an additional $6, '00 for distribution to de-
5.May 15, 1933The Indianapolis StarIndianapolis, IN
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BANK RECEIVER ROBBED.
WABASH, Ind., May 14.-Ike Duffey. receiver for the Citizens State bank of Lagro, reported to police that he was held up in the garage at his home and robbed of $500 early yesterday.
6.September 12, 1933Chronicle TribuneMarion, IN
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PICKS TRUSTEE IN BANKRUPTCY
WABASH, Ind., Sept. 12.-Howard Smith was named trustee in the bankruptcy petition of Frank Lawson of Lagro, former director in the closed Citizens' State Bank following hearing before A. F. Marsh, federal referee in bankruptcy Several weeks ago it was charged in petition filed in the bank receivership that Lawson, owner of considerable farm property in Lagro township, had transferred the property to W. H. Courson and that Courson had transferred it back to Lawson and wife, with a view of defrauding creditors. It was also charged that Lawson has refused to pay his share of assessment ordered against stockholders in the bank. Officials said that the purpose of naming trustee in the case was in order that an investigation might be made of these charges and to permit filing of civil suit against Lawson to have the transfer set aside and the property taken over by the bank receiver to settle the assessment claim.
7.October 25, 1933Leader-TribuneMarion, IN
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BANK RECEIVER ASKED WHY HE FAILED TO PAY partment of Financial Institutions of Indiana, in charge of liquidation of County Loan and Trust today filed petition in the re. reivershi of the Citizens State Bank of Lagro asking that Ike Duf cited to show cause why paid judgment ago in suit Hunt the Frank
O. Switzer ordered him to show cause as to why has not been paid
AGENT MISSING Wabash, A. Rapp for many years agent the Nickel Plate at Sidney North Manchester, has been since Sunday officials were informed today with the quest that hunt be for him
LEWIS POWELL RITES October 24 The of at his conducted the home. The survive.
8.January 13, 1934The Indianapolis StarIndianapolis, IN
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Resignation Is Indicated by Lagro Bank Receiver
[Special to The Indianapolis Star.) WABASH, Ind. Jan. Duffey, for the Citizens State bank of Lagro for the last three years, today said he planned to resign he by Judge report Frank report filed by Feb. account for all assets of the Depositors objected expendiitures listed previous reports Court approval not been obtained for any the expenditures. Depositors tried on several to have Duffey removed.
9.October 9, 1934Chronicle TribuneMarion, IN
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SEEK TO HALT WABASH PLANT
WABASH, Ind., Oct. 9.-First action in the injunction suit of Joseph W. Davis against the City of Wabash, in which he seeks to halt officials in their efforts to establish a municipal electric and water plant here, is scheduled to be taken next Tuesday. The case was set today for that time to hear preliminary issues in it. Davis charges that the city administration exceeded its authority in contracting with an Indianapolis firm to make a survey and report on utility prospects here and that payment of $4,750 to the firm for its work was illegal No temporary restraining order was sought when the suit was filed two weeks ago and the firm has proceeded with its investigation. Two weeks ago the city council passed an ordinance giving the firm power to enter the offices of the Northern Indiana Power Co. to check its rec ords for purpose of ascertaining the number of meters in use and age of machinery. The ordinance also gave the workers the right to enter the plant of the company here to check on machinery. The power company had previously refused permission to have its books examined. City officials said a report would probably be ready for submission to the city council late next month. Since there has already been an expenditure of $4,750 in the case officials expect that the next administration, regardless of which party wins, will be compelled to proceed with the action in event report of the workers recommend it. Other cases set today for trial were: Oct. 13, Hugh Enyeart against John Kaiser; Charles Schwenk against Fred Barnhart. Oct. 15, Citizens State Bank receivership of Lagro. Oct. 17, Huntington Trust & Savings Co. VS. Orlando Whitelock, venued here from Huntington
10.December 22, 1934Leader-TribuneMarion, IN
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BANK RECEIVER SEEKING TO RECEIVE LITTLE PAY Wabash, Ind., Dec. Purviance, handling receivership the Citizens State Bank Lagro for the past seven months doesn't want to "hold the up bank" would like ceive something for his services. In petition filed in circuit court here today he asked that he allowed $300 for his vices added that the lack personal funds necessary that this receiver ceive some for services and endeavors in this matter." The amount he is asking would be little less than $50 month which is far less than being charged of the other bank receivership cases now pending in court here.
