5271. White River Bank (Loogootee, IN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
April 26, 1922
Location
Loogootee, Indiana (38.677, -86.914)

Metadata

Model
gpt-5-mini
Short Digest
5931eff99fcea3a1

Response Measures

None

Description

Articles (Apr 26–29, 1922) report a depositor run that depleted cash reserves and led the White River Bank to suspend business on April 26, 1922. State bank examiner summoned; shareholders' meeting called and officials indicated depositors likely will be paid in full. No clear record in these articles of reopening or permanent closure, so outcome is uncertain.

Events (2)
1. April 26, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was unable to cash checks; low cash reserve cited by State Bank Commissioner as proximate cause of closing after run; examiners summoned to investigate.
Newspaper Excerpt
Business at the White River bank here was suspended Wednesday. No statement was given out as to the cause of the closing, although it was said the bank was unable to cash checks presented.
Source
newspapers
2. April 27, 1922 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors ran after reports/recognition that the bank's cash reserves were too low; withdrawals depleted reserve.
Measures
None reported beyond involvement of state bank examiner; shareholders' meeting called.
Newspaper Excerpt
following a run on It by depositors.
Source
newspapers

Newspaper Articles (3)
1. April 27, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, April 27, 1922

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Article Text

Bank Suspends Business; Report Examiners Called LOOGOOTEE, Ind., April 26.Eusiness at the White River bank here was suspended Wednesday. No statement was given out as to the cause of the closing, although it was said the bank was unable to cash checks presented. It was reported that state bank examiners *have been summoned. The bank is capitalized at $70,000 and was said to have $430,000 on deposit. Walter Hays of Loogootee is president of the bank and Frank Walter is cashier. Mr. Hays was out of the city Wednesday.

2. April 28, 1922 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, April 28, 1922

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Article Text

Bank Reserves Too Low, Camp States "Too many banks of the State are operating with a cash reserve too low," Charles W. Camp, State bank commissioner said today before leaving for Loogootee to investigate the closing of the White River Bank, there, following a run on It by depositors. The White River Bank is the fifth closed since the beginning of the present fiscal year, Oct. 1, 1921, in Indiana. Mr. Camp said first reports indicate Dank's low cash reserve was the cause of 2tm closing, but an investigation would show whether anything more was wrong. Walter Hays, president of the bank, cas dthe cash reserve had been depleted by accepting notes for purchasers of bonds and by sending money out of the bank.

3. April 29, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, April 29, 1922

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Article Text

Bank Examiner Calls Shareholders' Meeting LOOGOOTEE, April 28.-Charles Camp, state bank examiner, Friday called a meeting for Saturday of all shareholders in the White River bank, which suspended business Wednesday. The amount of the shortage at the institution has not been made public, but it was indicated by officials Friday that all depositors will be paid in full.