5309. State Bank (Monon, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 7, 1929
Location
Monon, Indiana (40.868, -86.879)

Metadata

Model
gpt-5-mini
Short Digest
e8858ac48747df92

Response Measures

None

Description

Bank examiners closed the Monon State Bank in early November 1929 after discovering a large shortage (embezzlement) by the cashier Carl C. Middlestadt. Receivers were named immediately; the institution is repeatedly described as 'defunct' and receivers pursued liquidation actions through 1932. Although there were early mentions of plans to reopen, subsequent reporting and receivers' actions show the bank remained closed and in receivership -> permanent closure.

Events (5)
1. November 7, 1929 Receivership
Newspaper Excerpt
The state banking commission has named Bert Van Borous, Monticello banker, receiver for the Monon State bank. A warrant has been issued for Carl C. Middlestadt, missing cashier, on a charge of embezzlement.
Source
newspapers
2. November 7, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank examiners found a large shortage in accounts (embezzlement by cashier Carl C. Middlestadt).
Newspaper Excerpt
The state banking commission has named Bert Van Borous, Monticello banker, receiver for the Monon State bank. The bank was closed Friday by bank examiners when they claimed to have found a shortage in the accounts, said to total $80,000.
Source
newspapers
3. February 14, 1930 Other
Newspaper Excerpt
The re-opening plan calls for an increase in the number of stockholders... five depositors has completed an inventory of the bank's assets and is said to have made a report favorable to re-opening (article describes appraisal and attempted re-opening plans).
Source
newspapers
4. May 23, 1930 Other
Newspaper Excerpt
Report Receivers Will Try to Make Payment to Depositors This Summer. ...appraisement would be filed... suits in many instances would be instituted immediately... intention to foreclose mortgages and bring (Continued...) (describes receivers' liquidation work).
Source
newspapers
5. December 28, 1932 Other
Newspaper Excerpt
State VS State Bank of Monon - Receivers file order to release certain notes and mortgages upon the receipt of $50 which is granted. Also file petition to expend $107.50... (court filings by receivers; ongoing liquidation).
Source
newspapers

Newspaper Articles (9)
1. November 7, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 7, 1929

Click image to open full size in new tab

Article Text

MISSING BANKER FACES EMBEZZLEMENT CHARGE Warrant Issued at Monon Based on $80,000 Shortage. By United Press MONON, Ind., Nov. 7.-The state banking commission has named Bert Van Borous, Monticello banker, receiver for the Monon State bank. The bank was closed Friday by bank examiners when they claimed to have found a shortage in the accounts, said to total $80,000. A warrant has been issued for Carl C. Middlestadt, missing cashier, on a charge of embezzlement. Steps will be taken to reopen the bank at once and pay depositors. Bank officials say that depositors would in all probability be paid off in full. Middlestadt's wife left a short time after his disappearance and is believed to be with him.

2. November 13, 1929 Journal and Courier Lafayette, IN
Article from Journal and Courier, November 13, 1929

Click image to open full size in new tab

Article Text

Set As Definite Loss Of Monon Bank MONON, Ind., Nov. the definite fixing the Carl fugitive defunct Monon State bank, depositoday faced the Bert receivers, said that Middlestadt lost private tune and that the money bank not taken until during last This strengthened the that the took the bank's funds trying recover losses in the market crash.

3. November 14, 1929 The Times Hammond, IN
Article from The Times, November 14, 1929

Click image to open full size in new tab

Article Text

DEPOSITORS WILL LOSE [INTERNATIONAL NEWS SERVICE) MONON, Ind., Nov. 14.-With the definite fixing of the shortage of Carl C. Middlestadt, fugitive cashier of the defunct Monon State bank, at $65,400, depositors in the institution today faced the loss of part of their savings. Bert Van Boorst, one of the bank's receivers, said that Middlestadt lost all his private fortune and that the

4. February 14, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, February 14, 1930

Click image to open full size in new tab

Article Text

Bankers Inspect Monon Situation MONON, Ind., Feb. committee of made up Joseph Hammond, of the Farmers' and Merchants' National bank Rensselaer: L. J. Beasley, of the Francesville State bank, Fred Dahling. of the bank of Reynolds, and co-receiver for the Monon State bank, and Clarence Downey, of the White County Loan and Trust company at work appraising the notes and assets of the Farmers' and Traders' State bank here. The opinion of this group is sought on the stability of the institution, as a part of the gram which proposes of the bank. The commit and its function was suggested at meeting of the stockholders, of whom there are 38. The re-opening plan calls for an increase in the number of stockholders to 100, to be accomplished division of the present stock. five depositors has completed an inventory of the bank's assets and is said to have made a report favorable to re-opening

5. February 22, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, February 22, 1930

Click image to open full size in new tab

Article Text

WHITE COUNTY ROADS ARE BAD Many Motorists Have to Be Pulled Out-Monticello News-Suit Filed. MONTICELLO, Ind., Feb. condition of roads in this vicinity are almost "beyond description" according to motorists who have frequently been pulled out and in some stances traffic is being directed over other routes. Between Monticello and Reynolds of state road 24 gone through" and on the detour between Monticello and Logansport on road 24, several places are to be The last ported received on state road 39 report to the effect that traffic get through by careful driving though there many bad places" Just south of the city park near the Kenneth Ross have been pulled out for past days. RECEIVERS SUE A filed in the White circuit court Friday by Bert Van Voorst and Fred Dahling, receivers the State Bank Monon, against William Hancock et al, in which they to collect a note and set aside made the defendants. Mrs. Russel Kilmer was brought to her home near Oak day from the Cass hospital, where submitted to an operation for appendicitis several days ago She was doing splendidly. Mrs. T. V. Koontz went to Indlanapolis Friday to attend state luncheon of the Alpha Chi Omega sorority, of which she is memShe will return home Sunday with her parents, Mr. and Mrs. A. Prevo, who been spending the past few days with relatives CLASS SOCIAL The the Fahola class of the Christian church enjoyed their regular business and social meeting in the social rooms of the church last night with Mr. and Mrs. Frank Roberts, Mr. and Mrs. Huffman, Mrs. D. Carey and Ray Anwiler as the committee in charge. The affair was in the nature of a patriotic party keeping with the business session delightful social hour was spent Plans for an entertainment to be given by the class early in April were an- RETURNS HOME Mrs. Vernon Sharp who has been patient at the Cass county hospital Logansport for two weeks, an operation for appendicitis, brought to her home today in the Miller ambulance. She is rapidly Mrs. Alva Hanawalt has been confined to her home on North Illinois street for the past sevdays because of illness. Mrs. H. Olson has returned from Michigan where she has been spending several days relatives and friends. Mrs. V. L. Huey returned today from week's speaking trip as speaker before farm institutes in the northern part of the state. Mrs. Nellie Clark is in Lafayette, where is spending several days with friends and relatives. Mrs. Clark is recuperating from recent illness,

6. May 23, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, May 23, 1930

Click image to open full size in new tab

Article Text

DEPOSITORS HEAR REPORT ON BANK Report Receivers Will Try to Make Payment to Depositors This Summer. The stockholders of the defunct State Bank of Monon held a meeting this week, and discussed the situation in some detail. Jerry Bostick, president of the organiation of depositors, presided, and started out by nailing rumors floating around that his claims against the institution were receiving preference. To quote the Monon News, which contains a column article on the meeting: Mr. Bostick stated that the appraisereported that he had his money out of the bank, or that he had received 'hush' money, and for this reason nothing had been done. This was so absurb, he said, it is almost like paying me compliment. He stated that rumors were current that the committee had been doing nothing, which he proved to the contrary. He showed how the depositors' committee had been working to further their interests, and were leaving nothing undone to bring a speedy solution to a very perplexing problem. This committee has been working in conjunction with the receivers, and the receivers were doing all in their power to expedite the matter of liquidation. Recently, he told of a committee, composed of Russell Dye and Bert Kellenburger being picked from the depositors' association to work with the receivers in securing appraisement of the bank's affairs, and this was done through the suggestion of the receivers, after the suggestion had been made by the depositors' committee that the appraisement be made. Mr. Bostick stated that the appraisement would be filed Wednesday of this week, and that suits in many instances would be instituted immediately, in order to hurry along the work of closing up the business. He stated that people having notes against them at the bank, would be pressed for payment, but he stated that they are not going to go out into the field and take horse from a plow, and leave that individual helpless to earn money to pay off notes. It is the intention he stated to forclose mortgages, and bring (Continued on page 4)

7. September 20, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, September 20, 1930

Click image to open full size in new tab

Article Text

MONON Mr. and Mrs. Hugh Dunlap, Miss Lucy Dunlap, Mrs. Mary Kelly, Mr. and Mrs. Wm. Kelly and daughter Ilo, Mrs. Vera Job and Walter Ross of Lafayette and Mrs. Julia Brown and daughter Naomi Ruth of here went to the home of Mr. and Mrs. Eatl Dunlap the east side Tuesday evening helped the latter celebrate his thirty-second birthday. A very sumptuous supper was the main feature of the evening after which social time was enjoyed until a late hour, when all departed to their hornes wishing Earl many more such occasions. Fred Dahling, receiver for the defunct State Bank, stated recently, that no payment would be made to depositors until farmers' know the value of their crops which will be an uncertain date. Mrs. Earl Karr, bookkeeper for the bank before the crash, and who has been employed by the receivers since has finished "her work and will not be in the bank unless for some special work. The bank will be closed during the week and open on Saturday. The basketball games for the Monon high school will open on October 31st with the home team and Camden team in the local The Ladies Aid of the Presbyterian church met for their September meeting at the home of Mrs. John Orr Thursday afternoon. Miss Hazel Morris resumed her work at the post office Wednesday after an absence of three weeks caused by an operation for appendicitis. Ben Markley, who has owned the soft drink place in the Cockel building for the past two years, sold it to Ed Gilmore of Rensselaer, and who now has charge. Mr. Markley and family planning to return to Francesville for residence as they resided there before coming here. The building occupied by the post office and the Bostick barber shop has been purchased by E. M. Coffel. R. M. Hough has owned the building for 2 number of years. A baseball game between a Monon team and the Guernsey bear cats will be an added attraction at the city park Sunday. Mrs. Dell Rodgers, Mrs. M. Landis and Mr. and Mrs. M. Rodgers motored to North Manchester Wednesday and attended the funeral of a relatives. Monon will soon have another gas filling station of the latest type. Claude Thacker has purchased the ground and two houses on the corner of fifth and Market streets just south of the M. E. church and owned by W. R. Lee. The house on the corner which has stood there for nearly forty years, is being moved to Linden street and work will soon start on the new building which will be erected in the center of the lot, the driveway being so constructed as to enter from both Market and Fifth streets. Mr. Thacker expects to be ready for business by November 1st, and will handle Standard Oil Co. products. An old time melody play is being prepared by the members of the Presbyterian church to be given at the auditorium on Thursday evening Oct. 9. Miss Arra Baughman, Mary Alice Carney and Mrs. John Botts attended the White County Young Peoples' Conference of Religious Education at Brookston Friday evening. Miss Carney will sing solo. Miss Mary Nelson, musical director in the schools, will accompany them. Mrs. Minnie Douglas spending this week with Mrs. Jas. Blankenship near Rensselaer.

8. February 5, 1932 The Monticello Journal Monticello, IN
Article from The Monticello Journal, February 5, 1932

Click image to open full size in new tab

Article Text

NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Probate Frank Fitzpatrick estate-Ceci! Fitzpatrick named administrator. Guy Klinkhamer estate-Everett M. Harmon named administrator. Mary E. Sharkey estate-Final port set for hearing Feb. 27. Monia Telephone Co. vs Mary Phebus estate-Set for trial Feb. heritance tax appraiser set for hearing Feb. 25. Wm. A. Barnes estate-Petition granted to sell U. S. gold bonds on open market. Mary E. Herron estate-Final report approved. Franklin P. Nipple estate-No inheritance tax payable. Joseph V. Younger estate-Final report set for hearing Feb. 27. Myrtle B. Brockway estate-Final report set for hearing Feb. 29. John S. Rainier estate-Final report approved. Henry A. Blume estate-No inheritance tax due. Final report approved. Civil Caleb J. Fry et al vs Carl Middlestadt et al-Court orders claims in this receivership must be filed with Charles Sill, receiver, within ten days. Ora A. Rawlins vs Archie K. Rawlins-Dismissed by plaintiff. Vernie Seymour VS Iva 1. Seymour -Motion to modify former order of court set for hearing Feb. 9. Receivers State Bank of Monon VS Paul Glick et al-Re-assigned for trial Feb. 18. American Ag. Chemical Co. vs George Bullington Sr. et al-Dismissed on plaintiff's motion. James Bowsher vs Ben BowsherJudgment to plaintiff of $132 and costs. Alice Capper vs Jonathan Capper -Affidavit for citation filed. State ex rel Luther Symons Farmers State Bank Receivers granted petition to pay $100 to Homer Elliott, Indianapolis attorney, for services before supreme court; also payment to Jim Engle of $10 for transportation. Northwestern Life Ins. Co. V1 Adolphus Bissonnette et al-Allowance of $200 to Charles Sill, receiver. State vs Harry Ént-Assigned for trial Feb. 10. Burdell B. Baker, trustee, et al vs Benjamin V, Craig et al-Set for trial Feb. 16. Chas, H. Leeson and Florence E. Leeson vs Howard C. Robbins-Assigned for making up of issues Feb. 19. Daisy Tuggle vs Arch Elijah et al -Sot for trial Feb. 23. Arthur Cray vs L., Vernon Sharp-Judgment to plaintiff of and costs. Marie Van Deman vs Willard Van Deman-Custody of minor child to plaintiff and allowance of $5 per week support money and $50 attorney fees. Mr. and Mrs. John Stater and Mr. and Mrs. Lester Stater of Connersville came yesterday for a visit with the former's brother, Harry Stater and family. They will return home tomorrow.

9. December 28, 1932 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 28, 1932

Click image to open full size in new tab

Article Text

NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Wm. F. Brucker and Wm. N. Loughry, receivers, vs Selina Graves Moody-Defendant files verified motion to dissolve the attachment. State vs Elbridge G. Ricker-Motion for, change of venue from Carroll county sustained, and cause is now changed to Carroll county. Metropolitan Life Ins. vs Thomas M. Jennett et al-Court approves final report of receiver, receiver is discharged and trust is closed. Mutual Benefit Life Ins. Co. vs Thomas J. Humphreys et al-Final report approved, receiver is discharged and clerk ordered to pay to plaintiff funds in his hands for distribution. State VS Farmers State Bank-Receivers file verified petition for an order authorizing them to sell and execute a deed to Jacob T. Miller of Marion county of certain described real estate in White county which is granted. State VS State Bank of MononReceivers file order to release certain notes and mortgages upon the receipt of $50 which is granted. Also file petition to expend $107.50 for construction of fences on lands belonging to trust and to build a new roof on a brick building situated on the described real estate which is granted. Monticello Lumber & Coal Co. vs Henry J. Keifer-Cause assigned for trial for Jan. 6. State VS State Bank of Wolcott and Eben Wynkoop files intervening petition asking for a preference of claim. Mutual Benefit Life Ins. Co. vs Edna J. Victor etal-Ralph W. Scowden enters appearance for de-\ fendants, Edna J. Victor and Raymond H. Victor. Lafayette Joint Stock Land Bank vs Fred Thomas et al-Carr, Wason and Love enter appearance for defendants, Wm. K. O'Connell, Joanna O'Connell and Margaret A. Shine. Bertie Ella Craig vs Chas. CraigApplication for suit money taken under advisement. Lafayette Joint Stock Land Bank vs Wilmer O. Biddle et al-Motion for change of venue filed and cause is ordered changed to Carroll county. Lafayette Savings Bank VS Fred J. Williams et l-Finding that receiver should be appointed. Ward Pampel is named receiver and gives bond in sum of $1,000. Mutual Benefit Life Ins. Co. vs Marie H. Stuhmer-Defendant files motion for a change of venue from White county which motion is sustained the court. Read Phosphate Co. vs Dan L. Boller et al-On plaintiff's motion cause is dismissed and costs are paid. Mutual Benefit Life Ins Co. Roscoe V. Halstead et al-Clerk of Jasper circuit court files transcript