5319. National Bank (Monticello, IN)

View Charter #12952 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12952
Charter Number
12952
Start Date
May 14, 1928
Location
Monticello, Indiana (40.745, -86.765)

Metadata

Model
gpt-5-mini
Short Digest
64807898180c2b36

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-08-15
OCC cause of failure
Losses
Share of assets assessed as good
7.2%
Share of assets assessed as doubtful
1.3%
Share of assets assessed as worthless
91.6%

Description

Articles report the National Bank of Monticello closed and was taken over/merged by the White County Loan, Trust and Savings Company (article dated 1928-05-14) and that the defunct bank was in liquidation under a receiver (Sam Young). Subsequent 1932 article discusses suits by the general receiver (Joseph Gamble) to collect assessments to close the bank's affairs—indicating permanent closure and ongoing receivership. No run is described.

Events (5)
1. June 29, 1926 Chartered
Source
historical_nic
2. May 14, 1928 Suspension
Cause
Government Action
Cause Details
Bank closed and taken over/merged by White County Loan, Trust and Savings; defunct bank in liquidation with Sam Young named receiver.
Newspaper Excerpt
The White County Loan, Trust and Savings company has taken over the National bank... The National bank closed Saturday and notice on the door told of the merger. The National bank failed two years ago and was then reorganized.... The defunct National bank in the process of liquidation, through Sam Young, receiver.
Source
newspapers
3. July 1, 1928 Voluntary Liquidation
Source
historical_nic
4. August 15, 1931 Receivership
Source
historical_nic
5. January 7, 1932 Receivership
Newspaper Excerpt
FIRST OF SUITS FILED TO COLLECT ASSESSMENTS ON STOCK IN DEFUNCT NATIONAL BANK... suits... filed in federal court in Hammond by M. B. Beard, of Monticello, attorney for Joseph Gamble, Washington, D. C., general receiver of national banks, appointed by the comptroller... to liquidate and close up the affairs of the institution.
Source
newspapers

Newspaper Articles (2)
1. May 14, 1928 Journal and Courier Lafayette, IN
Article from Journal and Courier, May 14, 1928

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Article Text

BANKS MERGED IN MONTICELLO White County Loan, Trust and. Savings Company Takes Over National Bank There. [Specialito and Courier] MONTICELLO, Ind., May 14.The White County Loan, Trust and Savings company has taken over the National bank an nouncement of the merger having been made Saturday. The National bank closed Saturday and notice on the door told of the merger. The National bank failed. two years ago and was then reorganized. Officers are said to have concluded that the field is overcrowded that with another was desirable. The defunct National bank in the process of liquidation, through Sam Young, receiver. ASSETS OF CONCERNS. The White Loan, Trust and Savings company was organized in 1905 with capital stock of $50,000. Its last statement, March last, showed deposits of $437,989, with surplus of $25,000 undivided profits of $8,060. cash reserve of $103,902, and total assets of $547,729. At the same time, the National bank had deposits $165,000. capital stock of $40,000. $10,000. cash reserve of $22,000, and total assets of $213,910. LIST OF OFFICERS The present trust ofcompany ficers are M. Turner, president: B. Price and W Davis, Charles W. Gladden, secretary and Turner, assistant secretary treas. urer. The directors are B. Price, C. W. Davis, R. M. Reagan, o: Downey and Charles H. GladThe bank officers include W. E. Biederwolf, president; Fred Obenchain, president: E. E. Miller. cashier. DIrectors are Gray, Young, D. Carey, B. Goodman, E. Vinson, W. W. Richey G. Stephan, Hodshire, Edward Naugle, W. E. Biederwolf and Fred C. Obenchain.

2. January 7, 1932 The Monticello Herald Monticello, IN
Article from The Monticello Herald, January 7, 1932

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Article Text

SEEK TO COLLECT ON ASSESSMENTS FIRST OF SUITS FILED TO COLLECT ASSESSMENTS ON STOCK IN DEFUNCT NATIONAL BANK The first of the suits to collect sessments on stock in the defunct National Bank of Monticello have been filed in federal court in Hammond by M. B. Beard, of Monticello, attorney for Joseph Gamble, Washington, D. general receiver of national banks, ed by the comptroller of the ury to liquidate and close up the fairs of the institution. The suits as follows: Samuel Young, $750 on 10 shares of stock; John L. Lowe, $75 on one share; George Marvin, $150 on two shares; Mrs. Evelyn Fairfield, $75 on one share; Delbert M. Hatton, $75 on one share; and George Kassabaum, $300 four shares. These stockholders are part of group who some time ago decided contest the assessment. probable that of will tried test for the remainder. It is likely that other suits will be filed by the attorney for who has been instructed by Mr. Gamble to bring action against collectable stockholders who have not paid their assessment. to the best advices the Herald is able to obtain, the 75 per cent assessment will be sufficient to close up the affairs of the bank. The receiver recently made payment $8500 deficiency note the Trust Company, thereby stopping the interest to large extent, and cutting the note down to figure which apparently can easily be taken of by the final installments, the last of which will be due January 9th. There even possibility that the stockholders may small refund. If after the collection of the 75 per cent assessment, the funds which not be needthe money and remaining will be turned over to sentative appointed by the shareholders who have paid their ment, and he will complete quidation and pro rata the balance among the shareholders.