5356. Newburg State Bank (Newburg, IN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 1, 1921*
Location
Newburg, Indiana (37.944, -87.405)

Metadata

Model
gpt-5-mini
Short Digest
0bc7bdae6fdb69b4

Response Measures

None

Description

Articles describe a run on the locally prior Farmers' Bank that closed several weeks before Nov 11, 1921, and mention a Newburg bank being closed by the state bank department in 1921. A newly organized Newburg State Bank was announced to open Monday (Nov 14, 1921) to succeed the Farmers' Bank, indicating banking operations in Newburg resume. I treat this as a suspension/closure of prior local banks (government action) followed by reopening of banking services via the newly organized Newburg State Bank. OCR corrected 'hod' to 'had' in article 1. Dates derived from publication dates (Nov 12, 1921 article says opens Monday = Nov 14, 1921).

Events (3)
1. January 1, 1921* Suspension
Cause
Government Action
Cause Details
Closed by the state bank department (state authorities closed the Newburg bank in 1921).
Newspaper Excerpt
the Newburg bank which was closed by the state bank department last year.
Source
newspapers
2. October 1, 1921* Run
Cause Details
A run occurred on the Farmers' Bank in Newburg several weeks before Nov 11, 1921; article does not specify trigger or rumor.
Newspaper Excerpt
the Farmers' bank. closed since the run on the institution several weeks ago.
Source
newspapers
3. November 14, 1921 Reopening
Newspaper Excerpt
The bank, which will open for business Monday, will succeed the Farmers' bank.
Source
newspapers

Newspaper Articles (2)
1. November 12, 1921 South Bend News-Times South Bend, IN
Article from South Bend News-Times, November 12, 1921

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Article Text

MADE NEWBURG BANK HEAD. EVANSVILLE, Ind., Nov. 11.-Announcement was made Friday that Eugene Sargeant, of Newburg, hod been selected as president of the Newburg State bank, just organized. The bank, which will open for business Monday, will succeed the Farmers' bank. closed since the run on the institution several weeks ago.

2. December 2, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, December 2, 1922

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Article Text

MAN MAY MAKE GOOD $60,000 BANK LOSS INDIANAPOLIS, Dec. 1.-(By A. P.)-Through consolidation of his properties of North Dakota and issuance of bonds against them Jourgeon Olsen may make good losses of between $52,000 and $60,000 of the defunct Beech Grove State bank. for which he is alleged to be responsible, Charles W. Camp, state bank examiner, was informed today. Charles W. Jewett, receiver, and Charles O. Roemler, attorney for the bank, informed Mr. Camp that they had visited Olsen at Minot, N. D., and had learned of his efforts to make good the losses. Olsen is also alleged to have been responsible for $100,000 of bad assets in the Newburg bank which was closed by the state bank department last year.