5383. State Bank (Otterbein, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1930*
Location
Otterbein, Indiana (40.491, -87.096)

Metadata

Model
gpt-5-mini
Short Digest
3f613ee284205f53

Response Measures

None

Description

Articles report the Otterbein State Bank closed its doors and a petition for appointment of a receiver was filed by the state banking department (Judge to name receiver soon). By 1932 receivership actions and creditor suits are referenced, indicating the bank remained closed and in receivership. No explicit bank run is described.

Events (3)
1. February 1, 1930* Suspension
Cause
Government Action
Cause Details
State banking department petitioned for appointment of a receiver after the Otterbein State Bank closed its doors; closure appears to be regulatory/administrative following failure of the institution.
Newspaper Excerpt
petition for appointment of receiver for the Otterbein State bank which closed doors recently
Source
newspapers
2. February 14, 1930 Receivership
Newspaper Excerpt
Court to Name Otterbein Bank Receiver Soon ... The application for receiver was made by the state banking department ... Judge Charles M. Snyder ... make the next Tuesday ... awaiting action on the receivership petition for the Otterbein State bank.
Source
newspapers
3. February 12, 1932 Other
Newspaper Excerpt
The county had $44,999 in deposit in the bank its last year when it failed. A petition filed with the bank receiver asks that the county be made a preferred creditor for the balance ... $19,999.
Source
newspapers

Newspaper Articles (2)
1. February 14, 1930 Journal and Courier Lafayette, IN
Article from Journal and Courier, February 14, 1930

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Article Text

Court to Name Otterbein Bank Receiver Soon FOWLER, Ind., Feb. (Spehearing a petition for appointment of receiver for the Otterbein State bank which closed doors recently, Judge Charles M. Snyder. of the Benton county circuit court, today said he make the next Tuesday, to give ime for nd reopening of the bank. Ho. there is little possibility of his being accomplished, is stated. The application for receiver was made by the state banking department thor. ough inventory of the bank There was no opposition to the OTTERBEIN Ind. Feb. 14.cashier of the Otterbein State bank, said that 80 far as he knew little progress had been made ward the bank The matter had been considered, he continued, but discussion was dropped when charter granted to the First Merchants State bank of Otterbein. projected new institution financed largely by La- A Lafayette person interested in the of new bank at Otterbein, to be as the First Merchants State bank, com menting on the Otterbein financial situation. said local backers are marking time for the present, awaiting action on the receiver ship petition for the Otterbein State bank.

2. February 12, 1932 Journal and Courier Lafayette, IN
Article from Journal and Courier, February 12, 1932

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Article Text

In Nearby Towns Hall, Mo- Work Is Heroic rocco, has brought suit in Jasper circuit court, asking $1,000 damages from Charles B. Steward, Operating with sharply limited Rensselaer, echoing an automobile financial resources, the Salvation collision last October. Army has served the community FOWLER-The Benton county statistcial report by Adjutant O. board of finance has brought suit A. Schnarr and highly complifor $25,000 in circuit court against mentary tribute by Mayor John B. Charles G. Ade, Charles T. Cun- Hudson who regards the organiza. ningham, John Donagher, John tion as a vital factor in alleviating Connolly, Barbara Mann, T. J. A1- distress and caring for the suflen and H. E. Perkins, sureties for fering. deposits in the State Bank Although only $5,400 was raised of Otterbein. The county had for the 1931 work of the Army in $44,999 in deposit in the bank its last year home service drive, when it failed. A. petition filed the report for the year ending Dewith the bank receiver asks that cember 27, 1931, shows that the orthe county be made a preferred ganization gave out 1,198 grocery creditor for the balance between orders valued at $3 each to needy the amount of the suit and deposit, families, supplied 21,361 garments, $19,999. 1,632 pairs of shoes, 34,000 pounds assisted 2,059 families, total of CRAWFORDSVILLE Grant 12,583 persons, gave out 4,033 Payne, found guilty of receiving quarts of milk and 7,699 loaves of stolen property, was sentenced to bread, besides numerous other arthe penal farm for six months and ticles. fined $10 and costs in Montgomery circuit court. All of these was accomplished in work and transient relief, also its debaters religious and advisory work and of the Oxford high school lost many hundreds of hours of time debate here Wednesday evening spent in relief work and care. The with Crawfordsville. 1932 home campaign opens