5406. Albany State Bank (Albany, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 14, 1933
Location
Albany, Indiana (40.301, -85.242)

Metadata

Model
gpt-5-mini
Short Digest
2d467a37

Response Measures

None

Description

Articles indicate the Albany State Bank was taken into liquidation by the Indiana Department of Financial Institutions and had funds 'tied up' by the state board; there is no description of a depositor run. Therefore this is a suspension/closure (government action leading to receivership/liquidation). Dates derived from newspaper publication dates (Nov 14 and Nov 17, 1933).

Events (2)

1. November 14, 1933 Suspension
Cause
Government Action
Cause Details
State board/Department of Financial Institutions intervened and tied up public funds; bank taken into custody leading to suspension of payments.
Newspaper Excerpt
More than $6,000 frozen in the defunct Farmers State Bank of Eaton. Niles Township Union about $4,000 for transfers, but its funds are tied up the Albany State Bank by the state board
Source
newspapers
2. November 17, 1933 Receivership
Newspaper Excerpt
Statement of the debts and liabilities of the Albany State Bank, Albany, now in process of liquidation and in charge of the Department of Financial Institutions of Indiana with L. M. Kester in direct charge, was filed in the Circuit Court yesterday, listing an aggregate of $136,133.06
Source
newspapers

Newspaper Articles (2)

Article from Muncie Evening Press, November 14, 1933

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Article Text

UNION TOWNSHIP LEVY APPROVED BY TAX BOARD Refuses Plea of Taxpayers for Reduction. In the face threatened tax strike, the state board of tax commissioners today approved 1934 levies Union Township. Rates fixed by county tax adjustment for township and $4.27 stand unless the state board reduces the county of cents. No decision was given on rates for the Muncie civil city, Muncie school Muncie library and Center Township, were appealed along the Union Township rate In the county audiof its action on the Union levies, the state board gave no when would rule on the other rates. Two Hearings. Hearings on appealed rates been held twice. The first hearing, two weeks ago, was found illegal cause proper notice was not given. hearing, correct the was held last Friday Property holders Muncie Center Township rates asked blanket reduction of levies to bring rates within ability Calvin urged within fixed by state tax limitation law. Jnion Township taxpayers more specific their pleas tax reductions. They asked that teachsalaries reduced to the state bonds issued refund unpaid debts, that the vocational agriculture and home economics program the Eaton School discontinued. Union Township's 1934 rate, $2.83, greater than its 1932 The rate $4.27, highest the county, cents over 1933. Reduction property was the princifactor in increases. For 1934 tax at $448,615, compared an appraisement $530,870 for Union Township's dropped from $1,107,825 to $1,017,895. Rates Raise Less. Eaton's 1934 rate actually will raise $315 less than its current rate, and Union Township's total tax bill next year will be $109 less than for 1933. The reduction, however, benefits only property and utilholdings. Real estate, appraised but once four years, bears the same appraisement as last year. Farmers and of Eaton property materially increased taxes 1934. handicaped by inability about of its funds. More than $6,000 "frozen" in the defunct Farmers State Bank of Eaton. Niles Township Union about $4,000 for transfers, but its funds are tied up the Albany State Bank by the state board Although Union Township taxpayers centered attack on school system. the levy for that but $14,077 1934, compared to anticipated $19,663 from 1933 school levy. Much the school costs be paid with outside revenue, including the state excise and gross income taxes. Levies included the Union Township rate State, cents; county. cents; road bonds interest. cents: poor relief, cents; special school fund. 53 cents; tuition fund, cents; school bond fund, cents, library fund. cent. Contemplate Strike. Eaton's rate includes: State, 15 county, cents; road bonds and interest, 37 township, 10 cents; poor relief, cents; special


Article from The Star Press, November 17, 1933

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Article Text

ALBANY STATE BANK STATEMENT IS FILED Statement of the debts and liabilities of the Albany State Bank, Albany, now in process of liquidation and in charge of the Department of Financial Institutions of Indiana with L. M. Kester in direct charge, was filed in the Circuit Court yesterday, listing an aggregate of $136,133.06, as revealed by investigations made. These include checking certificates of deposit and Christmas fund savings. Among the public funds listed are included: Niles Township, $6,959 46; Albany school board. $7,810.80; Albany school fund, $70.96; Delaware County, $2,750.76; Delaware Township, $15,203.92: Town of Albany. $5,181.95. Recommendation of allowance of certain of the amounts was made in connection with the report, which was accepted by Judge L. A. Guthrie.