Farmers State Bank - Albion, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 1, 1930*
Location: Albion, Indiana (41.395, -85.422)

Metadata

Model: gpt-5-mini
Short Digest: 554973f9

Response Measures

None

Description

Article (Garrett Clipper, 1930-09-04) reports the Farmers State Bank at Albion was ordered closed by its board after discrepancies in accounts tied to the deceased cashier Abel Barnum were discovered. Audits were underway and officials said plans were being considered to take care of matters and the bank may reopen some time. There is no mention of a depositor run; cause is bank-specific adverse information (shortages/possible embezzlement). Date of suspension is reported as late Monday afternoon prior to the 1930-09-04 publication; precise closure date not given.

Events (1)

1. September 1, 1930* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discrepancies/shortages in accounts attributed to deceased cashier Abel Barnum; possible embezzlement or mismanagement discovered during audit led board to close bank to protect depositors.
Newspaper Excerpt: The bank was ordered closed late Monday afternoon following meetboard of directors... This action taken to protect depositors. The announcement that there were descrepancies found in the bank... in accounts on the part of Abel Barnum, deceased cashier of the Farmers State bank at Albion.
Source: newspapers

Newspaper Articles (1)

1. September 4, 1930 Garrett Clipper Garrett, IN

Article from Garrett Clipper, September 4, 1930

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Article Text

NO SHORTAGE IN BANK AT ALBION August present time there have been regularities shortages shown in accounts on the part of Abel Barnum. deceased cashier of the Farmers State bank at Albion." said Good banking department. charge of the audit, today Mr. Good said that the auditing practically completand that he would representative the state banking department. adjust any incoming matters that might Mr. Kunkle has been assisting Mr. Good in the inventory Tuesday. Make Careful Check The made careful checkup of the bank's affairs and preliminary report that there no irregularities the part of the late Barnum bears out the statement made by local officials. Plans are being considered by cials the bank to take care of but just when the bank will reopened for has not been It may reopen some time The bank was ordered closed late Monday afternoon following meetboard of directors. called by Beck, president. This action taken to protect depositors The announcement that there were descrepancies found in the bank comes source of delight to many residents of this community While the verdict of death by suicide filed by Coroner John of Auburn. following his inquest, did not reveal motive the act of Mr. Barnum. friends believed that he was despondent over ill health and private financial matters.