5425. Citizens Bank (Anderson, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 31, 1931
Location
Anderson, Indiana (40.105, -85.680)

Metadata

Model
gpt-5-mini
Short Digest
aa056223

Response Measures

Capital injected, Full suspension, Books examined

Other: Bank turned affairs to State Banking (state examiners) and later community organized new bank capital; receiver references appear in prior years indicating earlier receivership activity for bank assets sales.

Description

Newspaper articles report a heavy run/rumors Oct 31–Nov 1, 1931 that prompted the bank to voluntarily close and turn its affairs to the State Banking (regulators). Earlier articles from 1925–1929 show 'Citizens Bank, receiver' disposing of assets — indicating the bank (or a prior incarnation) had been in receivership previously. Here the 1931 episode is a run leading to voluntary suspension/closure; articles mention county/city funds protected and state banking involvement. I mark bank type as unknown because charter type is not specified in the texts.

Events (2)
1. October 31, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Widespread rumors rapidly circulated and caused heavy withdrawals/depositor runs in late October 1931
Measures
Bank conferences overnight; considered reopening Saturday but decided to close to avoid exposure to heavy run; city withheld pay checks to prevent congestion
Newspaper Excerpt
Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank. ... A heavy run on the bank by depositors caused the closing of its doors
Source
newspapers
2. October 31, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank voluntarily suspended operations after rumors and heavy withdrawals; affairs turned over to state banking authorities for examination/protection of depositors
Newspaper Excerpt
the bank voluntarily suspended business and turned its affairs to the State Banking
Source
newspapers

Newspaper Articles (14)
1. August 29, 1925 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, August 29, 1925

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Article Text

IntheCourts SUPERIOR COURT RECORD. Winters. Mercer and Brannum Lumber Company VS. Charles Friel et mechanic's lien. Plea filed by Citizens receiver Winters, Mercer and Brannum Lumber Company vs. Lee Long fellow et al. lien. Plea abatement filed by Citizens' bank, reciver. CIRCUIT COURT RECORD. Harvey E. Snyder VS. Eleanor Snyder, divorce. Finding for plaintiff for divorce from defendant. Court restores defendant's former name, Eleanor Greenfield. Mary Jones Paul Jones, divorce. Finding for plaintiff for divorce Court orders defendant pay $100 back support and $500 al imony Plaintiff's maiden name, Mary restored. Cecil Hall Kenneth M Hall, Motion filed by plainliff for allowance. Defendant orderto pay 10 per week beginning Aug. 29. Mabel P. Hamilton vs. Earl E. Hamilton divorce. Motion for allow. ance filed by plaintiff Defendant ordered to pay $20 on Sept. and $20 every two weeks thereafter unfurther notice. Blanche McNatt VS. Lawrence McNatt. divorce. By agreement defendant is ordered to pay $10 per week beginning Aug. 29. Clarence Hanshew vs. Myrtle A Hanshew, divorce. Court changes the custody of the child Virgil Han shew about twenty months old and awards the care and custody of said child to the defendant. Myrtle Hanshew. Court ordered plaintiff, Clarence Hanshew, to pay $4 per week. Westinghouse Electric and Manufacturing Company Union Traction Company receiver. Intervening petition of defendant. Dew. ey H. Compton, to have his claim and judgment allowed and given priority over other claims filed. Frank E. Meek Cora M Meek, divorce. Restraining order dissolv. ed and complaint dismissed.

2. July 16, 1927 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, July 16, 1927

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TODAY Judge Carl Morrow today circuit court for the cation. to reconvened until Judge will go Muncie Monday where special judge the trial county court. There but few attorneys about the court nummatters the court had plandispose before taking held abey One these ruling the demurrer of Arthur Gilliom, attorney general, the complaint brought city Anderson against the Indiana Public Service Commission vacate the commisfor injunction prevent an order the board for reduction tric light rates in Anderson. That hang over until the October term court. ANOTHER GOES Another that will go over the October relates the Jackson from feet to The Board Works ordered the the street changed meet traffic Lyst the contract for work. the street from Fifth street the Big Four tracks suit heard days ago, have the ment to com promise the made, but not yet agreed The $10,000 damage brought George Samuel Capsurious, dismissed today. THE FRIEL CASE. case volves estate firm Charles Friel and Son, continued for further action until the October term Judge Morrow made yesterday afternoon for the Citizens Bank, receiver, to sell properties that are involved the the tles are held by the now properties are cated 1921 avenue, 1317 Laurel street, 3021 Main street, street, 223 Plum street, street vacant lots in North derson. SUPERIOR COURT. Judge Lawrence Mays said today that continue then leave for trip east that take him The judge pects absent about days, and his return resume court, Judge said his court will in all exception ten days' trip he has outlined.

3. October 15, 1927 The Anderson Herald Anderson, IN
Article from The Anderson Herald, October 15, 1927

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DEEDS RECORDED Cecil R. Rodecap to Ben Rodecap, ne section township 19, range $4,500 Citizens Bank, receiver, to School of Anderson, part lot Hazelwood add, 2,025 Buena E. Crouch to Nicholas Moneyhun, part lot 74, K. McCullough's addn., Ander2,500 John M. Tyner to Nancy Ethel Quear, lot 56, DeHor4th addn. 1,600 Charles Cather John E. Morris, section township range 800 School Township to Charles McCarty. pt section 10, township 19, range 340 Leroy Taylor to Hardy Mfg. Co., part lot Russell addn, Pendleton 200 Duley Knotts to William Steele, section 15, 22, range 166 Daugherty the and R. Company, lot Conner and Stephenson addn., Alexandria 100 Alfred N. Hodson to Lewis Hodson. pt. section 16, township 18, range William Day Graham, Iot 194 Lowmandale addn. William L. Day to Clarence A. Graham, Int 128 South Park addn. Anderson Catherine Ronsheim to Joseph Day. lot 44 Fair Grounds addn. Anderson Wade Donnelly Max Hillmer, lot 72, Edgewood

4. November 11, 1927 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, November 11, 1927

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REAL ESTATE TRANSFERS Harry B. Jarrett to John E. Spaulding, lot 7 Shadeland add., Anderson Winifred Kimberlin to Florence Steiner, part lot 161 James Hazlett's second add., Anderson Louis B. Supowitz to George Glazer, lot 35 A. C. Bernard's first add., Anderson Harry M. Bartlow to William L. Day, lot 85 Ruddle's third add., Park Place, An- $1 1,800 John M. Egan to Gilbert A. Hoppes lot 197 Jackson Park add., Anderson 120 Citizens Bank, receiver to James R. Day. lot 84 Oakdale add. Anderson 200 John E. Edwards to Joseph Grant, lot 38 Pence's East Lynn add., Anderson 9,375 Glay Z. Austil to Citizens State Bank part lot 3 orig. Mary E. King to Francis Montgomery, lot 56, South Park 9,000 add., Anderson 3,000 James R. Day to Howard D. Poole lot 128 original plat Anderson 2,350

5. November 11, 1927 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 11, 1927

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DEEDS RECORDED John E. Edwards and wife to Joseph Grant and wife, lot 38 Pence's East Lynn add Anderson $9,375 Glay Z. Austil to Citizens State Bank part lot orig plat Elwood 9,000 Mary E. King and husband to Francis Montgomery, lot 56 South Park add Anderson. 3,000 James R. Day to Howard D. Poole and wife lot 128 orig plat Anderson 2,350 Harry M. Bartlow to William Day, lot 85 Ruddle's third add Park Place Anderson 1,800 John M. Egan and wife to Gilbert Hoppes and wife lot 197 Jackson Park add Anderson 120 Citizens Bank, receiver to James R. Day, lot 84 Oakdale add Anderson 200 Harry B. Jarrett and wife to John E. Spaulding and wife lot 7 Shadeland add Anderson 1 Winifred Kimberlin and husband to Florence Steiner, part lot 161 James Hazlett's second add Anderson 1 Louis B. Supoinitz to George Glazer, lot 35 A. C. Bernards first add Anderson 1

6. September 12, 1928 The Anderson Herald Anderson, IN
Article from The Anderson Herald, September 12, 1928

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George add., Anderson Charles B. Salyer to Albert Lane, lot 159 Irondale add., Anderson Samuel H. Gray to Nora J. Stinson, ne 4, sec 36, twp 17, range 8, 20 acres John Alldredge to Anna White, lots 29-30 Hillside add., Anderson Oliver C. Hiatt to Jefferson E. Clymer, lot 61 J. M. DeHority's 4th add., Elwood William H. Coffin to Samuel H. Gray, pt se 4, nw 4. sec 19, twp 19, range 8, 13 acres. Neel M. McCulough. trustee, to Chester A. Starr, lot 83 W. P. Harter's 1st add. Anderson Neel M. McCullough to Chester A. Starr. lot $3, W. P. Harter's 1st add. Anderson Citizens Bank, receiver. to

7. November 28, 1928 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 28, 1928

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Emily J. Moore and wife to George P. McCarty and wife, lot 6 Oak Grove, Anderson $5,000 James T. Larmore to J. Albert Sharp and wife, lot 6, Oak Grove addn., Anderson 3,800 Alvin Shinkle and wife to Raymond Bright, lot and part lot Cherry's subdiv ision, Anderson 250 William T. Benton and wife to Anderson Country Club, Inc., pt BW 4, sect. 11, twp 19, range 7, 13 acres. 1 Olga B. Stilwell to Chester G. Browne, part lot 21, northeast square, Anderson 1 George T. Hitz and wife to Lewis F. Eads and wife, lot 10, W. P. Harter's 1st addn. Anderson 1 Citizens Bank, receiver, to Anderson Loan Assn., lot 16, John R. Boston's and lot 85 Oakdale addn., Anderson. 1 Michael P. Miller and wife, et al, to Paul A. Goldsmith and wife, pt sect. 15, twp. 19, range Walter Slidham to Ora W. Thurston, lots 21, 22 Continuntion of Slidham's addn., Anderson 1 Nemmel A. Hite to Omer Tunes, property in Crescent Hill addn., Pendleton 1

8. October 1, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, October 1, 1929

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DEEDS RECORDED Sanford M. Keltner to Mary Ambros, lot 135 Jackson Park addn. Anderson William K Warner and wife to Sparks Brooks, 19 twp. range Lula Ridenour to George Nichol, also sec. 25. twp. range acres abandonment as grounds for divorce from They sepaabout six months of life Cecil Whitehead is attorney for the LaVern Hartley, 2113 Noble street, objects Nobart Hart 1921 avenue telling her nothing but expense The complaint, written by Attorney Kittinger. alleges the defendant and nags about everything and is insanely jealous. SUITS FILED. Circuit Court. Cecil Whitehead VS. Rayden A Doolittle, possession. Superior Court. Clarence Wilder vs. Myrtle Wilder; divorce. Ruby B. Owens vs. Kenneth divorce. Edna Well VS. Harold Wells; divorce. LaVern Hartley VVS. Robert Hartdivorce Josephine James vs. George James COURT MINUTES Circuit Court. Grover Gisey executor of the will Charlotte Cragen, Asberry Fisher, et. al.; note. Default of all defendantes Cause submitted Evidence heard Finding for plaintiff against all defendants sum principal and interest and $55 attorney fees, all without relief: draw per cent interest. Costs vs. Judgment. Grover Gisey, executor vs. Milo Brown, note Defoult defendants taken Finding for plaintiff in sum of $177 principal and attorney fees. All without relief. Judgment to draw per interest Costs vs. defendJudgment. Groved Geisey executor VS. Asberry Fisher: note. Default of all defendants Finding for plaintiff in sum of $200 principal and interest and $40 attorney fees, all without relief. Judgment to draw per cent interest. Costs VS. defendants. Judgment Lee Greenfield vs. Chauncey M. Allinzer: note. Dismissed. Citizen's bank, receiver vs. Ruby Mitchell: Collect statutary liability on stock. Demurrer to complaint filed. Citizens bank. receiver, VS. Kenneth Mitchell: Collect statutory liability on stock Demurrer to complaint filed. Citizens bank receiver, Lulu Dobson: Collect statuotry liaiblity on stock. Demurrer complaint filed. American Security VS. Thomas Gilmore: note. Default taken May 20, 1929 set aside. Roy made party defendant. Answer of Roy Ridenour filed American Security Co. Thomas Gilmore, note; $110. Roy Ridenour made party defendant. AnRoy Ridenour filed. Ethel Holtshaw Cletus Castor et. aside deed. Answer of plaintiffs to second and third of of Building and Loan filed. Clyde Smith, Dorothy Smith Myron Grant, Ruth Grant; quiet title. Dismissed Jesse Bessie D. Stutsvs. John rent. Rule vs. to answer by Oct. Schulte, Inc. vs. Jesse M Heskett: possession of real estate. William Haley vs Samuel Webster: foreclose dismissed. John O. Spohr vt. Hope State bank. James M. Sims: on certifdeposit. Motion defendant for continuance filed. Sustained Costs defendant Exception plaintiff Comes now plaintiff and offers to admit that witness set out in motion for continuance would testify to the competent facts therein set out if she were present to testify The offer having been made after motion continuance was filed. argued and ruled upon. is now rejectExceptions by plaintiff Douglass Glazier Leo Lippa note Dismissed. Henry M. Kemp et. al Willis Ellis executor: aside well. Mo. tion by defendant Walter Kemp for change venue county filed. Fred Showalter Spall: damages Amended complaint Robert Vestal administrator vs Robert Vestal sell real estate. Superior Court. Emma Chamberlain VS Samuel Chamberlain: divorce Defendant Arthur Call ordered to pay the distributive share of Samuel Chamberlain for such order as the might make the premises. Ex parte Michael Shay and Matthew Shay drainage withdrawal of all except remonstrance of Hiatt and 33 others. Report submitted to court. Report approved Drain ordered tablfshed Carl Thiff appointed superintendent to construct drain Plaintiffs' allowed $952. judgmennt Exceptionns to Hiatt to appeliate court. Prayer Hiatt to appellate court. Prayer granted, to file $1,000 bond within 30 days. Central Heating Co. Bertha Brown Minnie Gisler: Separate statement of defendant Bertha filed. New York Life Insurance Co. Alonzo Wiseman foreclose mortgage; Alias for Glen Wiseman sheriff of Henry county, Ruby B. Owens Kenneth Owens; divorce. Defendant restrained from interfering with plaintiff and from selling encumbering any property pending suit. Joseph McDaniels vs. Harry W. Herr quiet title Cause submitted. Evidence heard. Finding

9. April 15, 1930 The Star Press Muncie, IN
Article from The Star Press, April 15, 1930

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SECOND will be ning Injuries Fatal to Young Farmer at Anderson. Anderson, Ind., April farmer, living near died this morning at o'clock St. John's Hospital here, from injuries suffered when he was struck by automobile driven Herschel of Newcastle, last Thursday. Keesling was ing along the road carrying his Samuel. struck. The died an hour after the cident. Coroner Earl Sells opened court inquiry into to place blame for the that lives. Ratcliff under Police Investigate Accident. State police are cident state Ingalls and Fortville, when with Indiana license No. skidded paveupset and burned. trace found three young men, have been from Indianapolis, who were the machine. Three persons, Mr. and Mrs. Harold Green. Anderson. passengers, and pilot, Kansas were slightly hurt when ship operated by Goss the south failed lift dead wheel chuck who bruised. from under the wreckage, pluckily stated that she ready make another trial at flying. Augusta wife Jasper home here She left the husband and Francis Tucker, died at John's illness two weeks. He left the widow and four Ella Loftus, 70, died at the home niece, Mrs. James Rushere. Sigler, dead at the home Virgil Sigler. chilGilbert 52, died at the home daughter, Mrs. Raymond Beeson. Two children survive. Illness attorney today caused the Citizens Bank receiver for the Bank against directors the bank damages aggregating to losses depositors. heavy road building machine the north bridge White River and fell into tearing away much that the bridge hurt. Business and professional men and employes store and industries luncheon clubs and also groups attending services sponsorship Orien Fifer the being held the Paramount Theater, Anderson ministers Good Friday the union Passion Week services be conducted three hours First Methodist Episcopal Church will speak there "Were You

10. November 1, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 1, 1931

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BANK SITUATION UNDER CONTROL (Continued from Page One) Directors of the Citizens Bank are Arthur W. Brady, George E. Nichol, George H. Alexander, Charles E. Strout, Ernest N. Hill, F. E. Mustard, Neel McCullough, Frank C. Cline, Charles E. Bonser, Augustus T. Dye, Robert Dorste, Daniel Boland, Thomas McCullough, G. W. Whitledge, Edward H. Matthew Jacob Groble, C. Kuch, J. Wilson Barber and George W. Pierce. Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank. Conferences held during the night contemplated reopening the bank on Saturday, but the reports had gained such wide circulation that it was finally decided to close the bank rather than expose depositors to the risk of heavy run. Public Funds Protected The civil city of Anderson had $120,000 deposited at the Citizens Bank, in funds as follows: Municipal electric light plant, $70,000; Barrett law department $30,000; general fund, $20,000. City Controller Ira Davis, who is acting as mayor during the illness of Mayor J. H. Mellett, withheld issuance of city pay checks untill Monday to prevent further congestion at the Anderson Bank. The city is protected against loss by $536,000 personal bond against stockholders of the Citizens Bank. Madison county funds deposited at the Citizens Bank totaled $150,000, said Marcia H. Barton, county treasurer. County money is also protected by bond. J. Wesley Stewart, township trustee, said his office would be handicapped somewhat during the temporary closing of the bank, where he had between $8,000 and $9,000 on deposit. School teachers and bus drivers were paid yesterday by checks issued against township accounts in the Anderson Bank. ALEXANDRIA ACTION Notice Posted on One Bank-Other Meets All Demands. ALEXANDRIA, Ind., Oct. 31.-In the face of heavy withdrawals today the Alexandria Bank today posted notice of voluntary closure shortly before 3 p. m. State examiners will check the affairs and an announcement will be made when their work is finished. It was believed that depositors will be fully protected. Sam Phillips is president. The local situation is not critical and the Commercial Bank Trust Company, the other local bank, is meeting all of its requirements.

11. November 5, 1931 The Hancock Democrat Greenfield, IN
Article from The Hancock Democrat, November 5, 1931

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Citizens Bank at Anderson Closes Its Doors On Saturday last, the Citizens bank of Anderson. Ind., closed its doors. The assets of the bank total about $4,000,000 A heavy run on the bank by depositors caused the closing of its doors The officials of the bank assure depositors that it will pay their claims in full SUITS AND OVERCOATS REDUCED reduced to $19.50 25.00 reduced to 22.50 reduced 25.00 35.00 reduced 29.50 Cleaning. Relining and Alterations JUSTUS THE TAILOR Phone 619 Mr. and Mrs. J. M. Pogue returned to their home in this Saturday. after visiting their son. Barton Reese Pogue and family, at Upland.

12. November 8, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 8, 1931

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AGAINST BANKS Property Owners Caught In Closings Find Other Ways To Pay Their Taxes. FALSE RUMORS SPIKED Deposits of County Funds Made According to Finance Board Award. report last night at the office of Marcia H. Barton, county showed that has been entered on the county tax books, while approximately $200,000 in banks outof the of Anderson is yet to side city entered on the records. Checks which failed to clear through the Citizens Bank of Anderand the Citson, Bank Trust Company izens those closed Elwod before week totaled about their doors the treasurer said. Persons were notified wrote who their the taxes until yestertime for paying day of the treasurer's office Doors been closed last which Monday were opened yesterthe three closed day on could taken up. Almost banks ninety percent the checks deemed Taxpayers pressed appreciation because were penalized for going delinquent after Monday. Rumors Spiked False rumors concerning county statement issued Miss Barton last night. Deposits were made the Citizens Bank Anderson until and including Monday, October 26. On the ensuing four days all deposits tax monies made the Anderson Banking Company, and the close business on Friday, October each local bank had exactly the same amount of county money according awards County Board Finance. The treasurer said there $34,000 tax money ready to be deposited the Citizens Saturday morning. October 31, when the bank voluntarily suspended business and turned its affairs to the State Banking The only check written the on the CitiBank the week before closed was for Barton said.

13. November 15, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 15, 1931

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Anderson's Spirit Real It's an indomitable spirit that carries city through depressions and other unfortunate events to conditions better than those which previously prevailed. Anderson had boom. It was fine while lasted, but failed. But Anderson, unlike many cities in perof adversity, rose the occasion. Thanks to its citizens refused to quit the city emerged from the resulting condition build stronger than ever. That same courage quick action by persons who, fortunately, claim Anderson their home has reasserted itself the last two weeks. The closing of the Citizens Bank, voluntary bemisleading rumors, would have been calamity city where community spirit failed to exist The movement which was immediately begun organize new bank real demonstration of community Not only persons who were stockholders in the closed bank but scores others who never owned bank stock but who believed in Anderson responded. They have furnished the capital necessary for new bank to begin operations. Anderson has experienced its Community Chest its campaigns the to aid inemployed, has purchased Liberty Bonds liberally, quotas in Red Cross and knew campaigns to get together to replace bank which became the victim of conditions which prevail everywhere. much for the city's public The bank spirit. new organized on sound basis. will be opened than three weeks after the former bank suspended operations. There no in room Anderson for "knockers" after this demonstration splendid community spirit.

14. June 7, 1932 The Anderson Herald Anderson, IN
Article from The Anderson Herald, June 7, 1932

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COURT MINUTES Circuit Court. Zoe Martin Edith May; damdemand Cause venued Sylvia Gilbert Edith May damdemand Cause venued Mitchell Martin Edith May; damages, demand $2,000. Cause venued to Delaware Ira Baldwin: complaint ing order Motion sustained to disorder Elwood Trust Co. vs. Joseph Manghelli; mand $2,300. Report of Citizens State Bank receiver John Russell Joe Finding that plaintiffs are entitled to posses$30 Elizabeth Eugene Landivorce. Ethel McNew: divorce. Answer in denial general Walter Druley Jesse H. Mellett: Answer in general denial filed. Annees Corey Nicholas Mesalna damages, $20,000. Amended complaint filed. Hettrick Manufacturing Co. VS AnTent demand Finding for plaintiff sum $286. Peerless Foundry George Hopkinson, account demand $100. Finding for plaintiff in sum Citizens State Miriam Romine demand in abatement filed by Miriam Romine. Ruth Hummer Wilbur Hummer, Cause Theodore Morris Ellen Ressler, damages, demand $5,000. Answer in general denial filed. State of Indiana Joseph