5436. Peoples State Bank (Arcadia, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1918*
Location
Arcadia, Indiana (40.176, -86.022)

Metadata

Model
gpt-5-mini
Short Digest
3fd02451

Response Measures

None

Description

Newspapers describe the People's/Peoples State Bank of Arcadia as having been closed by the state banking department (~1918) after a run that occurred when the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent. A receiver (Guy Booth) was appointed and final dividends were paid in 1921-1922. OCR variants of the name (People's/Peoples) preserved as provided.

Events (6)
1. January 1, 1918* Receivership
Newspaper Excerpt
Guy Booth, as receiver, to declare a 10 per cent dividend among the stockholders and depositors of the defunct People's State Bank of Arcadia, which was closed by the Auditor of State three years ago.
Source
newspapers
2. January 1, 1918* Run
Cause
Local Banks
Cause Details
Depositors ran after the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent, triggering withdrawals at the Arcadia bank.
Newspaper Excerpt
The bank failed when a run was made on it at the time the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent.
Source
newspapers
3. January 1, 1918* Suspension
Cause
Government Action
Cause Details
Closed by the state banking department/auditor following the run and insolvencies of other nearby banks.
Newspaper Excerpt
which was closed by the state banking department several years ago
Source
newspapers
4. January 20, 1921 Other
Newspaper Excerpt
When the stockholders and depositors received this 10 per cent dividend they will have been paid 83 per cent.
Source
newspapers
5. August 10, 1921 Other
Newspaper Excerpt
The receiver has already paid 83 per cent in dividends. This will be the best showing of any of the four banks which have failed in Hamilton County four years ago.
Source
newspapers
6. November 27, 1922 Other
Newspaper Excerpt
Creditors of the defunct People's State Bank of Arcadia will receive a further dividend of eleven cents, according to the final report of Guy Booth, receiver... This makes the final dividend of the bank ninety-three cents on the dollar.
Source
newspapers

Newspaper Articles (4)
1. January 20, 1921 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, January 20, 1921

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Article Text

ARDEN BANK' DIVIDENDS PAID. NOBLESVILLE, Ind., Jan. 20.-The Circuit Court has granted the request of Guy Booth, as receiver, to declare a 10 per cent dividend among the stockholders and depositors of the defunct People's State Bank of Arcadia, which was closed by the Auditor of State three years ago. When the stockholders and depositors received this 10 per cent dividend they will have been paid 83 per cent.

2. August 10, 1921 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, August 10, 1921

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Article Text

Right Here I BANK RECEIVER MAKES REPORT Arcadia Institution to Pay Another Dividend. Special to The Times. NOBLESVILLE, Ind., Aug. 10.-In the Circuit Court Tuesday Judge E. E. Cloe allowed Lewis A. Coleman of Indianapolis and Neal & Noal of this city fees to the amount of $3,850 for services as attorneys in the receivership of the Peoples State Bank at Arcadia. Guy Booth receiver, was allowed $4,330. Mr. Booth notified the court that he expected to pay 8 5 or 7 per cent dividend within the next few days. after which he would file his final report and asked to be discharged. The receiver has already paid 83 per cent in dividends. This will be the best showing of any of the four banks which have failed in Hamilton County four years ago.

3. March 1, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, March 1, 1922

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Article Text

Defunct Bank's Stockholders Receive 93 Percent on Stock NOBLESVILLE, Ind., Feb. 28.A final.reports by receivers of the People's State bank of Arcadia. which was closed by the state banking department several years ago along with three other banks in Hamilton county, was filed in court Tuesday and approved.

4. November 27, 1922 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 27, 1922

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Article Text

ARCADIA BANK PAYS 93 CENTS ON THE DOLLAR B Times Special NOBLESVILLE, Ind., Nov. 27.Creditors of the defunct People's State Bank of Arcadia will receive a further dividend of eleven. cents, according to the final report of Guy Booth, receiver, made to Judge Fred Hines in the Hamilton Circuit Court. This makes the final dividend of the bank ninety-three cents on the dollar. The bank failed when a run was made on it at the time the Farmers' Bank of Chicago and the Hamilton County Trust Company were declared insolvent.