Article Text
Leads in Attica Citizens' Action W. Harrison, president of the Harrison there by 300 depositors AtFarmers and Merchants State bank. He member the advisory committee three the bank receiver.
5444. Farmers & Merchants Bank (Attica, IN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- April 1, 1928*
- Location
- Attica, Indiana (40.294, -87.249)
Metadata
- Model
- gpt-5-mini
- Short Digest
d4a18f2a
Response Measures
None
Description
The Farmers-Merchants State Bank of Attica was closed by the Indiana State banking department in April 1928 (frozen assets and interlocked management). A receiver was appointed and the bank did not reopen; later settlements of former president's obligations are reported. No run is described in the articles.
Events (4)
1.
April 1, 1928*
Receivership
- Newspaper Excerpt
- Dan R. Young ... was appointed receiver.
- Source
- newspapers
2.
April 1, 1928*
Suspension
- Cause
- Government Action
- Cause Details
- Closed by the State banking department in April 1928; cited frozen assets and interlocked management with the Attica Building and Loan Association.
- Newspaper Excerpt
- The Farmers-Merchants State Bank of Attica ... was closed by the State banking department in April. Frozen assets were blamed.
- Source
- newspapers
3.
July 19, 1928
Other
- Newspaper Excerpt
- Depositors losses are expected to approximate 20 per cent. Upon reorganization ... Dan R. Young, Attica farmer ... was appointed receiver.
- Source
- newspapers
4.
July 23, 1928
Other
- Newspaper Excerpt
- Charles W. Zeigler, former president of the defunct Farmers and Merchants Bank at Attica, effected a settlement ... assigned real estate valued at $100,000 ... to cover accounts amounting to approximately $60,000.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
ZIEGLER GIVES LAND TO COVER ATTICA DEBTS Signs Over Property to Make Up $50,000 for Loan Association. Acceptance of a mortgage on real estate owned by Charles Ziegler, State highway commissioner, to cover his indebtedness of approximately $50,000 to the Attica Building and Loan Association, of which he was president, tentatively was agreed to by the association's directors in conference with Thomas D. Barr, deputy State bank commissioner, here Wednesday. Attempts at secrecy surrounding the meeting were a disappointment to Barr, who called the session, and to A. L. Gutheil, chief clerk of the building and loan division of the State banking department, who plainly was perturbed that word of the meeting had "leaked out." Bank Closed in April The Farmers-Merchants State Bank of Attica, of which Ziegler was president, was closed by the State banking department in April. Frozen assets were blamed. Because management of the bank and of the building and loan association were interlocked closely, the bank's failure was reflected in the association's financial status. Upon reorganization, stockholders of the association voluntarily consented to a 15 per cent sacrifice. Old officers were displaced; George Williams made president; W. W. Haworth, secretary, and W. B. Reed, treasurer. Dan R. Young, Attica farmer whose father had been one of the principal stockholders and a director in the Farmers-Merchants bank, was appointed receiver. Depositors losses are expected to approximate 20 per cent. Depositors Blame Ziegler Attica depositors roundly criticised Ziegler for his management and have held the opinion the State banking department should have closed the bank sooner. Association directors came to Barr's office determined to retrieve as much of the 15 per cent loss as possible. Ziegler's home and personal property alone are outside the mortgage submitted to the directors. It covers, said C. W. Dice, Ziegler's attorney, farm lands in Warren County and in South Dakota, business property in Attica and real estate in Indianapolis and Wichita, Kas. Dice estimated the property to be worth from $75,000 to $100,000. Turns in Store Accounts Ziegler, said the attorney, already has turned in a $65,000 store at Lafayette, $6,000 in bills payable and $2,000 in cash to meet his joint indebtedness to the two firms of which he was head. Agreement has been reached by association directors to accept a mortage from J. Shannon Nave, who was director in both companies, covering his indebtedness. Mortgages from the two former officials will reduce the loss of building and loan association stockholders to 8 per cent or less, it is said.
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Article Text
ASSIGNS PROPERTY Zeigler Effects Settlement of $60,000 in Bank Case. [Special to The Indianapolis News] COVINGTON, Ind., July Charles W. Zeigler, former president of the defunct Farmers and Merchants Bank at Attica, effected a settlement with the bank's receiver and the Attica Building and Loan Association before Judge Omar B. Ratpier cliffe, of the Fountain circuit court here. Zeigler assigned real estate valued at $100,000 together with personal property of $18,000 estimated value to cover accounts amounting to approximately $60,000, which it has been serted Zeigler owed the two concerns.