Citizens State Bank - Beech Grove, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 9, 1933
Location: Beech Grove, Indiana (39.715, -86.087)

Metadata

Model: gpt-5-mini
Short Digest: 63e23c24

Response Measures

None

Description

Article (The Indianapolis Times, 1933-03-15) lists Peoples State Bank among banks reopening after the statewide banking holiday. No run or depositor crowding is described; the suspension was due to the government-declared/state banking holiday and the bank resumed operations.

Events (2)

1. March 9, 1933 Suspension

Cause: Government Action
Cause Details: Closed as part of the state/national banking holiday and restrictions imposed during the bank holiday in March 1933.
Newspaper Excerpt: During the banking holiday no payments were made on loans and ... Operations of these financial institutions have been on a restricted basis for several months.
Source: newspapers

2. March 15, 1933 Reopening

Newspaper Excerpt: These included the Aetna Trust and Savings bank, Virginia Avenue State bank, Belmont State bank, Marion County State bank, Peoples State bank, and Citizens State bank of Beech Grove. State banking officials announced a large number of banks open throughout the state ... preparing for issuing permits for their reopening as soon as possible.
Source: newspapers

Newspaper Articles (1)

1. March 15, 1933 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, March 15, 1933

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Article Text

EIGHT MILLIONS PUT IN BANKS Deposits Are Heaviest in City's History, Report Officials. (Continued from Page One) cepting deposits which may be withdrawn in full. These included the Aetna Trust and Savings bank, Virginia Avenue State bank, Belmont State bank, Marion County State bank, Peoples State bank, and Citizens State bank of Beech Grove. State banking officials announced a large number of banks open throughout the state and they were working at top speed today checking condition of other banks in preparation for issuing permits for their reopening as soon as possible. It was announced at the statehouse today that practically every county in the state has at least one bank open. Bankers pointed out that the heavy excess of deposits over withdrawals was not caused by the limitation on cash withdrawals. The banks were forced to ask very few persons to sign affidavits that heavy withdrawals were for necessary purposes and not for hoarding. Gold coins and gold certificates today continued to pour into banks, officials reporting more than $100,000 in gold received in exchange for currency Tuesday. It was estimated that more than $700,000 in gold coin and gold certificates has been shipped to the federal reserve bank at Chicago in the last week. Heavy Penalty Provided A maximum penalty of a $10,000 fine and ten years in prison is provided for persons hoarding gold and gold certificates. Banks of the country have until Thursday to furnish the government with lists of persons who have withdrawn gold or gold certificates in sizeable quantities in the last few years without returning it. Building and loan associations reported increased business Tuesday and today as payments were made on loans. During the banking holiday no payments were made on loans and PA borrowers hastened to make paye ments as soon as funds were available. S Most of the money received was in cash, with few checks being tendered, it was said. Operations of these financial in] stitutions have been on a restricted basis for several months.