5469. First National Bank (Bluffton, IN)

View Charter #58 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
58
Charter Number
58
Start Date
February 14, 1929
Location
Bluffton, Indiana (40.739, -85.172)

Metadata

Model
gpt-5-mini
Short Digest
090c7787

Response Measures

Partial suspension

Description

Article (1929-02-14) describes a panic/run in the region (Wells/Blackford counties) that led neighboring Farmers Deposit Bank to close and the First National Bank of Bluffton to post a notice requiring 60 days' notice on savings and certificates (invoking the 30/60/90-type restriction). A later article (1929-03-30) describes the First National Bank operating/open under a national charter, indicating it remained (or resumed) in business. Cause attributed to distress of other local banks/panic in the area. OCR errors in Article 1 (garbled phrases) were corrected where obvious.

Events (5)
1. August 11, 1863 Chartered
Source
historical_nic
2. December 5, 1867 Voluntary Liquidation
Source
historical_nic
3. February 14, 1929 Run
Cause
Local Banks
Cause Details
Panic spreading from failures/distress of nearby Wells County banks; run on Farmers Deposit Bank and regional contagion threatened Bluffton banks.
Measures
First National Bank posted notice that 60 days' notice would be required for savings deposits and on certificates of deposit (invoking delayed-payment rule).
Newspaper Excerpt
The panic that sweeping Wells in five banks have been in days, spread toto Blackford county caused the closing here the Farmers Deposit bank ... decision to suspend reached after run on the bank.
Source
newspapers
4. February 14, 1929 Suspension
Cause
Local Banks
Cause Details
In response to regional panic and runs on neighboring banks, the bank invoked 60-day notice requirement for deposits (partial suspension/temporary restriction).
Newspaper Excerpt
The First National bank of this city ... immediately posted notice on its doors that 60 days notice will be required for the of savings deposits days notice on certificates of deposits.
Source
newspapers
5. March 30, 1929 Reopening
Newspaper Excerpt
Following ... they had received national charter and from now on their bank would be known First National Bank Bluffton. This bank also capitalized $100,000 ... the bank here gets fully into operation. First Bank Open. ... Old National Bank Ready for Business Today. BLUFFTON, Ind., March ... The Old National Bank of Bluffton ... opened business here ... announced that they had received national charter and from now on their bank would be known First National Bank Bluffton. This bank also capitalized $100,000. surplus $50,000. (article describes banks resuming/opening operations.)
Source
newspapers

Newspaper Articles (2)
1. February 14, 1929 The Times Hammond, IN
Article from The Times, February 14, 1929

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Article Text

ANOTHER BANK CLOSES Ind., The panic that sweeping Wells in five banks have been in days, spread toto Blackford county caused the closing here the Farmers Deposit bank, institution. about 20 miles south of Bluffton. Officers of the closed bank said the decision to suspend reached after run on the bank. The First National bank of this city, other tion here, immediately posted notice on its doors that 60 days notice will be required for the of savings deposits days notice on certificates of deposits. seems to lost his of Thomas sense Barr, banking commissioner, who has hurried to Bluffton in declared upon arriving there and looking of situation. banks have been without

2. March 30, 1929 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, March 30, 1929

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Article Text

BANK OPENS AT BLUFFTON Old National Bank Ready for Business Today. BLUFFTON, Ind., March The Old National Bank of Bluffton. operating under recently granted state opened business here in old Studabaker Bank building recently purchased from Bank for The National Bank is capitalized at with surplus. The institution is backed by the National Fort Directors. Officers of the bank Henry C. Paul, president: Frak H. Cutshall, Hitzeman, cashier, and W. Stogassistant Paul. Cutshall. W. M. Wilson H. Bowerfind. all of The the that an would be affiliated with the local bank for the of securities in the This organization will be at $25,000. Holds Stock. further that all capital stock in the bank subscribed by Fort men and that the bank here gets fully into operation. this would have the opportunity to buy stock in the bank. Local men also will be employed in the bank, announced. First Bank Open. Following garding National Bank, officers of the First Commercial Bank, started here under state charter Wells County Bank building. announced that they had received national charter and from now on their bank would be known First National Bank Bluffton. This bank also capitalized $100,000. surplus $50,000. This institution backed by interfrom National Bank Wayne. Niezer president; Harry dent; Potthoff. cashier, R. Fitzpatrick assistant cashier. With above banks now operation financial affairs the county moving smoothly Morris Stultz, receiver Studabaker Wells County Bank, is ing his work of liquidating those stutions. Walmer charge the Union Savings Trust Company liquidation.