5471. First National Bank (Shelbyville, IN)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
1263
Charter Number
1263
Start Date
February 3, 1932
Location
Shelbyville, Indiana (39.521, -85.777)

Metadata

Model
gpt-5-mini
Short Digest
e993b7b34b6a2715

Response Measures

None

Receivership Details

Depositor recovery rate
85.8%
Date receivership started
1932-02-10
Date receivership terminated
1939-01-31
Share of assets assessed as good
45.1%
Share of assets assessed as doubtful
51.0%
Share of assets assessed as worthless
3.9%

Description

Articles report the First National Bank of Shelbyville closed in early February 1932 and that a receiver was subsequently appointed; by 1935 the receiver was paying dividends. There is no explicit description of a depositor run in the provided texts โ€” the board closed the bank and the national bank examiner took charge, indicating a suspension followed by receivership/closure.

Events (4)

1. June 10, 1865 Chartered
Source
historical_nic
2. February 3, 1932 Receivership
Newspaper Excerpt
the national banking the protec... the examiner was here today take charge and by the financial the and obligations would immediately ... Morton Lamb, receiver for the First National Bank of Shelbyville, which closed Feb. 3, 1932, announced ... (1935 article).
Source
newspapers
3. February 3, 1932 Suspension
Cause
Government Action
Cause Details
Directors closed the bank and the national bank examiner took charge to protect depositors amid heavy financial pressure; suspension initiated and examiner assumed control.
Newspaper Excerpt
First National Bank of Shelbyville Closes Its Doors
Source
newspapers
4. February 10, 1932 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The Hancock Democrat, February 11, 1932

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Article Text

First National Bank of Shelbyville Closes Its Doors Declaring the business and depositors be paid in through the process directors the First tional Bank of this morndecided the institution's the hands the national banking the protecdepositors interests. tematic heavy period and possibility collecting notes from solvent the for action the directors closed the bank examiner was here today take charge and by the financial the and obligations would immediately. decision and claring their solvency, members board directors morning appealed the public the community attitude ward other financial institutions the county. pointed that institutions all solvent and in position continue depositors and debtors the extent doing in usual manner.


Article from The Indianapolis Times, January 2, 1935

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Article Text

Bank to Pay $150,000 By United Press SHELBYVILLE, Jan. 2.-An encouraging outlook for 1935 is presented for Shelby County residents. Morton Lamb, receiver for the First National Bank of Shelbyville, which closed Feb. 3, 1932, announced that a 35 per cent dividend will be paid in a few weeks. Approximately $150,000 will be disbursed. The bank already has paid two dividends, totaling 45 per cent.