5471. Studabaker Bank (Bluffton, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 20, 1927
Location
Bluffton, Indiana (40.739, -85.172)

Metadata

Model
gpt-5-mini
Short Digest
97b4ce53

Response Measures

None

Description

Articles (May 20–21, 1927) report the Studabaker Bank as defunct and insolvent and show a judge naming a permanent receiver (Citizens Bank). No run or depositor panic is described; the bank was found insolvent and placed in receivership and liquidation, i.e., a suspension followed by permanent closure/receivership.

Events (2)
1. May 20, 1927 Suspension
Cause
Government Action
Cause Details
Judge heard evidence of insolvency and moved to appoint a permanent receiver for the defunct Studabaker Bank (assets $1,348,532.44; liabilities $1,563,314.32).
Newspaper Excerpt
After hearing evidence on the question of the solvency of the now defunct Studabaker Bank of this city, Judge A. W. Hamilton announced he would name a permanent receiver for the institution at 9 a. m., Friday.
Source
newspapers
2. May 21, 1927 Receivership
Newspaper Excerpt
A. W. Hamilton Friday named the Citizens Bank, of this city, as permanent receiver for the defunct Studabaker Bank. In explaining his action ... the judge said that it was best equipped institution to do the work. The judge refused to accept for filing ... objection to the appointment of the Citizens Bank by several depositors in the Studakaber Bank [Studabaker]. (Muncie Evening Press, May 21, 1927).
Source
newspapers

Newspaper Articles (3)
1. May 20, 1927 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, May 20, 1927

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Article Text

HOLD INSTITUTE AT BANK RECEIVER UNION CITY SUNDAY UNION CITY, Ind., May 20. The annual Wayne Township TO BE NAMED Leadership Training Institute will Judge Hamilton Will Appoint Today. BLUFFTON, May 20. After hearing evidence on the question of the solvency of the now defunct Studabaker Bank of this city, Judge A. W. Hamilton announced he would name a permanent receiver for the institution at 9 a. m., Friday. Morris E. Stults, cashier of the Citizens Bank. which is the temporary receiver. testified the Studabaker Bank is insolvent. The liquidating assets were 1,348,532.44 and liabilities are $1,563,314.32, he said. Mr. Stults said the figures on assets did not include assessment on stock and that the bank was probably insolvent in the sum of $89,781.88. The bank is capitalized at $200,000 and Mr. Stults said his estimate of assessment on stock would bring at least $125,000. be held here Sunday afternoon and At the afternoon session in the Presbyterian Church the speakers will be the Reverend A. E. Hoppes and the Reverend L. H. Graham. Conferences will be led by the Reverend A. L. Ward. In the evening session in the Christian Church the address will be delivered by the Reverend T. S. Haddock. Special music will be provided for both sessions by the Sunday schools of the township. The institute will be in charge of the township officers, Bethel McKnight, president, and Orla Bennett, secretary.

2. May 21, 1927 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, May 21, 1927

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Article Text

CITIZENS BANK RECEIVER For Studabaker Bank of Bluffton. BLUFFTON, Ind., May A. W. Hamilton Friday named the Citizens Bank, of this city, as permanent receiver for the defunct Studabaker Bank. In explaining his action in naming the bank, that has been serving both as liquidating agent and temporary receiver, the judge said that It was best equipped institution to do the work. The judge refused to accept for filing in the case verified objection to the appointment of the Citizens Bank by several depositors in the Studakaber Bank

3. October 30, 1927 The Star Press Muncie, IN
Article from The Star Press, October 30, 1927

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Article Text

BLUFFTON Bluffton, Ind., Oct. 29.-John Flechter, Jr., and son, Ervin, 12, were recovering today from the effects of partial asphyxiation suffered yesterday afternoon while working in cistern in the basement of home five miles northeast of Bluffton. All persons in Wells County who are desirous of making borer Canada, who did not get accompany the Wells County delegation, this week, will have an opportunity to make the trip next week with an expedition from Wabash and Whitely counties, County Agent M. S. Smith announce The Citizens Bank, today receiver for the Studabaker Bank judgment in the sum 85 by Judge A. W. Hamilton in Circuit Court today. Petition for foreclosure of mortgage on defendants' was granted. Judgement sum $117.44 on an alleged unpaid note was demanded supplemental complaint filed in Circuit Court today by the Union Central Life In surance Company against Francis Gore and others. A sedan belonging to D. F. Mitzwhich was stolen from in front of the Mitzner home by joyriders night found abandoned rear school building here this morning.