5474. Studebaker Bank (Bluffton, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 28, 1927
Location
Bluffton, Indiana (40.739, -85.172)

Metadata

Model
gpt-5-mini
Short Digest
72c10517

Response Measures

None

Description

Studebaker Bank in Bluffton closed/suspended in March 1927 and was placed in receivership. No article describes a depositor run; instead articles discuss receivership administration and later transfer of the Citizens Bank (which had acted as receiver) to Wells County Bank and appointment of Morris E. Stults as receiver in Feb 1928. Dates derived from text: closed March 28, 1927 (article 6) and receivership actions Oct 1927–Feb 1928. Cause of suspension not specified in the articles.

Events (4)
1. March 28, 1927 Suspension
Cause Details
Article states the bank closed its doors in March 1927; no explicit cause (no run or government action described).
Newspaper Excerpt
the Studebaker bank which closed its doors on March last.
Source
newspapers
2. October 28, 1927 Other
Newspaper Excerpt
Judge W. Hamilton today entered judgment in favor of the Citizens Bank as receiver for the Studebaker Bank, against the Central Investment Company ... appointed the Citizens Bank as receiver for the Studebaker Bank, against the Central Investment Company ... with bond placed at $10,000. (The Star Press, 1927-10-28). (OCR-corrected excerpt).
Source
newspapers
3. February 23, 1928 Receivership
Newspaper Excerpt
Morris E. Stults was appointed receiver for the Studebaker Bank this afternoon by Judge A. W. Hamilton in the Wells Circuit Court, following acceptance by the court of the resignation of the Citizens Bank as receiver. Stults's bond was put at $50,000.
Source
newspapers
4. February 27, 1928 Other
Newspaper Excerpt
The assets and liabilities of the Citizens bank at Bluffton, Ind., were taken over Wednesday by the Wells county bank ... The Citizens bank was formed after the closing of the Studebaker bank March 28, 1927, and was made receiver the Studebaker bank.
Source
newspapers

Newspaper Articles (6)
1. October 28, 1927 The Star Press Muncie, IN
Article from The Star Press, October 28, 1927

Click image to open full size in new tab

Article Text

BLUFFTON Bluffton, Ind., Oct. party of 92 Wells County farmers and business men arrived home this ning from 3-day trip to points in Ohio, Michigan and Canada heavily infested with corn borers and all Ar. Macon (Cof G) are thoroughly converted the Jacksonville (ACL) am. urgent necessity of taking every Miami (FEC) Tampa (ACL) od possible to keep the borers Sarasota under control in Indiana. Judge W. Hamilton today enSt. Petersburg 6:25 pm. tered judgment in favor of the Citidescriptive literature. fares, zens Bank as receiver for the Studebaker Bank, against the CenH.M. Mounts, tral Investment Company in the Carpenter, City sum of $28,117, including attorneys Merchants Bank Building fees of $1,140. Virgil M. Simmons, Ph.Riley local attorney, was then appointed Milliken, for the defendant in the Louisville, Ky. tion, the Central Investment Company, a local corporation, with bond placed at $10,000. William Snyder, crippled farmer living near Kingsland, taken B A D into custody late yesterday and brought to the county jall here to await hearing on petition asking that he be declared of unsound mind and admitted to a state institution for A license Issued today to Mrs. Edith Mildred Lazette, 22. daughter of and Mrs. Charles Turner and her first husband, Clarence Ellsworth Wolf. She was divorced from him, married Lazette and divorced the latter and successfully wooed again by Wolf.

2. January 31, 1928 The Star Press Muncie, IN
Article from The Star Press, January 31, 1928

Click image to open full size in new tab

Article Text

CITIZENS BANK GETS EXPENSES Wells County Judge Approves Receivers Petition. Bluffton, Ind., Jan. W. Hamilton, Circuit Court here, approved petition of the Citizens Bank receiver of the Studebaker Bank of this city for of expenses of the receivership from November to January 1928. The items of expenses that period totaled including $7,000 services receiver fees for receiver's torneys. lowance of $12,251.18 covering penses from the time of the appointment May November 1927. Had Collected $101,980. The report filed last November that the had collected all sources up that time the of from November January collected an additional $156, 222.77. Of total the collected on held collateral the Indiana Bank Indianapolis: collected notes collateral of and security National Bank of Fort The sums so collected were to the holders the notes as collateral and apprincipal obligations Templin Probated. of Sanford H. president of the Bank of troleum, was admitted to probate here today life is given widow. death the residue is be divided among the children Cary Templin, of onethird the residue estate, subject charge $4,000; George Templin, of Bluffton, subject to of an and the remaining third goes to Clarence, Charles Chenoand Rachel children deceased daughter, Letita Bluffton Short Notes. Junior Schorey, of Mr. and Mrs. Howard Schorey, West Wiley avenue, severe burns about his stomach yesterday accidentally pulled teakettle boiling water contents spilled him. of local suffered compound fracture of left when she fell at County D French suffering from his left forefinger in trap Word received that Mrs. of this city, home Earl Merriman, center of the SUNSHINE pound raisins:

3. February 22, 1928 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, February 22, 1928

Click image to open full size in new tab

Article Text

CITIZENS BANK AT BLUFFTON IS SOLD BLUFFTON, ment was made here today that the Citizens Bank had been sold to the Wells County Bank and that its business be Bluffton but two banks, the Wells County Bank and the Union and Trust The Bank receiver for the Studebaker Bank which closed its doors on March last. The the Citizens Bank totaled about and the Wells County Bank will pay these deposits. was learned good authority that Morris who has been cashier for Bank will be receiver for the Studabaker bank. The chief entomologist estimates loss through insect pests $100,000,000 year.

4. February 24, 1928 The Star Press Muncie, IN
Article from The Star Press, February 24, 1928

Click image to open full size in new tab

Article Text

BLUFFTON Bluffton, Ind., Feb. 23.-Morris E. Stults was appointed receiver for the Studebaker Bank this afternoon by Judge A. W. Hamilton in the Wells Circuit Court, following acceptance by the court of the resignation of the Citizens Bank as ceiver. Stults's bond was put at $50,000. Laverne Kitchen. 3. son of Mr. and Mrs. James Kitchen, of this city, suffered severe injury his right hand and forearm when his hand was caught in an electric clothes M. Walbert, local justice of the peace. sitting as special judge in Juvenile Court here, today quitted George Snow and Miss Yolande Perry. of of charges of contributing to the delinquency of 14-year-old girl. James Reynolds today filed complaint Circuit Court here against Blanche Reynolds, seeking annulment of their marriage, which took place July The Kiwanis Club voted last night to sponsor Kiwanis boys' potato club for Wells County. Each Kiwanian and will sponsor boy potato raiser assist him in procuring seed for a. quarter of an acre patch. calf club also to be organized.

5. February 25, 1928 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, February 25, 1928

Click image to open full size in new tab

Article Text

MAN, WOMAN HELD NOT GUILTY AT BLUFFTON BLUFFTON, Ind., Feb. 25.-M. W. Walbert, sitting as special Judge in the case against George Snow and Yolanda Perry of Chester Township, who were charged with contributing to the delinquency of a minor girl as the result of an auto party sometime ago, found the defendants not guilty. Judge Walbert in passing judgment in the case, said the evidence of the girl, who testified for the state, was insufficient to warrant convinction. TAKES OATH AS RECEIVER. BLUFFTON, Ind., Feb. ris E. Stults, former cashier of the Citizens Bank, which suspended business here Wednesday, has taken the oath of office as receiver for the Studebaker Bank to which position he was appointed by Judge A. W. Hamilton following resignation of the Citizens Bank as receiver Mr. Stults furnished bond in the sum of $50,000. The court named the Wells County Bank as the depository for the receivership.

6. February 27, 1928 Garrett Clipper Garrett, IN
Article from Garrett Clipper, February 27, 1928

Click image to open full size in new tab

Article Text

SHOP AND RAIL NEWS Report of Loadings. Loadings of revenue freight for this week ended on February totaled 926,204 cars. This was increase of 23,372 cars the preceding week. with increases being reported in the total loadings of all commodities. The total for the week of February was, however, a decrease of 39,460 cars under the same week in 1927, but an increase of 11,713 cars compared with the corresponding week two years ago. Engineers Awarded Increase. An increase of 61/2 per cent in the wages of locomotive engineers employed on the principal southeastern railroads. retroactive to September 1927, has been awarded by board of Arbitration. appointed under the terms of the Railway Labor Act. The Board has been holding hear ing in Washington. The request of the Engineers was for general 15 per cent increase. in addition to certain increased rates for special classes service. Labor Members Do Not Sign. The award was decided on by the board on February and has been filed with the clerk of the Supreme Court of the District of Columbia, the United States Board of Mediation and Interstate Commerce Commission. It was signed by four of the six arbitrators, W. P. Stacy. Leslie M. Shaw, Pelley and W. Jenks, the former two being the members appointed by the Board of Mediation, and the latter two having been selected by the railroads. A. Johnson and S. H. Huff, the members of the board selected by the brotherhood, did not sign the award. The suit in the DeKalb circuit court of William and Caroline Devore against the Butler Brick and Tile and others on note has been dismissed as to Abraham Stark. Rats gnawed the body of Henry Crouse. 67. a recluse as he lay in his shack home in the White river bottoms near Bicknell. Ind., after dying several days ago. The body was found by Homer Summitt, neighbor who went to the shack to borrow book. Coroner Beck assigned acute alcoholism as the cause of death. Beside the body was gallon jug containing small quantity of white mule liquor. The assets and liabilities of the Citizens bank at Bluffton, Ind., were taken over Wednesday by the Wells county bank, also Bluffton. The Citizens bank suspended its business because of lack of patronage. The Wells county bank will pay the Citizens bank's liabilities in full and honor all drafts and checks. The Citizens bank had deposits totalling and capitalized at $50,000. The Citizens bank was formed after the closing of the Studebaker bank March 28, 1927, and was made receiver the Studebaker bank. The Wells county bank will not take over the receivership for the old Studebaker bank. Morris E. Stultz, former member of the state banking department and cashier of the Citizens bank, will have charge of the receivership for the Studebaker bank.