Studebaker Bank - Bluffton, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 26, 1927
Location: Bluffton, Indiana (40.739, -85.172)

Metadata

Model: gpt-5-mini
Short Digest: 7fee867c

Response Measures

None

Description

Articles state the bank suspended business on March 26, 1927, a receiver (M. E. Stults) was appointed and is selling assets and making distributions in 1929. No article describes a depositor run; the bank remained in receivership and did not resume normal operations. Cause of suspension appears to be bank insolvency/financial failure (bank-specific adverse information).

Events (4)

1. March 26, 1927 Receivership

Newspaper Excerpt: Morris E. Stults, receiver of the Studebaker Bank, this afternoon was authorized by Judge A. W. Hamilton to make 10 per cent distribution to general creditors of the bank, totaling $112,521.29.
Source: newspapers

2. March 26, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended operations on March 26, 1927, and was placed in receivership due to insolvency/financial failure as implied by receiver's collections, assets and distributions.
Newspaper Excerpt: the first that has been made to general creditors since the bank suspended business March 26. 1927.
Source: newspapers

3. February 28, 1929 Other

Newspaper Excerpt: the checks were placed in the mail this evening, ready for delivery to creditors in the morning. There are about 3,000 general claimants to share in the distribution, the first that has been made to general creditors since the bank suspended business March 26. 1927.
Source: newspapers

4. September 14, 1929 Other

Newspaper Excerpt: M. E. Stults, receiver for the Studebaker Bank, was granted an order today by Judge A. W. Hamilton for the sale of four pieces of real estate at public auction.
Source: newspapers

Newspaper Articles (3)

1. March 1, 1929 The Star Press Muncie, IN

Article from The Star Press, March 1, 1929

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Article Text

CREDITORS PAID TEN PER CENT Studebaker Bank, Bluffton, in Distribution. Bluffton, Ind., Feb. 28.-Morris E. Stults, receiver of the Studebaker Bank, this afternoon was authorized by Judge A. W. Hamilton to make 10 per cent distribution to general creditors of the bank, totaling $112.521.29. The checks were placed in the mail this evening, ready for delivery to creditors in the morning. There are about 3,000 general claimants to share in the distribution, the first that has been made to general creditors since the bank suspended business March 26. 1927. Accompanying the checks there was sent to each general creditor letter in which Receiver Stults detailed the work that has been performed in the receivership. This included the statement that the receiver had to collect and pay to banks approximately $350,000 loans. also to collect funds to pay preferred claims amounting to approximately $80,000 before he began make any accumulations towards payment of any funds to general creditors. In addition he had to pay expenses accruing that totaled about $40,000. A total of about $85 000 was settled by allowance of set-offs. The receiver shows that there remains in his custody unliquidated assets that include personal and mortgage notes totaling $435,000. also 1867 acres of land, six city properties. thirteen vacant lots and $2,500 worth of farm personal property No estimate was given as to what per cent of the remaining assets are thought collectable. Conscience Money With Interest. Fred Carnall. farmer living southeast of Bluffton. today received an anonymous letter by special delivery. in which was enclosed $25 in currency. $20 and $5 bill. with the statement that the writer desires to make restitution for keeping $15 which Mr. Carnall lost and the writer found at an unstated date. Mr. Carnall recalls that he lost $15 about nineteen years ago and had carried lingering suspicion that it had been stolen. The anonymous letter reads as follows: "Dear Mr. Carnall: Please accept this $25 for the $15 I found once. with interest. Am so sorry I did it. Please forgive me. realize if everything is not made right here, it will be too late over there Ossian Power Meeting Set. The Ossian town board today gave notice by publication that there will be a meeting of the board on March 15 to give further consideration to an ordinance contract with the Ossian Water Company for installation of a power waterworks system at Ossian early the coming summer. Tentative action was taken on February 26th for such contract. The board also gives notice of purpose to issue bonds in the sum of $11,000 to pay for stock subscribed in the water company The tentative contract calls for installation of eighteen fire hydrants at $80 each per year. with similar cost for each additional hydrant. except for one that is to be installed free of rental charge. The maximum rate to commercial users of water is to be 40 cents per 1,000 gallons. To Improve Highway. Arthur Glass, superintendent of the Bluffton- Wayne division of state road No. 3, stated today that the entire road between the two cities is to be treated the coming season with resurfacing material. The work will not be started for several weeks. Couple to Wed March 2. Announcement has been made at Ossian that the marriage of Miss Arlene Vananda. teacher in the Ossian schools. daughter of Mr. and Mrs. Fred Vananda. and Ralph Archbold will take place Saturday. March 2. at Ossian. Both are graduates of the Ossian High School and the groom has made his home with an William The couple will re- side in Fort Wayne, in which city Mr. Archbold is employed as an electrician. Bluffton Short Notes. The funeral of Lewis Hardin. who died while on a visit at Virgil, Kan., will be held at the First Baptist Church in this city, at 2 o'clock Friday afternoon. and burial will be in Elm Grove Cemetery. The city fire department was called at noon today to the residence of Perry Thompson, on East Wiley avenue, to extinguish a roof fire started by a spark from chimney. The damage was nominal. Coach Louis Means of the Bluffton High School, has issued call for applicants for a new high school honorary athletic fraternity. Prescribed athletic records in high school activities are qualifications for membership. Mrs. Ellen Kahn. living in the south part of the city, was sentenced by Judge A. W. Hamilton to tenday term in the county jail upon being found guilty of contributing to the delinquency of her minor children.

2. August 29, 1929 The Star Press Muncie, IN

Article from The Star Press, August 29, 1929

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Article Text

AFFIRM RULING IN WELLS COURT Studebaker Bank Receiver Loses Estate Action. Bluffton, Ind., Aug. Indiana Appellate Court today handed down decision affirming Judge of the Wells Circuit Court, in ruling in the bank receivership case. The case was wherein Frank Gordon. administrator of the John W. Gordon filed preferred based on Liberty bonds face value, which he had posted with the bank and which the receiver, Stults, contended were bank assets, on with funds deposited on certificates of deposit and therefore entitled only to general claims' status. appealed from Judge Hamilton's finding The total including principal and interest, The receiver stated today that similar claims by other depositors bonds would bring the total of this class of claims to When the receiver made distribution recently retained funds with which to pay these bond claims in the event an Appellate Court ruling to that effect. Mistake May Cost Man's Life. Lewis Burgess, prominent resident Petroleum, patient in the Wells County Hospital here ous condition from the effects of bichloride of mercury tablets taken mistake yesterday afternoon at his home. He had intended to take tablets for stomach medicine He discovered his mistake within few minutes and to the office local and after treatment taken the He appears improved today but has not been pronounced out because of the slow action the bichloride tablets. The tablet taken mistake contained seven grains the bichloride of mercury. Proposed Tax Levy Unchanged. The city council met last night and adopted budget for the coming which provides for total raised. The council adopted levies which provide for total city tax levy of cents, the same as last year. The rate held the same total despite fact that the city valuation $507,000 lower than last year. hearing will held the proposed budget on September 10. Denies Chicken Thefts. Arnold Holmes, arrested Huntington and returned here to answer charges of larceny and burglary, clared his innocence charge stealing chickens from Robert McCracken, near Liberty Center He held in under bond $10,000. while the sheriff makes further in vestigations. Mrs. Herman Dies at Hospital. Mrs. Susanna Herman, 75, wife of John Herman, died at the county hospital here this morning after an 111ness of several weeks from heart disSurviving are the husband and sons, William Hatfield, of Fort Wayne, and George Hatfield, of ButThe funeral held the First Church this city Burial will be in Cemetery. Bluffton Short Notes. John Penrod. living on West Wa- bash street, this city, reported today the theft of 250 glass fruit jars from at his home. They had placed in two barrels which had disappeared when the Penrods were ready to use the Fire of undetermined origin last night destroyed barn on the Lewis Mills farm, east of this city, near the county line. The is estimated $3,000, with parinsurance. The family was absent and neighbor discovered the fire. Contents included fifteen tons of new hay placed in the barn yesterday. Arthur Ferguson, farm hand. living west has received $25 paid farm paper for the capture of Smith, now serving penal farm sentence, after having apprehended by Ferguson in the act of stealing gasoline from tank on the Cyrus Allen farm, west of Ossian.

3. September 15, 1929 The Star Press Muncie, IN

Article from The Star Press, September 15, 1929

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Article Text

WELLS COUNTY DRAIN ORDERED Amended Report on the Shady Ditch Approved. Bluffton, Ind., Sept. 14. The county commissioners this afternoon approved an amended report on the William J. Shady ditch and ordered the ditch established. It will be constructed in Lancaster Township. The cost under the original estimate of the viewers was $9,067. and under the amended report, eliminating part of the original ditch and substituting open for tile drain in other portions, the estimated cost was reduced to $6,975. Bank Receiver to Sell Farms. M. E. Stults, receiver for the Studebaker Bank. was granted an order today by Judge A. W. Hamilton for the sale of four pieces of real estate at public auction. One tract is Bluffton property appraised at $1,800; a farm of 155 acres in Nottingham Township appraised at $15,000 is another tract; a third tract is 200 acres in Adams County appraised at $18,000, and a fourth tract is 360 acres in Nottingham Township appraised at $22,400. Wedding Date Announced. Announcement was made here today that the marriage of Robert Eaton. son of Mr. and Mrs. James B. Eaton, of this city, and Miss Ruth Sergeant, of Jackson, Mich., will take place at noon next Monday, September. 16, at the home of the bride's parents, Mr. and Mrs. Harry Sergeant, at Jackson. Mr. Eaton is a graduate of the Bluffton High School and of Purdue University. He is employed with the Consumers Power Company at Jackson. The bride is a talented Jackson girl who has been employed in Jackson as stenographer. Bluffton Short Notes. Announcement was made today that Benjamin Tate has been named to serve as acting postmaster at Poneto and that G. L. Nelson has been selected to serve as rural mail carrier on the one route out of Poneto. According to information received in this city, Claude M. Davenport. a former surveyor of Wells County has been arrested at Pawhuska, Okla., and will be returned to Fort Wayne to face charges of child neglect. After his departure from this city few years ago his wife secured a divorce and later was remarried and is now living in Fort Wayne. Alden Kean, of Keystone, escaped injury when his automobile crashed into a telephone pole near Keystone yesterday and was damaged badly. The street fair executive committee, at a meeting here today. decided to have an industrial exhibit on Johnson street as a new feature of the annual free street far. to be held here September 24 to 28, inclusive. Word was received here today of the death at Mt. Pleasant, Mich., of Mrs. C. H. Mead. mother of Dr. C. M. Mead. of this city. She was known in this city having visited here on number of occasions. Dr. Mead was at her bedside when she passed away. Letters were issued here today to E. B. Williamson as administrator of the estate of his mother. the late Mrs. Dorothea Williamson. The estate is estimated of value of $20,000. There are four heirs. Dwight, Paul and E. B. Williamson and Mrs. Ethel Merriman.