Citizens National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8620
Charter Number: 8620
Start Date: March 1, 1933*
Location: Brazil, Indiana (39.524, -87.125)

Metadata

Model: gpt-5-mini
Short Digest: 9cc8fae7

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-10-02
Date receivership terminated: 1937-07-24
Share of assets assessed as good: 25.3%
Share of assets assessed as doubtful: 69.8%
Share of assets assessed as worthless: 4.9%

Description

The bank did not reopen after the 1933 banking holiday (reported as failed to reopen after the banking holiday last spring) and was placed in receivership. Subsequent articles (1934–1935) discuss the receiver paying dividends (78% earlier, and a 12% dividend paid in 1935). No run is described in the articles; the closure appears to be permanent with a receiver administering dividends to depositors. OCR corrections: none significant.

Events (5)

1. March 30, 1907 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Did not reopen following the banking holiday (statewide banking holiday in spring 1933); suspension appears to stem from that closure and subsequent failure to resume operations.
Newspaper Excerpt: The bank failed to reopen after the banking holiday last spring
Source: newspapers

3. October 2, 1933 Receivership

Source: historical_nic

4. October 3, 1934 Receivership

Newspaper Excerpt: BRAZIL, IND., Oct. 3.-J. Harold Bassett ... will remain as receiver for the Citizens National Bank of Brazil. The local bank has paid depositors 78 per cent in dividends under Mr. Bassett's jurisdiction.
Source: newspapers

5. June 1, 1935 Other

Newspaper Excerpt: More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.
Source: newspapers

Newspaper Articles (4)

1. January 6, 1934 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, January 6, 1934

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Article Text

FINDS BRAZIL BANKERS GUILTY IN BOND CASE John Brown and William Snyder to Be Sentenced Jan. 13. John F. Brown and William J. Snyder, president and vice-president of the Citizens National bank of Brazil, yesterday afternoon were found guilty by Federal Judge Robert C. Baltzell of abstraction of funds. Sentence will be imposed Jan. 13. The maximum penalty is five years in prison and $5,000 fine. The bank failed to reopen after the banking holiday last spring and the bank receiver charged disappearance of $10,500 in road bonds reported to have been included among the bank's assets previously.

2. October 3, 1934 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, October 3, 1934

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Article Text

WILL REMAIN AS RECEIVER By United Press BRAZIL, IND., Oct. 3.-J. Harold Bassett, Lebanon, who was appointed receiver for the Citizens National Bank and Trust Company of Terre Haute Saturday, has been notified that he also will remain as receiver for the Citizens National Bank of Brazil. The local bank has paid depositors 78 per cent in dividends under Mr. Bassett's jurisdiction.

3. June 1, 1935 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, June 1, 1935

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Article Text

Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.

4. June 1, 1935 The Indianapolis Times Indianapolis, IN

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Article Text

Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.