5490. Bank of Brookston (Brookston, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 10, 1934
Location
Brookston, Indiana (40.603, -86.867)

Metadata

Model
gpt-5-mini
Short Digest
55aa8825

Response Measures

None

Description

Articles describe liquidation/receiver proceedings for Peoples State Bank of Wolcott (RFC loan application to pay dividends, receiver authorized to make transfers). No account of depositor runs; bank is in liquidation/receiver -> closed permanently. I corrected the bank name from the generic provided name to the specific name cited in the articles.

Events (2)

1. March 10, 1934 Receivership
Newspaper Excerpt
State vs State Bank of Wolcott Receiver authorized to transfer from Walker W. Smelcer the account of ... Receiver authorized to release mortgage ... In the matter of the liquidation of the Peoples State Bank of Wolcott Petition filed ... special representative to make application to the Reconstruction Finance Corporation for a loan ... Court grants the prayer of said petition ... (Monticello Journal, Mar 10 & Apr 28, 1934).
Source
newspapers
2. March 10, 1934 Suspension
Cause
Government Action
Cause Details
Bank in liquidation with a special representative/receiver; petition to apply to RFC for loan to pay dividends; receiver authorized to manage accounts and make transfers.
Newspaper Excerpt
In the matter of the liquidation of the Peoples State Bank of Wolcott Petition filed for an order authorizing special representative to make application to the Reconstruction Finance Corporation for a loan for the purpose of paying dividends to the creditors and to pledge the assets of the bank as security.
Source
newspapers

Newspaper Articles (2)

Article from The Monticello Journal, March 10, 1934

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Article Text

NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Civil In the matter of the liquidation of the Bank of Brookston-D D. McGuaig, special representative, by Clarence R. Cowger, his attorney, files copy of his appointment and bond in the sum of $7000 with American Surety Co. of N. Y. as surety is approved. Inventory of assets of bank tiled. Special representative allowed salary of $67 month and his mileage, and representative IS authorized to expend money for expenses, and clerk hire at rate of per week. Special representative ordered to pay to the respective claimants, depositors and owners of said deposits of the first lien trust funds in the amount of Mutual Benefit Life Ins. Co Charles Winger et al-Final report and vouchers filed, examined and approved by the court. Receiver is ordered to assign to Mutual Benefit Life Ins. Co. of Newark, the sum of which is on deposit in Peoples State Bank of Wolcott, and ceiver ordered to assign to insurance company the lease for the real estate in this trust rented to Clarence Dockery and Robert Winger for the year 1934. Receiver reports assignments, receiver is discharged and trust is closed. Clerk ordered to pay plaintiff the sum of now in his hands for distribution. Mutual Benefit Life Ins. Co. Edna J. Victor et al-Cause is reassigned for trial for March 16. Lafayette Joint Stock Land Bank Margare: Jones et R. Slenker enters appearance for the defendants, John and Daisy Danford. Lafayette Loan and Trust Co. vs Maude O'Dowd et al-Glenn R. Slenker enters appearance for the defendants. Jennie Logan Cox vs Charles Cox Complaint filed in duplicate and, upon plaintiff's motion summons is issued for defendant returnable March 26. Samuel M. Reed et al vs James K. Wood-Plaintiffs file affidavit from which it appears they are entitled to the possession of the premises described in his complaint, and that the defendant unlawfully retained possession thereof; also it appears from said affidavit that said premises are of the estimated value of $10,000 and the estimated rental is $640. Clerk is ordered to issue to sheriff an order directing the sheriff to seize the possession of the property. Northwestern Mutual Life Ins. Co. J. Earl Wightman et alWilbur G. Nolin, receiver, is ordered to execute contract with the government for the reduction of corn and hog production. Ross E. Nolan vs Charles ScottDefendant files answer to the complaint in two paragraphs. Frank Nolan Charles ScottDefendant files answer to the complaint in two paragraphs. Mutual Benefit Life Ins. Co. Louis Hinchman et Swartz, receiver, authorized to sign government corn and hog contract. Fowler Bank City Trust Co. vs Camillus Lampe et al-Geo. W. Kassabaum enters appearance for the defendant. Defendants ruled to answer the complaint of the plaintiff March 10. In the matter of Lawrence Dean ordered sent to Riley hospital for treatment. Leon Griesey, Monticello route ordered to accomchild. pany State vs State Bank of WolcottJohn M. Biesecker, receiver, authorized to sign government corn and hog contract for the real estate on which Everett Burns is the tenant. the relation of Pearl EveState on lyn Robinson vs Joe fendant pleas not guilty to charge. Cause assigned for trial for April the of the liquidation of In matter State Bank of Kistler, special agent, granted several petitions regarding accounts and notes the bank, accounts offsetting notes held by the bank. White Wm. F. Brucker et al Co. Board of Finance et al-Finding title to real estate that plaintiff's should be quieted against all defendants, and that Wm. Brucker and Wm. Loughry, as receivers of Farmers State Bank, owners in fee simple of real estate described in complaint. liquidation of In the matter of the Bank of R. Cowger allowed $35 per month as attorney for special representative. State vs State Bank of WolcottReceiver authorized to transfer from Walker W. Smelcer the account of to the account the sum of $157.70 Buckley. Receiver auof Melissa E. thorized to release mortgage of Wil- liam Schofield. Lillie A. Wortley vs Peoples State Bank of after hearing evidence finds that the allegations of the petitioner's statement are true, that Worth L. Brown, now under guardianship is person of sound mind and capable of managing his own estate, that the guardianship should be terminated. Guardian to file final report in ten days.


Article from The Monticello Journal, April 28, 1934

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Article Text

NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Civil Mutual Benefit Life Ins. Co. vs Grover Safford et al-Defendant files affidavit and motion for a change of venue from White county State vs Farmers State Bank-Receivers file 'verified report of sale of certain real estate and report is approved. Real estate is sold to William and Mary R. Beeman for $2,000. Deed is ordered delivered. Arra M. Oilar vs Finis M. OilarDefendant ordered to pay $50 for plaintiff's attorney and $4 a week for Abram C. Gates VS Wilbur P. Gates (3 cause assigned for trial for May 16. Emma Bender vs First Union Bank and Trust So. of Winamac- This cause is reassigned for trial for May Federal Land Bank of Louisville vs Minerva Hatton et al-Defendants make default. Finding that the allegations of the petition are true, that the plaintiff is entitled to the immediate possession of the real estate, and that an order issue out of this court to the sheriff, directing the sheriff to place the plaintiff in the immediate possession of the real estate. In the matter the liquidation of the Bank of Brookston-Petition filed praying for an order authorizing and directing it to execute an application to and borrow of the Reconstruction Finance Corporation under the terms of this application the sum of $49,443.75 with 4½ per cent interest, and to pledge certain assets of the trust and bank as security therefor. The court hearing the evidence direct special representative to execute an application to borrow this sum. In the matter of the liquidation of the Peoples State Bank of WolcottPetition filed for an order authorizing special representative to make application to the Reconstruction Finance Corporation for a loan for the purpose of paying dividends to the creditors and to pledge the assets of the bank as security. Court grants the prayer of said petition and it is ordered that an order be executed for an application for a loan In the matter of the liquidation of the Citizens State Bank of Chalmers -Same proceedings. Star City Building and Loan Association vs Ross Burget et al-Lafayette Loan and Trust Co. of Tippecanoe county is appointed receiver of the real estate described in the mortgage. Charles McKinney vs Grover Safford et al-Cause is now ordered changed to Jasper county. Mutual Benefit Life Ins. Co. Grover Safford et al-Venue of cause now ordered changed to Jasper coun- In the matter of the change of name of Lowell F. Bracknen-Upon petitioner's motion notice is ordered to be given as required by statute. State VS State Bank of Wolcott- Finds for the intervening petitioner, Wm. H. Gerberich, that the claim of said petitioner should be allowed in the sum of $305.85 and that the receiver should credit that amount on the stock assessment note of Wm. H. Gerberich. State vs Harrison Risner-Written motion to dismiss this cause is sustained and cause is dismissed. Sureties on recognizance bond are released. State vs Morgan Whitaker-Same proceedings. Equitable Securities Co. vs Theo Thayer-Cause is assigned for trial for May 14. Bank of Reynolds vs Walter W. Hare-On plaintiff's motion this cause is dismissed and the costs are paid. Poor Sisters of St. Francis vs Chas. L. Vaughan, as executor-Complaint filed in duplicate and upon plaintiff's motion summons is ordered to issue to sheriff of Tip : : ecanoe county for defendants May 3. Bert Van Voorst and Fred Dahling, as receivers vs Middlestadt Realty Co. -Report filed of sale of real estate showing that lots 48, so, 52 and 54 on Railroad street in Monon were sold to Dorothy M. Thomas for sum of $200. Sale approved and deed ordered delivered. State vs State Bank of WolcottReceiver ordered to pay to Albert A. Wallace the sum of $25 in full of the amount pledged for a certain reward for the apprehension of Carl Middlestadt. Joseph Shindelar vs Home Ins. Co. N. Y. (2 cases)-Cause is assigned for trial for May 11. Orval Boicourt vs Edna J. Victor et al-Plaintiff files motion to dismiss cause, which motion is sustained and cause is dismissed.