5493. Franklin Trust Company (South Bend, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
October 1, 1933*
Location
South Bend, Indiana (41.683, -86.250)

Metadata

Model
gpt-5-mini
Short Digest
c9a322aee055aff8

Response Measures

None

Description

Articles (1934) describe the Franklin Trust Company as already closed and in receivership; a court found the bank insolvent and a receiver (Ethel Weaver) has been distributing dividends to depositors. No run is mentioned. The original closure is described as occurring in October (year not stated); I infer this was Oct 1933 given the 1934 reporting but did not invent details beyond that inference.

Events (3)
1. October 1, 1933* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Court ruling declared the bank insolvent; deposits were reclassified and the bank had closed in October prior to 1934 coverage
Newspaper Excerpt
the bank closed Oct early ... Judge Pyle ruled the bank insolvent
Source
newspapers
2. June 20, 1934 Receivership
Newspaper Excerpt
More than 400 depositors of the Franklin Trust company will obtain more than of the money they had on deposit when the bank closed ... reported today by Miss Ethel Weaver, attorney for the bank's receiver. The dividend was made possible through recent order ... which transformed all deposits made after Jan 1928 into preferred claims ... Judge Pyle ruled the bank insolvent. 400 Depositors Will Get Payment Next Week. Franklin Trust Dividend Of $2,200 is Promised ... checks probably will ready either Monday Tuesday of next week He said the distribution will be prorated according the amount of money deposited after 1928, at which time Judge Pyle ruled the bank insolvent. For this reason all monies deposited in the bank were taken despite the fact bank making those deposits preferred claims. (OCR errors corrected).
Source
newspapers
3. August 16, 1934 Receivership
Newspaper Excerpt
Approximately 100 of the 450 depositors in the defunct Franklin Trust company have received checks covering their share of distribution of funds started Tuesday by Ethel Weaver, receiver for that institution. The distribution includes five per cent dividend and special prorata division of trust fund, both of which were approved recently by Circuit Judge Dan Pyle.
Source
newspapers

Newspaper Articles (2)
1. June 20, 1934 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, June 20, 1934

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Article Text

Franklin Trust Dividend Of $2,200 is Promised DONALD ZOLMAN NAMED TO HEAD RILEY ALUMNI Donald Zolman president of the Riley High School Alumni amociation at Tuesday evening school building Her replaces Rob treasurer for the coming year Other officers are John and Mr man appointed the following to arrange for alumni pienic July Mr Man Jeanne Yockey Emmagene Ullery and Florence Ridenour 400 Depositors Will Get Payment Next Week. More than 400 depositors of the Franklin Trust company will tain more than of the money they had on deposit when the bank closed Oct early reported today by Miss Ethel Weaver and Ora attorney for the bank's receiver The dividend was made possible through recent order down by Circuit Judge Dan Pyle which transformed all deposits made after Jan 1928 into preferred claims petition filed by Donald Swisher Mr Parker said the order cleared the way for the preferred will followed soon by general dividend to all depositors Mr Parker added that the work of preparing checks for the pre. ferred depositors IN going forward rapidly and the checks probably will ready either Monday Tuesday of next week He said the distribution will be prorated cording the amount of money deposited after 1928, at which time Judge Pyle ruled the bank insolvent For this reason all monies deposited in the bank were taken despite the fact bank making those deposits preferred claims.

2. August 16, 1934 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, August 16, 1934

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Article Text

DEPOSITORS IN DEFUNCT BANK OBTAIN DIVIDEND Approximately 100 of the 450 depositors in the defunct Franklin Trust company have received checks covering their share of distribution of funds started Tues. day by Ethel Weaver, ceiver for that institution The distribution includes five per cent dividend and special prorata division of trust fund, both of which were approved recently by Circuit Judge Dan Pyle. The by depositors thus far, Miss said, exceptionally good, although notices some sent to old addresses of depositors. ENLISTS IN INFANTRY Luther B Andrews, aged 21, of rural route No. Niles, Mich. sent to Fort Benjamin Harrison, Indiana, Wednesday by Sergt Frank Scott local army officer, for in the 11th fantry Sergt Scott has places for more young men from this district.