5508. Farmers State Bank (Churubusco, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1927*
Location
Churubusco, Indiana (41.231, -85.319)

Metadata

Model
gpt-5-mini
Short Digest
980229b7

Response Measures

None

Description

Newspapers (Feb–July 1927) refer to the Farmers State Bank of Churubusco as being in the hands of a receiver and to suits growing out of the bank failure. No article mentions a depositor run; articles discuss insolvency and criminal charges against officers. OCR errors in Article 1 (missing words) were corrected when extracting phrases. Conclusion: bank suspended and placed in receivership (permanent closure).

Events (2)
1. February 1, 1927* Receivership
Newspaper Excerpt
Prosecutor C. A. Lincoln... of the Farmers' State bank of Churubusco, now in the hands of a receiver.
Source
newspapers
2. February 1, 1927* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent leading to receivership; lawsuits and criminal charges against cashier and assistant cashier for receiving deposits while insolvent.
Newspaper Excerpt
the bank failure. Slagle, as receiver, was granted judgment... (bank failure)
Source
newspapers

Newspaper Articles (2)
1. February 28, 1927 Garrett Clipper Garrett, IN
Article from Garrett Clipper, February 28, 1927

Click image to open full size in new tab

Article Text

SUITS FILED BY CHURUBUSCO BANK RECEIVER Columbia City, Ind., Feb. number lawsuits brought by Charles Slagle, for the Farmers State bank of ubusco against residents of Churubusco Smith township, have been disposed of by Judge Arthur Briggs the circuit court here. The suits all grew directly out of the bank failure. Slagle, as receiver, was granted judgment against Lawrence Coulin the sum of $51.25, $60 against George Rowland the of against Hamer Glick in the sum of and seph Jetmore in the The following cases Noble county on change of verue: Slagel against receiver, against Thompson, against Charles H. don and Tom Molargik.

2. July 20, 1927 The Huntington Herald Huntington, IN
Article from The Huntington Herald, July 20, 1927

Click image to open full size in new tab

Article Text

CHURUBUSCO CASES MAY BE DROPPED BY LINCOLN COLUMBIA CITY. July 20.-(INS) -Prosecutor C. A. Lincoln has made known he would dismiss the charges against George Diller. cashier, and Ursula Magers, assistant cashier. of the Farmers' State bank of Churubusco. now in the hands of a receiver. Bith were charged with receiving deposits when they knew the bank to be insolvent. Lincoln said that a grand jury would investigate both cases next September and return indictments if the evidence warranted It.