5518. Citizens National Bank & Trust Company (Terre Haute, IN)

View Charter #13224 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
13224
Charter Number
13224
Start Date
November 12, 1931
Location
Terre Haute, Indiana (39.467, -87.414)

Metadata

Model
gpt-5-mini
Short Digest
2b83e8de78dcea7e

Response Measures

Public signal of financial health, Full suspension, Books examined

Receivership Details

Depositor recovery rate
73.2%
Date receivership started
1931-12-07
Date receivership terminated
1938-07-25
Share of assets assessed as good
22.6%
Share of assets assessed as doubtful
70.0%
Share of assets assessed as worthless
7.4%

Description

Nov 12, 1931 article describes a heavy withdrawal/run that forced a short temporary closing. Later articles (1933, 1934) refer to the bank having suspended business and being under receivership, indicating the bank ultimately did not resume normal independent operations. The precise date of the formal suspension is not given in the clippings; receiver activity is documented by 1933 and again in 1934.

Events (6)
1. August 1, 1928 Chartered
Source
historical_nic
2. November 12, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Directors attributed the unusual demand for money to baseless fears caused by the untimely death of James Cooper, president of the Terre Haute Trust Company.
Measures
Closed its doors for a short period; directors issued a statement and ordered a thorough check of finances; temporary suspension of payments as protection to depositors.
Newspaper Excerpt
The Citizens National Bank and Trust Company closed its doors shortly before noon today, after a morning of heavy deposit withdrawals.
Source
newspapers
3. December 7, 1931 Receivership
Source
historical_nic
4. November 21, 1933 Receivership
Newspaper Excerpt
Judge Robert C. Baltzell...has given Roger Wolcott, receiver of the Citizens National Bank and Trust company of Terre Haute... (Vincennes Sun-Commercial, 1933-11-21).
Source
newspapers
5. November 21, 1933 Suspension
Cause Details
Article references that the bank had suspended business prior to the 1933 receivership litigation but does not state the immediate trigger for the suspension.
Newspaper Excerpt
...at the time of the suspension of the bank the stock was held by Allen B. Richardson... (article discussing receiver's judgment)
Source
newspapers
6. October 3, 1934 Receivership
Newspaper Excerpt
J. Harold Bassett...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... (Indianapolis Times, 1934-10-03).
Source
newspapers

Newspaper Articles (3)
1. November 12, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 12, 1931

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Article Text

TERRE HAUTE BANKER TAKES HIS OWN LIFE James Cooper, Prominent in Legal, Financial Circles, Cuts Throat. SUFFERED BREAKDOWN Aided Frank Dailey in U. S. Prosecution of Ballot Fraud Cases. By United Press TERRE HAUTE, Ind., Nov. 12.James Cooper, 57, president of the Terre Haute Trust Company, one of the largest banks in western Indiana, committed suicide at his home here today. Cooper slashed his throat with a razor. Last Monday Cooper suffered a nervous breakdown. He had been under the care of a physician since. The Citizens National Bank and Trust Company closed its doors shortly before noon today, after a morning of heavy deposit withdrawals. Directors issued the following statement: "The unusual demand for money today brought about by the baseless fears caused by the untimely death of James Cooper, president of the Terre Haute Trust Company, has made it necessary to close the Citizens National Bank and Trust Company for a short period, as a protection to depositors." It also was announced that a thorough check of the institution's finances had revealed that the bank was "thoroughly solvent." Meanwhile, depositors keep up a steady withdrawal of funds from the Terre Haute Trust Company as a result of the president's death, but the company remained open. Directors met this morning and elected temporary officers. James Cooper, well known in Indianapolis legal circles, was a member of the Terre Haute law firm of Cooper, Royse, Gabmill & Crawford. He maintained the legal practice in addition to his duties as head of the Terre Haute Trust Company, presidency of which he assumed several years ago when James S. Royse, then president of the bank, committed suicide. Cooper was assistant to Frank G. Dailey, Indianapolis attorney, in 1915 in federal court trials growing out of the Terre Haute election fraud. Cooper once was prosecutor of Vigo county.

2. November 21, 1933 The Vincennes Sun-Commercial Vincennes, IN
Article from The Vincennes Sun-Commercial, November 21, 1933

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Article Text

JUDGE RULES IN RECEIVER CASE Important Decision Handed Down By Judge Baltzell. TERRE HAUTE-Judge Robert C. Baltzell, judge of the federal court, has given Roger Wolcott, receiver of the Citizens National Bank and Trust company of Terre Haute, judgment for $1,750 against Sarah Jane Richardson of Terre Haute. widow of I. W. Richardson who died in 1923, on a stock assessment on seventeen and one-half shares of stock in the trust company. At the time of the suspension of the bank the stock was held by A1len B. Richardson, a minor son. All of the heirs, except Allen B. Richardson, transferred their interest in the estate to Mrs. Richardson and the court found that she was the equitable owner of the stock, notwithstanding that it was held in the name of her son, Allen B. Richardson, at the time the bank suspended business. The effect of this decision is that an equitable owner of bank stock is liable for a stock even though the stock may be held in the name of another.

3. 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.