Columbia State Bank - Columbia City, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 27, 1936
Location: Columbia City, Indiana (41.157, -85.488)

Metadata

Model: gpt-5-mini
Short Digest: f0f10c3f

Response Measures

None

Description

Article (1936-02-27) reports the State Department of Financial Institutions taking over Columbia State Bank; state sinking fund to pay public deposits; FDIC payments held pending court action. Former president charged with willful misappropriation. No run described; bank taken by government and appears in closure/liquidation/receivership.

Events (2)

1. February 27, 1936 Receivership

Newspaper Excerpt: State to pay public money held by bank ... as a result of the State Department of Financial Institutions taking over the Columbia State Bank of Columbia City. H. Alton Beeson, former president of the bank, is charged by FDIC in a Federal court suit ... with having wilfully misappropriated funds.
Source: newspapers

2. February 27, 1936 Suspension

Cause: Government Action
Cause Details: State Department of Financial Institutions took the bank over; bank suspended payments and state sinking fund will cover governmental deposits; FDIC holding payments pending court action over recovery attempt and alleged misappropriation by former president.
Newspaper Excerpt: the State Department of Financial Institutions taking over the Columbia State Bank of Columbia City
Source: newspapers

Newspaper Articles (1)

1. February 27, 1936 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, February 27, 1936

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Article Text

STATE TO PAY PUBLIC MONEY HELD BY BANK $141,843 for Whitley County Units to Come From Sinking Fund. Whitley County and its governmental units are to receive $141,843,57 from the state sinking fund March 7 as a result of the State Department of Financial Institutions taking over the Columbia State Bank of Columbia City. Ross Teckmeyer, Accounts Board examiner and sinking fund secretary, said the county is to receive $57,810.27, the largest disbursement. Payments also are to be made to the Columbia City school corporation and the town of Larwill and Columbia, Etna and Jefferson Townships. The state government is to receive $10,000 for a general fund deposit in the bank. State law provides that payments to cover governmental unit deposits must be made from the state sinking fund if a bank suspends payment. Such payments that may be made after liquidation are returned to the sinking fund, as are any payments which may be made by the Federal Deposit Insurance Corp. Payments to all depositors by FDIC are being held up pending court action through which bank officials hope to recover management by raising $90,000 to take care of losses. H. Alton Beeson, former president of the bank, is charged by FDIC in a Federal court suit at Fort Wayne with having wilfully misappropriated funds.