5543. Corydon National Bank (Corydon, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7760
Charter Number
7760
Start Date
March 4, 1922
Location
Corydon, Indiana (38.212, -86.122)

Metadata

Model
gpt-5-mini
Short Digest
bb4f0572

Response Measures

None

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1922-03-08
Date receivership terminated
1929-08-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
55.5%
Share of assets assessed as doubtful
23.5%
Share of assets assessed as worthless
21.0%

Description

National bank examiners closed the Corydon National Bank in early March 1922; receivers were appointed and large losses (~$500,000) were reported, indicating insolvency and permanent closure. A 1923 suit by the receiver confirms receivership continued thereafter.

Events (5)

1. May 27, 1905 Chartered
Source
historical_nic
2. March 4, 1922 Receivership
Newspaper Excerpt
Samuel L. Refly ... was appointed receiver for the Farmers Savings and Trust Co., which was also closed ... Receivers of the bank have been appointed and will take over the affairs of the institution as soon as the examiners have completed their investigation.
Source
newspapers
3. March 4, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by national bank examiners due to large losses; examiners later estimated Corydon National Bank loss would reach about $500,000.
Newspaper Excerpt
the defunct Corydon National bank, which was closed recently by national bank examiners.
Source
newspapers
4. March 8, 1922 Receivership
Source
historical_nic
5. November 19, 1923 Other
Newspaper Excerpt
Judgment of $1,256.60 ... was asked in a suit filed by William H. Flora, receiver of the Corydon National Bank, in Federal Court today.
Source
newspapers

Newspaper Articles (5)

Article from South Bend News-Times, March 5, 1922

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Article Text

APPOINT RECEIVERS FOR DEFUNCT BANKS CORYDON Ind., March 4.Samuel L. Refly formerly assistant cashier of the defunct Corydon National bank, which was closed recently by national bank examiners. was appointed receiver for the Farmers Savings and Trust Co., which was also closed by state bank examiners, by Judge F. J Wilson. W. D. Barnes was appointed receiver for the Elizabeth State bank. which also was closed by an examiner. Their bonds were fixed at $20,000. Mr. Barnes was president of the Elizabeth bank before state authoritties took charge.


Article from The Richmond Palladium and Sun-Telegram, March 7, 1922

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Article Text

Corydon Bank Loss May Reach $500,000, Report (By Associated Press) CORYDON, Ind., March 7.-Invest:gation of the three defunct banks in and near Corydon, has not yet been completed, but it was said by bank examiners yesterday that the loss of the Corydon national bank will reach $500,000. The loss of the Elizabeth bank will run as high as $17,000 and that of the Farmers' Savings and Trust company $100,000, the examiners said. Receivers of the bank have been appointed and will take over the affairs of the in. stitution as soon as the examiners have completed their investigation.


Article from The Jasper Weekly Courier, March 10, 1922

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Article Text

# INDIANA BREVITIES Washington, D. C.-The Department of Commerce, through the bureau of the census, announces that the costs of the government for the state of Indiana for the fiscal year ending September 30, 1920, amounted to $17,981,521, which was a per capita cost of $6.12. In 1917 the per capita cost was $4.43, and in 1914, $3.74, the totals for these years being $12,703,909 and $10,458,335, respectively. The per capita costs for 1920 consisted of expenses of general departments, $5.03, payments for interest, $0.02, and for outlays, $1.08. The total revenue receipts in 1920 were $18,991,903, or $6.47 per capita. For the fiscal year the per capita excess of revenue receipts over governmental costs was, therefore, $0.35. The net indebtedness (funded and floating debt less sinking fund assets) of Indiana was $0.09 per capita for 1920, $0.06 for 1917, and $0.38 for 1914. Indianapolis. A list of all the stocks and other assets held by Richard V. Sipe, defaulting Marion county clerk, in lieu of a trust fund of more than $100,000 which he has dissipated, was turned over to county officials by the Hartford Accident and Indemnity company, surety on Sipe's official bond of $100,000. The assets had been given to the bonding company by Sipe since it became known that the trust fund supposed to be in his keeping was exhausted. Sipe was placed in jail at Indianapolis charged with embezzlement, and he refused to permit friends to come to his aid by providing the $10,000 bond which would cause his release from custody. Elizabeth.-After a week's examination, the Elizabeth bank was closed on recommendation of T. J. Dowden, state bank examiner. It is said that withdrawals of money at intervals by depositors, who understood that officials of the defunct Corydon National bank owned a part of the stock, resulted in the institution being closed. The Elizabeth bank has a capital stock of $10,000 and deposits are estimated at $80,000. Elizabeth, which has a population of 200 persons, is in Harrison county, of which Corydon is the county seat. Indianapolis. A 50 per cent reduction in fire insurance rates "on all fireproof buildings and contents of the same in the state of Indiana" is requested in a petition filed with the state insurance department by forty-five Indianapolis business houses. It is addressed to the state insurance commissioner, and asks for the reduction order because "we are now paying in Indiana a very high rate on fireproof buildings and contents." In the list of signers to the petition are some of the foremost business men in Indianapolis. The signers represent themselves to be "owners and tenants of fireproof buildings." Indianapolis. Word was received from United States army officials at Washington by Harry B. Smith, adjutant general of Indiana, that the One Hundred and Eighty-first field artillery of the Indiana National Guard had been designated as the One Hundred and Fiftieth field artillery. The unit uses 155-mm. howitzers. Mr. Smith also announced that the state indoor rifle championship matches are to be held at Culver Military academy March 20 and 21. Columbus. A reduction of approximately $8,000,000 in the assessed value of property in Bartholomew county is anticipated by tax assessors. The reduction will be largely due to decreased value of farm lands and the live stock on the farms. The total value of assessed property in the county this year will range from $125 an acre to $190 an acre in the different townships with the average being about $150 an acre. Shelbyville. The assessor for Shelby county informed all township assessors and their deputies at a meeting preliminary to the start of the spring assessment of property to reduce valuations on Shelby county real estate approximately 35 per cent. The chief assessor said he believes a reduction of that amount will result in the land being assessed at its true cash value. Fort Wayne. The Fort Wayne city council adopted a resolution condemning the federal prohibition act and calling on congress to amend it to permit the sale of light wines and beer. The resolution was adopted 11 to 3, with two members absent. The only woman member voted against the resolution. Jeffersonville. An agreement has been entered into by the city of Jeffersonville with the suburban towns of Clarksville, Port Fulton and Claysburg, whereby they shall contribute to the maintenance of the Jeffersonville fire department which will give them equal protection with the city. Hartford City. Twelve hundred pounds of certified seed potatoes were purchased by the Harrison Township Farmers' association of Blackford county for planting by members. Indianapolis-Five armed bandits


Article from South Bend News-Times, April 9, 1922

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Article Text

the ruse of Tommy O'Connor," also were indicted. it was believed: They are held in the Marton county jail Whether South Bend persons, suspected of violating interstate traffic laws, were indicted was not made known. All names included in the list of indictments are being withheld by the district attorney pending arrests. Federal agents will inyade Indiana cities within a few days to take into custody those wanted to answer charges of federal violations. The biggest Indiana liquor ring case hinges about the indictment of Big" Jim Carreero and 20 other defendants of Clinton, reputed to be the state's chief source of liquor supply, since the Muncle and Gary-South Bend "rings" were broken up last fall. Sensational developments are expected in event the case of George Remus, Chicago attorney, said to be head of one of the largest and most notorious liquor rings in the United States, come to trial. Remus has been mentioned frequently with a large liquor withdrawals from bonded warehouse at Lawrenceburg and he is charged not only with liquor law violations but is alleged to have offered bribes to Indiana prohibition officials. Inasmuch as Remus already is under indictment at Cincinnati and Chicago and is under bonds aggregating $60,000 it is considered improbable that he will face trial here. Five Indianapolis men, who escaped charges in connection with heldup of mail train and killing of a mail clerk near Champaign, III., last fall, by frank admission of liquorrunning activities, were indicted on charges of prohibition law violation. They were arrested after a negro had been killed by supposed liquor runnors near Clinton, Ind., shortly after the mail robbery. Ben Applegate, George Applegate and Wilson Cooke officers of the defunct Corydon National bank of Corydon were indicted in connection with the closing of that institution, and William Taylor, fugitive cashier of the First National bank of Ambia, also was indicted. Terre Haute is not mentioned among the major indictments and Evansville, usually prominent in federal court, is represented by only two liquor case défendants. A dozen defendants and as many stolen automobiles are involved in indictments covering an alleged automobile theft conspiracy with ramifications leading from Chicago to Knoxville, Tenn. William Humbert, in jail here, James Click of Anderson and Herbert Seal, of near Noblesville, are the defendants whose names have been made public.


Article from The Indianapolis Times, November 19, 1923

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Article Text

Bank Receiver Asks $1,256.60 Judgment of $1,256.60 against Walter Love of Central, Harrison County, on a $1,116.45 note, was asked in a suit filed by William H. Flora, receiver of the Corydon National Bank, in Federal Court today.