First National Bank - Covington, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9860
Charter Number: 9860
Start Date: *
Location: Covington, Indiana (40.142, -87.395)

Metadata

Model: gpt-5-mini
Short Digest: ee246f23

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1928-12-08
OCC cause of failure: Losses
Share of assets assessed as good: 2.2%
Share of assets assessed as doubtful: 57.2%
Share of assets assessed as worthless: 40.6%

Description

OCR text is garbled but clearly reports that James Williams was appointed receiver for the First National Bank of Covington (the old National Bank had gone out of business June 1927). No run or depositor withdrawals are described; a receiver was appointed (government action). Exact appointment date not given in the excerpt (article dated 1928-12-19).

Events (5)

1. September 28, 1910 Chartered

Source: historical_nic

2. September 23, 1927 Voluntary Liquidation

Source: historical_nic

3. December 8, 1928 Receivership

Source: historical_nic

4. * Receivership

Newspaper Excerpt: BANK RECEIVER. James Williams been appointed ... let him take charge Mr. Williams office in the tional bank building and this week his ... took all the old good assets of the old ... Some the settlement ... has been made ... appointed and let him take charge Mr. Williams office in the national bank building ... (Journal and Courier, 1928-12-19).
Source: newspapers

5. * Suspension

Cause: Government Action
Cause Details: A receiver, James Williams, was appointed to take charge of the First National Bank of Covington (appointment reported in the article).
Newspaper Excerpt: BANK RECEIVER. James Williams been appointed by the ... has banking as federal the old for the National this First out of business June, 1927 and succeeded the National Bank of Coving...
Source: newspapers

Newspaper Articles (1)

1. December 19, 1928 Journal and Courier Lafayette, IN

Article from Journal and Courier, December 19, 1928

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Article Text

News Notes of Fountair County to Ind., Dec. County Clerk Goodin and Jury Lee Philpot and Smith have drawn the Frank D. following jurymen for the final the September term of week of court: Edward township: Ray Gelger and Fletcher Coffing. Troy: Charles and Collyer, Mornout Fenters and Cronk, Robert Date gan: Joseph Davis of people in this number county are with the EMPT CHARGED There ownership of the corn farm, and result Charles Lowe forbidding and Mr. alcorn attention to the He order corn. was arrested for fixed the and he furnished and which was on Letters Martha Rice. deceased estate of have been resident of sued circuit Bond was fixed Stall at $3,500. BANK RECEIVER. James Williams been appointed by the ton. has banking as federal the old for the National this First out of business June, 1927 and succeeded the National Bank of Coving present time the bank ton. liabilities of the sumed all of bank and took all the old good assets of the old doubtful still the ing the in of old Some the settlement of been made in this in order adjusted quickly everything it thought appointed and let him take charge Mr. Williams office in the tional bank building and this week his HAND AMPUTATED. Rolla G. resides about four miles west of caught his right arm drag chain the Foster elevator Friday His hand had to at Lake View sleeve coat of the chain and pulled his hand and arm the ma chinery. Glass lenses to aid failing sight by Italians early in the century