Sparta State Bank - Cromwell, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 6, 1931
Location: Cromwell, Indiana (41.401, -85.616)

Metadata

Model: gpt-5-mini
Short Digest: cf40643b

Response Measures

None

Description

Newspaper reports that the bank was closed today on order of their directors. No run is mentioned and no reopening or receivership is reported in the article. The suspension appears to be a director-ordered closure (treated here as voluntary suspension/closure).

Events (1)

1. March 6, 1931 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors ordered the bank closed/suspended (director-initiated closure announced to state banking commissioner).
Newspaper Excerpt: Two small banks in the state were closed today on order of their directors. They were: Sparta State bank, Cromwell...
Source: newspapers

Newspaper Articles (1)

1. March 6, 1931 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, March 6, 1931

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Article Text

COUNTRY BANKS CLOSE Directors Suspend Kingman and Cromwell Institutions. Two small banks in the state were closed today on order of their directors, according to Luther F. Symon, state banking commissioner. They were: Sparta State bank, Cromwell, capitalized at $27,500, with $140,000 loans and $155,000 deposits, of which Fred Hunt was president, and D. D. Secrist, cashier; and Fountain Park State bank, Kingman, capitalized at $25,000, with $6,000 surplus, $260,000 loans, $290,000 deposits, of which E. S. Booe, was president, and H. E. Towell cashier.