5553. Citizens State Bank (Crothersville, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 22, 1923
Location
Crothersville, Indiana (38.801, -85.842)

Metadata

Model
gpt-5-mini
Short Digest
d08205f9

Response Measures

None

Description

Newspapers (Sept 22–24, 1923) report the Citizens State Bank of Crothersville insolvent, closed because of estimated losses of ~$100,000, assets transferred and Union State Bank appointed receiver. No run or depositor panic is mentioned; receivership and transfer indicate permanent closure.

Events (2)
1. September 22, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank declared insolvent because of estimated losses of approximately $100,000; state banking department to ask appointment of receiver.
Newspaper Excerpt
The Crothersville State Bank and the Citizens' State Bank ... are insolvent, and appointment of a receiver will be asked.
Source
newspapers
2. September 24, 1923 Receivership
Newspaper Excerpt
Assets of the Crothersville State Bank and the Citizens State Bank of Crothersville were to be transferred to Union State Bank ... The Union State Bank was appointed receiver by Judge Cox of the Jackson Circuit Court Saturday.
Source
newspapers

Newspaper Articles (6)
1. September 22, 1923 Evening Star Washington, DC
Article from Evening Star, September 22, 1923

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Article Text

TWO BANKS INSOLVENT IN SAME INDIANA TOWN Institutions in Crothersville Face Losses of $100,000-Receiver to Be Asked. By the Associated Press. SEYMOUR, Ind., September 22.The Crothersville State Bank and the Citizens' State Bank, two institutions at Crothersville, a town twelve miles south of here, are insolvent, and appointment of a receiver will be asked, Thomas Barr, deputy commissioner of the Indiana state banking department, announced today. The two banks face losses of approximately $100,000, Mr. Barr said.

2. September 23, 1923 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, September 23, 1923

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Article Text

BANKS INSOLVENT Receiver Will Be Asked For Two Indiana Institutions SEYMOUR, Ind., Sept. 22.-The Crothersville State bank and the Citizens State bank, two institutions at Crothersville, a town, 12 miles south of here, are insolvent and appointment of a receiver will be asked, Thomas Barr, deputy commissioner of the Indiana State Banking department, announced today. The two banks face losses of approximately $100,000, Mr. Barr said.

3. September 24, 1923 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, September 24, 1923

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Article Text

Crothersville Bank Bankrupt By Times Special SEYMOUR, Ind., Sept. 24.-Assets of the Crothersville State Bank and the Citzens State Bank of Crothersville were to be transferred to Union State Bank of the same town today. Both institutions were closed on account of losses estimated at $100,000. The Union State Bank was appointed receiver by Judge Cox of the Jackson Circuit Court Saturday. The bank is a newly organized institution.

4. October 5, 1923 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 5, 1923

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Article Text

# Voting Is Secret. "The special prosecuting attorney shall I allowed at all times to appear bore the grand jury for the purpose of bringing information relative to any matter cognizable by it or advice upon any legal matter when required; and he may interrogate witnesses before the grand jury, when the jury or he deems it necessary, but no prosecuting attorney, officer or person shall be present in the grand jury room during the expression of their opinion or in giving their votes upon any matter before them. "At least five of the grand jurors must concur in the finding of an indictment and when so found it must be signed by the special prosecuting attorney and it must also be indorsed by the foreman of the grand jury, 'a true bill,' and he must subscribe his name as foreman. "The official court reporter will take shorthand notes of all testimony given and transcribe the same for the use of the special prosecuting attorney and the grand jury." # Jury Meets at Kentland While the local grand jury was opening its investigation plans were being made for the convening of the grand jury at Kentland, McCray's home town, next Tuesday. J. C. Murphy, prosecuting attorney for the circuit including Kentland, said he did not know whether McCray's affairs would be investigated. Three more suits against the Governor have been filed in Kentland. They are: Union State Bank of Crothersville, as receiver for the Citizens State Bank of Crothersville, against A. E. Herriman & Co., A. E. Herriman and Warren T. McCray, for $3,000. Broadway State Bank, Ft. Wayne, against Fred Lyons, Jacob D. Rich, Hugh M. Light and Warren T. McCray, for $5,000. Farmers Trust Company, Ft. Wayne, against Warren T. McCray. for three notes, $7,000, $3,000 and $2,750.

5. October 26, 1923 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 26, 1923

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Article Text

JUDGMENT GIVEN FOR $41,345.96 ON M'CRAY NOTES Co-Defendants Dismissed by Court-Trust Agreement Still Intact. By Times Special KENTLAND, Ind., Oct. 26.Through agreement of counsel, judgment has been rendered by the Circuit Court here against Governor McCray for $41,345.96. The figure represents amounts asked for in ten of twenty-six suits pending against the Governor here. The cases were dismissed as to defendants other than the Governor. The names of these defendants or the names of firms with which they were connected appeared on the notes, which were payable to McCray and indorsed by McCray. Most of these defendants had made sworn statements they did not sign the notes and did not authorize anyone else to sign them. Trust Agreement Intact It is understood the judgment will not effect the trust agreement signed by slightly more than 75 per cent of the Governor's creditors. Through the agreement to permit judgment, the Governor apparently has lost nothing and has been saved the ernbarrassment of having his co-defendants deny in court all responsibility for the notes. The court refused to grant attachments on the Governor's home in Kentland. Plaintiffs in suits acted on and judgments awarded: First National Bank, Brownstown, three suits, $6,073.55. Ruth Clark, Kentland, $2,305. Union State Bank as receiver for the Citizens State Bank, Crothersville, $8,431.75. Delaware County National Bank, Muncie, $10,873.03. Cannelton National Bank, Cannelton, $5,788.87. People's Trust and Savings Bank, Laporte, $5,800.76. Marion National Bank, Marion. $3,497. Grandview Bank, $3,576.90. Defendants Dismissed Defendants against whom action was dismissed are: Henry A. Reinhart and William Simons and Alva E. Herriman, partners of the Governor, who swore they did not sign notes; James L. Morrison, formerly a Statehouse employe; W. J. Hendry, whose name appeared as manager of the Morgan County Stock Farm, and Frank Henderson, an employe of the Hickory Island Stock Farm. Formal answers were filed in a number of other suits against the Governor.

6. October 27, 1923 Evening Star Washington, DC
Article from Evening Star, October 27, 1923

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Article Text

M'CRAY JUDGMENTS TOTAL $41 346.86 266 Awards Made by Court in Suits Against Governor of Indiana. By the Associated Prese. KENTLAND, Ind., October 27.-Judgments aggregating $41,346.86 were award. ed plaintiffs in ten civil suits against Gov. W. T. McCray in circuit court here. Numerous other suits for judgment on notes of the executive are pending, including six to which counsel for McCray filed answers today, setting out a general denial of the allegations contained in the complaints. The suits acted on today and the amount of judgment awarded the plaintiff, follow: First National Bank of Brownstown, Ind., three suits, total judgment, $6,073.55. Ruth Clark, Kentland, Ind., $2,305. Union State Bank, as receiver for the Citizens' State Bank of Crothersville, Ind., $3,431.75. Delaware County National Bank, Muncle, Ind., $10,873.03. Cannelton National Bank, Cannelton, Ind., $5,788.87. Peoples' Trust and Savings Bank, $5,800.76. Marion National Bank, Marion, Ind., $3,497. Grandview Bank, $3,576.90. Counsel for the executive filed answers to suits instituted by Alma Jackson and Mary Williams, Kentland, Ind.: Merchants' National Bank, South Bend, Ind.; Grant Trust Company, Marion. Ind.; Indiana National Bank of Indianapolis, and E. R. Brown of Kentlant, Ind. Action on these complaints will be taken later.