5561. First National Bank (Veedersburg, IN)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
11044
Charter Number
11044
Start Date
June 18, 1931
Location
Veedersburg, Indiana (40.113, -87.263)

Metadata

Model
gpt-5-mini
Short Digest
de85da30ffa40d98

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-03-19
Date receivership terminated
1936-07-25
Share of assets assessed as good
57.1%
Share of assets assessed as doubtful
40.2%
Share of assets assessed as worthless
2.7%

Description

Articles (June 1931) report the First National Bank at Veedersburg, IN was turned over to a federal receiver for liquidation, indicating failure and receivership. No contemporaneous description of a depositor run or temporary suspension/reopening appears in the texts; thus classified as a suspension leading to closure/receivership.

Events (3)

1. July 23, 1917 Chartered
Source
historical_nic
2. March 19, 1931 Receivership
Source
historical_nic
3. June 18, 1931 Receivership
Newspaper Excerpt
he was also appointed as receiver for the national bank at Veedersburg, Ind.
Source
newspapers

Newspaper Articles (2)

Article from Chatsworth Plaindealer, June 18, 1931

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Article Text

W. J. KELLEY NOW IN CHARGE OF FOWLER BANK Another bank was last week turned over to W. Kelley by Federal government for liquidation. It was the First National Bank of Fowler, Ind. Mr. Kelley came to Milford more than a year ago to serve as receiver for the First National Bank here. Later he was appointed receiver for the Commercial National bank at Chatsworth and then a few months following was appointed as receiver for the national bank at Veedersburg, Ind. With the addition of the national bank at Fowler, Mr. Kelley is now adjusting the affairs of four banks, Milford being the central point of the territory covered.-Milford Herald. Chatsworth people, or at least some of them, are wondering if the government is short of bank receivers. Mr. Crichton seemed to have things just moving nicely when he was transferred from Chatsworth to Augusta, Illinois. Mr. Kelley, who succeeded him, was then receiver for a bank that had failed in Milford, and had hardly lit in Chatsworth until he was also appointed receiver for a failed bank at Veedersburg, Indiana, and now he has been given fourth bank's affairs to look after. It would seem with so many capable men out of employment that the government might furnish a few more jobs by naming them bank receivers. Mr Kelley's nearest other bank is at Milford, 45 miles away. If the government simply had to double up on receivers it would look like good policy to have placed Strawn and Chatsworth under one receiver instead of moving Mr. Kelley further away from his duties here. Strawn and Chatsworth are 11 miles apart while Fowler and Chatsworth are nearly 75 miles apart. Chatsworth, it would seem, should be entitled to just a little consideration.


Article from Woodford County Journal, June 25, 1931

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Article Text

NEED MORE FAILED BANK RE. CEIVERS Another bank was last week turned over to W. J. Kelley by Federal government for liquidation. It was the First National Bank of Fowler, Ind. Mr. Kelley came to Milford more than year ago to serve as receiver for the First National Bank here. Later he was appointed receiver for the Commercial National bank at Chatsworth and then few months following was appointed as receiver for the national bank at Veedersburg, Ind. With the addition of the national bank at Fowler, Mr. Kelley is now adjusting the affairs of four banks, Milford being the central point of the territory covered. Milford Herald. Chatsworth people, or at least some of them, are wondering if the government is short of bank receivers. Mr. Chrichton seemed to have things just moving nicely when he was transferred from Chatsworth to Augusta, Illinois. Kelley, who succeeded him, was then receiver for bank that had failed in Milford and had hardly lit in Chatsworth until he was also appointed receiver for failed bank at Veedersburg, Indiana, and now he has been given a fourth bank's affairs to look after. It would seem with so many capable men out of employment that the government might furnish few more jobs by naming them bank receivers. Mr. Kelly's nearest other bank is at Milford, 45 miles away. If the government simply had to double up on receivers would look like good policy to have placed Strawn and Chatsworth under receiver instead of moving Mr. Kelley further away from his duties here. Strawn and Chatsworth are 11 miles apart while Fowler and Chatsworth are nearly 75 miles apart. Chatsworth, it would seem, should be entitled to just little Plaindealer. A luxury is something the average man doesn't need, but which makes him uncomfortable just from thinking how much he wants it. If there were some way to induce the rich to spend more money and the poor to save it, the country would quickly recover.