5575. Carroll County Loan & Trust Company (Delphi, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
July 24, 1928
Location
Delphi, Indiana (40.588, -86.675)

Metadata

Model
gpt-5-mini
Short Digest
3bfa716f

Response Measures

Full suspension, Books examined

Other: Receiver likely to be appointed; attempted consolidation with State Bank at Delphi mentioned but unsuccessful.

Description

Articles (dated 1928-07-27/28) report several days of rumors and a run, followed by state banking commissioner ordering the bank closed after an examiner found a low cash reserve and excessive loans. A receiver was said 'probably' to be appointed. Sequence: run → suspension by state order → likely permanent closure/receivership.

Events (3)
1. July 24, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper states 'various rumors' caused a run on the bank during the three or four days prior to closing.
Newspaper Excerpt
various rumors had caused a run on the bank the last three or four days.
Source
newspapers
2. July 27, 1928 Suspension
Cause
Government Action
Cause Details
Closed by order of the deputy state banking commissioner/examiners after an examination found low cash reserve and loans greatly exceeding surplus.
Newspaper Excerpt
Doors of the Carroll County Loan and Trust Company at Delphi ... closed its doors this morning by order of the state bank examiners.
Source
newspapers
3. * Receivership
Newspaper Excerpt
Sale of the trust company to the State Bank at Delphi had been under consideration, but Barr said today a receiver probably would be appointed.
Source
newspapers

Newspaper Articles (3)
1. July 27, 1928 The Monticello Journal Monticello, IN
Article from The Monticello Journal, July 27, 1928

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Article Text

CARROLL CO. LOAN AND TRUST CLOSED Thought Depositors of Bank Will Be Paid in $25,000. The Carroll County Loan and Trust Company at Delphi, the newest of the four banks in that city, closed its doors this morning by order of the state bank examiners. Harry Reed is president and Yantis Wells, cashier of the bank. No statement was made by the officials as yet. The bank which was capitalized $25,000, is believed will pay out to the depositors although the stock holders may be losers to certain extent. Overloans is one of the reasons given for the failure. It was stated that various rumors had caused a run on the bank the last three or four days. An effort to effect a consolidation with some other bank in Delphi bad not been successful. The Carroll County Loan and Trust has been in operation about four or five years.

2. July 28, 1928 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, July 28, 1928

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Article Text

CLOSE DELPHI BANK Low Cash Reserve Found by State Examiner. Doors of the Carroll County Loan and Trust Company, Delphi, were closed today by order of Thomas D. Barr, Deputy State Banking Commissioner. A low cash reserve discovered in the course of an examination by L. K. Billings, examiner, resulted in the closing. Loans were found to total $320,000, deposits $380,000 and surplus and profits but $10,000, Barr said. Sale of the trust company to the State Bank at Delphi had been under consideration, but Barr said today a receiver probably would be appointed. Officers of the institution were Yantis Wells, president; H. E. Reed, secretary treasurer, and W. M. Goslee, vice president.

3. July 28, 1928 The Indianapolis News Indianapolis, IN
Article from The Indianapolis News, July 28, 1928

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Article Text

BANK CLOSED AT DELPHI Commissioner Issues Order After Examiner Reports Low Reserve. Doors of the Carroll County Loan and Trust of Delphi, were ordered closed Friday by Thomas D. Barr, deputy state banking commissioner, following a report the condition of the bank by K. Billings, bank examiner One of the reported causes for closing was low cash reserve, cording to Barr. The records show the bank had loans of posits of and surplus and profit account of $10,000 The bank was capitalized at Yantis Wells was president: W. M. Goslee, vice- president and H. E. Reed, secretary and treasurer. Indiana Utility Sales Made Sale by the Kokomo Water Works Company of $600,000 in per cent bonds not less than 88 per cent and $250,000 of per cent preferred stock at not less than 96 per cent. of par was authorized Friday afternoon by the public service commis-