5608. Citizens Bank and Trust Company (Elwood, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 26, 1931
Location
Elwood, Indiana (40.277, -85.842)

Metadata

Model
gpt-5-mini
Short Digest
f381995b

Response Measures

None

Description

The bank closed Oct. 26, 1931 and was later placed in receivership; articles (Dec 29, 1934) describe state Department of Financial Institutions taking over supervision to complete liquidation. No mention of a depositor run or reopening; permanent closure with receiver.

Events (3)
1. October 26, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure leading to closure on Oct 26, 1931 (solvency/failure implied).
Newspaper Excerpt
The Elwood bank closed its doors Oct. 26, 1931
Source
newspapers
2. April 1, 1933* Receivership
Newspaper Excerpt
Mr. Fihe was appointed receiver for the bank in April, 1933. The receivership growing out of the failure of the bank ... was appointed by Judge Campbell about year ago.
Source
newspapers
3. December 29, 1934 Other
Newspaper Excerpt
Affairs of the Citizens Bank and Trust Company, which are in the process of liquidation under receiver, will be taken over by the Department of Financial Institutions of the State of Indiana following granting of petition asking the business of the bank be turned over to the state department. Petition was granted yesterday afternoon in the Madison Superior Court at Anderson by Judge B. H. Campbell.
Source
newspapers

Newspaper Articles (3)
1. December 29, 1934 The Call-Leader Elwood, IN
Article from The Call-Leader, December 29, 1934

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Article Text

STATE TO DIRECT AFFAIRS OF BANK Petition for Closed Elwood Fin ancial Institution Granted Superior Court Affairs of the Citizens Bank and Trust Company, which are in the pro cess of liquidation under receiver, will be taken over by the Department of Financial Institutions of the State of Indiana following granting of petition asking the business of the bank be turned over to the state de partment The petition was granted yesterday afternoon in the Madison Superier Court at Anderson by Judge B. H. Campbell. Fihe, auditor at the Elwood American Works of the American Sheet and Tin Plate Company, has been liquidating the assets of the bank as receiver. having beer appointed by It Judge Campbell about year ago. is understood that he will be retained as special representative of the state department to complete the liquida tion of the assets. Final Report Ordered. Certain matters concerning the business the bank are yet to concluded before trust is turned over for state supervision. Judge Campbell ordered the receiver to file final report the trust. The Elwood bank closed its doors Oct. 26, 1931 and was later placed in receivership in superior court. Mr. Fihe was appointed receiver for the bank in April, 1933. The receivership growing out of the failure of the bank has been one of the most important cases to be handled during Judge Campbell's four year term, because of the large number of persons who are interested in the liquidation of the assets. There approximately 3,000 depositors in the bank at the time It closed.

2. December 29, 1934 The Call-Leader Elwood, IN
Article from The Call-Leader, December 29, 1934

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Article Text

STATE TO DIRECT AFFAIRS OF BANK Petition for Closed Elwood Financial Institution Granted Superior Court. Affairs of the Citizens Bank and Trust Company. which are in the pro cess of liquidation under receiver, will be taken over by the Department of Financial Institutions of the State of Indiana following the granting of petition asking the business the bank be turned over to the state de The petition was granted yesterday afternoon in the lison Superior Court at Anderson by Judge B. H. J. H. Fihe, auditor at the Elwood American Works of the American Sheet and Tin Plate Company. has been liquidating the assets the bank as receiver, having beer appointed by Judge Campbell about year ago. It is understood that he will be retained as special representative of the state department to complete the liquida tion of the assets. Final Report Ordered. Certain matters concerning the business the bank are yet to be con cluded before trust is turned over for state supervision Judge Campbell ordered the receiver to file final report the trust The Elwood bank closed Oct. 26, 1931 and was later receivership in superior court Mr. Fihe was appointed receiver for the bank in April, 1933. The receivership growing out of the failure of the bank has been one of the most important cases to be handled during Judge Campbell's four year term, because of the large num ber of persons who are interested in the liquidation of Mhe assets. There were approximately 3,000 depositors in the bank at the time it closed.

3. December 29, 1934 The Anderson Herald Anderson, IN
Article from The Anderson Herald, December 29, 1934

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Article Text

Court Grants Plea To Continue As Special Agent Affairs the Citizens Bank and Trust of Elwood, which the process taken Financial granting the bank over the state department yesterday superior Campbell. Joseph auditor the American Tinplate Company been the bank, under over by Judge Campbell. will special the finish the liquidathe assets. matters concerning the business the are the trust turned for state Judge Campbell ordered the receiver final report on the trust. bank later court. Mr. was receiver for the April, 1933. the failure of the bank the most cases during Judge number who are interested in the liquidation the There depositors in the bank the time closed. SUIT FILED AT MUNCIE Suit for $2,500 for persona] injuries has been filed the court by Cecil against Arthur McDec. the intersection state and near The alleges the defendant into stopping cordance with sign placed there. DAMAGES SETTLED claim for damages for the death Artis Street, former Anderresident settled in circuit court yesterday with an agreement the mother of the deceased, Mrs. Effie Kincaid, $100 settlement all claims. Street killed Dec. 1933, when the automobile he was driving hit Big Four train the street crossing. NEW SUITS FILED Superior Court Chester W. Allen Claude Stout demand $266 William Circuit Court The Pete Pancol Replevin, demand $3,000. Cecil COURT MINUTES Circuit Court Walter Todd Murry Apple Note, demand Addition third paragraph of answer by defendant William Apple. Superior Court Margaret Brown Foreclose mortgage appoint receiver (Four cases). Cause Costs paid. Citizens Banking Company Earl Bassett Note and demand Cause State Indiana on the relation Richard McKinley, Bank Commissioner the State diana The Citizens Bank and Trust Company. Application for ceiver Petition filed by the Department of Financial Institutions the State Indiana for an such department receiver of Citizens Bank and Trust Company Petition granted said Department Financial Institutions substituted for receiver the liquidation of the Citizens Bank and Trust Company and the receiver order to make his final said trust