5617. American Trust & Savings Bank (Evansville, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
October 19, 1931
Location
Evansville, Indiana (37.975, -87.556)

Metadata

Model
gpt-5-mini
Short Digest
d68bca22

Response Measures

Full suspension, Books examined

Other: Bank was placed in voluntary liquidation under state-appointed liquidator; grand jury criticized preferential withdrawals by directors and associates.

Description

Newspaper articles report heavy withdrawals (a run) on the American Trust & Savings Bank in mid-October 1931, the bank closed/ suspended its doors (reported Oct 19, 1931) and was later placed in liquidation/voluntary winding up with a state-appointed liquidator. There is no evidence the bank reopened; later articles describe liquidation, dividends paid to depositors during winding up, and appointment of a state liquidator. Cause classified as contagion from local bank failures and heavy withdrawals by insiders/depositors.

Events (4)
1. October 19, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals/contagion from other local bank closures in Evansville; grand jury later noted withdrawals (including alleged preferential withdrawals by directors/employees) precipitated the bank's closing.
Measures
On final day directors served 60-day notices (attempt to limit withdrawals); bank later entered liquidation and pay-out process was managed by state examiners/liquidator.
Newspaper Excerpt
the American Trust & Bank of Evansville ... closed its doors this morning ... unusual withdrawals depositors prompted
Source
newspapers
2. October 19, 1931 Suspension
Cause
Local Banks
Cause Details
Bank closed following heavy withdrawals/runs and in the context of several other recent local bank closings (Lamasco Bank, Lincoln Bank, etc.).
Newspaper Excerpt
Evansville Bank And Others Close ... American Trust & Bank of Evansville ... closed its doors this morning
Source
newspapers
3. January 1, 1932* Receivership
Newspaper Excerpt
The institution is in the process of liquidation, having been declared solvent by representatives of the state banking department; O. P. Welborn ... take charge all banks in voluntary liquidation ... The five banks affected are the American and Savings ... closed in October and ... in liquidation under Welborn's supervision (1933). (articles through 1932-1933 describe liquidation and state-appointed liquidator).
Source
newspapers
4. June 20, 1932 Other
Newspaper Excerpt
AMERICAN TRUST DIVIDEND Payment of Five Per Cent To Be Made Between June 20 and 25 ... The American Trust and Savings bank paid all bills payable, claims and accounts due and owes nothing to anyone except its depositors ... dividend equal ... (article describing dividend paid during liquidation).
Source
newspapers

Newspaper Articles (12)
1. July 18, 1931 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, July 18, 1931

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Mustn't Use Wife For Target Again The Dura Product husband, alleged to have "run vs. Charles before wild" Thursday night, using his wife's Frank special body for target found himtiff files motion order remanding self under order yestercause and assigning same for trial. day after his spouse brought suit for divorce superior court. Citizens Trust and Savings bank VS Camilla Bevinger who filed the George Waldschmidt et al. trial and charged that during their mar- finding and judgment receiver Chester Bevinger had dered Citizens National bank appointed receiver blacked her eyes times, beaten Flora Northerner Pierce Northto kill her, and erner al, plaintiff dismisses inforhis violent treatment by firmation for contempt, restraining oring several shots at her Thursday der dissolv restraining order granted Camilla Bevinger Chester Bev mediately by Judge Benjamin E. inger, restraining order Buente In probate court yesterday four PROBATE COURT RECORDS Mexico Refractories company granted freedom from Tri-State Engineering corporation their by Judge Travis attorney appears for defendant Cloney Vasseur was and receiver worced from Rena: William Pool from American Trust and Savings bank Elmer Marshall from Beatrice. and Harvey Sigler from Betty. ings and judgment vs. Ruby Drew. examination defendant under oath in proceedings supplementary vacated State Allan demurrer of defendants Childs, Castle, sustained. entry exceptions plaintiff demurrer of defendant John Childs Emma Rudolph vs. Elvis Rudolph attorney appears for files answer general denial complaint and petition to modify relief pendente order Baughman files answer in general denial, trial finding and judgment for plaintiff entry George etc., Christine Ritter, et al, dismissed by plainMildred Koressel V8. Kilburn Kores agreed entry relief pendente Tina Adams VS. New York Life Insurance agreed entry William Melton vs. Southern Indiana Gas and Electric company, attorney appears for defendant answer in two paragraphs Raymond Shelton Katherine Harp Claude Harp. plaintiff files affidavit for entry Marie Humphrey vs. Earl Humet hearing vacated, continued August phine et by agreement parties trial date vacated. reset for August Lorine VS. Elvin Davis, agreed entry relief pendente Dorothy Albrecht Andrew brecht, agreed entry relief pendente lite Allen Manufacturing company. Inc. Thiele entry Southern Trust company vs. John DAYS, HITS NACHLY GITTIN' so IT NEAH BOUT WORK You To DEATH TRYIN' TO USE 'EM ALL!! Wahnsiedler on final report of Southern Trust company William al, entry on final report of American Trust and Savings bank Henry et defendant Evansville Morris Plan company files disclaimer judgment Melba Allgood Arthur Allgood agreed entry pendente lite, attorney appears for Goochie Cain Walter Cain plaintiff files vorce entry Clony Vasseur Rena vorce entry William Pool V8. Ora Pool, divorce Elmer Marshall vs. Beatrice Mar shall divorce entry Interstate Finance corporation pear for REAL ESTATE TRANSFERS Mutual Finance corporInc., part lots Mamie Averett and husband to Carter lots 29 and 30, block 11. Leonard executor. to Es. ther Thomas, lot block 9, Ideal George Schmitt and wife to Henry Pfender and wife, lot 16, block 81 George Hitch and wife to Harold Kroener and wife, lot 13, block Charles to Catherine lot part of lot block Garvin park Olga Buente to American Trust and Savings lot of lots 20. 21. Allis and Howe's subdivision part southeast quarter section 23. town south. range 11 John Espenlaub to Charles Espen to block 44, Eeidelbach and Elsas inclusive addi- CITY COURT RECORDS State Thurman operating motor vehicle without driver's State VS. Shirley Hopper, failure to provide, continued July 21, bond State VS. Harry Jones, violating speed law, and costs. State Agnes grand larceny, continued July 18. bond $1,000 State VS. Mary Barnett grand larceny, continued July 18, bond ceny, continued July 18, bond $1,000 BUILDING PERMITS Joseph 814 South Rotherwood $400. avenue, plumbing installation plumbing Anderson and Veatch, 1319 ChandSkora Corporation. Fifth and Lo cust streets installation 82 Marion Grishaw. 814 garage 'Just come and see us occasionally old have very little time nowadays. "Do come. All my daughters are married now

2. July 31, 1931 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, July 31, 1931

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William Schofield 33, rural route 9. was to circuit court yesterday morning by Acting City Judge Reeves. after being arraigned on the charge passing fraudulent check Schofield is alleged to have given Fred Atsinger 321 Lincoln avecheck for ESTATE OF GARRISON IS VALUED AT $1,528 HELD TO CIRCUIT COURT ON CHECK FRAUD CHARGE but her injuries were ported NEW SUITS FILED SUPERIOR COURTPerry Grayson vs. Frank Hahn, two Bert Cheatham V8. Walter Leopold for foreclose mortgage and application for PROBATE COURTInterstate Finance corporation vs Pred Johns al, suit to foreclose chattel Interstate Finance corporation V8 Richard Wulff al, suit to foreclose chattel mortgage. THE EVANSVILLE COURIER 22 FRIDAY, JULY 31, 1931. adjoining, block 8, Sharpe's enlargere- transferred to circuit court, bond, former employes of the Anderson muWalter Meier, 918 Ravenswood nicipal electric and water departAnnie Carson to Martha Collins, State vs. Edward Hussey, drunkenment. and Walter Brandon, for60 Lincoln Mortgage company, 630 to mer secretary of the water works deState vs. Wallace Combs. operating Covert avenue, roof. Eliza Harwood, same partment. Druley's shortage. the remotor vehicle while intoxicated. con- Walter Queen, 26 Jefferson avenue, Martha and husband to port said, is and Brandon's tinued to August bond electrical Eliza same $2,773.22 Both men were said Mrs. Frank McDonald. 1504 Adams have been discharged by Mayor J. H. check transferred to circuit Hauptmeyer and part of bond Donaldson Arms Apartments How- Mellett following recent preliminary adjoining. block 8, Sharpe's enlargeState Herbert W. violat- report of the shortage. ing laws, continued to William Neiderhaus 1229 East Vir- The report covered period of apLouise Schaeffer Hefele and husAugust 16 months. It said loans band to Michael Schaeffer al. part State vs. Charles Stewart Minnie of lots to 14 inclusive, block Clem Behme. 807 North Pulton had been made to from the Southern $198. utility cash drawer and the money 10 John Anderson and wife to Paul Mrs. Charles Uhl. 15 West Franklin had not been returned State VS. Charles Knowles, grand Luhring and wife, part of the north- street, electrical $20. Neither had it been taken from the larceny, continued to August bond Estate of the Inte Andrew Garrison, east quarter of the southeast quar- employes' salaries, the examiners said ter section 25, town south, range they found The report said Druley former county valued 10 west an appraiser's report $25 and costs, sus- had made settlement of $416.65. ing speed laws, Riverside Investment and Develop- $10,000 SHORTAGE filed in court yesterday covering cash loans he made in this ment company the Keller CresThe Charles RECORDS John Walker violating manner and for what no ticket of reState Printing and comWilliam Matthews 825 costs, suspended. ceipt was found. is estimated papers of part 10 adjoinEades attorneys appear for The widow Carrie, two Theo- State asOriginal dore and Gilbert and daughter sault and not IN FUNDS BARED William Peak, attorney Mitchell GIVES WATER HYACINTHS Tillie Heilman, are heirs State Otto battery for defendant Laundry Theft Case Delayed conversion, 850 and costs. 90 days. State attorney apFOR USE AT MESKER Z00 ASKS CRASH DAMAGES The case of Charles Knowles, 22 pears for State James M Boner. Clarence colored 417 East Sycamore street, An accident on the Harry Ranes. captain at hose house Boner, receiving stolen property, not SUPERIOR COURT RECORDS is with stealing laundry State Examiners Name Two Henderson road July 20 caused his No. 14. yesterday presented a number Carrie belonging be damaged to the extent $1,000 while he received personal injuries worth judgment of Perry Grayson in suits filed in court yesterday against Frank Hahn collision occurred through Hahn's carelessness, the suit Edward etc., plaintiff files was continued to August BUILDING PERMITS motion for new with bond set in city James 604 East Missouri Ernest Meisell Clem Stair court yesterday morning. American Trust and Savings bank Fred 112 Division appointed receiver, hearing set AuCITY COURT RECORDS gust State William secreting Marion Grishaw, 816 South Rother. mortgaged property, continued in- wood heating PROBATE COURT RECORDS definitely Viola Baldwin Ralph State Shirley 421 North plaintiff files application for relief Asks Damage Suit Retrial Motion for trial filed hearing set August superior court yesterday by Carrie May Chester trial set July Charles Ball Floyd denied in her torney appears as joint counsel for was judgment damage against Ed Yonts Martha Collins Paul Laurenzo Bee Truck line commissio report Brown was in sale and proof of publication, apwhich he was collided with proved, entry. Dixie Bee truck near Terre Haute

3. August 6, 1931 The Evansville Journal Evansville, IN
Article from The Evansville Journal, August 6, 1931

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Clem Stair, operator of the Sonntag hotel, Thursday his battle have the the American Trust and Savings bank as of the hotel furniture set aside. Superior Judge Pro-Tem Paul Schmidt overruled the that the remain charge of the question making the receivership permanent. Stair's C. Three men will be from whom be chosen arguments on the permareceivership. Judge Schmidt in his ruling clared that emergency when that the had an and his from the Blade of Grass This order the result Is Fatal to Boy of Standard Evansville Realty against Stair asking $6,800 for alleged unpaid rent. grass killed two year old Farrell Just before the sheriff was to executed the Ernest Meissel He placed it in his mouth while Terre who holds $10,500 playing park ten days on the appeared mother slapped him the in court and the appointwas dislodged but passed that his furniture which he holds he died in gage would be greatly damaged pital yesterday moved from the hotel. Schmidt declared the appointment of the right Auditor Acts to Head Off cedure to safeguard the value of the furniture. Attorney Welborn, in behalf Coliseum Remonstrance $72,000 the appears he must He asserted the Evansville Realty tails of the project and will ask them did eject Stair KOENEMANN TO PRESENT approve bond issue Failure hotel until after Meissel arrived state tax board members FACTS TO STATE TAX stated that Stair was caught with- approval would halt the remodeling project. BOARD AT ONCE He that the realty com- County Thursday get approved the bond both money Stair's authorized by the county council In effort to forestall the possible Welborn denounced the namfiling of ing receiver without notice and Koenemann declared that whether remodeling bond said no emergency had existed. remonstrance was filed not the which have of throwing the matter the hands of the tax County Auditor Edward D. who has been the sponsor of the Colannounced Thursday that he would appear before the tax Friday on the matter. was instantly killed his that he will plane near here today. plain to the board members all Coliseum bond issue should presented to the tax board for ruling and that good any to the the for the Coliseum prepared by Architect Frank Fowler, delayed by the presumably until Koenemann gets the opinion of the on the bond issue's legality and

4. October 19, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, October 19, 1931

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Evansville Bank And Others Close Indianapolis, Oct. 19 American Trust & Bank of Evansville, one of the largest banking institutions in that city, closed its doors this morning, and Luther Synons, Banking Commissioner took personal charge its affairs capitalized and has deposits of surand undivided profits $41,000 Fail Open Fort Kent. Me., Oct 19 Fort Trent Trust Company and its branch at Madawasca failed to open their doors today. Signs on the doors said Closed for Adjustment. The bank organized 1903 and was capitalized at $50,000 and had deposits of approximately $650,000. West Virginia Failure Sistersville. W. Va., Oct. 19 (AP)The United Bank of Middlebourne, recently formed by consolidation of the Bank of Middlebourne and the First National Bank of Middlebourne, did open for business today. According last statement. United Bank had resources of $722,042.19 Run on Manila Bank Manila. Oct 19 (P)-A run which developed yesterday on the China Banking Corporation incidental to the closing another Chinese bank here quieted down somewhat today Some depositors, however. continued to withdraw their money. Pittsburgh Failure Pittsburgh. Oct. 19 Exchange National Bank here did not open for business today A statement issued by the directors said unusual withdrawals depositors prompted the President March said depositors would be paid in full and that there would be remaining for distribution on the bank's condition Sept. 29 had demand deposits of and time deposits of $1,012,326: loans counts totaling $5,194,856. United States Government securities of $738,830 and cash totaling $562,970.

5. October 22, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, October 22, 1931

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OCTOBER 1931 PAGE WAY Burial of Thomas A. Edison at West Orange, BORNE Mrs. Hoover Among Small Group Admitted to Final Service in West Orange, Cemetery. GUARD OF HONOR PLACED AT TOMB Favorite Airs of Old Inventor Played at Simple Funeral Conductby Old Friends. the Associated Press. WEST ORANGE Oct. Alva Edison. inventor, buried dusk terday Rosedale Cemetery. His widow kissed the casket was about to be lowered into the grave, then placed upon white rosebud. Four hundred of his friends crowded the drawing Edison always called parlor" the Edison the simple The Rev. Dr. Stephen Herben read the service and spoke the prayer: and there the music of Bach and BeethoMrs. Edison. Mrs. Hoover. wife the President: Henry Ford and Harvey Firestone were the family group in room upstairs listening the services carried them by an amplifying Other friends presCharles M. Owen Young. Samuel Insull Adolph Ochs and Arthur Brisbane. Just before the funeral Col. Francois Pillon. officially reprethe French and his aid were ushered into the where Mr. Edison's body lay. They stood for moment at the bier then were taken upstairs to the of France to Mrs. Edison. Both were in full uniform. Funeral Service Simple. Mourners home entered while organ played "I'll Take Home Again, Kathleen." Its soft strains mingled with the crackle of pine logs the fireplace the Arthur Walsh, business assoclate, played "Little Grey Home the on the violin. and "Kathleen" were the favorites and they were among the first songs made on the phonograph he created. Then there music by of which Mr. Edison fond. The Rev. Dr. Herben, former pastor of the Methodist Episcopal Church of Orange read the 23rd Psalm, then am the and the he that believeth Me, though he die, yet shall he Dr. Herben Dr. Lewis Perry of Exeter Academy, read tribute, written by Arthur Palmer, an old associate of Mr. Edison. has led no armies into batsaid Palmer's tribute. conquered no countries. He has enslaved no peoples. Yet, he wields power the magnitude of warrior ever dreamed. Friend Calls Him Superman. devotion more scope, more any other living devotion rooted deep in human gratitude, and by bias race, religion kindly, modest being Mas bestowed upon the hu man blessings of bondinstead of instead of conquest. of breadth world aspect comprehends peoples rather than people, masses rather than men. that great restless, surging tide of creatures, that mighty human glacier pressing irresistibly toward horizon of civilization. the passionate pursuit of material truths and their conversion into practical, usable, beneficent forms, civilization has never seen of this man, this superdefies what more can be said: What greater tribute paid than Perry offered Walsh played "Now the Day Alexander Russell accompanied him on the large crowd waited expectantthe main gate Llewellyn but an escort of motorcycle police the funeral procession the winding, roads exit. The streets leadto the cemetery were crowded people. Guard of Honor at Grave. The body into the 5:50 o'clock. Beside magnolia from President Hoover, plain orchids from Mrs. Hoover, wreath from spray Ford. of goldenrod from Henry Six State troopers in light blue and blue attention on either side, there remain guard of honor relieved. the watch to cease 48 hours. Mrs. who was present the burial, returned once to Washington. Mr. Hoover had been unable to held in Washby pressing affairs Founded in Depository 1866 Had Suspension Ind. the Associated Press. COLUMBUS, Oct. Ohio banks turned over to the State Banking Department today for liquidation. They were the George D. Harter Bank Co. of Canton. the City Bank Trust Co. of Alliance, the Ohio Merchants "Trust Co. Massillon and the Farmers Citizens Bank of Monroeville. Frozen assets given by the State Banking Deartment to be the reason in each case. The George D. Harter Bank, Canton's largest, had assets Sept. Its capital stock and its surplus 500,000. Deposits totaled $19,It had been in business since 1866. Fourth Bank Suspension in Two Weeks Evansville, Ind. Ind., Oct. The North Side Bank announced would not open for business today fourth Evansville bank to close its doors in two to turn the affairs of the depository over examiners the State Banking Department followed the closing yesterday afternoon of the Lamasco Bank. run the Lamasco Bank was attributed the closing two weeks ago of the Lincoln Bank and of American Trust Savings Bank Monday. Officers both of the Lamasco Bank and of the North Side Bank expressed belief depositors would be paid in full. withdrawing Japanese troops from Manchuria. The five fundamental points, which had been received in Nanking with indignation, but were said to have given consideration Geneva. where the League of Nations Council is studying the Far Eastern crisis, were announced as follows: Japan and China shall mutualpledge and guarantee one another's territorial tegrity. All forms of propaganda. including the antiJapanese boycott, shall be abandoned. China shall give assurances for the safety of Japanese lives and property Manchuria. An agreement shall be reached eliminating competition on the China recognize existing treaty rights, including the quesHon of Japanese and Korean land leases in Manchuria. Tokio heard reports that Gov. Chang of Manchuria had approached Moscow in the hope of interesting Russia in protecting his interests, promising them certain North Manchurian economic concessions in return. Official circles here today termed the basic demands reputedly submitted by China to the League of Nations Council. Press said Dr. Alfred Sze, Geneva. had the demands as an aide memoire to Aristide acting president of the League Council. Nothing had been heard about them here from Kenkichi Yoshizawa, Japan's League reported by the press, the Chidemands were: Direct negotiations based on the evacuation of Japantroops from the northern areas of Manchuria. (2) neutral to determine the extent of Japanese military activities. (3) Japan to make reparation payments for damages inflicted during occupation. (4) Establishment of permanent conciliation and arbitration board adjust differences between the two nations.

6. October 23, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, October 23, 1931

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EVANSVILLE BANK SUSPENDS. The North Side Bank It would not open for business today the fourth Evansville bank to close doors in two Decision to turn the affairs of institution over to examiners of the State Bank ing the closing yesterday of the Lamasco Bank run on the Lamasco Bank was attributed by officials to the closing two ago the Lincoln Bank and of the American Trust & Savings Bank Monday. Officers both of the Bank and of the belief depositors would be paid in full.

7. February 18, 1932 Evansville Press Evansville, IN
Article from Evansville Press, February 18, 1932

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JURY REPORTS BANK SHOULD PAY IN FULL Loss Seen for Little or No Depositors of American Trust Here OFFICERS ARE CRITICIZED Further Investigation by State Commissioner Is Recommended Depositors of the closed AmeriSavings Bank Trust and dollar for should be paid unless liquidation costs are exces Grand Jurors stated in Circuit filed Thursday port of the investigation Court as ended. criticized the by withdrawal of deposits alleged directors and employes officers, those of their the closed bank, and business associates. friends and stated that this The jury conclusion that such withdrawals advised the which possibly precipitated run the bank's closing. The bank failed to its doors Oct. after heavy runs. On the last day that the bank remained 60-day notice open, served attempted withdraw their savings while directors from and notice, the report sets the Marcus Sonntag, president the bank, didn't believe be proper to into arguwith know policy to protect the will have draw they their own Further Probe In the absence of law coversuch the report recomacts, that the State Banking mended Commissioner make further investigation the alleged prefer withdrawl deposits. The complete report is as the Grand Jury, report that after made thoro investithe affairs the Amercan Trust and Savings Bank, and the state bank appraisers said state bank appointed Page

8. June 12, 1932 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, June 12, 1932

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AMERICAN TRUST DIVIDEND Payment of Five Per Cent to Be Made Between June 20 and 25 The American Trust and Savings bank will cent to June and June 25, M. liquiThe dividend equal American Trust and Savings bank paid all bills payable, claims and accounts due and owes nothing to anyone except its Sonntag would the policy of the now to ments depositors as rapidly possible Further arguments will be held June court on suit depositors the American Trust and Savings force stockholders to pay 100 per cent assessment held yesdelay when paragraph complaint depositors. The second paragraph asked for and audit, appointment of receiver handle money ordered paid by the court, and to prevent multiplicity of suits. Surface paving the south side new Franklin street bridge has completed the north expected to be opened about week.

9. October 24, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 24, 1932

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BANK CASE TO COURT Supreme Judges to Hear Evansville Arguments on Tuesday. Attempt of Walter Schreeder, a depositor, to have a receiver appointed for the American trust and savings bank, Evansville, will be argued before the Indiana supreme court Tuesday. The hearing is on a writ of prohibition, obtained by officers of the bank and the state banking department, restraining Circuit Judge Benjamin Buente from granting a judgment against the bank in Schreeder's favor. The institution is in the process of liquidation, having been declared solvent by representatives of the state banking department.

10. February 26, 1933 Evansville Press Evansville, IN
Article from Evansville Press, February 26, 1933

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BILL MAY RE-OPEN CLOSED BANKS HERE Local Attorney Studying Pro visions of Law Passage of the Indiana Banking Bill may of closed Bankers Saturday they had opportunity study the The bill provides reopen per the agree not draw their funds Formerly the promise of every depositor was Clyde liquidating the Howell State Bank said bank's attorney was in Indianapostudy the Officers American Trust Bank also are scrutinizing the Lamasco Bank officials law might the future of the altho directors not the matter Money is being for dividend

11. July 21, 1933 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, July 21, 1933

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Bank Liquidator Comes From Old Gibson Family O. P. Welborn Got First Training in Princeton Bank: Father Was Its Cashier Welborn member of the state financial was yesterday by Governor McNutt charge all banks in voluntary in the district comes from Gibson county family and has relatives and friends in Welborn's father Dr William Welborn, cashier of the People's at Princeton many years folthe which was here Welborn his first banker His uncle the late Judge M. Welborn presided the Gibson county circuit court bench for more than 20 in the eighties and nineties W C. Evansattorney and Dr James Welborn this city more GRADU FROM WABASH The new bank liquidator graduated from Wabash college and in known as an intellectual those who know him say He has two brothers in merchant J. mobile Princeton last night were gratified that the went to dispatches from that city said He said banker not After the bank he went to dianapolis he ated the American bank after with dent He resigned his place with this bank seven eight years HEADQU ARTERS HERE? While available last night to he would his headquarters cause the biggest part of the job he will oversee Five Evansville banks now in liquidation under Welborn's They are the American Trust and Savings and Lamasco closed in October and the West Central Union Howell banks which closed in January 1932. Of the other three banks which the Lincoln been liquidated and the North Side and Franklin Trust and Savings reopened several months

12. July 21, 1933 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, July 21, 1933

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NEW ACT AFFECTS FIVE LIQUIDATING DEPOSITORIES HERE 0. P. Welborn, Indianapolis, and Three Aids Assume Charge in Evansville Monday REPLACE PRESENT AGENTS Appointee to Control Voluntary "Settling Up' of All Southwestern Indiana Banks INDIANAPOLIS July Welborn Indianapolis memberof the commission cial tonight was named by the commission to take charge all banks in and the Indiana district that are in voluntary liquiThe of Welborn was the first step to takel by the mission in of banks of the state have closed voluntarily power given by the bank law which went into effect on July THREE ASSISTANTS NAMED In Welborn the comalso three to aid the of the Evanaville They are George W Nichol Brown of English and Edward H. DeHority of Elwood McKinley said the three assistants will be m charge of the in ville are agents which serving Welborn will authorized assistants for the other two institutions The five banks affected are the American and Savings the the Lamasco West Side bank and the Howell The American the West the Central Union are the largest the STATE DIVISION PLANNED Although Welborn will charge be the Evansdistrict McKinley yet many ties will be in that He said It would. the entire Indiana area It the plan of the commission divide state into from four six districts with an agent in charge The boundaries various districts will be defined rapidly the the banks in the districts is completed McKinlye said an agent for the Gary Bend district probably will be the next to be He He said it not the of the bers for district but that the in Evansville is such that was believed advisable there MONDAY Welborn and his three will take over the affairs of the Evon Monday Wayne Governor Paul McNutt, explained the intention the that governor the system appointing district agents be adopted with to hastening payments to depositors and making depositors as the the liquidation He said that instances ports made to the depositors on the condition of the closed banks ACTING UNDER NEW LAW Under the new Indiana law the banking department given ity to take all banks in tary liquidation but the can not interfere with those in voluntary is quested by the judge in whose court the In the arranging of the districts was said that banks in Indianthe area probably will be handled direct the offices. for many an examiner the wts tioned the probable agent for those in this