5619. Citizens National Bank (Evansville, IN)

View Charter #2188 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2188
Charter Number
2188
Start Date
January 17, 1910
Location
Evansville, Indiana (37.975, -87.556)

Metadata

Model
gpt-5-mini
Short Digest
26cf794c

Response Measures

None

Description

The Citizens National Bank of Evansville was ordered to suspend by the national examiner on 1910-01-17 pending investigation into many insecure/bad loans. Reports indicate crowds of depositors gathered but no full-scale panic/run; the bank was reorganized and expected to reopen within days to weeks (reports around Jan 21 and Feb 4). No receiver was named and the bank was reorganized.

Events (3)
1. January 17, 1910 Other
Newspaper Excerpt
Crowds of depositors today assembled in front of the Citizens' National bank, which has temporarily suspended pending an investigation by examiners. There was no demonstration by depositors and apparently little excitement, though a large crowd gathered in front of the bank.
Source
newspapers
2. January 17, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Investigation discovered a large volume of insecure/bad loans (individual large loans, weak security) and alleged mismanagement; examiner ordered temporary suspension pending inquiry.
Newspaper Excerpt
The Citizens' National Bank today suspended temporarily pending investigation into its affairs by National Bank Examiner J. C. Johnson of Indianapolis.
Source
newspapers
3. January 21, 1910 Reopening
Newspaper Excerpt
Bank Will Be Reopened. Evansville, Ind., January 21.-It is learned ... that the Citizens' National bank here, which has been closed several day will be reopened in a week or 10 days. It was definitely learned tonight that no receiver will be named for the bank.
Source
newspapers

Newspaper Articles (21)
1. January 17, 1910 Evening Star Washington, DC
Article from Evening Star, January 17, 1910

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Article Text

IN HANDS OF EXAMINER. Indianapolis Bank Suspends While Being Investigated. EVANSVILLE, Ind., January 17.-The Citizens' National Bank today suspended temporarily pending investigation into its affairs by National Bank Examiner J. C. Johnson of Indianapolis. Examiner Johnson said today that he was unprepared to give data on the condition of the bank, but he hoped that the depositors could be paid In full. This same hope was offered in the directors' notice posted on the bank doors. There was.no demonstration by depositors and apparently little excitement, though a large crowd gathered in front of the bank. Out of $1,202,000 outstanding in loans there is said to be a considerable proportion for which the security is weak. Individual loans in excess of $500,00 caused the first suspicion of the examiner. It is said that President S. P. Gillett has borrowed to that extent, but that he has made over personal property to indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution. The Citizens' Bank has total assets, according to its statement, of $1,900,000, a $200,000 capital stock and $67,000 surplus. Capt S. P. Gillett, president, has been connected with it since 1866, when it was a private bank. He has been president since 1883.

2. January 17, 1910 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 17, 1910

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Article Text

EVANSVILLE, IND., CITIZENS' BANK WILL SUSPEND Evansville, Ind., Jan. 17.-Announcement today that the Citizens' National bank would suspend temporarily pending an investigation in its affairs by National Bank Examiner J. C. Johnson of Indlanapolis, astonished thousands who had Implicit confidence in the institution. The plain statement of the examiner. made in the newspapers in advance of the hour of opening today, served somewhat to allay alarm and there was no demonstration around the bank doors by depositors. The $1,400,000 of private money in the bank included large commercial deposits besides probably as many small accounts as any national bank in the city. Examiner Johnson said he was unprepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full. This same hope is offered in the brief notice posted by the directors on the bank's doors. It is known out of the $1.202,000 outstanding in loans there is a considerable proportion in which the credit is weak but just how much is a question. Individual loans in excess of $50,000 caused the first suspicion of the examiner. It is said President S. P. Gillett has borrowed to that extent but he has made over personal property to Indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution.

3. January 17, 1910 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, January 17, 1910

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Article Text

NATIONAL BANK CLOSES ITS DOORS Indiana Financial Institution Suspends Business Pending Investigation by Bank Examiner. (By Associated Press.) Evansville, Ind., Jan. 17.-Announcement was made today that the Citizens National Bank would suspend temporarily, pending an investigation into its affairs by National Bank Examiner Johnson of Indianapolis. The examiner said he was unprepared to give data on the condition of the bank. but hoped conditions would be such that depositors would be paid in full. The institution was believed to be one of the safest in the city.

4. January 17, 1910 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 17, 1910

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FAILED BANK IS BESIEGED BY DEPOSITORS Evansville, Ind., Jan. 17.-Crowds of depositors today assembled in front of the Citizens' National bank, which has temporarily suspended pending an investigation by examiners. There are $1,400,000 deposits on the bank's books. The bank's total assets are $1,900,000, and capital and surplus $267,000.

5. January 17, 1910 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, January 17, 1910

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Article Text

BAD LOANS ARE CHARGED Evansville, Indiana, Citizens' National Bank Closes Its Doors This Morning. (Herald Special.) Evansville, Ind., Jan. 17.-The Citizens' National, one of the oldest banks in this city, closed its doors this morning by order of the national examiner, who is investigating the institution. The directors announce that they believe the bank will pay its depositors in full. Bad loans and an alleged embezzlement are said to be the causes for the suspension.

6. January 18, 1910 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 18, 1910

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Article Text

BANK CLOSES DOORS. Citizens National of Evansville Temporarity Suspends Pending Investigation. Evansville, Ind., Jan. 17-Crowds of depositors today assembled in front of the Citizens' National bank, which temporarily suspended pending an investigation by examiners. There are $1,400,000 deposits on the bank's books. The bank's total assets are $1,900,000. The capital and surplus is $267,000.

7. January 18, 1910 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, January 18, 1910

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Article Text

EVANSVILLE NATIONAL BANK SUSPENDS TODAY. Evansville, Ind., Jan. 17.-The Citizens National Bank, one of the largest in the city, was suspended today pending an investigation of its at. fairs by National Bank Examiner K. C. Johnson, of Indianapolis. The examiner's statement, made this mornlag, allayed the larm somewhat, and there were no demonstrations. John son said he believed the depositors will be paid in full. Individual loans in excess of fifty thousand first caused the suspicion of the examiner. It is said that a considerable proportion of twelve hundred thousand outstand. ing in loans has weak security. President Gillett is said to have made over his personal property, amounting to fifty thousand, to the bank. So far as known there has been nothing of a criminal nature in the management of the bank.

8. January 18, 1910 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 18, 1910

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Article Text

EVANSVILLE, Ind., Jan. 17.-Announcement today that the Citizens National bank would suspend temporarily pending an investigation into its affairs by National Bank Examiner C. Johnson of Indianapolis, astonished thousands who had implicit confidence in the institution. The statement of the examiner, made in the newspapers in advance of the hour of opening today, served somewhat to allay alarm and there was no demonsiration around the bank door by depositors. The $1,400,000 of private money in the bank included large commercial deposits besides probably as many small accounts Exas any National bank in the city. aminer Johnson said he was unprepared to

9. January 18, 1910 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, January 18, 1910

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Article Text

Citizens National Bank Evansville Ordered Suspended (Continued from First Page.)

10. January 18, 1910 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 18, 1910

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DEPOSITORS MAY BE PAID IN FULL Evansville Bank Closed Under Order of Examiner HEAVY LOSSES ON LOANS Announcement that Institution Would Suspend Business Temporarily Came Like Boit Out of a Clear Sky to Depositors. Evansville, Ind., January 17.-Hope for payment in full of all depositors of the Citizens National bank, which closed its doors this morning, following an examination by J. C. Johnson, bank examiner, brightened tonight with the statement being made by the directors that the institution may be able to repair losses on lcans out of its surplus and undivided profits. The directors have served notice that the maximum of 100 per cent may be demanded from the stockholders. Payment of depositors will be delayed until the final adjustment, and until such an order is given by the comptroller of the currency. Announcement today that the Citizens National bank would suspend temporarily pending an investigation into its affairs by National Bank Examiner J. C. Johnson of Indianapolis came like a bolt out of a clear sky to the thousands who had implicit confidence in the institution and believed it one of the safest in the city. The plain statement of the examiner in the newspapers in advance of the hours of opening today served to allay considerable alarm, and there was no demonstration around the bank doors by depositors, although a crowd, increasing in size as the day wore on, gathered around the building The $1,400,000 of private money in the bank included large commercial deposits besides as many small accounts as any national bank in the city has. Examiner Johnson said today that he was unprepared to give data on the condition of the bank, but he hoped conditions would be such that the depositors could be paid in full. This hope is offered in the brief notice posted by the directors on the bank door. Until more than $1,500,000 loans of the bank can be investigated no definite statement of conditions will be forthcoming and the examiner says this may take a month. It is known that out of $1,202,000 outstanding in loans there is a considerable proposition in which the credit is weak, but just how much is a question. Individual loans in excess of $50,000 caused the first suspicion of the examiner It is said that President S. P. Gillett has borrowed to that extent, but he has made over personal property to indemnify the bank. So far as known there is nothing criminal in the alleged mismanagement of the institution. The bank examiner reported on the case to the comptroller of the currency yesterday, but he refuses to say now just what procedure will follow. It is reported that he has advised an assessment of 100 per cent on stockholders to hasten an adjustment. The Citizens bank has total assets. according to its statement, of $1,500,000; a $200,000 capital stock and $67,000 surplus. Capt. S. P. Gillett, president, has been connected with it since 1866, when it was a private bank. He has been president since 1883.

11. January 22, 1910 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 22, 1910

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Article Text

Bank Will Be Reopened. Evansville, Ind., January 21.-It is learned from a high authority tonight that the Citizens' National bank here, which has been closed several day will be reopened in a week or 10 days. It is generally understood that plans have been formulated to start the bank with new capital. It was definitely learned tonight that no receiver will be named for the bank. The capitalists who are said to be back of the deal to reorganize the bank are F. W. Cook of the Cook Brewing company and Allen Gray, one of the wealthiest men in this part of the state.

12. February 4, 1910 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, February 4, 1910

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Bank Likely Will Reopen. Evansville.-Deputy Controller of the Currency W. J. Fowler of Washington, D. C., spent the day interviewing directors and debtors of the suspended Citizens' National bank and the belief is strengthened that a resumption of the institution will result. Arrangements made to pay doubtful loans or to get better securities are reducing the losses. A satisfactory adjustment on loans of nearly $150,000 was effected with losses of only a few thousand dollars, and if this ratio holds good throughout it is said there is no question of resumption.

13. June 23, 1910 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 23, 1910

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EX-BANK PREST. GILLETTE PLACED UNDER ARREST Evansville, Ind., June 23.-Capt. S. P. Gillette, former president of the Citizens' National bank, which was suspended for two weeks in January, 1910. following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws. The indictment was PLturned by the federal grand jury at Indianapolis yesterday. Capt. Gillette gave $10,000 bond. He is 70 years old. He was graduated from the United States naval academy during the Civil war but retired from the navy 40 years ago. The losses of his bank were $272,000. The bank was immediately reorganized.

14. June 23, 1910 The Ogden Standard Ogden, UT
Article from The Ogden Standard, June 23, 1910

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DOWNFALL OF A MAN OF WEALTH Evansville, Ind., June 23.-Capt. S. P. Gillette, former president of the Citizens National bank, which was suspended for two weeks in January, 1910, following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws, The indictment was returned at Indianapolis yesterday. Capt Gillette gave $10,000 bond. He is 70 years old. He was graduated from the United States naval academy during the civil war, but retired from the navy forty years ago. The losses of his bank were $272,000 The bank was immediately re-organized.

15. June 24, 1910 New-York Tribune New York, NY
Article from New-York Tribune, June 24, 1910

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ARREST BANKER, $272,000 LOSS Captain S. P. Gillett, 70 Years Old, Naval Academy Graduate. Evansville, Ind.. June 23.-Captain S. P. Gillett, former president of the Citizens' National Bank which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested to-day on a federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

16. June 24, 1910 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, June 24, 1910

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GRAND JURORS INDICT FORMER BANK PRESIDENT EVANSVILLE, Ind., June 23.-Captain S. P. Gillette, a retired naval officer, former president of the Citizens National bank which was suspended for two weeks in January, 1910, following the discovery of many insecure loans, was arrested today on an indictment charging violation of the banking laws. The indictment was returned by the federal grand jury at Indianapolis yesterday, Captain Gillett gave $10,000 bond. He is 70 years old. The losses of his bank were $272,000. The bank was immediately reorganized.

17. June 28, 1910 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, June 28, 1910

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ARREST BANKER, $272,000 LOSS. Captain S. P. Gillett, Seventy Years Old, Naval Academy Graduate. Evansville, Ind.-Captain S. P. Gillett, former president of the Citizens' National Bank, which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested on a Federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

18. June 30, 1910 Orange County Observer Hillsborough, NC
Article from Orange County Observer, June 30, 1910

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ARREST BANKER, $272,000 LOSS Captain S. P. Gillett, Seventy Years Old, Naval Academy Graduate. Evansville, Ind.-Captain S. P. Gillett, former president of the Citizens' National Bank, which suspended for two weeks in January, 1910, because of the discovery of a large volume of insecure loans, was arrested on a Federal indictment charging violation of the banking laws. He gave a $10,000 bond. Captain Gillett is seventy years old. He was graduated from the United States Naval Academy during the Civil War, but retired from the navy forty years ago to become a banker. The losses in his bank were $272,000. The bank was reorganized.

19. July 6, 1910 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, July 6, 1910

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# DOMESTIC. United States District Attorney Asa P. French has informed the soldiers at Fort Banks, Winthrop, Miss., that Sunday baseball playing must cease. Because his wife had determined to leave him, David Downes, at Springfield, Mo., shot and killed her and her mother, Mrs. Ivy Woodard, and then killed himself. As a result of an old grudge Boss Allen of Arlington, Ill., was probably fatally stabbed in a saloon fight. Ed and Nathan Cautson and Robert Lanshon are under arrest. John McNally of Toledo, who was found along the Michigan Central tracks near New Buffalo, Mich, and taken to Michigan City is dead. McNally supposedly fell from a freight train while stealing a ride. As a result of a family quarrel Daniel J. Dalton, former county clerk, at Cincinnati is in a hospital. A warrant has been issued for his step-son, William Ungemeier, charged with shooting him. George Mason, aged 47, while cleaning a well near Lewiston, Ill., was overcome by damp. He called on his helpers to draw him out, but when near the top he lost his hold and fell back thirty feet into the well, being killed. Nick Minkkinen, an inmate of the couny poor house of Houghton, Mien., was awarded a verdict of $11,000 against the Quincy Mining company. Minkkinen was injured by a fall of rock underground five years ago, being rendered epileptic and insane. Carl Oder, a stock buyer, shot and killed his brother-in-law, Charles Quertermous, at Fairfield, Ill. It is alleged that Mr. and Mrs. Oder had quarreled and that the shooting took place as Quertermous had taken his sister back home. Insane over Jeffries-Johnson fight, Kate Blancke, an actress, was committed to the asylum at Newburg, Ohio. Since her arrival in Cleveland, Miss Blanke has been sending telegrams to the fight promoters begging them to take her to the contest. Capt. S. P. Gillett, former president of the Citizens National bank, which was suspended because of the discovery of a large volume of insecure loans was arrested at Evansville, Ind., charged with a violation of the banking laws. Capt. Gillett immediately gave $10,006 bond. He is 70 years old. Over $15,000,000 annually is poured into the coffers of those who exploit and advertise "fake" consumption cures, according to a statement issued by the Association for Study and Prevention of Tuberculosis. The report stated that for this vast sum the victims not only receive nothing

20. November 27, 1910 Evening Star Washington, DC
Article from Evening Star, November 27, 1910

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INDICTED, SHOOTS SELF. Former President of Bank Probably Is Fatally Wounded. EVANSVILLE, Ind., November 26.Capt. Simeon P. Gillette, former president of the Citizens' National Bank of this city, who is under two series of federal indictments for alleged mismanagement of the bank prior to its temporary suspension and reorganization last January. shot himself in the right temple at his home in this city today. His trial was scheduled for December 1, in the federal court at Indianapolis. Physicians say he will die.

21. November 28, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 28, 1910

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CAPTAIN SIMEON P. GILLETTE, former president of the Citizens' National Bank of Evansville, Ind., who is under two series of federal indictments for alleged mismanagement of the bank prior to its temporary suspension and reorganization last January, shot himself at bis home in that city Saturday. His trial was scheduled for December 1, but rather than force the ordeal he sought death at his own hands. Another object lesson.