5629. Lamasco Bank (Evansville, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 22, 1931
Location
Evansville, Indiana (37.975, -87.556)

Metadata

Model
gpt-5-mini
Short Digest
21c2e905

Response Measures

Full suspension, Books examined

Other: Bank later placed in voluntary liquidation under state-appointed liquidator; dividends proposed in 1933.

Description

Contemporary AP reports (Oct 22, 1931) state a run on the Lamasco Bank precipitated its closing. The bank did not reopen; it entered liquidation and was under state control by June 1933 with a state-appointed liquidator later in July 1933. Thus a run led to suspension and permanent closure/liquidation. Bank appears to be a state-chartered (no 'National'/'Trust' in name); classified as 'state'.

Events (4)

1. October 22, 1931 Run
Cause
Local Banks
Cause Details
Officials attributed the run on Lamasco Bank to prior closings of the Lincoln Bank and American Trust & Savings Bank (contagion from other local bank failures).
Measures
Officers expressed belief depositors would be paid in full; no special measures (e.g., holiday or partial payments) described.
Newspaper Excerpt
the closing yesterday of the Lamasco Bank. run on the Lamasco Bank was attributed by officials to the closing two weeks ago of the Lincoln Bank and of the American Trust & Savings Bank
Source
newspapers
2. October 22, 1931 Suspension
Cause
Local Banks
Cause Details
Bank closed after heavy withdrawals/the run linked to contagion from other local bank closures; decision to turn affairs over to state examiners followed the run.
Newspaper Excerpt
The North Side Bank announced it would not open for business today ... following the closing yesterday of the Lamasco Bank.
Source
newspapers
3. June 1, 1933* Receivership
Newspaper Excerpt
Since the state took the Lamasco bank June receipts have been ... accounting filed in superior court Schroeder showed NEW ACT AFFECTS FIVE LIQUIDATING DEPOSITORIES HERE ... The five banks affected are the American Trust and Savings, the Lamasco ... closed in October and ... are in voluntary liquidation. Welborn ... named ... to take charge all banks in voluntary liquidation ... Monday (July 1933). (Evansville coverage July 1933).
Source
newspapers
4. December 5, 1933 Other
Newspaper Excerpt
Payment to depositors of dividends totaling five per cent contemplated by the Howell bank and Lamasco bank ... Schroeder, state agent for the Lamasco bank, said the five cent dividend ... financed by bonds which the banks holds.
Source
newspapers

Newspaper Articles (9)

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.


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.


Article from The Cincinnati Enquirer, October 23, 1931

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EVANSVILLE BANK SUSPENDS. Evansville, Ind. October 22-(AP)The North Side Bank announced it would not open for business todaythe fourth Evansville bank to close its doors in two Decision to turn the affairs of the institution examiners of the State ing Department the closing yesterday of the Lamasco Bank. run on the Lamasco Bank was attributed by officials to the closing two weeks ago of the Lincoln Bank and of the Amer Trust & Bank Monday. Officers both of the Lamasco Bank and of the North Side Bank belief depositors would be paid in full,


Article from Evansville Press, June 8, 1932

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DEPOSITORS GROUP VISITS THREE BANKS Questionaires About Payments Left With Bankers Three more closed banks were visited Wednesday investithe Depositors League, headed by Frank Marynell Central Labor president league chairman Bittler. West Side Bank Bank Elmer Schroeder Edward Lamasco Bank liquidating each bank the committee left to be filled out by questionaire Uquidating agents and returned before Friday The questionaire asks information closed banks have not why made payments


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


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


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


Article from The Evansville Journal, December 5, 1933

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BANKS PLAN DIVIDEND Howell and Lamasco Proposals Submitted to Courts Payment to depositors of dividends totaling five contemplated by both the Howell bank and the according to petitions filed Monday afternoon in superior and probate courts. Judges set January the final date for filing objections such payment. At the same time Judge Benjamin Buente court, proved the appraisal of the the and the granted the appraisal of Howell bank by Judge probate court Tixed the value of the dollar in that bank as cents partial of the Howell bank since July 29 the took direction of affairs. showed had while an Cash hand totals only report Clyde Baugh, said the would paid from notes which are expected to liquidating for the the five cent would financed by of government bonds banks holds. Since the state took the Lamasco bank June receipts have been expenditures have been accounting filed superior court Schroeder


Article from The Evansville Journal, December 5, 1933

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NRA Triumph Lauded By English Publisher Blumenfeld Believes BANKS PLAN Is 5,000 Times Better Off Morally DIVIDEND Howell and Lamasco Proposals Submitted to Courts Payment to depositors of dividends totaling five per contemplated by the Howell bank and Lamasco bank. according petitions Monda afternoon superior probate Judges January final date for At the same Judge the appraisal bank fixes the value the depositor's cents, was granted the appraisal the the depositor's in that partial accounting of the Howell July direction affairs that only had expenses been leaving an operating Cash hand only liquidating the dividend notes which are to Schroeder, state agent for the Lamasco bank, said the five cent dividend stitution would by bonds which the banks holds. Since the liquida the June receipts have expenditures been accounting filed in superior court Schroeder showed