5722. Griffith State Bank (Griffith, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1915*
Location
Griffith, Indiana (41.528, -87.424)

Metadata

Model
gpt-5-mini
Short Digest
59083429

Response Measures

None

Description

The bank was looted by its president (Ross M. Logan), who absconded; the bank passed into the hands of a receiver and depositors were later paid in full. Closure appears to have occurred circa 1915 (articles state he left three years prior to 1918 and 'closed just four years ago' in 1919). OCR corrected R. M. Logan -> Ross M. Logan. No explicit run is mentioned; cause of suspension is embezzlement (bank-specific adverse information).

Events (2)

1. January 1, 1915* Receivership
Newspaper Excerpt
he looted to the extent that it passed into the hands of a receiver. ... the case had the personal attention of bank president Peter W. Meyn ... as a result not a depositor will lose a cent. ... depositors and creditors have now been paid 100c on the dollar (BULLETIN).
Source
newspapers
2. January 1, 1915* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Embezzlement/looting by the bank's president (Ross M. Logan) leading to insolvency and placement in receivership.
Newspaper Excerpt
he wrecked the Griffith State Bank and left for parts unknown three years ago ... he looted to the extent that it passed into the hands of a receiver.
Source
newspapers

Newspaper Articles (2)

Article from The Lake County Times, January 19, 1918

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Article Text

DETECTIVE REVEALS CAPTURE Man Missing for Years Got Away With If, Is_Arrested With Many Thousands R. M. Logan, the man who wrecked the Griffith State Bank and left for parts unknown three years ago, has been apprehended in the east and is under $10,000 bond for a similar and more recent offense. This became known in Lake county banking circles today when the representative of an eastern detective agency made inquiries concerning Logan's record at Griffith. He did not give specific information as to where Logan is held. the name the embezzler assumed after leaving Griffith or the nature of his new escapade, evidently seeking to protect the latest victims of the bank looter and prevent any atempt to bring the acsused back to Indiana. Logan was president of the Griffith bank which he looted to the extent that it passed into the hands of a receiver. It was while examiners were at the bank that Logan escaped. He was sent to Hammond to cash a thousand dollar draft and some checks and after getting the money left the county and had not been heard from until today. It is believed he is now accused of stealing certificates of deposit from some bank in the cast.


Article from The Lake County Times, August 6, 1919

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Article Text

Industrial Autocracy Is Atta Selling First Food Boug GRIFFITH BANK CREDITORS RAILROAD GET 100 ON THE DOLLÁR UNION CHIEF When the Griffith bank was closed just four years ago the belief was general that it would be necessary to make Lake Co. Savings & Trust Co. an assessment against the stockholders to overcome the defaication of Ross M. IS AROUSED Makes Unusual Record In Logan, the absconding president. From the beginning, however, the case had the personal attention of bank president Bank Receivership. Peter W. Meyn. Secretary David T Says What Worker Receives In Emery and Charles L. Surprise, as special receivership assistant, and as a result not a depositor will lose a cent. no The mail today carries to the deposiWages He Must Spend tors of the First State Bank of Griffith assessment of the stockholders will be checks representing a final payment of necessary and there will be a small surplus left for the stockholders. 16 2-3 per cent as previous payments of for Necessities. McMahon & Conroy of Hammond have 83 1-3 per cent have been made, all of been the attorneys for the receiver the depositors and creditors have now throughout the proceedings. been paid 100c on the dollar. (BULLETIN.)