American Trust & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: November 6, 1930
Location: Hammond, Indiana (41.583, -87.500)

Metadata

Model: gpt-5-mini
Short Digest: e8ceb897

Response Measures

None

Description

Article is a receiver's report (filed 1933-01-13) describing the defunct American Trust and Savings Bank of Hammond and detailing irregularities and juggled assets. The piece describes the bank as closed (references actions by officers on November 6, 1930 and condition at closing) and the existence of a receivership — no run is described. I infer the bank suspended/closed and entered receivership because of bank-specific irregularities and insolvency.

Events (2)

1. November 6, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Irregularities, juggled assets, false entries and other misconduct leading to insolvency and closing of the bank.
Newspaper Excerpt: bank officers November 6, 1930, charged off $3,336 of accounts and placed them the undivided profit count of the bank; ... On the date of closing, taxes due delinquent totaled ...
Source: newspapers

2. January 13, 1933 Receivership

Newspaper Excerpt: AMERICAN TRUST AND SAVINGS BANK BARED ... Receiver John Rippe filed with Superior Judge Virgil S. Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months.
Source: newspapers

Newspaper Articles (1)

1. January 13, 1933 The Times Hammond, IN

Article from The Times, January 13, 1933

Click image to open full size in new tab

Article Text

Defunct Hammond Bank Receiver Makes Report AMERICAN TRUST AND SAVINGS BANK BARED Story of Juggled Assets And Other Irregularities Is Told The frenzied. extra-legal attempts of officers of the defunct American Trust and Savings bank. of Hammond, to stave off insolvency are revealed in the volumious 72-page report which Receiver John Rippe filed with Superior Judge Virgil S. Reiter this morning, outlining the condition of the bank before it was closed and the status of the receivership during the last 12 months. Between the dry. crisp, legal terminology the report may dramatic story by the initiated It is the age-old of juggled false entries, and similar irregularities. To start at the the bank closed reported total that amount, listed as trust securities and first lien trust BANK GUARANTEED BONDS In shows this bank sold bonds with absolute recourse words, the receiver mately of sold. That equals the total of the institution. Receiver Rippe states that numerous are pending against the receivership those assignments. He said they will inliabilities materially. the method conceal liabilities is contained the receivership statement payable, bank at the time of its closing. the bank officers November 6, 1930, charged off $3,336 of accounts and placed them the undivided profit count of the bank; the owners of these accounts still are proper claimants against the assets, even though their names closed on the bank records. On the date of closing, taxes due delinquent totaled real the bank build$4,927.40 on personal prop(Continued on Page Ten)