5759. Hemlock State Bank (Hemlock, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 5, 1932
Location
Hemlock, Indiana (40.420, -86.041)

Metadata

Model
gpt-5-mini
Short Digest
be4c3a93

Response Measures

None

Description

The Hemlock State Bank suspended/closed July 5, 1932 and a receiver (John F. Crousore) was appointed; the bank remained closed (receiver paid dividends in 1934–35). No article describes a depositor run prior to suspension. Cause inferred as bank-specific adverse information (large uncollected loans/insolvency) based on mentions of large uncollected notes and receivership.

Events (3)
1. July 5, 1932 Receivership
Newspaper Excerpt
John F. Crousore, receiver for the Hemlock Bank, closed since July 5, 1932, started paying his first dividend Monday, December 31 ... Receiver for Hemlock Institution Hands Out Checks to Creditors. CLOSED IN JULY, 1932 John F. Crousore, receiver for the Hemlock Bank, closed since July 5, 1932, started paying his first dividend Monday, December 31 ... Under authority of a Howard Circuit Court order, John F. Crousore, receiver of the Hemlock State Bank, has started payment to depositors of a 5 per cent dividend, amounting to $3300. (1935-01-01).
Source
newspapers
2. July 5, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed July 5, 1932 after becoming insolvent; large amount of uncollected notes (~$62,000) and inability to meet obligations led to suspension.
Newspaper Excerpt
closed since July 5, 1932
Source
newspapers
3. December 31, 1934 Other
Newspaper Excerpt
started paying his first dividend Monday, December 31 ... it being a five per cent one, authorized by the Howard Circuit Court. ... the bank at this time has $62,000 in uncollected notes.
Source
newspapers

Newspaper Articles (5)
1. December 30, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, December 30, 1932

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Article Text

from Page are DeLon. Samuel NewGordon, and Howard The Russiaville National Bank in and for organized thirty-two years has served its community well financial instiFor It did tution. many years comparatively large steadily profitable The peak was reached deposits. few only after years ago. the current got under way that the bank began to experIn Russiaville. the failure of the bank to reopen for Friday while causing some and some brought prise few, any, reflections upon the institution's officers and directors. The prevailing seemed be that they had done their best weather the storm and be with entitled to than complained of for not rather able ride out the tempest. being The Institution at the bank in Howard county. Its passing leaves only banks, both state one Kokomo and one in the county. was the second financial institution the county fold within the year. The Hemlock State other was which suspended operations last

2. December 16, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, December 16, 1933

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Article Text

REAL ESTATE TRANSFERS Anderson AbFurnished by the stract Company in the Citizens National Bank Building Anna Troyer and husband Everett C. Larrison, acres Liberty township, D., $3200.00. Stephen Rufty and wife Lillian Irene Rufty. lot Mansfield addition, W. D.. $1.00. Eudora A. Horoho to Clyde Horcho. acres in Union township. W. $1.00. John W. There and wife to Fred Tharp. lot 55 Oak Grove addiW. D., Merab Newby deceased by administrator to Frank V. Stafford and 10 acres in Monroe township. administrator's deed, $2000.00. Mark A. Brown and wife to City of Kokomo. lot 147 Motz and Grether's addition. W. D., $600.00. Hemlock State Bank by receiver to Thomas Griffith. acres in Taydeed. $1500. township. Frakes and wife Clinton E. Baker and wife. lot W. $200. in Adam Bone to Elizabeth Bone, lot 326 in Hamlin's Highland addition, W. D., $1.00. Gayle Sherwood, et a! by Sherift to Howard National Company, lots 132 and 133 in Bell's addition. sheriff's deed. $1841.48. Flora B. Long by sheriff to Mike Mascari, 21 in Woodrow addiNorthern States Insurance Company by Receiver to Lincoln National Life Insurance Company, lot. 20 in Patterson Park, receiver's deed, $1.00.

3. June 26, 1934 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, June 26, 1934

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Article Text

Business of Receiverships Here Amounts to to Present Date. Court costs of the six bank ceiverships Howard county, the Howard circuit court have totalled $838.02 date. Emerson Martin, clerk of the court, sald Tuesday. Statements of the costs due the court were receivers the banks They orders issued petitions by the receivers for taxes and claims, sell properties and compromise cases Indebtedness, and for docket and sheriff's fees and other expenses. Receivers of three of the closed institutions already made their settlement the and the greater part the costs Frank Bryant the Citizens National Bank, which approximate $400, been paid. Receiver Bryant, as receiver for the Howard bank First National Bank of also paid the $67.80 due the and $19.25 costs incurred by the Russiaville Unpaid costs include $168.56 the Peoples Trust and Savings bank and $79.81 the Hemlock State Bank. The $102.70 bill the South Kokomo bank has been paid by the Carl Showalter. John Crousore, receiver the Hemlock bank, and Charles Peoples bank received their statements Tuesday.

4. December 31, 1934 The Tipton Daily Tribune Tipton, IN
Article from The Tipton Daily Tribune, December 31, 1934

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Article Text

PAYING FIRST BANK DIVIDEND Receiver for Hemlock Institution Hands Out Checks to Creditors. CLOSED IN JULY, 1932 John F. Crousore, receiver for the Hemlock Bank. closed since July S, 1932, started paying his first dividend Monday, December 31 it being a five per cent one, authorized by the Howard Circuit Court. Saturday. The receiver last August received permission to pay a 75 per cent dividend on $3,412 of preferred claims and Charles T. Parson. receiver to collect stockholders assessments. paid a 10 per cent dividend during the summer, but the per cent is the first general dividend paid. It was announced that checks would be ready at the bank at 1:00 o'clock Monday afternoon December 31 and while the amount is not large it will be welcomed by many who have had their funds tied up in the bank for almost three years. Common claims against the bank total The receiver will also pay the balance of preferred claims in the sum of $7.013.85. Several weeks ago the receiver through authority of the Howard Circuit Court repaid the Citizens National Bank of Tipton a loan Taylor township of Howard county will receive $1,508.60 through the payment of the dividend Monday and Howard county the sum of $41.59. Taylor townwhip in which the bank is located. just north of the Tipton county line. had approximately $30.000 in the bank when it was closed two years ago last July. It is said the bank at this time has $62,000 in uncollected notes. Liberty township of this county is 'interested in the bank it having money due from Taylor township for earing for school children in the Sharpsville schools.

5. January 1, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 1, 1935

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Article Text

Closed Bank Pays By Times Special KoKoMo, Jan. 1.-Under authority of a Howard Circuit Court order, John F. Crousore, receiver of the Hemlock State Bank, has started payment to depositors of a 5 per cent dividend, amounting to $3300.