Citizens Trust & Savings Bank - Indiana Harbor, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: August 16, 1930
Location: Indiana Harbor, Indiana (41.641, -87.445)

Metadata

Model: gpt-5-mini
Short Digest: 4de65dc7

Response Measures

None

Description

Articles show the bank's doors had been closed (after the owner's death) and the bank was being taken over and placed in new ownership (Aug 1930). Later (Jan 1931) the bank is listed among Indiana depositories that did not open that day. There is no clear, explicit description of a depositor run prior to the August takeover in the first article, nor of a permanent failure/receivership. I therefore classify this as a suspension with an apparent change of control/reopening in Aug 1930; a subsequent temporary suspension is reported in Jan 1931 but no evidence in these clippings that the bank permanently closed.

Events (3)

1. August 16, 1930 Other

Newspaper Excerpt: taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker ... Judge Greenwald this morning designated Harvey Watson ... where they can be taken over by Mr. Kozacik ... absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially.
Source: newspapers

2. August 16, 1930 Suspension

Cause Details: Bank doors were closed following the death of the majority stockholder (Defries) and estate complications; bank not described as insolvent in examiner's report.
Newspaper Excerpt: Fear of on the bank kept doors closed since Defries' death.
Source: newspapers

3. January 5, 1931 Suspension

Cause Details: Listed among banks that 'failed to open for today' (grouped with other Indiana closures); no explicit detailed cause in the excerpt (other articles in the clipping cite withdrawals for some banks, but no direct cause given for this bank).
Newspaper Excerpt: Four Indiana Depositories Close Doors; ... Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000;
Source: newspapers

Newspaper Articles (2)

1. August 16, 1930 The Times Hammond, IN

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Article Text

These proceedings, however, are regarded formality prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, in no way indicate that the bank is insolvent. Fear of on the bank kept doors closed since Defries' death. He the majority stockholder of the bank, and sale of his holdings was prevented by them being tied up his estate. When Mr. Kozacik was found to be willing to the bank, Judge Greenwald this morning designated Harvey Watson, of the First National Bank Gary, He will place the fairs the immediately where they can be taken over by Mr. stated that be absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially. Mr. Kozacik, famed as Indiana's president, head the Indiana bank and the Cit. izens Trust Savings bank Indiana Harbor. He recently consummated the sale three Indiana off Harbor and theaters to the Warner price to be $750,000.

2. January 5, 1931 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, January 5, 1931

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Article Text

CENTRAL in Last Statement Deposits of One of Five Depositories in Town. FOUR SUSPENSIONS IN INDIANA TOWNS Two at Indiana Harbor, and One at 000 Depository at Zanesville, Central Trust Co. of Charles, one of five banks closed today by action of the Board of Directors. notice on the door stated that the directors' action was "owing to constant withdrawals and to conserve the assets for the benefit of depositors. Willbrand, secretary of the company, said the company solvent. Its capital stock is $100,000, been increased from $50,000 ago. Its last stateyear ment, Dec. 10, deposof and loans of $838,267. of which $138,904 on real estate security and the mainder on personal and collateral security. The statement showed the total assets and of liabilities as listed $50,000 plus and $8056.08 undivided The resources include $58,454.57 bonds, which $1251 are Government bonds, State, county and municipal bonds, $1855 foreign bonds and bonds of railroads and public service companies. The trust company's building at 103 South Main street valued at Dr. Wentker president of the pany. dividend of $2 share little more than month ago. by depositors of the trust company had been gradual. and had not attracted general tention. The State Finance Department City, on being notified of the closing of the trust company, sent W. Chapman, bank examiner, take charge for the department. Fort Dodge Bank Suspends Due Rumors." DODGE, Jan. board directors of the Iowa Savings Bank voted not open the bank for business today. Cirof injurious rumors, decided "run" the bank and effort to protect loyal depositors were given reasons for the move, according to statement by Smeltzer, The Iowa bank directory lists the bank's deposits at Zanesville (O.) Depository Closed; Is Cause. Associated Jan. Security Bank closed day by Gray, State Superintendent of Banking. The superintendent said that "frozen loans" and depreciation in bond accounts had caused closing. At the close of business last Saturday the State curity Bank had resources capital of and surplus and undivided profits of $70,000. Four Indiana Depositories Close Doors; Gary. Ind., Jan. Four Indiana banks failed to open for today, Luther Symons, State Banking Loss deposits given the cause for the closings. The banks closed today are: The the First Indiana State Bank Gary, Ind., capitalized at Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000; Indiana State Bank of Indiana Harbor, capitalized Bank of Huntertown, len County, capitalized at Two Small Illinois Banks Close for Ill., Jan. Closing of the State Bank of Yale Jasper and the Joppa State Bank in County today by State Auditor of Oscar Both banks closed examination and adjustment.