National City Bank - Indianapolis, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10121
Charter Number: 10121
Start Date: March 1, 1924*
Location: Indianapolis, Indiana (39.768, -86.158)

Metadata

Model: gpt-5-mini
Short Digest: 71244a1f

Response Measures

None

Description

The bank closed in March 1924 and was put into liquidation (liquidating agent Chester R. Robinson). No article describes a depositor run; instead the closure followed alleged mismanagement and subsequent legal actions. Records and deposit business were transferred to Fletcher-American Bank immediately after closing. Stockholders later sought a receivership. Thus this is a suspension that resulted in permanent closure.

Events (5)

1. March 1, 1924* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed March 1924 amid allegations of mismanagement and financial irregularities; liquidating agent appointed.
Newspaper Excerpt: Bank closed its doors last spring, and Chester Robinson was named liquidating agent.
Source: newspapers

2. March 3, 1924 Other

Newspaper Excerpt: All business of the National City Bank, except that of the safety deposit box department, was transacted at the Fletcher-American Bank today. Immediately after close of business Saturday, transferring of deposits and records began.
Source: newspapers

3. October 25, 1924 Other

Newspaper Excerpt: Receiver for the National City Bank and the National City Realty Company is asked in a suit filed in Superior Court... Bank closed its doors last spring, and Chester Robinson was named liquidating agent.
Source: newspapers

4. March 1, 1925 Other

Newspaper Excerpt: Explaining said the upkeep of Marott the bank closed in building since than $50,000... After differences between factions asked holders receiver the bank Oct. closed doors and been after by the Fletcher American taken National bank and Chester Robinson liquidating agent.
Source: newspapers

5. June 19, 1932 Other

Newspaper Excerpt: An injunction suit seeking to prevent the distribution of money held in escrow by the Indiana National Bank as trustee for the National City Bank was filed... The complaint said the National City Bank, which was closed in March, 1924...
Source: newspapers

Newspaper Articles (4)

1. March 3, 1924 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, March 3, 1924

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Article Text

TRANSFER OF BANK RECORDS EFFECTED National City Moves in With Fletcher-American. All business of the National City Bank, except that of the safety deposit box department, was transacted at the Fletcher-American Bank today. Immediately after close of business Saturday, transferring of deposits and records began. National City Bank customers may use old check books until convenient to obtain Fletcher-American books, it was announced. Paving tellers and receivers of the National City Bank, as well as a numher of its officers, including Chester L. Robinson, cashier, and Miss Josephene M. Henley, assistant cashier, have joined the Fletcher-American organization.

2. October 25, 1924 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, October 25, 1924

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Article Text

STOCKHOLDERS FILE SUIT Receiver Asked for National City Bank and Realty Companies. Receiver for the National City Bank and the National City Realty Company is asked in a suit filed in Superior Court, Room 1, by stockholders Maurice Warner, Ludie Warner and Samuel Warner of Summitville. Bank closed its doors last spring, and Chester Robinson was named liquidating agent. Bank officars and Robinson are defendants. Several weeks ago other stockholders sued the bank directors for $1,000,000. alleging mismanagement before the bank ceased operations. New suit repeats the charges. Affairs of the realty company, which owns the National City Bank building on E. Washington St., alleges the affairs of both companies are so mingled that the realty company is controlled by the banking officials. Liquidating Agent Robinson asserted there have been no irregularities since the bank closed. A receivership would be disastrous, he said.

3. March 1, 1925 The Indianapolis Star Indianapolis, IN

Article from The Indianapolis Star, March 1, 1925

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Article Text

MAROTT AND AYRES BUY NATIONAL CITY BLOCK CONCLUDED FROM PAGE ONE. operated as since 1924 will from all obligations outstanding debts and taxes expept property the time the against This according to the officers the mean the $15 share ers issue of $1,000,000 bank and that the preferred of the realty company receive all unpaid dividends and the principal Building Loses $50,000. the Mr. In explaining said the upkeep of Marott the bank closed in building since than $50,000 in excess had been more the revenue He said the suites in building were almost drastic all indicated that and operation of change the policy building may be made the bank room will be used the for new bank be headquarters has been another will be remodeled or other Mr. Marott for some said that It would declined remain of this transaction, it Consummation is believed. will end series of conover the National City bank troversies After differences between on faction asked holders receiver the bank Oct. closed doors and been after by the Fletcher American taken National bank and Chester Robinson liquidating agent. This appointed brought which Mr. Robinson was charged with the mismanagement of the affairs of the The receiver. however, was not Suit Follows was followed by suit for This $1,000,000 filed by Arthur John Ridgeway and Ida G. A. against Frank John Oliver P. Jesse T. Prior and William K. the rectorate, in which was charged the affairs were mismanaged. Violation of state banking failure of the directors to of the bank and other irregularities were alleged to caused loss to the complainants The next chapter was written in cember when the favored the acceptance of the $650,000 opposed by Mr. who held that the institution worth more than that The minority was James of Indiana of the bank and holder worth of stock a result Mr. Marott and Mr. Ayres appointed special committee the month the offer which accepted yesterday Marott, Mr. time bank than $100,000 of the available The of that that the and $114 and total liability of Roy president of the bank at that time and president of the board of meeting Dec said time Sims his the actual assets of the bank possibly and not than 000. At the same meeting Mr. Shaneberger said bank examiners are to be depended upon for the always assets of bank Mr. Marott refused to comment on financial of the bank last the saying the bank or to start with clean

4. June 23, 1932 The Hancock Democrat Greenfield, IN

Article from The Hancock Democrat, June 23, 1932

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Article Text

Regular Spraying of Potatoes Pays Lafayette, June 19 -Regular spray ing or dusting of potatoes, even when there are few insects or bugs to at tack them, and when prices are low. has paid. according to results of ex periments conducted the last three years at Goshen by the Department of Entomology of the Purdue University Agricultural Experiment station. Results were announced here today While leaf eating insects such as potato beetles are often abundant, the chief pest of the Irish cΓop is the potato leaf hopper which causes an injury known as tipburn or hopperburn. "Spraying usually gives somewhat better results than dusting but dust ing is easier for many growers. Regu- lar and thorough treatment is practical and is recommended. whether the grower has only a half acre or whether he has 10 acres, said Prof. Davis. For a spray the regular 4-6-50 Bor deaux mixture recommended. while the commercially prepared cooperlime dust recommended as a dust If the dust is used it is best applied early in the morning when the air is quiet and plants are wet with dew. If leaf-eating insects. such as the Colorado potato beetle, are present. a stomach poison, such as ar senate of lead or calcium arsenate, should be added to either the spray or dust. The first application should be made when the plants are six or eight inches high and repeated at 7- to 10 day intervals during the growing season. The number of applications will vary with the season from three for very dry, w-growing seasons to five or six in the average season. Thoroughness is essential and especial care should be taken to reach the under surface of the leaves. Subscribe for The Democrat, $1. Suit Seeks to Stem Money Distribution Indianapolis News. An injunction suit seeking to prevent the distribution of money held in escrow by the Indiana National Bank as trustee for the National City Bank was filed in superior court, Room 2. Friday, by John O. Spahr, at torney, one of the stockholders in the defunct bank. Defendants are the National City Bank. which was closed in March, 1924: the Indiana National Bank. Frank M. Millikan, John R. Welch. J. T. Moorman. Archibald M. Hall, O. M. McIntyre, James P. Goodrich and Chester R. Robinson, stockholders in the National City Bank The complaint said a judgment was obtained several years ago in the Hancock county circuit court instruct ing Millikan Welch. Moorman and other directors to pay $860.745 to the bank. which was in the process of liquidation. The case was appealed to the Indiana supreme court, but before it was acted on a compromise was reached whereby Millikan was to pay $200,000, half in money and the other in a note. and Welch and Moor man were to pay each and sur render their share of the stock The money collected turned over to the Indiana National Bank to be held in escrow The complaint said the bank was ready to distribute the money to the other stockholders and depositors. Spahr. in the complaint, said the compromise settlement was illegal and that Millikan had asserted he was insolvent, whereas in realty he was solvent. Judge Joseph R. Williams granted a temporary restraining order preventing the distribution, pending a hearing The purpose of the suit, Spahr said, is to set aside the compromise settlement and compel the original defendants to pay the $860.745 in accordance with the instructions of the court. Quite a number of our citizens attended the Legion meeting at Anderson. Ind., on Sunday last. The Muncie drum corps won the first prize at this meeting.