Tuxedo State Bank - Indianapolis, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 2, 1928
Location: Indianapolis, Indiana (39.768, -86.158)

Metadata

Model: gpt-5-mini
Short Digest: 067256d8

Response Measures

None

Description

The bank was closed by the State banking department on 1928-02-02 due to frozen assets, steady withdrawals, heavy loans and alleged employee defalcations. A receiver was requested (filed 1928-02-03) and appointed (named 1928-02-07). Articles cite withdrawals but describe regulatory closing for insolvency and embezzlement rather than a discrete depositor run; thus classified as suspension leading to permanent closure with receivership.

Events (3)

1. February 2, 1928 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by state banking department because of frozen assets, heavy loans, and alleged defalcations by employees plus steady withdrawals over an extended period.
Newspaper Excerpt: The Tuxedo State Bank, 4304 E. New York St., was closed today by the State banking department. The immediate cause of the closing are frozen assets and small but steady withdrawals of deposits, explained Thomas Barr, assistant State banking commissioner.
Source: newspapers

2. February 3, 1928 Other

Newspaper Excerpt: Request for a receiver for the Tuxedo State Bank ... was filed today in Probate Court by Luther F. Symons, commissioner. Three factors are blamed for the closing of the bank, alleged defalcations of about $30,000 by three employes, steady and constant withdrawals ... and heavy loans, Symons said. (Indianapolis Times, 1928-02-03). (Tagged as other because this is a filing/request rather than the appointment.)
Source: newspapers

3. February 7, 1928 Receivership

Newspaper Excerpt: George M Barnard ... was named receiver for the defunct Tuxedo State Bank by Probate Judge Mahlon E. Bash this morning. Barnard was sworn in as receiver, and preparations started for making of bond. (Indianapolis Times / The Indianapolis News, 1928-02-07).
Source: newspapers

Newspaper Articles (5)

1. February 2, 1928 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, February 2, 1928

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Article Text

Tuxedo State Bank Closed by Order of Commissioner Frozen Assets Are Cause of SENTENCE CITY LINDY ARRIVES Action, Assertion of Thomas Barr. PAY ROLL BANDIT IN PORTO RICO The Tuxedo State Bank, 4304 E. New York St., was closed today by the State banking department. Flier at San Juan Field "The immediate cause of the clos'Pizzy-Wizzy' Crouch Gets ing are frozen assets and small but 5 to 25 Years. steady withdrawals of deposits," exAfter 75-Mile Hop. plained Thomas Barr, assistant By United Press Hilton (Pizzy-Wizzy) Crouch, 24, State banking commissioner. The Tuxedo bank has been the was sentenced to Indiana State SAN JUAN, PORTO RICO, Feb. victim of several holdups in recent 2.-Colonel Charles A. Lindbergh prison to from five to twenty-one years. arrived at 1:40 p. m., local time, toyears by Criminal Judge James A. The last statement by the bank day in his Spirit of St. Louis, after Collins today on auto-banditry showed $151,000 in deposits, capitalcharges growing out of the Duesa seventy=five-mile flight from St. ization of $25,000, surplus of $4,000 enberg Motor Company $4,273 pay and undivided profits of $1,800. Thomas, Virgin Islands. roll robbery. Earl Gillun is president; George From Porto Rico Lindbergh will The case got under way in CrimSnider, vice president; Oren E. Kem, proceed to Santo Domingo, inal Court Wednesday. cashier, and W. A. Miller, J. A. thence to Haiti and his trip of good Crouch took the stand Wednesday Miller, Albert E. Schmollinger. F. A. will ends at Havana, Feb. 8. afternoon and denied being in the Carr and Joseph Guidone, diectors. city at the time of the Duesenberg Robbers got $9,000 from the bank robbery. on the afternoon of Nov. 23, 1923, According to Staley Chapin, forDEFIES POLITICIANS and $3,000 on April 8, 1927. mer timekeeper at the plant, Charges ct issuing fraudulent Crouch and three other men checks for a total of $2,500 are pendcrowded the car in which he and ing in Criminal Court against Ray Safety Board to Push War Robert M. Watt were carrying the Castetter, a former cashier of the company's pay roll to the curb on Tuxedo bank. Castetter was reon Gamblers. the W. Washington St. White River turned here from Detroit on this inbridge the afternoon of April 16, dictment about two years ago. The board of public safety today 1926. Transactions in which Castetter defied politicians who have threatCrouch said he did not know was alleged to have been involved ened them with impeachment proGene Calhoun or Steve O'Hagan, resulted in $12,000 loss for the bank. ceedings in cit council because of who were implicated with him in according to Harry Webster, head of the recent police drives upon gamthe Indiana Banker's Protective Asthe hold-up. Calhoun was conbling in Indianapolis. sociation. Some of this amount was victed and is serving a ten-year "No threats of impeachment from recovered, Webster said he underprison sentence in the Indiana any source will induce us to destood. State prison and O'Hagan was reviate one iota from our policy of turned to New York for sentence State Banking Commissioner law enforcement," said a statement in another robbery. Luther R. Symons announced that issued by the board, consisting of a receiver for the bank will be asked President Fred Connell and - Ira in Probate Court. Haymaker and Robert F. Miller.

2. February 3, 1928 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, February 3, 1928

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Article Text

ASK RECEIVER FOR CITY BANK Tuxedo Failure Is Taken to Probate Court. Request for a receiver for the Tuxedo State Bank, 4304 E. New York St., closed at midnight Wednesday by the State banking commission, was filed today in Probate Court by Luther F. Symons, commissioner. No recommendation as to the identity of the receiver was made. Probate Judge Mahlon E. Bash set the hearing for 9 a. m. Tuesday. Chief Deputy Prosecutor Judson L. Stark announced that a thorough investigation of the bank's affairs will be conducted by the prosecutor's office and the grand jury. Special Investigator John G. Willis was directed to call officials into the prosecutor's office. They jury will take up the probe next week, it was said. Three factors are blamed for the closing of the bank, alleged defalcations of about $30,000 by three employes, steady and constant withdrawals over an extended period and heavy loans, Symons siad. The bank had on deposit at the time of closing, $130,000; loans of $171,000; capitalization was at $25,000, and a surplus of $5,800. County funds totaling $3,200 were on deposit in the bank, but a $5,000 surety bond protects this deposit, Harry Dunn, county auditor said. Three persons now under indictment by the Marion County grand jury in the defalcation cases are: Roy Castetter, former cashier; Miss Grace Neary, former assistant cashier, and George C. Megorden, former bookkeeper.

3. February 7, 1928 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, February 7, 1928

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Article Text

NAME BARNARD BANK RECEIVER Attorney Will Take Over Tuxedo Affairs. George M Barnard, attorney with offices in the Chamber of Commerce Bldg., was named receiver for the defunct Tuxedo State Bank by Probate Judge Mahlon E. Bash this morning. A petition containing names of more than 100 creditors of the bank, asking that Oren Kem, cashier, be named receiver, was presented to the court. Naming of Barnard is satisfactory to officers of the institution, George Snider, former bank vice president, and county commissioner, said. Bernard was sworn in as receiver, and preparations started for making of bond. The courtroom was crowded with creditors and others interested in the institution when appointment was announced. State Bank Commissioner Luther H. Symons was on hand, but made no recommendations to the court. In choosing Barnard, Judge Bash declared that it was based largely on the record Barnard made as receiver for the Lexington Motor Company, a Federal Court case.

4. February 7, 1928 The Indianapolis News Indianapolis, IN

Article from The Indianapolis News, February 7, 1928

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Article Text

BARNARD, ATTORNEY, IS TUXEDO BANK RECEIVER Appointment Made by Judge to Be $75,000. STATE OFFICIAL IN ACTION George M. Barnard, an Indianapolis attorney and former of the public service appointed receiver for the Tuxedo State Bank Judge E. Bash in probate court Tuesday. His bond was fixed at $75,000. Barnard said that he would go to the bank provided the later and begin his His made by the court its will the bank today. Barwill begin to the the eral naturally will be those followed hearing before Judge Bash on the petition last by Luther Symons, Symons petition that bank insolvent and there had been steady and heavy withdrawals. In closing the institution. he said that Oren Kem. cashreceiver was in petipresented by depositors. The Marion county jury expected investigate the circumstances the closing of the bank. two by Judson Stark chief deputy ney, discuss the failure.

5. February 7, 1928 The Indianapolis Times Indianapolis, IN

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Article Text

NAME BARNARD RECEIVER Attorney Will Take Over Tuxedo Affairs. George M Barnard, attorney with offices Bldg., named receiver for the defunct Tuxedo State Bank by Probate Judge Mahlon Bash this morning. petition containing names more than 100 creditors the bank, asking that Oren cashier, named receiver, was presented the court. Naming Barnard satisfactory to officers the George Snider, bank vice county said. Bernard sworn in receiver, and preparations started for makbond. The courtroom was crowded with creditors others interested the institution when appointment announced. State Bank Commissioner Luther H. Symons was hand. made no to the court. In choosing Barnard, Judge Bash declared that based largely the Barnard made ceiver for Lexington Motor Company, Federal Court