5930. Tuxedo State Bank (Indianapolis, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 5, 1930
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini
Short Digest
5e4a6bd9

Response Measures

None

Description

Articles identify the Tuxedo State Bank as defunct and refer to a receiver (George M. Barnard) and court actions in 1930–1931. No article describes a depositor run; the bank had already closed and gone into receivership, so this is classified as a suspension that resulted in permanent closure/receivership.

Events (3)
1. February 5, 1930 Receivership
Newspaper Excerpt
Decision of Marion probate court making Mrs. Marie S. Black a preferred creditor of the defunct Tuxedo State bank was upheld Tuesday by the supreme court. ... Appeal was taken by George M. Barnard, receiver.
Source
newspapers
2. January 7, 1931 Other
Newspaper Excerpt
4 STOCKHOLDERS SUED Receiver for Tuxedo Bank Acts to Recover $400 in Court. George M. Barnard, receiver for the Tuxedo State bank, today filed suits ... Barnard seeks to recover a total of $400.
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent at time of closing (deposit by Mrs. Black the day before it closed and later litigation alleging officials knew of insolvency).
Newspaper Excerpt
defunct Tuxedo State bank ... the day before it closed
Source
newspapers

Newspaper Articles (2)
1. February 5, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 5, 1930

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Article Text

# BANK DECISION UPHELD Supreme Court Holds Woman Is Preferred Creditor. Decision of Marion probate court making Mrs. Marie S. Black a preferred creditor of the defunct Tuxedo State bank was upheld Tuesday by the supreme court. Mrs. Black had deposited $14,640 with the bank the day before it closed. Her suit was based on the contention that bank officials took the deposit knowing at the time the bank was insolvent. Appeal was taken by George M. Barnard, receiver.

2. January 7, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 7, 1931

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Article Text

4 STOCKHOLDERS SUED Receiver for Tuxedo Bank Acts to Recover $400 in Court. George M. Barnard, receiver for the Tuxedo State bank, today filed suits in civil municipal court one against four of the bank's stockholders. Alleging the co-workers are bound by court order to pay 50 per cent of the face value of their holdings, Barnard secks to recover a total of $400. Defendants are Hardy R. Drake, Lena McCleod, Otho Lewis and Roland Schmedel, all city residents.