State Bank - Kempton, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 1, 1933*
Location: Kempton, Indiana (40.288, -86.230)

Metadata

Model: gpt-5-mini
Short Digest: 47de32b7

Response Measures

None

Description

Article (Mar 7, 1934) describes the State Bank of Kempton as under a moratorium declared about one year earlier and in liquidation with a court-appointed liquidating agent distributing post-moratorium deposits. No run on this specific bank is described. Classified as suspension leading to permanent closure/liquidation (suspension_closure).

Events (3)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: A moratorium was declared (about one year before Mar 7, 1934) and the bank remained closed under court supervision; payments frozen pending liquidation.
Newspaper Excerpt: he would begin making distribution of unrestricted deposits ... money placed in the bank after the moratorium was declared one year ago.
Source: newspapers

2. March 7, 1934 Other

Newspaper Excerpt: Heber L. Clevenger, liquidating agent for the State Bank of Kempton, was here Tuesday ... begin making distribution of unrestricted deposits ... checks on the Farmers Loan & Trust Company of Tipton which was designated as depository for the closed bank by the Tipton circuit court.
Source: newspapers

3. March 7, 1934 Receivership

Newspaper Excerpt: liquidating agent for the State Bank of Kempton ... checks ... designated as depository for the closed bank by the Tipton circuit court.
Source: newspapers

Newspaper Articles (1)

1. March 7, 1934 The Tipton Daily Tribune Tipton, IN

Article from The Tipton Daily Tribune, March 7, 1934

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Article Text

PLENTY OF CASH AND NO TAKERS Liquidating Agent of State of Kempton Somewhat Amazed. SITUATION IS STRANGE Heber L. Clevenger, liquidating agent for the State Bank of Kempton, was here Tuesday and in the course of his conversation with a Tribune réporter revealed a sirange situation. Mr. Clevenger announced last week that he would begin making distribution of unrestricted deposits and savings, that is money placed in the bank after the moratorium was declared one year ago. Prior to his announcement of distribution he had many callers at the bank and many telephone calls from these depositors asking when they could get their money, but since he started paying there have been but few persons after their checks and he has the bulk of $14,000 undistributed. Mr. Clevenger is anxious to get this part of the liquidating over and is asking these depositors to get their money. which is being distributed in checks on the Farmers Loan & Trust Company of Tipton which was designated as depository for the closed bank. by the Tipton circuit court. The situation is like the story of the woman who heard there was a run on the bank and grabbing her pass book ran all the way and asked for all her money. The cashier began counting it out, when she exclaimed: "Oh. can I get it?" "Why certainly." replied the cashier. "Well then 1 don't want it." she replied with a toss of her head and hurried back home. All checks are ready for deposilors of the bank for amounts placed therein after the moratorium and also for unrestricted savings accounts and certificates of deposits and Mr. Clevenger asks that the owners come and get them not later than Saturday of this week. It is understood that with the payment of these unrestricted funds which have been deposited since the moratorium, the available cash is practically exhausted. Liabilities prior to the moratorium are understood to amount to between $150,000 and $175.000, to be paid out of the frozen assets and the process of payment will necessarily be a slow one, with probabilities of depositors receiving but a small per cent of their claims.