5961. American National Bank (Kewanna, IN)

View Charter #10616 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10616
Charter Number
10616
Start Date
February 1, 1930*
Location
Kewanna, Indiana (41.019, -86.413)

Metadata

Model
gpt-5-mini
Short Digest
98aac666

Response Measures

None

Receivership Details

Depositor recovery rate
92.8%
Date receivership started
1930-02-25
Date receivership terminated
1938-02-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
62.3%
Share of assets assessed as doubtful
28.9%
Share of assets assessed as worthless
8.8%

Description

Contemporary articles state the American National Bank of Kewanna was closed and placed in receivership (receiver John Owen). No article describes a depositor run; the bank remained closed and was being handled by a receiver through at least 1932 (RFC loan listed to the bank 'receiver'). Closure appears to have occurred in February 1930 (article says First State bank went into receivership last February and 29 days later American National bank was closed).

Events (5)
1. September 18, 1914 Chartered
Source
historical_nic
2. February 1, 1930* Suspension
Cause Details
Closed and placed in receivership following local banking failures and 'severe financial reverses' in town; article does not attribute closure to a depositor run or a specific scandal.
Newspaper Excerpt
twenty-nine days later the American National bank was closed.
Source
newspapers
3. February 25, 1930 Receivership
Source
historical_nic
4. August 22, 1932 Other
Newspaper Excerpt
Kewanna-American National bank (receiver), $22,000 (5 per cent interest). (RFC loan listed Aug. 1932.)
Source
newspapers
5. * Receivership
Newspaper Excerpt
Checks covering 20 per cent of claims of depositors in the closed American National bank here have been mailed by John Owen, Noblesville, receiver, Another dividend of 30 per cent has been paid. (Apr. 11, 1931 article.)
Source
newspapers

Newspaper Articles (11)
1. August 9, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 9, 1930

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SEE BUSINESS AID IN KEWANNA BANK Northern Town Without Can't Die Financial Plant Since Poison and Auto Crash February. Fail to Bring Desired Ball Times Special KEWANNA, Ind., Aug. 9.-OrSuicide. ganization of a new bank, the Kewanna State bank, to be open Bu United Press for business Sept. 1, has been anVANSVILLE, Ind., Aug. 9.-A nounced here by a group of local E drink of lethal poison, plus businessmen. A charter has been granted the an auto crash, failed to bring success to Lawrence Hill, 30, in new institution by the state bankhis suicide attempt, and he was ing department and all preliminary taken to a hospital in a critical arrangements have been completed. condition. The institution will have a capitalAfter drinking poison, Hill ization of $25,000 and a surplus of started down the street in his car. $6,250 when the doors are opened. It will occupy the building in which When the poison took effect he the former First State bank was lost control of the machine and located. collided with a parked car, inflictThis town suffered severe ing serious abrasions. financial reverses since the closing of its two banks last winter. The First State bank went into receivership last February and HOPPERS STILL twenty-nine days later the American National bank was closed. Since then this community has been without a bank and together ON THE MARCH with its financial losses has been seriously handicapped. The men who signed the apInsects Carry Destruction plication for the charter have not been connected with the defunct institutions. Through Posey County. They are: Henry Hirsch of By United Press Logansport, owner of an elevator MT. VERNON, Ind., Aug. 8.-Reat Grass Creek; Charles Evans, William C. Miller, Edward Kreamer lentless march of a great army of and Ralph McConnell of Kewanna, grasshoppers continued today, with and Richard M. Thomas of Grass a quarter of a mile path of destrucCreek. noth registered during

2. April 11, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 11, 1931

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Bank Receiver Pays By Times Special KEWANNA, Ind., April 11.Checks covering 20 per cent of claims of depositors in the closed American National bank here have been mailed by John Owen, Noblesville, receiver, Another dividend of 30 per cent has been paid.

3. August 22, 1932 Evening Star Washington, DC
Article from Evening Star, August 22, 1932

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Trust Co. of Bloomington. $50,000 Chester-Buena Vista State Bank, $40,000. Chicago-Lake View Trust & Savings Bank. Chicago-Mid-City $170,000. Trust & Savings Bank, $320,000. Cicero-Western State Bank of Cicero. $35,000. Cicero-Western State Bank of Cicero. $45,000 Bank, National Dundee-First $72,500. & Evanston- City National Bank Trust Co. of Evanston, $415,000. Freeport-! Union Bank & Trust Co of Freeport. $94,000. Galena-First State & Savings Bank of Galena, $15,000. Gridley-State Bank of Gridley $12,000. Lomax- Commercial Trust & Savings Bank of Lomax. $15,000. Oak Park-Avenue State Bank, $280,000. Quincy- State Savings Loan & Trust Co. $75,000. Quincy- State Street Bank & Trust Co., $56.000. Wheaton- Wheaten Trust & Savings Bank, $97,000. Indiana. Auburn-City National Bank of Auburn. $60.000. Carlisie-Peoples' State Bank, $8.000. & Columbia City-Farmers' Loan Trust Co., $190,000. Crothersville-Union State Bank. $19.000. Gary-First National Bank cent of Gary in(receiver), $235,000 (5 per terest) Kewanna-American National (5 Bank of Kewanna (receiver), $22,000 per cent interest) Bank, State Noblesville-Citizens' $116.000. South Bend-St. Joseph Loan & Trust Co., $30,000. Iowa. Andrew - Andrew Savings Bank, $60.000 Armstrong First Trust & Savings Belie Plaine Bank. $22,000. The Corn Belt Trust & Charles Savings Bank City-First $20.000. Security Bank & Trust Co., $75,000. Bank, Savings Craig Farmers' $10.000. Des Moines-Valley National Bank. $250,000 Carner-The Farmers' National Bank, & $6.000. GoldReld-Goldfield State Bank Trist Co., $8,000. Hendlontown- Citizens Savings Bank, $26.000. Harcourt-Harcourt Savings Bank. $12.000. Keoya-Farmers Savings Bank, $32.000. Lake View-Farmers' State Bank, $23.000 Mallard Mallard Trust & Savings Maxwell Bank. $11,500 Farmers' State Bank, $60.000 Mondamin-Mondamin Savings Bank, $30.000. Morley-Jones County Savings Bank, $5,000. Mount Pleasant-Henry County Savings New Bank. London-Farmers $170,000. State Bank. $36,000. Pocahontas-Pocahontas State Bank, $5.000. Quimby-State Trust & Savings Bank. $25,000. of Reinbeck-First Savings Bank Reinbeck. St. Ansgar-First $2.500 National Bank, $8 West .000 Branch-Citizens Savings Bank, $7.000. West Branch-West Branch State Bank. $30,000. Winterset William:burg Savings $15,000. Bank. Winterset-Citizens" National Bank. $37,000. Kansas. Dodge City-State Bank of Dodge $23.905. City, Protection-State Bank of Protection, $12,842. Kentucky. Campbellsville-Bank of Campbellsville. Edmonton $35,000. The Peoples' Bank of $38,500. Metcalfe County. Germantown-Benk 23.000. of Germantown, Irvine Union Bank & Trust Co., $23,000. Lewisport Bank of Lewisport, $12.000. Lexington Bank of Commerce, $177.000. Lexington-Citizens' Bank & Trust Co.,$59,000 Russe!! Springs- First National Bank Smiths of Russell Grove-Farmers' Springs. $15,000. Bank, $8.500. Bank, Wheatley Deposit -Farmers' $10.000 Williamstown Grant County Deposit Bank, $40,000. Louisiana. Baton Rouge-Citizens Bank & Trust Co. $60,000 Balon Rouge- Louisiana National Bank. $110,000. Columbia-Caldwell Bank & Trust Co., $15,000. & Donaldsonville- Ascension Bank k Trust Co., $245.000 Bank of Jonesboro, $25.000. Jonesboro-State & Trust Minden-Bank of Minden $100,000. ). k Co. Montpelier- Farmers' Bank. $10,000. Pontchatoula Merchants & Farmers d Bank & Trust Co., $165,000. Maryland. d Easton-Farmers & Merchants Bank s of Hancock Easton, $25,000. -First National Bank of f Hancock, Rockville-Farmers $25.000 Banking & Trust Co. of Montgomery County, $75,000. f Massachusetts. Framingham-Framingham Trust Co., $100,000. Michigan n. 1 Allegan-First State Bank. $67,000. Bank, Biorson-First State Savings $2 :,000. Grand Lodge-Grand Lodge State f Bank, Greenville $6,000. Greenville State Bank $29.000. of HillsdaleFirst National Bank Huspile. $14,000 Holland-The First State Bank of $150.000 Hellard. $260.000 Hudson-Thompson Savings Bank, JacksonUnion & Peoples National

4. August 22, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, August 22, 1932

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RECONSTRUCTION (Continued from One) Thursday that he had no other choice under the law, took exceplion to statement by Representative Treadway of Massachusetts conferee on the relief bill, that his decision to make public ports was gain favor with Speakor John N. Garner. "Such charge is ridiculous,' Trimble said. "The law gives me no discretion in the matter Speaker Garner has never attempted to influence me in the discharge of my duties. have considered every objection raised to the publishing the reports and no one has cited to me single decision of the court to support such objections. "My attorney, South Trimble, cited suprome court decisions support his opinion. If Mr: Treadway did not consider the opinions sound why did he not advise the defects instead making charges through the Republican committee Trimble said that Treadway had told the house he would vote for the conference report on the relief bill "not because approve of all its provisions, but I think when you are beaten the best thing to do is to acknowledge "Ten minutes before the hour had set to announce my decision on August 18th, received telephone from high official in the administration asking what my decision would be,' Trimble said. "I advised him of the conclusion had reached after reviewing the legislative history of the law. He stated that decision was contrary to the wishes of the President, and was not authorized by told him would announce my decision that day but the report was to be opened to inspection until August 22, being one month after the passage of the act. He said that was fair way to handle the matter as it would give any interested person who did not agree with my construction of the law an copportunity to petition. the court for restraining order." The statement of loans authorized during the ten day under section five of the R. act rate of interest of per cent includes: Indiana Auburn. City National Bank of, $60,000. Carlisle, Peoples State Bank, $8,000. Columbia City, Farmers Loan Trust Co., Crothersville, Union State Bank. Gary, First National Bank of, (receiver) $235,000 per cent interKewanna, American National Eank of Kewanna (receiver). $22,000 (5 per cent Interest) Noblesville, Citizens State Bank, $116,000. South Bend; St. Joseph Loan Trust Co., $30,000. Chairman Pomerene's letter said by the close of the period all except $25,000,000 of the $250,000,000, sec. ond series 31-2 per cent notes authorized by the board of directors on June 1932. had been sold to the secretary of the treasury. "On July 23; the board of directors authorized the issuance of third series of notes up to an aggregate amount of turing Oct. 27, 1932: and bearing interest at the tate of 31-2 per cent annum," he said. "The notes be purchased by the secretary of the treaury the funds are required by the corporation. "During the period the corporation allocated $5,000,000 to the secretary of agriculture in accordance with the provisions of section two of the R. C. act making total of allocated from Feb. July inclusive. Of this sum $75,000,000 has been paid to the secretary of agriculture as of July "The following tables are attached DS part of this report: "Table Statement of loans au thorized from July 22 to 31, 1932, Inclusive under five of the Reconstruction Finance Corporation ac: showing the name, amount and rate of interest in each case; "Table Amount made available

5. August 22, 1932 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, August 22, 1932

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First Report Made Public by Clerk of House. BANKS GET LARGEST SUM Goes to Help Reorganize Closed Institutions; Treadway Hit. BANK HERE GETS to the Loan Trust company the Reconstruction Finance corporation today in making public its loans to banks other institutions for the entire counfrom July July 31. The corporation said no other loans were authorized the South Bend district during this time. Aug. the 10-day period from July 21 He July 31. the Finance corporation loaned to banks, building loan associations, railroads and other agencies. The first report of the corporation, made public today by South Trimble. clerk of the house of representatives, was accompanied by letter signed by Chairman Atlee Pomerene showing that 437 loans totalling had been during the 10-day period creases in loans authorized prior July had totalled $1,653,500 The letter said the total amount loaned. $32,990,180 was thorized banks and companies, including aid the $104,309 to credit corto and loan associations; to joint land $580,716 credit corporations: $747. 000 to loan companies, and railroads. Disputes Treadway Trimble in public the his decision last Thursday he had no other choice under the took excepto by Representative Treadway conferee on the relief that his decision to make public the reports was gain favor with Speaker John H. Garner. "Such charge is Trimble said law gives me no discretion in the Speakinfluence me in the discharge of my have considered raised the one cited to reports me single decision of the court to support objections My attorney, South Trimble, cited court decisions support his opinion. Mr. Treadway did the opinions did advise me of sound why the defects instead of making charges through the republican committee? Tells of Call. Trimble said that Treadway had the house for the told on the relief bill 'not all its think you beaten the best thing to do is acknowledge "Ten minutes before the hour had set to announce my decision on received telephone call Aug. from high official in the administration asking what my decision would Trimble advised him of the conclusion had reached after reviewing law. He legislative stated that my conto the presitrary dent, and was not authorized by told him would announce my that day but the report was not to inspection until Aug. 22, being one month after the passage the act. said that fair way to handle the matwould give any interested ter as who did not agree with my person construction of opporto the court for tunity petition restraining order." statement of loans authorized The during the 10 day under section the act rate of interest of per cent includes: INDIANA. National bank of, the Auburn, City $60,000. Carlisle, People's State bank. $8,000. Columbia City, Farmers Loan & company, Union State bank, Gary, First National bank of ceiver) $235,000 five per cent interest. Kewanna. American National bank Kewanna (receiver) $22,000 cent Noblesville, Citizens State bank. $116,000.

6. August 22, 1932 The Times-Mail Bedford, IN
Article from The Times-Mail, August 22, 1932

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(Continued From Page One) the defects instead of making charges through the Republican committee Trimble said that Treadway had told the house he would vote for the conference report on the relief "not because of all approve its provisions, but think when you beaten the best thing to do acknowledge minutes before the hour had set announce my decision August 18th, received telephone call from high official the what decision would Trimble advised him of the had reached after reviewing the the law. stated decision trary the wishes of the dent, and was not authorized told him would announce decision that day but the report opened to inspection until August being one after the passage of the He said that fair to handle the matter it would any interested who did person agree my of opportunity to petition the court restraining order. Pomerene's letter said the close of the period $25,000,000 of the $250,000,second series per authorized by the board directors June 16, 1932, had been sold to the Secretary of the Treasury. July 23, the board of rectors authorized the of third series of an gregate of maturing Oct. 1932, and bearing interest the cent annum," said. notes purchased by the Secretary the Treasury as the funds are required by the corporation. "During the period the corporation allocated $5,000,000 to the Secretary Agriculture in accordance with the provisions section the act making of allocated from July 31, inclusive. Of this sum has been paid the Secretary of Agriculture of July following tables are attached of this Statement loans authorized 1932, inclusive, under five of the Reconstruction Finance Corporation Act showing the name, amount and interest in each case; "Table Amount made available under title section of the emergency relief and construction act of 1932, showing name, amount rate of interest. Reconstruction Finance Corporation statement of cash ceipts and expenditures July 1932, July 31, 1932, inclusive. Corporation's with treasof the United States. Table Statement of condition the corporation of the close business July 31, 1932. The statement authorizduring the ten day period under of the rate of interest cent per includes: Indiana Auburn, City National Bank of, $60,000. Carlisle, Peoples State Bank, $8,Columbia City, Farmers Loan Trust Co., $190,000. Union State Bank, Gary, First National Bank (receiver) $235,000 cent per terest. Kewanna, American National Bank of Kewanna (receiver) $22,000 cent interest). Noblesville, Citizens State Bank, South Bend, St. Joseph Loan Trust $30,000.

7. August 23, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, August 23, 1932

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Federal Reconstruction Loans Are Bared ADVANCES Last Ten Days Of July, South Trimble Reports. Total Output Of Corporation Is Up August -Banks' Share Large. August extensive support the Reconstruction Finance Corporation financial stitutions which security for any illustrated today when report be made showed disbursed last July the 437 advances trust report open by South Trimble, of the DemoHouse of Representatives, cretion Adminvision the bill before Congress Atlee Chairman the tion. told newspaper men was opposed of the report Security Is Required. In banking that *quire security considered adequate "before any One aim has been help the banks and business thawing "frozen assets banks fundamentally good the operated enable demands made and the same time to credit publication of the report Mr. President Hoover the White House. saying affairs corporation were discussed the Chairman did elaborate submitted the House Clerk Mr Pomerene outlined condition the corporation. showing that exclusive repay ments total $866,047,522 had lent August totaling au thorized not President opposed the publicity the relief bill the ground that might was upon Speaker John Democratic Vice Presidential and the DemoHouse. The Democrats contended the public should know Federal money was being used by the Corporation Banks Reported. Recently. Democrats pointed out certain banks had advertised were eligible loans from the when heavy with drawals threat President Hoover was reprequarters ready hold the Democrats sponsible bad consequences might the Trimble denied formal the charge the relief bill, that Speaker Garner had influenced decision Thurspublicity charge Trimble law me discretion the matter. Speaker Garner has attempted to fluence the discharge of my the ten-day period, folthe July by August $500,000 Most the bank less $50,000. Three railbanks, two companies loan received than Ohio Borrowers High. The bank America Trust San Other big loans Union Cleveland Winters Bank Trust Co., Commercial National Washington D. $600,000 Trust Comany, $500,000 Farmers' Trust Lancaster Bank, Union New $850,000 Missouri State Company $850,000; Company New Orleans, 000: Paul and Sault Ste Marie Rio Grande New Chicago The Illinois $3,000,000 rate interest per hands The railroad interest rate was In letter the report Mr. Pomerene said, the creases totaling $1,653,500 allowed bringing the total to 711,056.10 the total $32,990,180.23 thorized porations, and associations, $2,247,500 surance companies $90,000 joint stock land credit corporations, $747,000 mortgage loan and $6,862,700 the Shortly before decision reports public Mr. said cial this Presi and was not authorized told him that would nounce my decision that day but the report not to be opened until August 22, being one month after Mr. Trimble said that fair way handle the matter any person did agree my opportunity petition Court No attempt made the publication. Mr. Hoover Silent. Walter secretary the President said Mr. Hoover comment to make upon Mr Trimble's action. President's known the passed. Mr. Newton when was passed contained end the Capitol Senate) thought not require publicity. But apparently the Custodian the recthought Newton said knew of authorized speak President had talked with Mr Trimble day decision publish the records During period covered the report 452 applications for building and companies, bank. three from mortgage four and from states, and cities for lief In addition the loans, $5,000,000 allocated to Secretary Agriculture for the farm loan fund bringing aside for that purpose the corcreated Besides the capital stock the board had $475,000,000 June July had third series notes to and bearing same rate terest. The be chased Secretary Treasury funds are needed by the The corporation had deposit United States July 31, Ohio Valley Transactions Ohio Valley bank borrowings: Ohio the Sutton State $30,000 Canfield Falls Farmers' National Chagrin Falls Banking Cleveland. Union Trust Company People's Bank Com $33,500 Dayton, Winters National Bank Trust Company, Commercial Bank, Orrville, Orville National Bank. People's National Tiffin, Tiffin National Toronto, Union Savings Bank of Toronto, West Manchester, First State $20,600. Kentucky: Campbellsville Bank of, $35,000. Edmonton. People's Bank Metcalfe County. $23,000. Germantown, Bank $38,500. Irvine Union Bank Trust Com$23,000 Lewisport, Bank of. $12,000. Lexington, Bank of Commerce, Lexington, Citizens' Bank Trust Russell Springs, First National Bank $15,000 Smith's Farmers' Farmers' Deposit Bank Williamstown. Grant County De Indiana Auburn, City National Bank of, Peoples State $8,000. Columbia City, Farmers Loan Trust Union State Gary, First National Bank of (receiver) $235,000 per interest.) Kewanna, American National (receiver) $22,000 per interest Noblesville, Citizens State Bank, South Joseph Loan Trust Virginia Flat Top National Bank $53,000 Peoples Exchange Bank Merchants ional Bank Wirt County Tucker County the Grant County Romney, the of $50,000 the Pleasant County $27,000 Nicholas County Building and Loan Company Borrowings Cleveland the Aetna Savings $50,000. Home Loan BuildAssociation United Savings $112,000 Toledo, United Savings AssociaW Jefferson Building Loan Co., $33,000. Indiana Oakland Home Economy Building Loan West Virginia: and Loan Association. $25,000 Savings and companies: Indiana Life Insurance from the Reconstruction Finance reported South Trimble, Clerk the House Representatives. of America not receive any Giannini applied the port the old appliconditions changed for the decided we did not the named the Bank America National Trust Association the recipient of the Indianapolis, August dent the Life did loan $400,000 Finance Corporation reported by the Clerk House Repreplication for larger Sweeney refused accept $400,000 granted to

8. August 23, 1932 The Tipton Daily Tribune Tipton, IN
Article from The Tipton Daily Tribune, August 23, 1932

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MONTHLY REPORT OF R.E.C. LOANS Millions Loaned to Assist Banks and Other Institutions in U. S. NINE STATE LOANS Washington, Aug. extensive support the reconstruetion corporation is rendering banks, other financial institutions and railroads-all of which must give security for any loan-was Illustrated yesterday when the first monthly report to be made public showed $45,057,556 was disbursed in the last ten days of July. In the 437 advances covered. $32,990,180 went to banks and trust companies, including receivers. The report was laid open by South Trimble. clerk of the Democratic House of Representatives, who said "The law gives me no discretion in the matter." The administration contested the publicity provision when the bill was before Congress. One aim has been to help the banks and business situation by the thawing of "frozen assets." Washington, Aug. 23.-Loans to nine Indiana institutions from the reconstruction finance corporation were announced yesterday as follows: Auburn-City National bank: Carlisle-Peoples State $8,000. Columbia City-Farmers Loan and Trust Company, Crothersville Union State bank, $19,000. Gary-First National bank (receiver), $235,000 (5 per cent interest). Kewanna-American National bank (receiver). $22,000 (5 per cent interest). Noblesville Citizens State bank, $116,000. Indianapolls-State Life Insurance Company, $400,000. South Bend-St. Joseph Loan and Trust Company, $30,000.

9. August 23, 1932 The Call-Leader Elwood, IN
Article from The Call-Leader, August 23, 1932

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PROPER SECURITY REQUIRED Washington, Aug. 22.-The extensive support the reconstruction cor poration is rendering banks, other financial institutions and railroads all of which must give security for any loan-was illustrated today when the first monthly report to be made public showed $45,057,556 was disbursed in the last ten days of July. In the 437 advances covered, $32. 990,180 went to banks and trust companies, including receivers The report was laid open by South Trimble, clerk of the Democratic House of Representatives, who said "The law gives me no discretion in the matter." The administration contested the publicity provision when the bill was before Congress. Pomerene Opposes Publication. Atlee Pomerene, chairman of the reconstruction corporation, told news papermen he was opposed to publication of the report. In governmental and banking quar ters here, it was pointed out that the reconstruction directors require security considered adequate before authorizing any loan. One aim has been to help the banks and business situation by the thawing of "frozen assets." In making loans to banks in fundamentally good financial condition, the corporation has op erated to enable banks to mete de mands made on them and at the same time to facilitate spread of credit. Outlines Corporation's Condition. In the document submitted to the House clerk, Mr. Pomerene outlined the condition of the corporation, show ing that exclusive of repayments, a total of $886,047,522 had been loaned up to Aug. 1. Loans totaling $223.882,599 have been authorized but not yet disbursed. Loans to nine Indiana institutions from the reconstruction finance cor poration were announced today as follows: Auburn-City National bank, $60,000. Carlisle-Peoples State bank, $8,000. Columbia Farmers Loan and Trust Company, $190,000 Crothersville-Union State bank, $19,000. Gary-First National bank (receiver), $235,000 (5 per cent interest.) Kewanna-American National bank (receiver), $22,000 (5 per cent interest.) Noblesville-Citizens State bank, Indianapolis-State Life Insurance South Bend-St. Joseph Loan and Trust Company, $30,000.

10. August 24, 1932 Vidette-Messenger of Porter County Valparaiso, IN
Article from Vidette-Messenger of Porter County, August 24, 1932

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GARY GETS $235,000 FEDERAL Aug. totaling were authorized during the last eleven of days the detailed public report of the Finance corporation, released today South Trimble. clerk of the house, disclosed. letter from the chairman the board. Atlee accompanied the detailed report. set forth that 437 loans were made in the eleven-day period. The First National Bank Gary, in the hands receiver. was listed as having obtained loan five and percent, the uniform rate. Aug. authorized by the federal to the closed First National bank in Gary to provide cash with which the bank can its first twenty percent dividend its depositors. There has been much delay obtaining final approval of and because much red tape in Washington there further delay actually getting the cash on hand here that hurdle now passed and that will only short time until depositors will receive their first dividend checks. understood that the checks for the first twenty percent dividend the closed Naional Bank of America will paid within short time, perhaps even before the First National's The statement of loans authorised the ten-day period under Section of the Reconstruction Finance act at rate interest five and one-half includes the following in Indiana: National bank. $60.000; Carlisle, People's State bank, $8,000; Columbia City, Farmers' Loan and Trust Company, $190,000; Orothersville, Union State bank, $19,000; Gary, First National bank (receiver), Kewanna, American National Bank of Kewanna (receiver) $22,000 (five percent inNoblesville, Citizens' State $116,000; South Bend, St. Loan Trust company, $30,000. Loans to building and loan associations Indiana included Home Economy Loan association, Oakland City, $15,000, and to insurance companies, State Life Insurance company, Indianapolis,

11. August 24, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, August 24, 1932

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(Continued from One) announced and the amounts they to are follows: Auburn, City National Bank, $60,000 Carlisle, Peoples State Bank, $8,Columbia City, Farmers Loan Co., Union State Bank, Gary. Flrst National Bank of, (receiver) $235,000 per COOL interest. Kewanna, American National Bank of (receiver), $22,Noblesville, Citizens State Bank, South Bend, St. Joseph Loan Trust Co., $30,000.