5973. South Kokomo Bank (Kokomo, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 23, 1931
Location
Kokomo, Indiana (40.486, -86.134)

Metadata

Model
gpt-5-mini
Short Digest
d7f73f0f

Response Measures

None

Description

The South Kokomo Bank was closed on October 23, 1931 and a receiver (Carl Showalter) was appointed; subsequent articles through 1934 describe receiver activity, asset sales and lawsuits. No article describes a depositor run prior to closure, so this is a suspension leading to permanent closure/receivership.

Events (5)
1. October 23, 1931 Suspension
Cause
Government Action
Cause Details
Bank was closed and a receiver petitioned/appointed (receiver Carl Showalter); closure appears to be by official action leading to receivership.
Newspaper Excerpt
the South Kokomo Bank, for the which was closed on October 23, at the same time the Citizens National Bank
Source
newspapers
2. November 4, 1931 Receivership
Newspaper Excerpt
asking that Carl Showalter be receiver. he having indicatwillingness to serve same terms Mr. proximately willing to accept ... the creditors of the institution asking that Carl Showalter be receiver.
Source
newspapers
3. December 24, 1932 Other
Newspaper Excerpt
The South Kokomo Bank was a state Institution. ... its receiver, Carl F. Showalter, is without authority to levy an assessment against the shareholders.
Source
newspapers
4. February 8, 1933 Other
Newspaper Excerpt
Receiver of South Kokomo Bank Files Statement With Court. Assets of the South Kokomo bank have ... report of Carl the bank. circuit court Wednesday. WAS approved by the court.
Source
newspapers
5. October 14, 1933 Other
Newspaper Excerpt
South Kokomo Bank by receiver Samuel E. Lindley, lot Gateway addition, receiver's deed, $200.00.
Source
newspapers

Newspaper Articles (10)
1. November 4, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, November 4, 1931

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Article Text

(Continued from Page One) qualifications for the particular recognized by all. being Fears of Creditors Should the case taken creditors feel. other county. that the receivercording would much more expenship sive than administered here. All of the receivership must the costs borne the bank's assets. out that the more receivership the expensive greater the loss the Attorney Herron out of the and could not city Wednesday for Information regardbe any additional to what ing his plans his answer and motion. He his pleadings court filed by the office assistant, Goldie Perry. herShe discharged self an attorney. the work assigned her without comment. If Mr. Herron really to for change of means venue from the county, the fact will be revealed Saturday, the hearday Attorney Herron is president of the Howard County Bar Association the veterans of the one legal had experience in bank liquidation served along with Grover Bishop in winding up of Trust the affairs the failed SeptemThe creditors of that ber, approximately cents on the dollar. South Kokomo Bank Pending Saturday, also. State Banking Competition by Symons for South Kokomo Bank, for the which was closed on October 23, at the same time the Citizens National Bank The creditors that operations. have prepared petition institution asking that Carl Showalter be receiver. he having indicatwillingness to serve same terms Mr. proximately willing to accept for George was liquidating the Trust. Whether some shareholder the South likely Bank and that Kokomo be sent out of the county too, not been change Creditors of the institulearned. know no such tion say they being under that none develops. press hope Citizens generally express hope that Attorney Herron his and not press for sider motion change of venue from the county Trust case, and that the Peoples that ever motion in the South Kokomo offered Bank case. practically, seems be impressed that the receiverships the creditors of the planned two institutions would be the most economical and most satisfactory that could devised, and that they that the affairs would the banks would be administered honestly, and the best interests every way those directly concerned. and the community as whole. MOTORS DIVIDEND New York, Nov. General Motors Corporation dividend of cents terly share the common stock.

2. December 19, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 19, 1931

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Article Text

DEPOSITORS' HOPES DIE None of Kokomo Three Banks Will Pay Christmas Dividends. By Times Special KoKoMo, Ind., Dec. 19.-Depositors of Kokomo's closed banks will not receive Christmas presents in the form of dividends. Receivers of the banks, the People's Trust and Savings, South Kokomo and Citizens, closed nearly two months, announce they are uncertain as to when any part of claims will be paid. They say something will be paid as early as possible in 1932. Depositors had hoped to receive at least part of their claims before Christmas or by Jan. 1 at the latest.

3. December 22, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, December 22, 1931

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Article Text

Receiver Showalter Gets Court Permission to Have Affairs Surveyed. An attempt to reduce the assessment made by state board tax March against the South Kokomo Bank for taxing purposes will be made Carl Showalter, receiver for the bank, was indicated Tuesday. petition by Mr. Showalter for authority employ firm of public accountants survey the affairs of the bank for that purpose by Judge Cripe in In the petition the receiver gave his opinion that the assessment excessive, and said made to determine the true taxable value the bank's capital stock of March If found the accountants will present their findings fore the state board Showalter he could make arrangements with the firm Spradling, Carter Jordan accountants. for work and that they should to obtain reduction the sessment they would make no charge for their services or Several other petitions by by ceiver Tuesday. One of them the court claims totalpreferred $78.19. Another was to pay appraisera the bank's furniture $30 for their services, and other was to the Hamer Lumber Greentown. Attorney Don Strode filed the petitions for ceiver. In the Trust case, the receiver, filed petition Mahin, business the sell the insurance The business has been bank. $312, and the court granted the petition. petition to remove the Citizens National Bank guardian Alice Styche filed Wills, and the affiant torney that the Union Bank asked Trust Company be appointed and the

4. December 24, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 24, 1931

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Article Text

Lower Bank Tax Sought By Times Special KoKoMo, Ind., Dec. 24. - Carl F. Showalter, receiver for the South Kokomo bank, is preparing to ask the state tax board to reduce the levy on the bank fixed March 1. In Howard circuit court, he was given authority to employ a firm of accountants to make a survey of the bank to obtain data on which the tax reduction plea will be made.

5. April 21, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, April 21, 1932

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Article Text

National Bank. Receiver Showalter. $1,300 sought Judgment foreclosure sult brought by Carl Showalter, receiver for the South Kokomo Bank. against King Bertha Frank filed Jessup and King. and Strode, attorneys for the on lot in this The mortgage city. filed by the suits were Western and Southern Life against Russell Watance company kins and Juanita Watkins. one Watkins and his wife and of them the Alamo Building company and the plaintiff made that on lot in mortgage Kokomo be foreclosed and judg$1,700 given. The deed ment of lot to the name of this the Alamo Another Alamo Case. In complaint, which deforeclosure on another lot mands the and judgment of $1,300. in city also made the Alamo company defendant. the third suit party Watkins, Mrs. Watkins, Arthur Williams. Dorothy Williams, and Robert Graves are defendants. his This complaint says Williams and, his wife on lot executed mortgage payment note given secure the Public Savings Comof and that Watkins pany later deeded the to Willproperty

6. December 24, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, December 24, 1932

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Article Text

(Continued from Page One) shares, and Albert A. Charles, 79 shares. The amount sucd for on the Kokomo Trust Company shares is $22.500. This, coupled with the $2.500 sued for on the South Kokomo Bank shares. makes $25,000. It is apparent, therefore, that what is sought Is, in fact, collection of A 100 per cent assessment against the shures of stock of the South Bank. WRS State Institution The South Kokomo Bank was a state Institution. Being such. its recelver, Carl F. Showalter, is without authority to levy an assessmont against the shareholders. The recourse of the creditors, It is said. is to bring an action to collect against the shareholders. This is what has boon done. In the case of a national bank. the receiver. on 01der of the comptroller of the currency. is empowered to levy assessments against shareholders. Of the two plaintiffs in the suit under consideration, Miller represonts himself as a creditor of the South Kokomo Bank in the amount of $976.53, and Hoover represents himself as a creditor In the amount of $232.00. The plaintiffs are represented by the law firm of Marshall, Hillis and Coffel.

7. February 8, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 8, 1933

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Article Text

Receiver of South Kokomo Bank Files Statement With Court. Assets of the South Kokomo bank have from to in the from April the report of Carl the bank. circuit court Wednesday. WAS approved by the court. Reasons for shrinkage of set out by the er. who showed that he was obliged take over mortgaged property and either take title or foreclose which procedure required. payment taxes. court costs. etc., and which resultcd In decrease of assets and an Increase of liabilities. Through action. the receiver showed; creased his real estate holdings from to Mortgage Bouns Drop. By receiver's acquisition more real estate, the amount mortgage loans due bank dropped from the assets. The report showed that the operated during the of and that the operating expense during which amounted 636.82. further decreased the sources. While the court has not required

8. October 14, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, October 14, 1933

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REAL ESTATE TRANSFERS Furnished by the Anderson Abstract the Citizens National Bank Building Elizabeth Oilar Sims to Clyde Lindley, acres Honey Creek W. Louisa Ellen Davis and husband to Nellie Record and husband, acres in Center township. W. $1.00. Oma M. Harlan to Julia Terlot Hannah Christoffer to Grant Smith and wife. lots and addition to Alto, W. Solomon Petty to Harry Moulder, trustee, Argo $1.00. South Kokomo Bank by receiver Samuel E. Lindley, lot Gateway addition, receiver's deed, $200.00. John Lawrence Ryan to FlorPaugh. JohnOliver Shaw and wife Annabell Shaw, acres in Jackson township, $1.00. South Kokomo Bank receiver Clarence lot Gateway receiver's deed, Clemma Tarkington to James Tarkington lot John Moore's first addition. Marble Alexander Union National Savings and Loan Association Grove Oak addition, Clinton Baker and wife CeWells 80 Taylor W. William H. Peoples Home and Savings AssociaLorretto addition $1.00. Priest's Trousers Scored Buddists of Colombo, Ceylon, are aroused over the report that Rev. Dehigaspe trouswhile visiting recently with the tion of Buddism. Buddist to the Malwatte Chapter, and when priest home called count not Buddist robe. He explained that had worn because the cold climate. this been accepted, and committee of quiry has been appointed. $50,000 Left For Chess chess had greatly helphim beginning career. Col. Sir William Dupree, former Mayor England, has left be divided Portsmouth Brighton for chess among boys. He stipulated that annual chess tournament for youths should held each the first prize to be not less than $500.

9. June 8, 1934 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, June 8, 1934

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PRESIDENT TELLS OF SOCIAL INSURANCE IN MESSAGE TO CONGRESS Roosevelt Gives Pattern for Insurance Unemployment and Old Age by Use of Natural ResourcesCalls to for Further EmerThat Lid of BarHas Been Nailed Plea for Security of Individual, Family and mends Study of Plan for Submission to Next Congress. Washington, of pattern greatnew social order for all promising security through insurance against unemployment and and planned use of natural presented to congress today by President Roosevelt. Regarded by the White House of the as one most important documents transmitted to Capitol Hill by this the the whole message national economic picture and charted for the next congress the new reforms Mr. Roosevelt seeks. To observers the message was the through" to the San Francisco address made by the Chief Executive when he was the 1932 Democratic candidate. he erected the framework for undertakings already accomplished and for a return to true social values. Security for the individual, the family, the home, was the tenor of today's communication through which the President skillfully wove the pattern of his greater new deal. He suggested guarantees for the aged and jobless after legislation since 1933, calling attention to BANK necessity for additional emergency measures this session and finally, bluntly warning that the lid Report for Four the barrel" had Months' Period Approved been nailed down to stay. in Circuit Court. winter we may well the great task of balance of shown by furthering the Showalter, receiver the security of the citizen South Kokomo bank, in current and his family report on the condition the bank, through social in circuit court Friday. The the President said. report, for the four months from untried experiMay 31. was approved by ment. Lessons experience court. available from states. from indusresources of the bank tries and from many nations total the various and include checking of social insurance interand think difficult in the attempt to solve them plecemea). of and Looks for Cure. thrift deposits of $6,488.03. "Hence, looking sound Receipts during the four months means which can recommend to and provide were once security against by the receiver follows: of the great disturbing loans, $80; factors of those loans, $40.21; personal which relate and to unemployment and loans, interest old personal and collateral loans, believe there should be max$1; expense, imum between bonds and and the federal government. believe that the funds necessary The disbursements for the same provide this should be totalled raised by rather than 10 cent dividend (the an taxation. paid the bank) convinced that office social should national fees, $1,050; rent, tax, real scope, although several portion cash totalling the cost of leaving Jan, augmented by the federal government the since that date, the sponsibility investing, maintainbalance and reported after funds were subtracted. stituting the insurance necessary and Strode, attorneys Studies Problem. Mr. Roosevelt explained that he commenced to with the greatest the necessary acturand other studies necessary the formulation plans for consideration of the congress. three great objectives," pointed security the the security livelihood and the security insurance seems minimum the promise that offer to the American people." constitute right which belongs every every family willing to work. They are essential fulfillment of already taken toward relief, To industry that would necessarily to share cost of such step Mr. Roosevelt (Continued on Page Two)

10. July 14, 1934 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, July 14, 1934

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REAL ESTATE TRANSFERS Furnished by the Anderson Abstract Company In the Citizens Na. tional Bank Building. Clarence Lechner and wife to Bernard P. Maloney and wife, lot 26 in Haynes addition, W. D., $725.00. E. Matthews, trustee to State Life Insurance company. lot S In W. T. Chamber's second addition, W. D., $1.00. James B. King and wife to Lewis F. Farmer and wife, 15 acres in Clay township, W. D,, $1.00. Raymond G. Shockley and wife to Equitable Life Assurance Society, 42 acres in Liberty township, W. D., $1.00. Kate McCain, deceased, by administrator to Walter N. Dixon, lot ad3 in Hooper's sub-division, ministrator's deed, $2,000.00. George K. McCaini and wife to Walter N. Dixon, lot 3 in Hooper's sub-division, Q. C. D.. $1.00. George A. Jones and wife to Louise Andrews, trustee, lot 23 in Morris' sub-division, W. D., $1.00. Louise Andrews, trustee to George A. Jones and wife, lot 23 in Morris' sub-division, W. D., $1.00. South Side Lumber Coal company to Ethel V. Haworth, lot 48 in R. G. Smith's fourth addition, W. D., $1.00. Indiana M. Talbert to Union Bank & Trust company, 49.425 acres in Honey Creck township, W. D., $1.00. Paul E. Taylor to Richard Taylor and wife, lots 13, 14 and part lot 16 in Original Plat of Russiaville, W. D., $1.00. Walter J. Kemp, et al to City of Kokomo, part lot 204 in Parkview addition, W. D., $1.00. Fletcher Trust company to Albert C. Hainlen. 50 acres in Jackson township, W. D., $1.00. Fletcher Trust company to Lloyd L. Hainlen, 30 acres in Jackson township, W. D., $1.00. Fred L. Trees. trustee to William E. Bireley and wife, lot 308 in Bon Air Vista adition, Q. C. D., $1.00. George K. McCain and wife to Noble Bergman and wife, lot 51 in Boulevard Park addition, W. D., $1.00. Franklin D. Miller company to Lettie M. Bugher, lots 77, 78 and 79 in Miller-Highlands addition, Q. C. D., $1.00. William D. Johnson, et al to William E. Forrer, et al, lot 6 in Kirkpatrick and Scott's second addition, W. D., $350.00. South Kokomo bank receiver to Isaac N. Clingenpeel, lot 18 in Englewood park addition, receiver's deed, $1.00. Raymond Staggs, et al by sheriff to Harry O. Davis, trustee, lot 106 in Bloomfield's addition, sheriff's William F. Sarsfield, et al by Sheriff to Harry O. avis, trustee, lot 151 in Hall's Highland Park addition. sheriff's deed, $750.00. Beamer Quarterly Conference. Beamer M. E. church will hold its first quarterly conference Sunday evening at 7:30, Dr. C. E. Yeomans, presiding. Dr. Yeomans will preach and conduct the business session at he close of the evening worship hour. The public is cordially invited to this service and all official members are urged to be present.