First National Bank of LaGrange

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Start Date: *
Location: Lagrange, Indiana (41.642, -85.417)

Metadata

Model: gpt-5-mini
Short Digest: d77b6293

Response Measures

Full suspension, Books examined

Other: Indictment for fraud of bank officers described; federal accountant/examiner involved and bank described as defunct.

Description

Article (Evening Star, 1928-01-01) describes fraud at the bank (indictments for misapplication of funds) and states 'Run Closes Bank.' The sequence is a run triggered by bank-specific adverse information (embezzlement/fraud), leading to closure and federal involvement in settling affairs. No evidence in the article of a subsequent reopening.

Events (3)

1. * Receivership

Newspaper Excerpt: affairs Federal was pointed ... The sent Glenn Federal accountant, the books. Paulson has the grand jury ... took actions against Weaver ... Run Closes Bank.
Source: newspapers

2. * Run

Cause: Bank Specific Adverse Info
Cause Details: Indictments for conspiracy, misapplication of funds and forging by officers (fraud at the bank) prompted depositor withdrawals
Measures: None mentioned in article
Newspaper Excerpt: Run Closes Bank.
Source: newspapers

3. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed after the run and federal officials/accountant were assigned to examine/settle the bank's affairs following allegations of fraud and indictment of officers
Newspaper Excerpt: Run the bank closing and affairs Federal was pointed Utt's the of Currency to of Justice. The sent Glenn Federal accountant, the books.
Source: newspapers

Newspaper Articles (1)

1. January 1, 1928 Evening star Washington, DC

Article from Evening star, January 1, 1928

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Article Text

INDIANA INDICTED FRAUD Clyde A. Walb, G. Chairman, Named With V. D. Weaver in Old Bank Case. By the Associated Press. December Reaching back Year day six the of indictment, the Federal grand jury tolodged charges conspiracy violate banking against Clyde chairman Republican State president of defunct First National Bank of LaGrange. The indictment 12 scores of alleged acts The nine counts that principal fraudulently mis applied funds of the and falsely forged for the benefit of Walb personally of the Walb he pres The counts, nature. charged the defendants jointly to the national Serve Warrants This Week. brought the Fort The case the District Court in LaGrange will Fort marshal Weaver probably week. Bond fixed be Judge South the the charges January Walb and Weaver are with starting alleged which the indict undertook trace from date the and Walb president the period August they John vice and acting president. Run Closes Bank. run the bank closing and affairs Federal was pointed Utt's the of Currency to of Justice. The sent Glenn Federal accountant, the books. Paulson has the grand jury in four days of taking against Weaver act he through the bank. the Federal and name aided abetted Weaver. three of first counts fine and not than the last conspiracy, fine up and not more years. According the office, the penalties apply equal case of