5996. First National Bank of LaGrange (Lagrange, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Start Date
October 24, 1927
Location
Lagrange, Indiana (41.642, -85.417)

Metadata

Model
gpt-5-mini
Short Digest
74fecb54

Response Measures

Full suspension, Books examined

Description

OCR in some articles spells the town LAGRAGE or Grange; corrected to LaGrange, IN. Contemporary reports say reserves were depleted by a run (Oct. 24–25, 1927), directors closed the bank Oct. 24, 1927, and J. F. Utt was appointed temporary receiver; later articles describe the institution as defunct and federal indictment followed. While rumors are cited as the immediate trigger of the run, subsequent examination uncovered forged paper and alleged misapplication of funds, leading to receivership and permanent closure.

Events (4)
1. October 24, 1927 Receivership
Newspaper Excerpt
turning its affairs over to John F. Utt. Federal banking examiner, who subsequently was appointed temporary receiver.
Source
newspapers
2. October 24, 1927 Run
Cause
Rumor Or Misinformation
Cause Details
Newspapers attribute the immediate withdrawals to circulation of rumors causing depositors to withdraw accounts; reserves were depleted by the run.
Measures
Directors negotiated sale; attempted takeover talks with LaGrange County Trust Company; negotiations for sale to Samuel J. Jacobs; John P. Caton elected acting president.
Newspaper Excerpt
Its reserves depleted by run, the bank closed its doors yesterday.
Source
newspapers
3. October 24, 1927 Suspension
Cause
Government Action
Cause Details
After the run depleted reserves, directors closed the bank and a federal banking examiner (J. F. Utt) took charge as temporary receiver; bank affairs were investigated by federal examiners.
Newspaper Excerpt
The directors closing it October 24, and turning its affairs over to J. F. Utt, federal banking examiner, who was appointed temporary receiver.
Source
newspapers
4. January 1, 1928 Other
Newspaper Excerpt
Federal grand jury indicted former officers in connection with failure of the First National Bank of LaGrange; articles describe the bank as defunct and refer to forged paper discovered by examiners.
Source
newspapers

Newspaper Articles (9)
1. October 25, 1927 The Times Hammond, IN
Article from The Times, October 25, 1927

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CLOSED BANK REOPENING PREDICTED First National of Lagrange, Ind. Is Depleted by Panicky Run LAGRAGE Ind., Oct. 25 the First National Bank LaGrange within few predicted by officials of institution today Its reserves depleted the bank closed doors Negotiations also have been opened of the bank SamJacobs, New York city finanowner of the Noble County Bank. Jacobs expected to reach his former today tomorrow. His reorganizing the LaGrange arose, from his wish another bank in boyhood Clyde Walb, Republican chairman vicepresident the few weeks denied "excessive loans" He said his borrowings from the bank would John elected to take his place acting president result of resignation of president. The had in had established for Its to frozen assets, the closing blamed on rumors throughout the causing depositors withdraw counts. Failure County Trust Company take over the bank preceded decision the directors to close the doors.

2. October 25, 1927 Evansville Press Evansville, IN
Article from Evansville Press, October 25, 1927

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TUESDAY, OCTOBER 25, 1927. LA GRANGE BANK TO REOPEN SOON Walb, Republican State Chairman, Denies Charges United Press opening of the First National bank of LaGrange within the next few days was predicted by officials of the institution today. Its reserves depleted by "run," the bank closed its doors yester- Negotiations also have been opened for sale of the bank to Samuel Jacobs, New York City financier owner the Noble County bank. Jacobs was expected to reach Kendallville, his former home, today or tomorrow. His interest reorganizing the LaGrange institution arose, in part, from his wish to own another bank in boyhood scene. Clyde A. Walb. Republican state chairman who resigned as vice president of the bank few weeks ago, denied that "excessive loans" had been made to him. He said his borrowings from the bank would not exceed $10,000

3. October 25, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 25, 1927

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REMUS FUNDS IN BANK; FIND FURTHER CHECK IS OREDRED GRANGE REOPEN Walb Denies Loan Rumors: Sale Talk Rife. LA Oct. of the First National Bank of Grange within days was predicted by officials the institution today. Its reserves depleted the bank closed its doors yesterday Negotiations 'also have been opened for sale of the bank to SamJacobs, New York financier, owner the Noble County Bank. Jacobs was expected dallville, his former home, today Clyde Walb, Republican State chairman who resigned as vice president, few weeks ago, denied that "excessive loans' had been made to him. He said his borrowings from the bank would not $10,000. John Caton was elected to take his place and became acting president as result of resignation of Valentine Weaver The bank had $600,000 in deposits and had been established for sixty years. Truck Driver Will Tell of Removing Furniture at Wife's Order. CHICAGO, Oct. leged to belong to George Remus, millionaire bootlegger, and appropriated by his wife, Mrs. Imogene Remus, have been recovered in Chicago, Harry Pritzker, attorney Remus, told the United Press today. total has been found, Fritzker said. He declined say where. Remus, who shot his wife to death Cincinnati recently, charged took much his wealth and deposited it secretly in banks in various cities. Check Up Four Banks of four Chicago banks asked by Pritzker to check deposits or safety deposits made in names of Augusta Campbell, Holmes and Gray, and Brown, all of which, he said, aliases used by Mrs. Remus. The banks First Trust and Savings, Foreman's Trust and Savings, Phillips State, Rogers Park National. Depositions will be taken Thursday, Pritzker said, from Oscar Melvin, Gary, Ind., truck driver; Charles McDonald, former Chicago Superior Court judge; William police chief Evanston; Bertha Sieman Joseph Chrone. Took Furniture to Indiana He refused to reveal the testimony expected from any but Melvin. Melvin, Pritzker said, was the truck driver who transported furniture on Mrs. Remus' orders from the home of Romola Remus, daughter Remus his first wife, an unnamed destination in Indi- Pritzker said Melvin would testify that Mrs. Remus accompanied his furniture truck, some trips riding in the truck, and in others lowing and that she carried handbag in which revolver and large roll bills. Miss Remus told the United Press today would father's when he tried on charge of murdering his wife.

4. October 26, 1927 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, October 26, 1927

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LAGRANGE BANK MAY REOPEN Walb Denies He Received "Excessive Loans." LAGRANGE, Ind., Oct. 26.-Reopening of the First National Bank of LaGrange within a few days was predicted by officials of the institution today. Its reserves depleted by a "run," the bank closed its doors yesterday. Negotiations also have been opened for sale of the bank to Samuel J. Jacobs, New York City financier, owner of the Noble County Bank. Jacobs was expected to reach Kendallville, his former home, today or tomorrow. His interest in reorganizing the LaGrange institution arose, in part, from his wish to own another bank in a boyhood scene. Clyde A. Walb, Republican state chairman, who resigned as a vicepresident of the bank a few weeks ago, denied that "excessive loans" had been made to him. He said his borrowings from the bank would not exceed $10,000. John P. Caton was elected to take his place and become acting president as result of resignation of Valentine Weaver as president. The bank had $600,000 in deposits and had been established for 60 years. Its condition was attributed to frozen assets, but the closing itself was blamed on circulation of rumors throughout the country, causing depositors to withdraw accounts, Failure of negotiations to have the LaGrange County Trust Company take over the bank preceded the decision of the directors to close the doors.

5. January 1, 1928 Evening Star Washington, DC
Article from Evening Star, January 1, 1928

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INDIANA POLITICIAN INDICTED IN FRAUD Clyde A. Walb, G. 0. P. Chairman, Named With V. D. Weaver in Old Bank Case. By the Associated Press. INDIANAPOLIS. December 31.Reaching back to New Year day six years ago to lay the foundation of its indictment, the Federal grand jury to. day lodged charges of conspiracy to violate the national banking laws against Clyde A. Walb, chairman of the Republican State committee, and Valentine D. Weaver, former president of the defunct First National Bank of LaGrange. The 40-page indictment contained 12 counts and enumerated scores of alleged overt acts. The first nine counts charged that Weaver. as principal. and Walb, as one who "aided and abetted" Weaver, fraudulently misapplied funds of the bank and falsely entered forged credits for the benefit of Walb personally and of the Walb Construction Co., of which he is president. The other three counts, blanket in nature, charged the defendants jointly with conspiracy to do acts contrary to the national banking laws. Serve Warrants This Week. The case was brought in the Fort Wayne division of the District Court of Indiana, in which LaGrange is located. Warrants will be sent to Fort Wayne, where the deputy marshal will serve them on Walb and Weaver probably early next week. Bond will be set and an arraignment day fixed by Judge Thomas W. Slick of South Bend, to whose jurisdiction the case automatically now is transferred. The first date in the charges is January 1, 1922, when Walb and Weaver are charged with starting the alleged* conspiracy, which the indictment undertook to trace from that date until June 25, 1927. the date of commission of the last overt act. Weaver was president and Walb vice president throughout the period. They continued to hold those positions until August 9. 1927, when they resigned and John P. Caton became vice president and acting president. Run Closes Bank. A run on the bank two months later terminated in the directors closing it October 24, and turning its affairs over to John F. Utt. Federal banking examiner, who subsequently was appointed temporary receiver. Utt's report to the Controller of Currency in Washington, It is understood, was referred to the Department of Justice. The Department sent Glenn A. Paulson, Federal accountant, to go over the bank's books. Paulson has been one of the principal witnesses be. fore the grand jury in Its four days of taking evidence. The nine counts against Weaver each set forth a specific fraudulent act which he IN alleged to have committed. trace Its course through the books of the bank, state the Federal law violated by the action, and name Walb as a person who aided and abetted Weaver. The other three counts charge conspiracy. Each of the first nine counts carries with it on conviction, a fine up to $5,000 and Imprisonment of not more than five years. Each of the last three counts carries with it, on conviction of conspiracy, a fine up to $10,000 and imprisonment of not more than two years. According to the district attorney's office, the penalties apply with equal force on both defendants in case of conviction.

6. January 1, 1928 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 1, 1928

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MORE CHARGES FOR INDIANA OFFICERS Grand Jury Goes Back 6 Years For Foundation For Conspiracy Indictments IND., Dec. back New Year's Day years ago the its Grand Jury today lodges conspiracy violate the banking laws Clyde chairman the Republican State Committee Valentine Weavformer the defunct First National Bank of LaGrange The indictment of alleged The first nine charged that principal and Walb, 'aided abetted" Weaver, fraudulently misapplied funds the bank and entered forged credits for Walb and the Company which The other counts, charged the defendants with conspiracy to acts contrary the national banking The was brought the Fort case Indiana LaGrange located Warrants will sent Wayne, where the marshal on Walb and early Bond will and an day Slick the case The first date the charges when Weaver are charged starting the alleged conspiracy the date June 1927, the date of the last Weaver was president and Walb was president throughout the to hold positions until when they resigned and vice dnet and acting president. run on the bank months later closing 24 and turning its affairs over John Federal banking examiner, was appointed temporary receiver tigated its affairs and turned report the currency Washington, which understood, was ferred to the The sent out Glenn Paulover the Paulson has been the the Grand Jury in four-day taking of evidence the The nine counts against Weaver each set forth which trace through the state the Federal law violated by the action and name who aided and abetted Weaver. other charge of the carries fine not than five the penitentiary Each the last carries upon conspiracy, fine $10,000 and of not than officials office, the penalties with equal force both deof conviction INQUIRY ENDS. months inquiry political Indiana ended today discharge of Marion County Jail Grand Jury after had added another name list indicted which ready included Ed Jackson and public officials recommending that no further general investigation into charges political intrigue, the Jury that the inquiry be continued into the report that Ralph Updike, the Indiana Distract the Ku Klux Klan and life term in the Michigan City state prison The investigation should be only the that the Grand next Monday, finds been an conthe fact had the report alleged contract Steph enson and Updike, the Grand Jury said further gation the may find the fact was committed and they that the prosecutor proceed with such investigation.

7. January 1, 1928 The Evansville Journal Evansville, IN
Article from The Evansville Journal, January 1, 1928

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U.S. GRAND JURY CHARGES WALB BANK CONSPIRACY Former President of Defunct Lagrange Institution Also Facing Indictment DEFALCATION OF $76,000 Funds Fraudulently Entered to Credit of Walb Construction Company, Claim [Picture Page Three] Reaching back New Year's day six years ago to lay the foundation of its indictment. the federal grand jury today lodged charges of conspiracy to violate the national banking laws against Clyde A. Walb, chairman of the republican state committee, and Valentine D. Weaver, former president of the defunct First National Bank of LaGrange. The forty-page indictment contained twelve and scores of alleged overt acts the fendants first nine counts charged that Weaver. principal, and Walb. one who "aided and abetted" Weaver, fraudulently misapplied funds of the bank and falseentered forged credits for the benefit Walb personally and of the Walb Construction company, which he is president. The other three blanket in nature, charged the defendants jointly with conspiracy to do acts contrary to the banking laws of the United States FOREMAN OF HAUBSTADT After morning spent by Albert Ward. district attorney and his sistants checking and the the twenty-one grand jurors heard the charges read, voted the indictment. left their chamber trudged in groups behind foreman, Theodore Stunkle Haubstadt, the library Judge Robert Baltzell Stunkle his six feet and seven inches his handed the indictment to the judge without comment. "This completes your work?" the court asked Stunkle replied gravely The excused the subto and them for services. indictment was made public by The was brought in the Ft. Wayne division the district courts of Indiana, in which LaGrange located. Warrants sent to where the deputy marshal will them Walb and Weaver early next week Bond be set and day fixed by Judge Thomas W. Slick of South Bend. the automatically transferred. RESIGNED IN AUGUST The first date the charges January when Walb and Weaver are charged with starting the alleged conspiracy which the indictment undertook from that until June the date of commission of the last overt Weaver was president and Walb vice president throughout the period. They continued to hold those posttions until August 1927. when they resigned and Caton became vice and acting run on the bank two later terminated in the directors closing it October and turning affairs over John Utt. federal banking who was appointed temporary receiver. Utt vestigated its affairs and turned in to the comptroller of rency understood, was referred the department of justice. The latter agency sent out Glenn Paulson, federal over the bank's books. Paulson been one of the principal witnesses before the grand jury its taking of evidence WITNESSES CALLED Paulson brought accumulation ledgers, cash papers, notes affidavits from LaGrange for the During the inquiry, nearly forty wit. nesses were called. ployes of the Walb Construction directors depositors of the bank and county names had been affixed to forged notes. Each of the counts against Weaver set forth specific fraudulent act which he alleged have comits through the books the states the law by the names Walb who aided (Continued on Page Three)

8. January 5, 1928 Garrett Clipper Garrett, IN
Article from Garrett Clipper, January 5, 1928

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WALB INDICTED IN FAILURE OF LAGRANGE BANK Indianapolis, Dec. 31.-Clyde A. Walb, of LaGrange, republican state chairman for the last three and onehalf years, and Valentine Weaver, also of LaGrange, were indicted by the federal grand jury today in connection with failure of the First National bank of LaGrange. Walb was formerly vice president of the bank and resigned after the Walb Construction company of which he was president became involved Weaver was president of the bank. Walb's home at LaGrange was reached by telephone shortly after the indictment was reported. Mrs. Walb said he had just left the house. Walb and Weaver will be arraigned before Judge Robert C. Baltzell, in U. S. district court January 7. it was announced. Neither was under arrest. Ten separate charges were made against Weaver alone and three jointly against Weaver and Walb. Those against Weaver charge false entry, abstraction and misapplication of funds. The joint counts accuse them as officers of the bank of abstracting a $4,000 note signed by Samuel Wier and giving it to Wier without paying it off to the bank. They also are charged with conspiring to misapply and abstract funds for the use and benefit of themselves through the Walb Construction company and with making false entries to deceive National bank examiners. The bank was closed Oct. 24. 1927. by J. F. Utt. federal bank examiner. serving as temporary receiver, after department of justice agents called by him had discovered $76,000 in forged paper. Utt took charge after run on the bank. Weaver resigned as president last June after a director had learned some of the bank's paper was not genuine. Weaver was said to have told directors some of the money obtained with this paper was used to cover overdrafts of the Walb Construction company Walb denied his company's difficulties had been tided over by forgery of the names of others. but ma de good the amount at once. The bank is expected to be able to repay depositors almost in full through Silas D. Weaver, brother of the former president. who turned over his personal fortune of $25,000 to minimize the loss. Weaver served as pr sident/ for four years. He worked from 6 a. m. until late in the night during the time and refused to take a vacation. No one else handled the note ledger in the bank. His hard work and benevolent and philanthropic efforts made him highly popular in the community. He was superintendent of a Sunday school. Walb has been republican state chairman during a stormy time for the party. Faced with financial ceveres, he announced recently the would resign his position in the party soon. Failure of the bank was followed by collapse of the LaGrange Hardware Co. LaGrange Fixture Sales Co. and smaller merchants.

9. November 23, 1928 Angola Herald Angola, IN
Article from Angola Herald, November 23, 1928

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Pleasant Lake Scott Center met defeat here day night Pleasant Lake basket ball team. score, 12 to 60. Mrs. Byrl Bennett and daughter. Moberly. spent week with and Edgar Bennett Married. Sunilay, November 11. Rer. Edward Madaline Nicholls, of St. Joe Indiana, and Beecher Lemmon. They at home their friends at the late Sarah Jackson home east of town and Mrs. spent Sunde with Ethel Sunday in Fort Wayne Homer Weaver, of Fort Wayne, (ended the meeting for men the tabernacle session our Sunday schools held at the tabermorning at Mrs. Freeman Smith visiting at argis Mich. this week Aid speiety of Mount church have Thanksdinner nd home Peter Crowl on Only 25 cents for good the Young Peoples' day when Mr speak the Life. will be furnished by the crchestra under direction and Mrs. Sunday days with Mr. and Mrs Sunday at Lansing Mich. and Mrs. Harry and Mrs. Estle Landis, Mr. Howard Johnson were the and Luther lows at Union City, Mich., Sunday Shaffer speat the past few Indianapolis Miss of Winona spent the with her The Sunday orches. the the tab the church Sunday afterand the was greatly by the large Mira Barnes, of Milan Mich., and other here Mrs. Emerett Huffman colored quartet expected sing at tabernacle some night week. also men's chorus from Frank Wilcos is confined the home the result of being kicked by Meetings at the tabernacle were attended large crowds Sunday and the interest The begin at o'clock each ning. and Mrs. Waldo Hulwick of spent Sunday with Mr. and Rev Bright has wrecked the parsonage barn and is building double garage Anstett and Reba Swinehart were dinner of Mr and Mrs. Ralph Newman. near Orland Sun- The senior class play. His FathNiece' will be given early in December Annual election of officers will be held Gleaner hall Tuesday November The infant child of Mr. and Mrs Gafl Anstett died Tuesday brief service held at home Wednesday afternoon. Rev Bright Interment Pleasant Lake cemetery CLEAR LAKE Mr. and Mrs. Herbert Hull entertanied of friends, Sunday. Mr. and Mrs. George were recent callers at the home of the lat ter's sister husband, Mr. and Mrs. D. Hutchins, of Montgomery. Mrs. Clyde Logan thank the neighbors for their kindly assistance extinguishing the flames when her home caught fire Thursday evening. Logan is in poor health and confined to her bed. The fire considerable damage to the upper story of the house, Mr. and Mrs. Clifton Mr. and Chapin. of Fremont, and Wilson Duguid were Sunday afternoon callers of Mr. and Mrs. Clayton McNaughton and fam- Wendal Lawmaster was a Sunday guest in the home of Charles Waltz and Rollo Thompson. wife and two children, of Coldwater. Mich., spent Sunday with his father, Alex Mr W Duguid have moved in their farm home which has been improved this summer They as Sunday guests Mrs. Duguid's Mr. and Mrs. John Gundrum. of Freand Mrs. George Gary made business trip to Angola, Monday. Rev. Roy Brown called on Mr. and Mrs. Kint and Mr. and Mrs. Carl Kint. Thursday. pleasant day was spent at the ladies' the Baptist church Thursday of last week. The teachand fifteen pupils from the Sand school were present the noon hour Mrs. Carrie Tompkins conducted fine in the ternoon. Four dollars were added to the treasury Mrs. Charles Day spent day recently with Mrs. Charles Gunn. Miss Pauline Court returned home Monday from Battle Creek, where she has been workJames Adams was in Fort Wayne Saturday to his brother Ralph, is hospital there. Curtis Court and family and JonEglekrant spent Sunday their sister. Arthur Williamand family of John Reese wife had as dinguests Sunday their Burton and family of Camden, and Mrs. Stoner, and Mrs. Glenn Miller, of Hillsdale. Miss Joe Wicoff of spent the with her brothand Al Rowe, South Camden, spent Saturday and Sunday at Mrs Camp- Albert Steel is recovering nicely from operation he at his home last Thursday morning. Bates, of of and nurse Shoup, of Camden. Miss Clela O'Conner is gaining slowly Ray Hall and Howard Fiser Hicksvlle visitors Monday Robert Eatinger is gaining. EAST METZ Ernest Wisner and family under Fred Willibey and family and resident ville Willibey were Sunday guests of Paul Willibey's of Angola resident The Bible class took their dinners Said and spent the day with Mrs. Anna which their bid. and Mr. and Mrs. Will Enfield and son submit such affidavit failure Kenneth were Sunday guests of Mr. rejected the and James Wisner bids Lester Lechleidner and work Wavel Stackhouse and Miss Henri- agreed after board etta Sunday guests of missioners bidder Eugene Brooks and family Miss Jessie Folek was Saturday night guest of Miss Aliene Willibey 11ah Wisner, of Fort Wayne. spent Saturday night and Sunday with the home folks OF Miss Geraldine Wisner spent REAL few days last week in the home of County SeptemMr. and Mrs. James Colon, of Lockport. Ohio. Nelson Mr. and Mrs. Clarence Richardson of near Angola. spent their Mrs. Hugh Campbell Edith Kelley Auburn and family Indiana Church Notes Preaching services will be at Notice of Sale of next Sunday morning Sunday Real school will be after preaching under Junior and Senior Endeavor in the evening at 7:00 o'clock order Prayer each Wednesday evening Rev. H. B. Peter is holding revival meeting at the Hamilton Class will have class meeting with Mr. and Mrs James said Wisner Tuesday night. November Each member of the class requested to be present CALIFORNIA, MICH. Indiana the to nesday evening at home of Mr. and Urias Boyd fine time than had and good attendance for stormy night. Mr. and Mrs. Taylor. of Ba- least and and Mrs. Jay Salisand busy of Coldwater. were guests day of Mr. Mrs. Cleveland and for dinner Saturday Mrs. Genevera McNadghton was their guest. relief from Mr. and Mrs. Jake Knapp and Orlo attended birthday dinner on Sunday at home of her cash day John Taylor Other guests sister Mr and Sam Knight of West Fremont. and sister, Mr and Mrs. Dan Foulk and son Floyd. and Mr. and Mrs. Clayton Bowersox, of Jonesville in honor of Mrs. Taylor's birthday Mr. and Mrs Herle Frye and son. of Union City, spent Sunday with and The funer] Adam Cass was held at the church here. recently. He used to live here for several year past lived with his wife and Three Rivers Mr and Mrs. Tony Parka entertained company from Blissfield, Sunday. The delegates who attended the Sunday school convention Bronson Wednesday, report fine time. Don't forget the ladies' aid clety meets with Mr and Mrs. ward Stalliman this week Thursday Robert Wise is on the sick list. EAST GILEAD The rumor that Howard man was was verified the other night he with an old to which he responded generous His many friends extenddone ing Laura Heitz and son Homer from Auburn. Perry Heitz, wife and daughter Amber, from Garrett. spent Sunday with and family and attended church here, John Zull having next Tuesday he rented his farm Ross The Ladies Aid will serve lunch. Roy Garman is home with his good present Mrs. Libbie Davis returned home Sunday from two weeks' visit est with relatives in Battle Creek Rally Day will be held at Evangelical church next Sun day all day Sunday school and church in forenoon 10 and Potluck dinner at noon. Rally Day program invited especially those who have formerly attended Sunday school here. John Zull and wife and Ross and spent Sunday with Ed. Zull and Quincy Jay and of Cold water and Will Hughes and from Bethel, Sunday guests of George Steffey and family. Another dividend was paid by the Comptroller of currency creditors of the First National Bank of LaGrange. last week making total of sixty cent. paid to date. with more follow Sometimes experience teaches peothings they would rather not know