6025. Liberty Center State Bank (Liberty Center, IN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 13, 1929
Location
Liberty Center, Indiana (40.699, -85.281)

Metadata

Model
gpt-5-mini
Short Digest
65d31569

Response Measures

None

Description

Multiple contemporaneous articles (Feb 14, 1929) report the Liberty Center State Bank suspended operations as part of a cluster of Wells County bank closures and runs. The reports describe the suspension as a precautionary measure tied to nervousness following other local bank failures (Studebaker failure earlier, runs on nearby banks). There is no explicit article here saying Liberty Center entered receivership or permanently closed, and the coverage frames the suspension as precautionary with hope of reorganization for some banks; thus I classify as a suspension with likely reopening rather than an outright failure, but ultimate outcome for this specific bank is not documented in the provided clippings.

Events (1)
1. February 13, 1929 Suspension
Cause
Local Banks
Cause Details
Suspended as a precaution amid nervousness and contagion from multiple Wells County bank failures and runs (including runs on nearby institutions and prior Studebaker bank failure).
Newspaper Excerpt
The Bank of Petroleum and the Liberty Center State Bank also suspended operations.
Source
newspapers

Newspaper Articles (10)
1. February 14, 1929 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 14, 1929

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Article Text

RECEIVERS FOR BANKS Petitions Filed Following Closing of Four Wells County Institutions. BLUFFTON, Ind., Feb. Receivers sought for the Wells County State Bank Bluffton and the State Bank of Uniondale in petition here today. was filed by Luther The petition Symons, state bank following the closing of four Wells county banks today. petition filed in Circuit court by Mr. Symons. Two Suspend Operations. The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions out that examinations by the banking department showed Wells County State bank and the State Bank Uniondale are failing and insolvent condiJudge W. Hamilton set Feb. 21 the date for hearings on the petitions. The Wells County State bank did not open and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. Deposits Are $1,250,000. The Wells County bank was capitalized at $100,000 and showed deposits of $1,250,000. E. B. Williamson is president: R. S. Morrow, first vice president: Frank second president, and Fitzpatrick, cashier. bank was closed by Thomas Barr, examiner. The the Uniondale bank and deposits were $200,000. H. W. Lipkey president and Brickley cashier. The Union Savings Trust the only bank in Bluffpany The Studebaker failed 1927. with deposits of $1,500,000. Receivers yet made no payments on deposits. NERVOUSNESS BLAMED. Symons Says Wells County Bank Closing Result of Other's Failure. Seven representatives the state bank department were dispatched to Wells county yesterday by Luther Symons, state bank after four banks had closed their doors. Thomas bank was charge investigations being made by the deMr. Symons said the bank failures resulted from nervousness failure the Studebaker State two ago when Ralph StudeTodd, cashier, committed suicide. Taken as Precaution. Closing the Liberty Center State bank and the State bank of Uniondale measMr. Symons Condition of these banks is definitely known Closing the Bank of Petroleum followed run the institution Tuesday, Mr. Symons said. Mr. Symons said impossible to tell whether the Wells County bank depositors will lose as result the failure. bank was in 1888. The State bank guide shows it to have surplus $60,000. The Uniondale bank, organized in 1908, shows surplus of $7,000. The Liberty Center bank was organized and surplus. Funk president. Situation Not Reflected. Templin is president of the Bank of Petroleum, which was organized 1908 and capitalized $13,500. has surplus $7,500, the bank guide. Mr. asserted that the county lated one and not reflect the banking situation throughout state. Other members of the banking department at work the Wells county are William Dexheimer, loan and credit Palmer Yce Good, Miss Genevieve Brown and Mrs. Griff Taylor. stenographers. Mr. Symons said that the three smaller banks had tions the Wells County bank at He added that hopeful that the Wells County bank might reorganized. Powerful financial interests have been interested for some time in the Wells county situation and aid may be extended. he said.

2. February 14, 1929 Leader-Tribune Marion, IN
Article from Leader-Tribune, February 14, 1929

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Have Asked for Receiver lowing the closing of four wells county banks today Luther F. Sy mons, state bank commissioner, ap peared in circuit court here this afternoon with two petitions asking that receivers be appointed for the Wells County State Bank, of Bluff ton, and the State Bank of Union dale, two of the institutions that closed The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions set out that exby the banking depart ment showed the Wells County State Bank and the State Bank of Uniondale are "in failing and insolvent Judge A. W. Hamilton set Feb 21 as the dathe for hearing on the petitions. The Wells County State Bank did not open for business today, and shortly after non the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County Bank was capitalized at $100,000 and showed deposits of $1,250,000 E. B. Williamson is president R. S. Morrow, first vice-president: Frank Waugh, second vice president, and R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, examiner The capitalization of the Uniondale Bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings and Trust Company now is the only bank in failed in 1927. deposits of $1,500,000. Receivers as yet have made no payments on deposits.

3. February 14, 1929 The Republic Columbus, IN
Article from The Republic, February 14, 1929

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FIFTH BANK TO FAIL IN WELLS COUNTY Bluffton Institution, Also One Near Blackford Border, Closed Today. HEAVY RUNS ARE CAUSE OF UNION TRUST CO. HOPE TO REOPEN AFTER THEY Ind., Feb. Union Savings Trust the closed its doors this after $50,000 yesterday. The Deposit Bank on the county line, also closed this morning, said to an $18,000 yesterday. Four banks in county closed yesterday. Fred Tangeman, president the Union Savings Trust Co., Thomas Barr. examiner, the closing was due the bank and that institution solvent. Officers directors said they expected take advantage of the permitted by law to reorganize, hoped re-open. Union ings Trust had deposits of $800,000. Yesterday the Wells County State bank, with deposits of 000, closed. few hours later, the state bank Uniondale closed. Petitions were filed in the circuit court asking receivers for both banks, alleging they were "failing and condition." The of Petroleum and the Liberty Center state bank closed yesterday. The three smaller banks cleared through the Wells county bank. The Farmers Deposit Bank Montpelier had deposits of approximately $500,000. The state banks at Poneto and Craigville and Farmers State bank at Ossian, other the open. The Zanesville State Bank the Harkle State Bank, line,

4. February 14, 1929 Evening Star Washington, DC
Article from Evening Star, February 14, 1929

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$50,000 RUN CAUSES BANK TO CLOSE DOORS Bluffton, Ind., Officers Hope to Effect Reorganization Within Sixty Days. By the Associated Press. BLUFFTON, Ind., February 14.-The Union Savings & Trust Co., the only remaining bank in Bluffton, closed its doors this morning after a $50,000 run yesterday. The Farmers' Deposit Bank of Montpelier, on the Wells-Blackford County line, with deposits of $500,000, also closed this morning, due, it was said, to an $18,000 run yesterday. Four banks in Wells County closed yesterday. Fred J. Tangeman, president of the Union Savings & Trust Co., and Thomas Barr, State bank examiner, said the bank was solvent. Officers said they expected to take advantage of the 60 days permitted by law to effect a reorganization and then hoped to reopen. The bank had deposits of approximately $800,000. Yesterday the Wells County Bank, with deposits of $1,250,000, was closed. A few hours later the State Bank of Uniondale closed. Petitions were filed in Circuit Court here asking for receivers for both institutions, alleging they were "in a failing and insolvent condition." The Bank of Petroleum and the Liberty Center State Bank also closed yesterday. The three smaller banks cleared through the Wells County bank.

5. February 14, 1929 The Richmond Item Richmond, IN
Article from The Richmond Item, February 14, 1929

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dale, two of the institutions that closed. The bank of Petroleum and the Liberty Center State bank also suspended operations. The set that examinations by the department showed the County State bank and the State bank Uniondale are "in a failing and insolvent condition.' Judge A. W. Hamilton set February 21 the date for hearings on the petitions. The Wells County bank was capnot open for today, shortly afternoon the three banks, which through the Bluffton institution, also closed their doors. The Wells county bank was cap- italized at $100,000 and showed deposits of $1,250,000. B. Williamsson is president; R. Morrow, first vice president; Frank Waugh, second vice R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, The capitalization the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings Trust company now is the only bank in Bluffton. Studebaker bank failed 1927, with deposits of $1,500,000 as yet have made no payments on deposits. Snakes, contrary to common be lief cannot sting-but some can bite.

6. February 14, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, February 14, 1929

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RECEIVERS ASK FOR WELLS COUNTY BANKS Bluffton Ind., Feb. 13.-Receivers were sought for the Wells County State Bank of Bluffton and the State Bank of Uniondale in a petition here today. The petition was filed by Luther F. Symons, state bank commissioner, following the closing of four Wells county banks today. The petition was filed in Circuit court by Mr. Symons The Bank of Petroleum and the Liberty Center State Bank also sus pended operations. The petitions set out that examinations by the banking department showed the Wells County State bank and the State Bank of Uniondale are

7. February 14, 1929 The Monticello Journal Monticello, IN
Article from The Monticello Journal, February 14, 1929

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FOUR INDIANA BANKS ARE CLOSED Wells County is Hard Hit-Asks That Receivers Be Appointed. BLUFFTON, February 14-Following the closing of four Wells county banks yesterday Luther F. Symons, state bank commissioner, appeared in circuit court here yesterday afternoon with two petitions asking that receivers be appointed inations by the banking department sh wed the Wells County State bank and the State bank of Uniondale, are "in a failing and insolThe petitions set out that examfor the Wells County State Bank, of Bluffton, and the State Bank, of Uniondale, two of the institutions that closed. The Bank of Petroleum and the Liberty Center State bank also suspended operations. Judge A. W. Hamilton set February 21 as the date for hearings on the petitions. The Wells County State bank did not open for business today and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County bank was capitalized at $100.000 and showed deposits of $1,250,000. E. B. Williamson is president: R. S. Morrow, first vice president: Frank C. Waugh. second vice president, and R. N. Fitzpatrick, cashier. The bank was closed by Thomas Barr. examiner. The capitalization of the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley, cashier. The Union Savings & Trust com- pany now is the only bank in Bluffton. The Studebaker bank failed in 1927, with deposits of $1,500,000. Receivers as yet have made no payments on deposits.

8. February 14, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, February 14, 1929

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State Official Asks Court To Appoint Two Receivers. BLUFFTON, Feb. 13. Following the closing of four county banks today Luther mons, state bank peared circuit court here this afternoon two petitions asking receivers appointed for the County state bank, Bluff the Bank Uniontwo of the institutions that clos The bank Petroleum and the Liberty Center State bank also sus pended operations. The petitions out that examinations by the banking showed the county state bank and the state bank Uniondale failing and insolvent Judge Hamilton February the date for hearings the petitions. Closing is The Wells county state bank did open for business today, and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells county bank was talized $100,000 and showed posits $1,250,000. president: Morrow, first Frank ond and patrick, cashier. The bank closed Thomas Barr, examiner The the Uniondale bank $25,000 and deposits $200,000. H. president and W. Brickley cash- The Union Savings and Trust Company the only bank BluffThe Studebaker failed In deposits of $1,500,000. Receivers made no payments deposits.

9. February 15, 1929 The Richmond Item Richmond, IN
Article from The Richmond Item, February 15, 1929

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SIX BANKS CLOSED IN WELLS COUNTY (By The Associated Press BLUFFTO Ind., Feb. 14.-The closing of the Union Savings and Trust of Bluffton and the failure of the Farmers' Deposit bank of Montpelier to open this morning, made total of six banks closed in Wells county within two days. A mass meeting of citizens has been called to enlist aid in opening a bank here carry on business. $50,000 run on the Union Savings and Trust company was said to be responsible for the closing of that institution, and an $18,000 run on the Montpelier bank prevented its opening today. Fred Tangeman, president of the Union bank, declared that the bank was entirely solvent and that directors hoped to reopen the institution in due time without loss to depositors or stockholders, The bank had deposits of approximately The Farmers Deposit bank had deposits of approximately $500,000. Guy Bracken is president. The Wells county bank. with deposits of $1 closed yesterday morning and a few hours later the state bank of Uniondale closed. Petitions for filed in the circuit court here late yesterday for both banks The bank of Petroleum and the Liberty Center state bank also closed yesterday Luther F. Symons, state bank at Indianapolis today, declared that the stability of the banking situation in the state should not be affected by the various banks in Wells counHe said the situation here had been brought about by the continual agitation of banking problems grow. ing out of the Studebaker bank failure two years ago. He said was his opinion that most, if not all of the banks would come out of their present difficulty with very little. If any loss to the CONSTABLE SHOT Herman Kelm. 52, special constable, probably fatally wounded late this afternoon when he attempted to serve warrant on Orra Hart Hart shot the constable three times, the bullets penetrating his abdomen back Kelm former patrolman on the Lafayette police force.

10. February 15, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, February 15, 1929

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SIXTH BANK CLOSES IN WELLS COUNTY Citizens Call Meeting to Enlist Aid in Business. BLUFFTON, Ind., Feb. 14. (AP) The closing of the Union Savings and Trust company of Bluffton and the failure of the Farmers Deposit bank of Montpelier to open this morning, made total of six banks closed in Well county within two days. A mass meeting of citizens has been called to enlist aid in opening a bank here to carry on business. A $50,000 run on the Union Savings and Trust company yesterday was said to be responsible for the closing of that institution, and an $18,000 run on the Montpeller bank prevented its opening today. Fred J. Tangeman, president of the Union bank, declared that the bank was entirely solvent and that directors hoped to reopen the institution in due time without loss to depositors or stockholders. The bank had deposits of rpproximately $1,000,000. The Farmers Deposit bank had deposits of approximately $500,000. Guy Bracken is president. Receivers Are Asked The Wells County bank, with deposits of $1,250,000 closed yesterday morning and few hours later the state bank of Uniondale closed. Petitions for receivers were filed in the circuit court here late yesterday for both banks. The bank of Petroleum and the Liberty Center State bank also closed yesterday. Luther F. Symons, state bank commissioner, in statement issued at Indianapolis today, declared that the stability of the banking situation in the state should not be affected by the various banks in Well county. He said the situation here had been brought about by the continual agitation of banking problems growing out of the Studebaker bank failure two years ago. He said it was his opinion that most, if not all of the banks would their present difficulty with very little, if any losg to the lepositors.