6045. White River Bank (Loogootee, IN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
April 26, 1922
Location
Loogootee, Indiana (38.677, -86.914)

Metadata

Model
gpt-5-mini
Short Digest
08ac52ff

Response Measures

Full suspension, Books examined

Description

Articles report a run by depositors that preceded the suspension (suspended business April 26, 1922). State bank commissioner cited low cash reserves as cause. Officials later indicated depositors would be paid in full, but no explicit reopening date is reported, so outcome is unclear.

Events (2)
1. April 26, 1922 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors ran after the bank's cash reserve was reported too low (reserves depleted by accepting notes for bond purchasers and sending money out).
Measures
No specific measures reported in articles to stem withdrawals; state examiner was summoned.
Newspaper Excerpt
following a run on it by depositors.
Source
newspapers
2. April 26, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to low cash reserves; unable to cash checks. State bank examiner summoned to investigate low reserves and possible shortage.
Newspaper Excerpt
Business at the White River bank here was suspended Wednesday. No statement was given out as to the cause of the closing, although it was said the bank was unable to cash checks presented.
Source
newspapers

Newspaper Articles (3)
1. April 27, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, April 27, 1922

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Article Text

Bank Suspends Business; Report Examiners Called LOOGOOTEE, Ind., April 26.Eusiness at the White River bank here was suspended Wednesday. No statement was given out as to the cause of the closing, although it was said the bank was unable to cash checks presented. It was reported that state bank examiners *have been summoned. The bank is capitalized at $70,000 and was said to have $430,000 on deposit. Walter Hays of Loogootee is president of the bank and Frank Walter is cashier. Mr. Hays was out of the city Wednesday.

2. April 28, 1922 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, April 28, 1922

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Article Text

Bank Reserves Too Low, Camp States "Too many banks of the State are operating with a cash reserve too low," Charles W. Camp, State bank commissioner said today before leaving for Loogootee to investigate the closing of the White River Bank, there, following a run on It by depositors. The White River Bank is the fifth closed since the beginning of the present fiscal year, Oct. 1, 1921, in Indiana. Mr. Camp said first reports indicate Dank's low cash reserve was the cause of 2tm closing, but an investigation would show whether anything more was wrong. Walter Hays, president of the bank, cas dthe cash reserve had been depleted by accepting notes for purchasers of bonds and by sending money out of the bank.

3. April 29, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, April 29, 1922

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Article Text

Bank Examiner Calls Shareholders' Meeting LOOGOOTEE, April 28.-Charles Camp, state bank examiner, Friday called a meeting for Saturday of all shareholders in the White River bank, which suspended business Wednesday. The amount of the shortage at the institution has not been made public, but it was indicated by officials Friday that all depositors will be paid in full.