6047. Lucerne State Bank (Lucerne, IN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 29, 1931
Location
Lucerne, Indiana (40.866, -86.403)

Metadata

Model
gpt-5-mini
Short Digest
43642ed9

Response Measures

Full suspension, Books examined

Description

A depositor run (panic) in late October 1931 led directors to close the bank (did not open Oct 30, 1931). The bank remained closed about two weeks and re-opened in mid-November after raising cash reserves and collecting loans. Cause attributed to panic following nearby bank failures and heavy withdrawals; articles describe the bank as otherwise sound.

Events (3)
1. October 29, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and depositor panic influenced by recent nearby bank failures (attitude of panic on part of depositors).
Measures
Directors voted to close the institution after heavy withdrawals.
Newspaper Excerpt
A run on the bank yesterday caused the directors to decide close.
Source
newspapers
2. October 30, 1931 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank following the run and heavy withdrawals; closure described as voluntary by directors.
Newspaper Excerpt
Lucerne state bank in Cass county did not open for business today.
Source
newspapers
3. November 16, 1931 Reopening
Newspaper Excerpt
This institution re-opened Monday after being closed two weeks during which period the cash reserve was increased through the collection on notes and mortgages and during practically every depository signed waivers on immediate withdrawal.
Source
newspapers

Newspaper Articles (4)
1. October 30, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 30, 1931

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Article Text

PANICKY DEPOSITORS BLAMED FOR CLOSINGS State Examiner Says Lucerne Bank One of Most Stable Institutions. Attitude of panic on the part of depositors was blamed today by Luther F. Symons, state bank examiner, for the failure of many stable banks. Symons made the statement with announcement of the voluntary closing of the Lucerne (Ind.) State bank, described by Symons as one of the most stable institutions in the state. Directors of the bank, with assets totaling nearly $300,000, voted to close the institution after heavy withdrawals this week. The bank is located near Logansport, where several banks failed recently. Symons said an examination of the institution's books in June disclosed a "nearly perfect condition."

2. October 30, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, October 30, 1931

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Article Text

ANOTHER OUT IN CASS AT LUCERNE STATE BANK FAILED TO OPEN FOR BUSINESS FRIDAY. state bank department was notified today that the Lucerne state bank in Cass county did not open for business today. A run on the bank yesterday caused the directors to decide close, it was said. Willard Winn is president of the institution and Everett Gragg is cashier. The capital stock of the bank is $25,000 and the deposits Luther Symons, bank commissioner, said the bank was in splendid condition when it was examined last June.

3. October 31, 1931 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, October 31, 1931

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Article Text

Oct. 1931 Shares NEW YORK STOCK EXCHANGE TRANSACTIONS Dividends Declared. NEW Oct complete list stock transactions on the New York Stock change: (Hundreds) Security. Low Shoe 9.18 (Hundreds) (Hundreds) Security. Security High 21.65 Can 7.14 7.26 Prod 7.78 Lorillard 1931 Sales Same Security Sales EXTRA holders of record 6.28 Bellefield Simms Pet Allen-Beth Gas Tel. Mag Telautograph STOCKS -DIVIDEND. payable.) 4.17 Allegheny 13% 10.16 14.28 Loco. 8.17 7.69 9.09 Hem 8.16 15.63 Stee 6.67 6.26 Bridge 13.33 Theaters 6.25 Erie 3.23 Pork Cop 8.43 Indus Veeder 18.18 Pack Will Baumer Candle 7.14 LUCERNE BANK CLOSES. 6.14 The state bank department was notified yesterday that the Lucerne 12.50 State bank in Cass county did not open for business. run on the Rib Mills. Her 6.67 bank Thursday caused directors to decide to close, It was said. Willard Winn is president of the Institution and Everett Gragg West. cashier. The capital stock of the 9.09 is $25,000 and the deposits $170,000. 26.60 Luther Symons, bank commission- Ray er, said the bank was in splendid condition when it was examined last 8.33 June. 10.00 Rap 6.06 Cola FAILURE CAUSES CHANGE. Trk 6.00 HUNTINGBURG Ind. Oct. 30. Palm 5.14 Bus 15.38 (P)-L. D. Trent of Huntingburg today the Citizens Trust 11.11 7.68 Brick Company as receiver for the Central Company of this The Citizens Trust Company resigned as receiver after it closed last Trent is manager of the Indiana stock. when Produce Company of this city. Sou Keith shares.

4. November 17, 1931 The Pharos-Tribune Logansport, IN
Article from The Pharos-Tribune, November 17, 1931

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Article Text

Depositors Show Their Confidence Lucerne State Bank Patrons De. posit $15,538.81 on Re-opening Day of Institution. Patrons. new and old. expressed their confidence in the Lucerne state bank by making total net deposits of $15,538.81 on/the reopening day, records of the bank show. This is the largest amount of business for one day in the history of the bank, according to Willard Winn, president and. Everett Gregg. cashier. This institution re-opened Monday after being closed two weeks during which period the cash serve was increased through the collection on notes and mortgages and during practically every depository signed waivers on immediate withdrawal. A statement of appreciation sued by Mr. Winn and Mr. Gregg printed on page ten of this Issue.