6067. First National Bank (Martinsville, IN)

View Charter #794 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
794
Charter Number
794
Start Date
June 27, 1932
Location
Martinsville, Indiana (39.428, -86.428)

Metadata

Model
gpt-5-mini
Short Digest
b7cdf29e

Response Measures

None

Receivership Details

Depositor recovery rate
55.0%
Date receivership started
1932-06-27
Date receivership terminated
1939-07-17
Share of assets assessed as good
46.1%
Share of assets assessed as doubtful
27.4%
Share of assets assessed as worthless
26.5%

Description

Directors closed the First National Bank of Martinsville June 27, 1932 citing insufficient cash reserves. Subsequent articles describe the bank as defunct and in receivership (receiver Chester A. Jewett) with litigation and dividend payments in 1933–34, indicating permanent closure and receivership rather than a temporary suspension or reopening.

Events (6)
1. February 10, 1865 Chartered
Source
historical_nic
2. June 27, 1932 Receivership
Source
historical_nic
3. June 27, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank because shrinkage in deposits left it unable to maintain a proper cash reserve; closure to conserve assets for depositors.
Newspaper Excerpt
The First National bank of Martinsville was closed by its directors today, for the best interests of depositors. A notice on the door stated that, due to shrinkage in deposits, the institution was unable to maintain a proper cash reserve, and directors had decided to close it down to conserve assets for the best interests of depositors.
Source
newspapers
4. October 6, 1933 Receivership
Newspaper Excerpt
Chester A. Jewett receiver for the defunct First National Bank of Martinsville, filed three suits for a total of $40,000 in federal court here yesterday ... The largest claim ... asked for receiver to recover $20,000 alleged to be due the bank ... The Hubbard-Kivett Farms Company was named in suit for $10,000, said to be due the bank. and the Hubbard Lumber Company was named defendant in a claim for ... (Indianapolis Times, 1933-10-06).
Source
newspapers
5. March 31, 1934 Other
Newspaper Excerpt
Holders of claims against the First National bank of Martinsville, which is in receivership, will receive checks for a 12 1/2 per cent dividend within the next few weeks. Previously a dividend of 22 1/2 per cent was paid.
Source
newspapers
6. May 3, 1934 Other
Newspaper Excerpt
Depositors of the First National bank are being paid a dividend of 12½ per cent by the receiver, Chester A. Jewett. Previously, a dividend of 22½ per cent had been paid. Total of the present payment is $86,000.
Source
newspapers

Newspaper Articles (4)
1. June 27, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 27, 1932

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Article Text

BUSINESS SUSPENDED BY MARTINSVILLE BANK Action Reported Taken for Best Interests of Depositors. By United Press MARTINSVILLE, Ind., June 27.The First National bank of Martinsville was closed by its directors today, "for the best interests of depositors." A notice on the door stated that, due to shrinkage in deposits, the institution was unable to maintain a proper cash reserve, and directors had decided to close it down to conserve assets for the best interests of depositors. The bank was capitalized at $100.000, had a surplus of $50,000, and undivided profits of $14,000. W. A. Kennedy is president of the bank and M. R. Wilson, cashier.

2. October 6, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 6, 1933

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Article Text

FEDERAL COURT SUIT FILED BY BANK RECEIVER Seeks to Collect $40,000 for Martinsville Insti- tution. Chester A. Jewett receiver for the defunct First National Bank of Martinsville, filed three suits for a total of $40,000 in federal court here yesterday The largest claim. against the Hubbard Kivett Properties Inc. asked for receiver to recover $20,000 alleged to be due the bank and an assessment of $2,333.33 on the value of stock in the bank held by the company The Hubbard-Kivett Farms Company was named in suit for $10. 000, said to be due the bank. and the Hubbard Lumber Company was named defendant in a claim for

3. March 31, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 31, 1934

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Article Text

Closed Bank to Pay By Times Special MARTINSVILLE, March 31.Holders of claims against the First National bank of Martinsville, which is in receivership, will receive checks for a 12 1/2 per cent dividend within the next few weeks. Previously a dividend of 22 1/2 per cent was paid.

4. May 3, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 3, 1934

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Article Text

Bank Pays $86,000 By Times Special MARTINSVILLE, May 3.-Depositors of the First National bank are being paid a dividend of 12½ per cent by the receiver, Chester A. Jewett. Previously, a dividend of 22½ per cent had been paid. Total of the present payment is $86,000.