6104. National Bank (Monticello, IN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
12952
Charter Number
12952
Start Date
May 1, 1926*
Location
Monticello, Indiana (40.745, -86.765)

Metadata

Model
gpt-5-mini
Short Digest
ad273263

Response Measures

Capital injected, Full suspension

Other: Reorganization and election of new officers to enable reopening.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-08-15
OCC cause of failure
Losses
Share of assets assessed as good
7.2%
Share of assets assessed as doubtful
1.3%
Share of assets assessed as worthless
91.6%

Description

Articles (June 18 and June 20, 1926) report that rumors about President T. W. O'Connor's finances triggered withdrawals (~$35,000) leading the National Bank of Monticello to close about a month earlier; by June 18 the bank had been reorganized with new officers and was running again. OCR errors in Article 1 were corrected using other articles (e.g., names and phrasing). Dates for the run/suspension are given as about a month before June 18, 1926, so approximate month used for those events.

Events (6)

1. May 1, 1926* Run
Cause
Rumor Or Misinformation
Cause Details
Community rumors about the personal financial condition of bank president T. W. O'Connor led depositors to withdraw about $35,000 in one day.
Measures
None described beyond subsequent reorganization and election of new officers; bank closed the following morning.
Newspaper Excerpt
The bank closed when rumors became current in the community that the financial conditions of T. W. O'Connor, president, were in bad shape. A run the bank one day when about $35,000 was withdrawn caused the bank to close the following morning.
Source
newspapers
2. May 1, 1926* Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure followed the run precipitated by rumors about the president's finances; bank suspended operations roughly a month before June 18, 1926.
Newspaper Excerpt
The bank closed when rumors became current ... A run ... about $35,000 was withdrawn caused the bank to close the following morning.
Source
newspapers
3. June 18, 1926 Reopening
Newspaper Excerpt
Dr. W. E. Bierderwolf, evangelist who was instrumental in getting the National Bank of Monticello reorganized since it closed about a month ago, has been elected president of that organization ... MONTICELLO, Ind., June 18. ... The bank closed when rumors became current ... The bank closed the following morning.
Source
newspapers
4. June 29, 1926 Chartered
Source
historical_nic
5. July 1, 1928 Voluntary Liquidation
Source
historical_nic
6. August 15, 1931 Receivership
Source
historical_nic

Newspaper Articles (3)

Article from The Indianapolis Star, June 18, 1926

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Article Text

EVANGELIST HEADS BANK [Special to The Star.] Ind., W. evangelist who instrumental in getting the National Bank of Monticello reorganized since it closed about month ago, has been elected president of that organization Other officers are presidents, G. Stephan, Goodman. Frank Hodshire and Fred Frank E. Vinson, and bookThe bank closed when rumors came current that the of T. bad shape. bank one day when about $35,000 withdrawn caused the bank to close the follow.


Article from The Noblesville Ledger, June 18, 1926

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Article Text

MONTICELLO BANK RUNNING AGAIN Evangelist At the Head of the Institution MONTICELLO, Ind., June 18.Dr. W. E. Bierderwolf, evangelist who was instrumental in getting the National Bank of Monticello reorganized since it closed about a month ago, has been elected president of that organization. Other officers are: Vice presidents, G. A. Stephan, Bernie Goodman, Frank Hodshire and Fred Obenchain; cashier, Frank E. Vinson, and bookkeeper, Miss Esther McCuaig. The bank closed when rumors became current in the community that the financial conditions of T. W. O'Connor, president, were in bad shape. A run the bank one day when about $35,000 was withdrawn caused the bank to close the following morning.


Article from The Star Press, June 20, 1926

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Article Text

EVANGELIST HEADS MONTICELLO BANK E. Bierderwolf, evangelist who instrumental in getting the Na tional Bank of Monticello reorgan ized has been elected president of that Other are dents, Bernie Good man, Frank Horshire and Fred Oberchain Vin son, and bookkeeper, Miss Esther The bank closed when rumors be current in the community that the financial of O'Connor, president, were irr bad shape bank day when about caused the bank to close the following morning.