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 A run the bank one day when about $35,000 was withdrawn caused the bank to close the following morning.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 about $35,000 was withdrawn caused the bank to close the following morning.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)

1. June 18, 1926 The Indianapolis Star Indianapolis, IN

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.

2. June 18, 1926 The Noblesville Ledger Noblesville, IN

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.

3. June 20, 1926 The Star Press Muncie, IN

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.