National Bank - Monticello, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12952
Charter Number: 12952
Start Date: May 12, 1928
Location: Monticello, Indiana (40.745, -86.765)

Metadata

Model: gpt-5-mini
Short Digest: f6ae947c

Response Measures

None

Description

No run is described. The National Bank had previously failed and been reorganized; by May 1928 it was closed and in liquidation with a receiver (Sam Young) and was taken over/merged into the White County Loan, Trust and Savings Company. Later (1932) suits by the federal receiver to collect assessments on stock are reported. Classified as suspension leading to permanent closure/receivership.

Events (3)

1. May 12, 1928 Suspension

Cause: Government Action
Cause Details: Bank had previously failed and was in process of liquidation; closed and taken over/merged by White County Loan, Trust and Savings Company (receiver involved).
Newspaper Excerpt: The White County Loan, Trust and Savings company has taken over the National bank ... The National bank closed Saturday and notice on the door told of the merger.
Source: newspapers

2. May 14, 1928 Receivership

Newspaper Excerpt: The defunct National bank in the process of liquidation, through Sam Young, receiver.
Source: newspapers

3. January 7, 1932 Other

Newspaper Excerpt: FIRST OF SUITS FILED TO COLLECT ASSESSMENTS ON STOCK IN DEFUNCT NATIONAL BANK ... suits ... by M. B. Beard ... attorney for Joseph Gamble, ... general receiver of national banks
Source: newspapers

Newspaper Articles (2)

1. May 14, 1928 Journal and Courier Lafayette, IN

Article from Journal and Courier, May 14, 1928

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Article Text

BANKS MERGED IN MONTICELLO White County Loan, Trust and. Savings Company Takes Over National Bank There. [Specialito and Courier] MONTICELLO, Ind., May 14.The White County Loan, Trust and Savings company has taken over the National bank an nouncement of the merger having been made Saturday. The National bank closed Saturday and notice on the door told of the merger. The National bank failed. two years ago and was then reorganized. Officers are said to have concluded that the field is overcrowded that with another was desirable. The defunct National bank in the process of liquidation, through Sam Young, receiver. ASSETS OF CONCERNS. The White Loan, Trust and Savings company was organized in 1905 with capital stock of $50,000. Its last statement, March last, showed deposits of $437,989, with surplus of $25,000 undivided profits of $8,060. cash reserve of $103,902, and total assets of $547,729. At the same time, the National bank had deposits $165,000. capital stock of $40,000. $10,000. cash reserve of $22,000, and total assets of $213,910. LIST OF OFFICERS The present trust ofcompany ficers are M. Turner, president: B. Price and W Davis, Charles W. Gladden, secretary and Turner, assistant secretary treas. urer. The directors are B. Price, C. W. Davis, R. M. Reagan, o: Downey and Charles H. GladThe bank officers include W. E. Biederwolf, president; Fred Obenchain, president: E. E. Miller. cashier. DIrectors are Gray, Young, D. Carey, B. Goodman, E. Vinson, W. W. Richey G. Stephan, Hodshire, Edward Naugle, W. E. Biederwolf and Fred C. Obenchain.

2. January 7, 1932 The Monticello Herald Monticello, IN

Article from The Monticello Herald, January 7, 1932

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Article Text

SEEK TO COLLECT ON ASSESSMENTS FIRST OF SUITS FILED TO COLLECT ASSESSMENTS ON STOCK IN DEFUNCT NATIONAL BANK The first of the suits to collect sessments on stock in the defunct National Bank of Monticello have been filed in federal court in Hammond by M. B. Beard, of Monticello, attorney for Joseph Gamble, Washington, D. general receiver of national banks, ed by the comptroller of the ury to liquidate and close up the fairs of the institution. The suits as follows: Samuel Young, $750 on 10 shares of stock; John L. Lowe, $75 on one share; George Marvin, $150 on two shares; Mrs. Evelyn Fairfield, $75 on one share; Delbert M. Hatton, $75 on one share; and George Kassabaum, $300 four shares. These stockholders are part of group who some time ago decided contest the assessment. probable that of will tried test for the remainder. It is likely that other suits will be filed by the attorney for who has been instructed by Mr. Gamble to bring action against collectable stockholders who have not paid their assessment. to the best advices the Herald is able to obtain, the 75 per cent assessment will be sufficient to close up the affairs of the bank. The receiver recently made payment $8500 deficiency note the Trust Company, thereby stopping the interest to large extent, and cutting the note down to figure which apparently can easily be taken of by the final installments, the last of which will be due January 9th. There even possibility that the stockholders may small refund. If after the collection of the 75 per cent assessment, the funds which not be needthe money and remaining will be turned over to sentative appointed by the shareholders who have paid their ment, and he will complete quidation and pro rata the balance among the shareholders.