6108. First National Bank (Montpelier, IN)

View Charter #5278 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5278
Charter Number
5278
Start Date
February 14, 1929
Location
Montpelier, Indiana (40.554, -85.277)

Metadata

Model
gpt-5-mini
Short Digest
caf5ef1a

Response Measures

None

Description

Articles (Feb 14–15, 1929) report a run that forced the Farmers Deposit Bank to suspend; the First National Bank of Montpelier remained open but posted 60-day notice on savings and 30-day on certificates (the 30/60 rule). This is a partial suspension measure taken during the county banking panic; the bank continued routine business, consistent with a suspension with reopening/continuation. Date uses newspaper publication date.

Events (2)
1. February 14, 1929 Other
Newspaper Excerpt
Officers of the closed bank said the decision to suspend was reached after a run on the bank. The Farmers Deposit bank...was closed after a run on the bank.
Source
newspapers
2. February 14, 1929 Suspension
Cause
Local Banks
Cause Details
Panic and runs on other local banks in Wells County (spread to nearby Farmers Deposit Bank) led First National to invoke 60/30-day withdrawal notice as a protective measure.
Newspaper Excerpt
The First National bank of this city...immediately posted notice on its doors advising that 60 days notice will be required for the withdrawal of savings deposits and 30 days notice on certificates of deposits.
Source
newspapers

Newspaper Articles (5)
1. February 14, 1929 The Times Hammond, IN
Article from The Times, February 14, 1929

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Article Text

ANOTHER BANK CLOSES MONTPELIER, Ind., The Wells county which five banks have been spread day to Blackford caused here of the Farmers Deposit bank, $610,000 institution. Montpelier 20 miles south of Bluffton. Officers of the closed bank said the decision to suspend reached after run on the bank. The First National bank of this city, the only other banking institution here, immediately posted notice its doors advising that 60 days notice will be required for the withdrawal of deposits and days notice on certificates seems to lost his of Thomas Barr, state missioner, who has hurried to Bluffton in arriving there looking over the the situation. banks have been without justification."

2. February 14, 1929 The Times Hammond, IN
Article from The Times, February 14, 1929

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Article Text

ANOTHER BANK CLOSES [INTERNATIONAL NEWS SERVICE] MONTPELIER, Ind., Feb. The panic that is sweeping Wells county in which five banks have two days, spread today to caused the closing here the Farmers Deposit bank, institution. Montpelier about 20 miles south of Bluffton. Officers of the closed bank said the decision to suspend reached after run the bank. The First National bank of this city, the only other banking institution here, immediately posted notice its doors that 60 notice will required for the withdrawal of savings deposits and 30 days notice on certificates of deposits. "Everybody seems to have lost his sense proportion," Thomas Barr, comhas hurried to Bluffton in person, declared arriving looking the situation. of the banks have been without justification."

3. February 14, 1929 The Times Hammond, IN
Article from The Times, February 14, 1929

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Article Text

ANOTHER BANK CLOSES [INTERNATIONAL NEWS SERVICE] MONTPELIER, Ind., Feb. The panic that is sweeping Wells county in which five banks have been closed in spread today to Blackford county and caused the closing here the Farmers Deposit bank, $610,000 institution. Montpelier is about 20 miles south Bluffton. Officers the closed bank said the decision suspend reached after run the bank. The First National bank of this city, other instituimmediately posted doors that 60 days notice will required for the withdrawal of deposits days on certificates of deposits. seems have lost his sense of Thomas Barr, state banking hurried to Bluffin person, upon arriving there looking over the situation. most of the banks have been without justifica-

4. February 14, 1929 Vidette-Messenger of Porter County Valparaiso, IN
Article from Vidette-Messenger of Porter County, February 14, 1929

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Article Text

BANK PANIC SPREADING TO BLACKFORD Another Bluffton Bank Closes Doors Today. Montpelier Bank Closes After Run, WELLS COUNTY HAS ONLY BANKS OPEN BULLETIN MONTPELIER, Ind., Feb. panic that sweeping Wells in which five banks county have been closed in two days, spread today to Blackford county and caused the closing here of the Farmers Deposit bank, $610,000 institution. Montpelier about 20 miles south of Bluffton. Officers of the closed bank said the decision to suspend was reached after run on the bank. The First National Bank of this city, the only other banking institution here, immediately posted notice on its doors advising that days notice will be required for the withdrawal savings deposits and 30 days notice on certificates deposits. BULLETIN HOPE, Ind., Feb. The Citizens National Bank Hope, Ind., $400,000 National bank. closed here today. reported from reliable that the bank's closing The following notice was posted the bank's door: resolution of the board directors, the Citizens National Bank of Hope closed m. day. Ind., Feb. the of the financial hysteria sweeping Wells county. yesterday forced four banks suspend operations, the board of directors of the Union Savings Trust company. $400,000 Institution. today decided close the bank. This action which followed run the bank in which were paid out, left the City of Bluffton temporarily without bank and Wells county with only three banking institutions, those at Ossian Craigville and Poneto. The closing of the bank was tirely voluntary on the part of the bank officials who explained it was being done to the excited pubtime to draw its breath." The development came while five state bank examiners headed Thomas Barr. Assistant State Banking Commissioner, were on the scene. "Everyone seems to have lost his sense of proportion," Barr said. "Yesterday's run on the Union Savings Trust company was perfectly unjustified. The bank put out $50,000 and was offered $50,000 more to tide over today but directors didn't think they had

5. February 15, 1929 The Star Press Muncie, IN
Article from The Star Press, February 15, 1929

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Article Text

BLUFFTON NOW Continued From First Page. of Wells County, to the end that they may reopen for business freed of the menace of runs which, if continued, would deplete them of cash. There were expressions of confidence given by representative business men and it is believed that when the situation is fully explained and the depositors understand that the solvent institutions will be able to continue operations, and to pay in full if banking is permitted to follow the general run of business. that the situation will be satisfactorily readjusted and the banking situation in the county calmed. Run on Trust Co. Unwarranted. Deputy State Bank Commissioner Thomas D. Barr. in charge of the local bank situation said today that his department had not taken any official action in the matter of the Union Savings Trust Company, and was giving the bank officials every opportunity to carry out their own plans. "So far as we know the run on the trust company yesterday was unwarranted and unnecessary, said Mr. Barr. "The trust company was in an unusually good cash condition when the run was started The trust company has deposits of about $600 and every assurance has been given that depositors will receive every cent due them. May Have Statement Saturday. Audits of the Wells County Bank and the Bank of Uniondale were continued today, with no statement as to the audit available today. Mr. Barr said he thought that some statement might be available by Saturday At mass meeting last night at Poneto there was support voted to the Bank of Poneto and it is open as usual, with nothing in the nature of run reported. The Ossian and Craigville banks weathered the flurry nicely and both were reported in good condition today. Both reported deposits yesterday totaling as much as withdrawals. The Farmers Deposit Bank is one of the oldest in Blackford County having been established in 1891, and was the first authorized bank in Montpelier after the oil boom started. Since that time has been going good. It is reported by officials that the bank is solvent, but the amount of money on hands would not warrant remaining open and experiencing a run. Other Montpelier Bank Open. The First National Bank of Montpelier open, but the rule of making a thirty-day notice of withdrawals of certificates and sixty days on savings accounts, was put in force. This bank also had heavy als Wednesday. and the plan of time notice was put into force this morning The regular routine of business is being handled, and checking accounts are taken care of in all amounts Officers of this bank feel that at the end of thirty days depositors will have settled down again to normal and there will be no cause for closing the doors to stop a run. DEPENDS. Would you spendthrift? would depend on how much he to spend Vancouver Province