6143. Newburg State Bank (Newburg, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1921*
Location
Newburg, Indiana (37.944, -87.405)

Metadata

Model
gpt-5-mini
Short Digest
5cacd63f

Response Measures

Capital injected, Full suspension, Books examined

Other: Predecessor 'Farmers' Bank' experienced the run; Newburg State Bank is a successor opening to resume business.

Description

Article (Nov 11, 1921) reports a run on the predecessor (Farmers' Bank) several weeks earlier and that the newly organized Newburg State Bank will open to succeed it. A December 1922 article states the Newburg bank was closed by the state bank department 'last year' (i.e., 1921) and mentions receivers/receiver activity, indicating the institution ultimately closed under regulatory action. Cause of the initial run is not specified in the articles (set as 'other'). Dates are approximate when day not given.

Events (3)
1. January 1, 1921* Receivership
Newspaper Excerpt
the Newburg bank which was closed by the state bank department last year. Charles W. Jewett, receiver, and Charles O. Roemler, attorney for the bank, informed Mr. Camp that they had visited Olsen ... (Dec 1, 1922 article).
Source
newspapers
2. October 1, 1921* Run
Cause Details
Article only mentions a run on the institution (no specific trigger or misinformation detailed).
Newspaper Excerpt
the run on the institution several weeks ago.
Source
newspapers
3. October 1, 1921* Suspension
Cause Details
Bank (Farmers' Bank, predecessor) closed following the run; articles do not state an explicit regulatory order date here.
Newspaper Excerpt
the Farmers' bank, closed since the run on the institution several weeks ago.
Source
newspapers

Newspaper Articles (2)
1. November 12, 1921 South Bend News-Times South Bend, IN
Article from South Bend News-Times, November 12, 1921

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Article Text

MADE NEWBURG BANK HEAD. EVANSVILLE, Ind., Nov. 11.-Announcement was made Friday that Eugene Sargeant, of Newburg, hod been selected as president of the Newburg State bank, just organized. The bank, which will open for business Monday, will succeed the Farmers' bank. closed since the run on the institution several weeks ago.

2. December 2, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, December 2, 1922

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Article Text

MAN MAY MAKE GOOD $60,000 BANK LOSS INDIANAPOLIS, Dec. 1.-(By A. P.)-Through consolidation of his properties of North Dakota and issuance of bonds against them Jourgeon Olsen may make good losses of between $52,000 and $60,000 of the defunct Beech Grove State bank. for which he is alleged to be responsible, Charles W. Camp, state bank examiner, was informed today. Charles W. Jewett, receiver, and Charles O. Roemler, attorney for the bank, informed Mr. Camp that they had visited Olsen at Minot, N. D., and had learned of his efforts to make good the losses. Olsen is also alleged to have been responsible for $100,000 of bad assets in the Newburg bank which was closed by the state bank department last year.