6164. Oolitic State Bank (Oolitic, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 10, 1931
Location
Oolitic, Indiana (38.901, -86.525)

Metadata

Model
gpt-5-mini
Short Digest
e1fff0e2

Response Measures

None

Description

The Oolitic State Bank closed on February 10, 1931 and was found insolvent (examiner testified a shortage). A receivership petition was heard Feb 18 and a receiver (Albert Fields) was appointed later in February (reports Feb 26-27). No run is reported; closure followed by receivership indicates suspension leading to permanent closure.

Events (2)
1. February 10, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed February 10, 1931; examiner Symons testified the bank was insolvent with a shortage (estimated between about $10,000 and higher) and deposits not credited in ledgers, indicating insolvency/deficit led to suspension.
Newspaper Excerpt
defunct Oolitic State Bank which closed February 10
Source
newspapers
2. February 26, 1931 Receivership
Newspaper Excerpt
Albert Fields, Bedford attorney, was appointed receiver for the defunct Oolitic State Bank ... Bond was fixed at $15,000 and earlier hearing Feb. 18 announced judge would appoint receiver during the day (reports Feb 18 and Feb 26-27).
Source
newspapers

Newspaper Articles (3)
1. February 18, 1931 The Times-Mail Bedford, IN
Article from The Times-Mail, February 18, 1931

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Article Text

RECEIVERSHIP PETITION HEARD Judge Branaman Announces He Will Appoint Oolitic Bank Receiver Today The hearing on the petition filed February the Lawrence CounCircuit Court the State for receivfor the defunct Oolitic State Bank which closed February 10, was held 10 o'clock this ning its conclusion Judge John Branaman announced that he would appoint receiver during the day. o'clock this afternoon he not made the Lather Symons, state banking with his testified the hearthat present unable definitely determine the the bank shortage. He added that after approximately onefourth the passbooks held dehad examined there positors shortage of between $10,000 and disclosed in this partment. Implication that these deposits were listed on the passbooks never credited the bank ledger. Symons' testimony revealed that the bank is insolvent and was on the date closed.

2. February 26, 1931 The Times-Mail Bedford, IN
Article from The Times-Mail, February 26, 1931

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Article Text

FIELDS RECEIVER APPOINTMENT ANNOUNCED BY JUDGE JOHN BRANAMAN THIS MORNING BOND, IS $15,000 Will Assume Charge At Defunct Oolitic Institution MondayTo Push Settlement Albert Fields, Bedford attornmorning appointed ceiver for Oolitic State Bank, Judge John selection Lawnouncing Circuit Court after rence County deliberation since February 18th, which date he the petition for receivership the State Banking Commisby February 12th. Bond sioner fixed $15,000. Mr. Fields, on being advised of said that he would his bond later in the week and take active charge of plans bank affairs Monday, March He added that planned push settlement activities the bank rapidly best inas terests of permit idea of the time no will required in bringing labors to close. Examiner Symons, son of Luther Symons, state banking who at present in charge of bank, continuing his investiexpected that will gations. complete his labors the last this Judge Branaman found the task difficult and this fact is sponsible for the delay announcing his Fields made plain morning, after of his that he not an applicant for receivership only accepted the appointment had been brought to bear upon affiliated with the affairs of the bank.

3. February 27, 1931 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 27, 1931

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Article Text

BEDFORD LAWYER NAMED OOLITIC BANK RECEIVER BEDFORD, Ind., Feb. Fields, Bedford attorney, this was appointed receiver the defunct Oolitic State bank. Judge John C. Branaman announced his lection in Lawrence Circuit court after deliberation since Feb. 18, which date he the petition for filed by the Bond was fixed at $15,000