State Bank - Otterbein, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 12, 1932
Location: Otterbein, Indiana (40.491, -87.096)

Metadata

Model: gpt-5-mini
Short Digest: 8c2d9889

Response Measures

None

Description

Article (Journal and Courier, 1932-02-12) reports a petition filed with the bank receiver and litigation over deposits, indicating the State Bank of Otterbein had failed and a receiver was appointed. No article language describes a depositor run; therefore classified as a suspension that led to closure/receivership. Exact suspension/failure date not given in clip; filing reported in the Feb 12, 1932 paper and the bank's year-end report cited Dec 27, 1931.

Events (2)

1. February 12, 1932 Receivership

Newspaper Excerpt: A petition filed ... with the bank receiver asks that the county be made a preferred creditor ... the county had $44,999 in deposit in the bank when it failed.
Source: newspapers

2. February 12, 1932 Suspension

Cause Details: Article does not specify reason for suspension/failure; only mentions deposits, suit, and receiver.
Newspaper Excerpt: A petition filed the report with the bank receiver asks that the county be made a preferred creditor for the balance between the amount of the suit and deposit, $19,999.
Source: newspapers

Newspaper Articles (1)

1. February 12, 1932 Journal and Courier Lafayette, IN

Article from Journal and Courier, February 12, 1932

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Article Text

In Nearby Towns Hall, Mo- Work Is Heroic rocco, has brought suit in Jasper circuit court, asking $1,000 damages from Charles B. Steward, Operating with sharply limited Rensselaer, echoing an automobile financial resources, the Salvation collision last October. Army has served the community FOWLER-The Benton county statistcial report by Adjutant O. board of finance has brought suit A. Schnarr and highly complifor $25,000 in circuit court against mentary tribute by Mayor John B. Charles G. Ade, Charles T. Cun- Hudson who regards the organiza. ningham, John Donagher, John tion as a vital factor in alleviating Connolly, Barbara Mann, T. J. A1- distress and caring for the suflen and H. E. Perkins, sureties for fering. deposits in the State Bank Although only $5,400 was raised of Otterbein. The county had for the 1931 work of the Army in $44,999 in deposit in the bank its last year home service drive, when it failed. A. petition filed the report for the year ending Dewith the bank receiver asks that cember 27, 1931, shows that the orthe county be made a preferred ganization gave out 1,198 grocery creditor for the balance between orders valued at $3 each to needy the amount of the suit and deposit, families, supplied 21,361 garments, $19,999. 1,632 pairs of shoes, 34,000 pounds assisted 2,059 families, total of CRAWFORDSVILLE Grant 12,583 persons, gave out 4,033 Payne, found guilty of receiving quarts of milk and 7,699 loaves of stolen property, was sentenced to bread, besides numerous other arthe penal farm for six months and ticles. fined $10 and costs in Montgomery circuit court. All of these was accomplished in work and transient relief, also its debaters religious and advisory work and of the Oxford high school lost many hundreds of hours of time debate here Wednesday evening spent in relief work and care. The with Crawfordsville. 1932 home campaign opens