Bank of Petroleum - Petroleum, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 13, 1929
Location: Petroleum, Indiana (40.611, -85.151)

Metadata

Model: gpt-5-mini
Short Digest: 74ea100a

Response Measures

None

Description

The bank closed on Feb 13, 1929 and a trustee was appointed to liquidate assets; a receiver was appointed Jan 21, 1931. The article links the closure to the earlier closing of the Wells County Bank in the same city. No explicit run is mentioned.

Events (2)

1. February 13, 1929 Suspension

Cause: Local Banks
Cause Details: Closed Feb 13, 1929 following the closing of the Wells County Bank in the same city; trustee named to liquidate assets.
Newspaper Excerpt: Petroleum was closed February 13, 1929 following the closing of the Wells County Bank in this city and Henry C. Schott the cashier, was named trustee to liquidate the bank's assets and pay depositors.
Source: newspapers

2. January 21, 1931 Receivership

Newspaper Excerpt: George Barrington ... was appointed today as receiver for the Bank of Petroleum, situated at Petroleum, ten this city, with bond fixed $5,000.
Source: newspapers

Newspaper Articles (1)

1. January 22, 1931 The Star Press Muncie, IN

Article from The Star Press, January 22, 1931

Click image to open full size in new tab

Article Text

BLUFFTON MAN BANK RECEIVER George Barrington in Charge of Petroleum Institution. Bluffton, Ind., Jan. 21.-George Barrington. local man who has been connected with banks in this county for several years and who during more than years' period has been employed an assistant to D. Walmer. trustee in charge of the liquidation of the Union Savings and Trust Company of this city, was appointed today as receiver for the Bank of Petroleum. situated at Petroleum. ten this city, with bond fixed $5,000 Petroleum was closed February 13. 1929 following the closing of the Wells County Bank in this city and Henry C. Schott the cashier, was named trustee to liquidate the bank's assets and pay depositors. Stockholders File Petition. The petition for filed by H. Bender and Cline, said that the trustee has liquidated assets and has settled claims of by and still has in his hands assets face value and claims remain unpaid amounting to $49,000 The petition- ers set out that it is desired to have receiver convert into cash all assets and apply the same to payment of claims before stockholders are held liable their individual property. Held on Larceny Charge. Calvin and Franklin McBride. arrested last night by Sheriff Luster Bowman charges of petit larceny filed against them by Henry Gehrett. former Wells County sheriff. They were lodged in jail to await hearings Circuit Court They are accused the theft of three chickens and sack of corn. The Liberty Center State Bank yesterday re-elected old officers and directors for another year. as follows: John Funk, Thompson and Joseph Garrett, first and and Henry Raber fus B. Chase Garrett and Homer O. Raber. directors. The rectors Roy Mossburg cashier and Fay L. Morris bookkeeper. Work of remodeling the Wesleyan Methodist Church in the south of the city under way Two additional Sunday school rooms will be built, new front installed and a new furnace installed