Bank of Petroleum - Petroleum, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 8, 1933
Location: Petroleum, Indiana (40.611, -85.151)

Metadata

Model: gpt-5-mini
Short Digest: 34eacc6a

Response Measures

None

Description

Article (The Star Press, 1933-07-09) reports the Bank of Petroleum in receivership; final report filed July 8 showing asset sales and a 77% payout to depositors. No run described; bank remains in receivership and closing — classified as suspension leading to permanent closure/receivership.

Events (1)

1. July 8, 1933 Receivership

Newspaper Excerpt: George Barrington, receiver for the bank of Petroleum, has filed a report of the sale of the remainder of the assets of the bank... The receivership soon will be closed, as a final settlement was made with depositors recently on a basis of 77 cents on the dollar.
Source: newspapers

Newspaper Articles (1)

1. July 9, 1933 The Star Press Muncie, IN

Article from The Star Press, July 9, 1933

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Article Text

BANK RECEIVER IN FINAL REPORT Pays 77 Per Cent of Deposit at Petroleum. Bluffton, Ind., July 8.-George Barrington, receiver for the bank of Petroleum, has filed a report of the sale of the remainder of the assets of the bank, showing that a considerable block of notes left in the receiver's hands are of little value. A block of notes of total face value of $31,502.16 were bought at the receiver's sale for $1,790. Three purchasers bought one note each and the remainder were bought by John W. Carnall, of this city. Carnall also bought a farm of 120 acres for $3,000, the bank building in Petroleum for $275, bank safe and other fixtures for $25 and a lot in Bluffton for $300. A garage in Petroleum was sold to Aaron F. Zeigler for $600. The receivership soon will be closed. as a final settlement was made with depositors recently on a basis of 77 cents on the dollar. Married at Parsonage. In a ceremony performed here this forenoon at the parsonage of the Wesleyan Methodist Church, Miss Mary Shively, a daughter of Mr. and Mrs. James Shively, Huntington County, and Fred Minniear, a son of Mr. and Mrs. Charles Minniear, also of Huntington County, were united in marriage by the pastor, the Rev. Eugene Hunter. They will reside in Huntington, where the groom is employed with the Schact Rubber Company. Lee Rowe, local man, entered a plea guilty in Circuit Court to charge of unlawful possession of intoxicating liquor for the purpose of sale and was assessed a fine of $100 and costs, and was ordered committed to the penal farm in the event fine and costs were not paid or stayed. Rowe "stayed" the docket for the fine and costs. Fred Woodward. arrested on a charge of unlawful sale of liquor. through his attorney filed a motion to quash the affidavit. due to the fact that the prosecutor had not signed it. The motion was sustained. The prosecutor stated that a new affidavit would be filed. Faces Auto Theft Charge. State Policeman Ed Rose. of this city, Friday night arrested Bud Pease, of Geneva, on a charge of vehicle taking and lodged him in the Adams County jail at Decatur to await trial. Pease is accused of having taken, on Saturday night, July 1. from a parking place in Geneva, a machine belonging to Paul Nelson. Geneva, and driving it to a point near Berne, where it was abandoned Pease was missing a few days and was reported to have gone to Michigan. Rose arrested him upon his arrival home Friday night Lester Shoe, World War veteran. who was found in woods on his mother's farm east of Ossian. Thursday afternoon, still remained in an unconscious condition today at the Wells County Hospital here. He is believed to have suffered an attack of illness while engaged in plowing corn and to have suffered sunstroke after seeking shelter in the woods. There was issued here today a marriage license to Miss Estella Catherine Reinhard, daughter of Mr. and Mrs. Godfrey Reinhart, of Ossian, and Joseph Parker, a son of William Parker, of Ossian.