First National Bank - Portland, IN

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 7180
Charter Number: 7180
Start Date: December 13, 1930
Location: Portland, Indiana (40.434, -84.978)

Metadata

Model: gpt-5-mini
Short Digest: 714d42f5

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined

Description

A depositor run occurred on Dec 13, 1930 triggered by a false rumor. The run was halted by large cash infusions from correspondents/other local national banks (Old National Bank of Ft. Wayne, Marion National) and a public speech; there is no mention of suspension or closure.

Events (2)

1. March 22, 1904 Chartered

Source: historical_nic

2. December 13, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Run began on a false rumor about the bank's condition; other banks (Old National Bank of Ft. Wayne and Marion National) brought cash (about $110,000) and a banker addressed depositors to reassure them.
Measures: Immediate cash infusions from Old National Bank of Ft. Wayne ($40,000) and Marion National/other banks (total about $110,000) and a public speech by Frank H. Cutshall to reassure depositors.
Newspaper Excerpt: Several thousands of dollars brought here under guard from Marion and Ft. Wayne, and a speech by Frank H. Cutshall ... checked a run on the First National bank here, which started on a false rumor regarding the bank's condition.
Source: newspapers

Newspaper Articles (3)

1. December 13, 1930 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, December 13, 1930

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Article Text

RUN HALTED AT PORTLAND BANK Money and Speech Offset Effect of False Rumor. By Times Special PORTLAND, Ind., Dec. 13.-Several thousands of dollars brought here under guard from Marion and Ft. Wayne, and a speech by Frank H. Cutshall, a banker in the latter city, checked a run on the First National bank here, which started on a false rumor regarding the bank's condition. In all, $110,000 was brought to the bank. Cutshall, president of the Old National bank of Ft. Wayne, brought $40,000 here, and spoke to a crowd of frightened depositors, telling them that an examination disclosed the local bank to be in excellent condition.

2. December 13, 1930 Courier-Post Camden, NJ

Article from Courier-Post, December 13, 1930

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Article Text

RUN ON BANK CEASES; BEGUN BY FALSE RUMOR Portland, Ind., the First $800,000 today after banks Fort and sent $110,000 here in fast automobiles under armed The run continued all day yesterday but brought back ited by withdrew yesterday officials said Frank president of the Old National Bank Wayne. brought cash and pleaded lobby with the recover their equilibrium.

3. December 14, 1930 Leader-Tribune Marion, IN

Article from Leader-Tribune, December 14, 1930

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Article Text

Marion Bank Helps Stop Portland Institution Run officials of the First request Bank, Portland, for cash National with which meet the bank resulted, Friday, run sent the more than $30,000 the Marion Nainstitution from tional which said to have The run, been started by false rumor of the bank, officials to Marion request to send Fort $110,000 in cash to meet the emertemporary loan was Marion National bank vanced by the the cash reserves the instifrom tution. The Portland officials vised that this sum would be ficient although the bank here offered advance larger sum. The Portland bank organized by John many years ago Adair, former and regarded one of the most conservative institutions in the eastern part of state. The throughout Friday, more than $20,000 brought back and by depositors who withdrew the preceding day.