6212. Jay County Savings & Trust Company (Portland, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
April 18, 1930
Location
Portland, Indiana (40.434, -84.978)

Metadata

Model
gpt-5-mini
Short Digest
da997513

Response Measures

None

Description

The bank was closed by the board after the cashier Clyde Bechdolt confessed large embezzlements (initially $50k-$60k, later reported larger). A receiver was appointed and the bank remained in receivership with suits and claims filed; there is no article evidence of a depositor run prior to closure. Thus this is a suspension (closure) caused by bank-specific adverse information (embezzlement).

Events (3)
1. April 18, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed by order of the board after cashier Clyde Bechdolt confessed a large shortage/defalcation (initially reported $50,000-$60,000).
Newspaper Excerpt
The Jay County Savings and Trust Company today was kept closed by order of Board Directors. meeting of Board called last night after Clyde Bechdolt, Cashier, told officials the bank there shortage
Source
newspapers
2. April 25, 1930 Receivership
Newspaper Excerpt
Jesse L. Peters, who appointed receiver for the Jay County Savings and Trust Company, has given bond of $100,000 ... The bond has been approved by the court and the oath administered ... it is the bank will pay the depositors at least 75 per cent and may pay out in full.
Source
newspapers
3. April 26, 1930 Other
Newspaper Excerpt
Bechdolt confessed taking $65,000 of the bank's money ... Pleading guilty to embezzlement, Bechdolt was given a two to fourteen-year sentence and was hurried from the city to the state prison due to fear ... The bank closed following discovery of the defalcations and is now in charge of Jesse L. Peters, receiver.
Source
newspapers

Newspaper Articles (9)
1. April 19, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, April 19, 1930

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Article Text

INDIANA BANK CLOSED When Cashier Reveals Shortage That May Reach $60,000. SPECIAL ENQUIRED Portland. Ind., April 18-The Jay County Savings and Trust Company the today was kept closed by order of Board Directors. meeting of Board called last night after Bechdolt, Cashier. told officials bank there shortage and and $25,000. Assets the according statement. $371,679.01. Deposits amount to $300,000. Bechdolt had not been found today. He left word that would leave the but would send his address and return when needed. but did not wish the creditors time. Officials say there will be no loss depositors. ing

2. April 19, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, April 19, 1930

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Article Text

INDIANA BANK CLOSED When Cashier Reveals Shortage That May Reach $60,000. THE Portland, Ind., April 18-The Jay County Savings and Trust Company today kept closed by order of the Board Directors. meeting the Board called night after Clyde Bechdolt, Cashier. officials the bank there shortage $50,000 and The in and at $25,000. Assets the bank, $371,679.01. Deposits amount Bechdolt had not found today. He left city, send his return wish time. Officials say there will be no loss depositors,

3. April 19, 1930 The Richmond Item Richmond, IN
Article from The Richmond Item, April 19, 1930

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Article Text

Shortage in Portland Bank is Investigated PORTLAND Ind., April examination of the affairs the Jay County Savings and Trust company was begun this by Thomas Barr, deputy state banking commissioner, who came here from Indianapolis when that the institution would not be open for business today The bank was closed following confession of shortage which offisaid was made by Clyde Bechdolt. cashier In his statement Bechdolt was said to admitted that his accounts were short from $50,000 to $60,000. Bechdolt was not in Portland to. day He left that he was going away but that he would return when he was needed. Bank officials insisted that depositors would suffer no The cashier was bonded for $25,000 and this amount together with capital stock and an will make up the shortage it was explained. DENIES BOMBING CHARGE Mabon Humphrey, of Elwood, wantconnection with three fatal bombings Marion. Ind., today informed Chief of Police Nuzum. leter bearing Cincinnati postmark, that he was in Cincinnati. O. Humphrey said he planned to stay there until his attorney him and denied being implicated in the bombings. VALPARAISO, Ind., April New criminal charges against five directors of the Kouts bank, which failed several years ago with Recently conspiracy charges against the bank officials dismissed on technicality.

4. April 25, 1930 The Star Press Muncie, IN
Article from The Star Press, April 25, 1930

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BANK RECEIVER SUPPLIES BOND Portland Depositors May Be Fully Protected. Portland. Ind., April Jesse L. Peters. who appointed receiver for the Jay County Savings and Trust Company. has given bond of $100,000 with the United States Fidelity and Guaranty Company of New York as surety The bond has been approved by the court and the oath administered Before leaving the city he said he had not had time to review the report of the bank examiners. He expects that it will take several days for himself to familiarize himself with the report. It is said that the report of the examiners shows the bank to be in better condition than has been reported. According to the best information obtainable. it is the bank will pay the depositors at least 75 per cent and may pay out in full. Greene Township Team Wins. The county 4-H demonstration contest. which was held at the courthouse Wednesday evening was won by the Greene Township team. composed of Agnes Caster and Florence Degler with Miss Gladys Brunson as coach and leader The Greene Township team used the subject "Simple Textile Tests" for its demonstration. Constructive criticism was given by Hiss Hazel Arbuckle, of Muncie. home demonstration agent of Delaware County who acted as judge. Miss Mildred Adams, of Bryant, was chairman of the contest C. W. McLaughlin was held to be 8 justice of the peace today by Judge Frank Gillespie in the Circuit Court in the case of the state VS. Acil Cole Cole was fined by McLaughlin several months ago. The docket was stayed, but was never paid. Monday McLaughlin issued committment for Cole. who was placed in jail. He brought habeas corpus proceeding setting out that McLaughlin was not duly qua justice of the peace The court held in favor of McLaugh lin. and Cole either must pay the fine or lay it out Fund Being Raised. Each pupil of the Portland schools will be asked to contribute one cent or more to fund being raised by the Daughters of Veterans to remove the bodies the veterans of the War of 1812 and of the Civil War from the old cemetery and place them in a lot in Green Park Cemetery subscription paper also is being circulated among the Sons of Veterans and the American Legion. Roe Houck, city street commissioner. has offered to disinter the remains of the veterans and open the new graves in Green Park Cemetery. and the men in the employ of the street department have volunteered to assist in the work Lon Hutzler northeast of Pennville was convicted in the Circuit Court yesterday of driving an automobile while intoxicated He was fined $5 and sentenced to thirty days in the county jail and prohibited from driving an automobile for period of one year The jail sentence suspended. Hutzler was charged with having crowded another automobile off the road near Pennville Saturday night. Damage Suit Dismissed. A damage suit for $10.000 filed some time ago by C. W McLaughlin against Thomas Carey. has been dismissed. McLaughlin had charged that he had been slandered by Carey Following the burning of Carey's house. Carey was alleged to have said that McLaughlin afire. Carey made a public apology and the suit was dismissed Kathryn Messner a junior at the Madison Township High School. was winner of second place in the Indiana Bar Association contest on the constitution. held at Bedford recently instead of sixth place. as was previously announced. Her essay was on Indiana Constitutional Conventions. She was warded a prize of $125 She was the only junior student among the state finalists, all the others being seniors Title to property in this city was quieted today in an action brought by Clara B. Magill vs. Ida Pumphrey al., upon default of the defendants. A verified petition to sell real estate for the purpose of making a change in investment has been granted in the Circuit Court Jacob Bibler for Mary Catherine Charles Sommers and Francis T. Whitacre were appointed appraisers. Damage of $10 was caused by fire started from gasoline stove at the C. Rhodes and Son grocery this morning

5. April 26, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 26, 1930

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SUCCESS LEADS BANK'S CASHIER TO PRISON CELL Portland Man Made $12,500 in Oil Deal With $1,500 He Stole. By Times Special PORTLAND, Ind., April 26.-Failure drives some men to crime, but success was the first step toward a felon's cell for Clyde Bechdolt, former cashier of the Jay County Savings and Trust Company here. Bechdolt confessed taking $65,000 of the bank's money and it is said there are indications the shortage may total $100,000. Pleading guilty to embezzlement, Bechdolt was given a two to fourteen-year sentence and was hurried from the city to the state prison due to fear of authorities that he might be a victim of mob violence. While en route to the prison, Bechdolt related to officers accompanying him the story of his career in crime. Made $12,500 on Deal Eight or nine years ago, the former cashier said he forged a check on one of the bank's customers, obtaining $1,500 which he invested in an oil well project, from which he netted $12,500. He replaced the money raised on the check. At the time of the forgery, the customer was in California on a trip with his business partner. However, other ventures which he backed with stolen money, were not as profitable as the first, and he was pressed from all sides as he kept to a high standard of living, having been the owner of two high priced automobiles, although his salary was only $37.50 a week. Prison Quiet Welcome Bechdolt said he had long realized that detection was inevitable and that he welcomed entry of the prison, declaring he would get the first good night's rest in several days. The bank closed following discovery of the defalcations and is now in charge of Jesse L. Peters, receiver. A thorough investigation of the bank's affairs will be made by the Jay county grand jury, which will convene next week, it is announced by Circuit Judge Frank Gillespie.

6. May 1, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 1, 1930

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MORE LOSSES IN REVEALED CLOSED BANK Foreigner at Portland Said by Receiver to Be Out $11,500 in Bonds. WAR VETERAN MULCTED Books Show Balance of Only $3.11 Against Account of $5,800. By Times Special PORTLAND, Ind., May 1.-Shortages in funds of the closed Jay County Savings and Trust Company, as a result of defalcations of its former cashier, Clyde Bechdolt, continue to increase, according to Jesse L. Peters, receiver. Bechdolt, now serving a two to fourteen-year state prison term for embezzlement, told a foreigner who was a depositor in the bank, that all cash in his account on March 1 would be subject to taxation, and suggested bonds be bought. The depositor spent $11,500 for bonds. They are missing, Peters announces. A mentally incompetent World war veteran, now an inmate of a sanitarium at Marion, is another victim, the receiver states. The veteran had $3,800 in bonds and $2,000 cash in the bank's possession, but now the books show a balance of only $3.11. The Jay county grand jury will convene next week to make an investigation of the bank's affairs.

7. May 31, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 31, 1930

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BONDSMEN OF CONVICT SUED Receiver of Closed Bank at Portland Acts. B.U Times Special PORTLAND, Ind., May 31.Bondsmen of Clyde D. Bechdolt, who while cashier of the Jay County Trust and Savings bank, now closed, embezzled its funds, are defendants in a $25,000 suit filed by Jesse L. Peters, receiver of the bank. Bechdolt is serving a two to fourteenyear term in the state prison. Defendants in the suit are Alpheus A. Adair, Emerson E. McGriff, Orville R. Easterday, W. D. Schwartz and John W. Holmes. The amount sought is the sum for which Bechdolt was bonded. It was a condition of the bond that Bechdolt would faithfully discharge his duties, and the receiver alleges he failed to do so, citing that instead he converted money belonging to the bank to his own use.

8. June 7, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 7, 1930

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GASOLINE TAX CLAIM AGAINST CLOSED BANK Attorney-General Files Suit for State at Portland. Bu Times Special PORTLAND, Ind., June 7.-A suit asking $1,102.65 has been. filed in Jay circuit court here by Attorney-General James M. Ogden on behalf of the state of Indiana against the closed Jay County Savings and Trust Company bank, of which Jesse L. Peters is receiver. It is alleged in the suit that the money asked is gasoline tax which was on deposit in the bank at the time it is closed, and is declared a preferred claim. Clyde Bechtold, former cashier of the bank, whose defalcations caused the closing, is serving a prison term for embezzlement.

9. June 27, 1930 The Star Press Muncie, IN
Article from The Star Press, June 27, 1930

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WOMAN NAMED BANK RECEIVER Miss Huckriede in Charge of Bryant Institution. Portland. Ind., June 26.-Miss Lelia Huckriede. of Bryant. was appointed receiver for the Farmers and Merchants bank at Bryant this morning by Judge Frank Gillespie Her bond was fixed at $15,000 John Bonifas, cashier will assist Miss Huckriede in the work of settling the affairs of the bank Miss Emma Bonham, assistant cashier, will also assist with the work for two months It is thought that a distribution of at least 50 per cent can be made by October The Farmers and Merchants Bank was closed a few days ago following a run. when more than $50,000 in deposits were withdrawn. Suit for a receiver was filed by Luther Symons, state bank commissioner Two suits for $500 each have been filed by the Portland Drain Tile Company against the bondsmen of Orestes H. Devoe superintendent of construction of the Engle ditch in Bichland One suit was brought against John T Sutton, James Mulvahill and George A. Buckles. and the other, George A. Buckles, Augustus Cline and Oakley E. Milligan the defendants. Claim is made and Oakley E. Milligan are the defendants Claim is made in both suits that the contract for the ditch was let 1923 by Devoe to Jarrett and Funk This firm contracted with Martin Brothers of Dunkirk. to furnish the tile They were unable supply the amount and contracted with the Portland company for $465 It is alleged that Devoe failed to keep records of counts of done and to collect assessments when due He died in August. 1926 before the work was finished and without paying the Port land company but had $1,000 in his possession at the time of his death. Death Message Received A message was here today telling of the death of George E. Fleming 86. which suddenly this morning at Benton Harbor, Mich He was veteran of the Civil War and lived the greater part of his life in Jay County near New Mt. Pleasant. body be brought Friday will be held at o'clock Saturday after noon at the Williamson Chapel in charge of the Rev H. Nall Bur ial will be in Park Cemetery A fleet of twenty airplanes passed this city today flying toward the south It is thought that the ships were Army planes en route to Kentucky Mother and Daughter Injured Mrs. Charles Bash and daughter Mildred suffered severe and bruises this morning when the car in which they were riding. driven by Mrs William Axe overturned near Bellefontaine The accident was caused by blowout The local Elks Lodge has secured the A1 C. Hansin Carnival Company to show here during the two day street carnival. July and 5. Evidence in the suit to set aside a deed by Peter Gaffer to Monahan has been completed in the Circuit Court The argument hearing was continued. The case was brought to Jay County from the Adams Circuit on a change of venue. Harry P. Clements is made defendant on note and real estate mortgage by Ora E. Whittinghill, of Redkey A Children's Day cantata, "Greater Than Solomon,' will be given at the Antioch M. E. Church Sunday evening. Name New Tliff Administrator. J. V. Ashcraft was appointed administrator of the estate of David H Iliff. The Jay County Saving and Trust Company, former administrator, which is now in the hands of a receiver. was removed. Arrangements have been made with a number of families to give an outing to the children from the Soldiers and Sailors Orphans Home at Knightstown this summer The Jay County Business and Professional Women's Club is sponsoring the vacation. The children will be brought to Portland Sunday, July 20.