American National Bank (Frankfort, IN)

View Charter #6217 on SPMC View balance sheet

Episode Information

Episode UID
621701537
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
62170 national
Charter Number
6217
Start Date
January 27, 1928
Location
Frankfort, Indiana (40.279, -86.511)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fc84dc2f40aaf365

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Other: Four other banks in the city acted as trustees and paid off the depositors of the American National Bank in full to prevent loss.

Description

The bank closed following a run triggered by rumors; other local banks acted as trustees to pay off depositors during a planned merger.

Events (5)
1. April 21, 1902 Chartered
Source
historical_nic
2. January 27, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
False reports and rumors circulated that the bank was insolvent and about to close.
Random Run
Yes
Random Run Snippet
false rumors of insolvency precipitated run; examiners later declared bank entirely solvent
Measures
Four other banks in the city acted as trustees and paid off depositors in full.
Newspaper Excerpt
Reports circulated about the city to the effect that the American National bank of Frankfort was insolvent and would close its doors precipitated run on the institution today.
Source
newspapers
3. January 28, 1928 Other
Newspaper Excerpt
The institution was to have merged with the Citizens Loan and Trust Company of this city, and charter had been granted.
Source
newspapers
4. January 28, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
The bank closed its doors as a direct result of the heavy withdrawals and run triggered by false rumors.
Newspaper Excerpt
The American National Bank closed its doors today following the run yesterday.
Source
newspapers
5. March 15, 1928 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. January 28, 1928 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, January 28, 1928

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Article Text

FRANKFORT BANK CLOSES ITS DOORS FRANKFORT Ind., Jan. students. The American National Bank During Col. Lindbergh's triumclosed its doors today following phant journey into flowers the yesterday. upon from balconies suffer Depositors, the streets rang with shouts the other banks the city paying the American legation, Col. certified checks drawn appeared the balcony funct bank. and greeting the multistate charter board only The tude which had gathered outside to days issued charter cheer him. the American Last night the flyer attended merger the Loan Trust Bank and honor at the Anglowhich American company, have $100,000 capital stock Crowds gathered before $100,000 surplus. United States legation early this sort attempted. (Turn Page Eight, Please) organization

2. January 28, 1928 The Huntington Herald Huntington, IN
Article from The Huntington Herald, January 28, 1928

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Article Text

Frankfort Bank Closed by 'Run' OTHER BANKS PAYING FIED ISSUED BY INSTITUTION The American National bank here closed its doors today following run on the bank yesterday however, will suffer no Depositors, was believed as the other loss, banks in the city are paying off certichecks drawn on the bank. The charter board only two state issued charter for the mer. of American National bank the Citizen Loan Trust comwhich combined would had capital stock and 000 was believed some sort of reorganization will be attempted.

3. January 29, 1928 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, January 29, 1928

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Article Text

RUMORS CAUSE RUN ON BANK [Special to The Indianapolis Star.) ports circulated about the city to the effect that the American National bank of Frankfort was insolvent and would close its doors precipitated run on the institution today. After an audit of its resources representatives of Frankfort's four other banking acting as paid off in full all depositors Stockholders voluntarily turned to the all the bank assets stood in hours, and when assured that they would receive every many left The according to state and national bank examiners was entirely solvent, but the heavy of deposits. together with the unfounded reports started the run. The institution was to merged with the Loan Trust pany of this and charter had been granted The bank capitalized at and had assets of

4. January 30, 1928 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 30, 1928

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Article Text

Bank Weathers Run By United Press FRANKFORT, Ind., Jan. 30.Although it was solvent, the American National Bank was the subject of false rumors, and a "run" resulted. Four other banks came to the rescue by paying anxious depositors.

5. February 2, 1928 Garrett Clipper Garrett, IN
Article from Garrett Clipper, February 2, 1928

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Article Text

RUMORS RESULT IN RUN ON IND., BANK Frankfort Ind., Jan. Reports circulated about the city to the efthe American National bank feet that of Frankfort insolvent and would was close its doors precipitated run on institution After an audit the today. representatives of of its resources, Frankfort's four other banking paid off houses, acting as in full all depositors. Stockholders voluntarily turned trustees all the bank's over the Customers stood in line for when assured that they hours, and many left would receive every penny according to state and The bank examiners, was entirenational the heavy withdrawals solvent, together with the unof deposits, started the run. The founded reports, to have merged with institution was and Trust Comthe Citizens Loan and charter had pany of this city, granted. The bank is capitalized been $100,000. and had assets of at 218,000. Police at South Bend refuse to law enforceoperate in prohibition Joseph recently placed ment, of federal dry law activity in charge Indiana. charges. "Any in northern the liquor traffic is effort to stop Allie declared. He said belittled,' administration is peeved bethe city cleanup in South cause of recent Bend by federal agents.