6227. Trust & Savings Bank (Rensselaer, IN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
December 18, 1930
Location
Rensselaer, Indiana (40.937, -87.151)

Metadata

Model
gpt-5-mini
Short Digest
b712889d

Response Measures

None

Description

The bank was closed by the state banking department as a precautionary measure (Dec 1930). A receiver was appointed Jan 26, 1931, but by Feb 20, 1931 plans/stocks were in place to reopen by March. No article describes a depositor run, so this is a suspension with planned reopening.

Events (3)
1. December 18, 1930 Suspension
Cause
Government Action
Cause Details
Closed by the state banking department as a precautionary measure
Newspaper Excerpt
closing of the Trust and Savings bank at Rennselaer was announced Wednesday by the state banking department. The bank was closed as precautionary measure
Source
newspapers
2. January 26, 1931 Receivership
Newspaper Excerpt
George A. Williams appointed Attorney D. D. Dean as receiver of the Trust and Savings bank, Saturday. ... The receivership will function immediately to take care of some matters that need immediate attention.
Source
newspapers
3. March 1, 1931* Reopening
Newspaper Excerpt
At Rensselaer, sufficient stock has been to reopen the Trust and Savings bank, which closed 16, and it is expected to resume by March
Source
newspapers

Newspaper Articles (3)
1. December 18, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 18, 1930

Click image to open full size in new tab

Article Text

BANK IN INDIANA CLOSES DOORS Trust and Savings at Rensselaer Had $830,000 Deposits. INDIANAPOLIS closing of the Trust and Savings bank at Rennselaer was announced Wednesday by the state banking department. The bank was closed as precautionary measure The institution was capitalized at $100,000 with deposits of loans of $770.000 and undivided profits of $10,000. Bank of Sturgis, Ky. Closes. STURGIS, KY The Bank of Sturgis failed to open Wednesday. notice on the door stated it had been taken over by the state banking department. The last statement of the bank showed capital of resources of 94 and deposits of $386,514. Four in North Carolina. RALEIGH. N. The Cit izens bank of Burnsville N. with capital and surplus of $112.000, was forced to close its doors Tuesday, the state banking department was notified Wednesday. The last statement showed deposits $391.872 and resources of $507,608 The Scotland County Savings bank. small institution of which Congressman Hinton James president, also failed to open. Its deposits totaled The Bank of Weldon and the Weldon Bank and Trust company announced payments been "temporarily banking departm said Their combined deposits totaled slightly more than $500.000 Blame Bond Depreciation. NEW STRAITS O. The Martin State bank the only bank here. failed to open day Depreciation bonds was responsible for the closing The bank was capitalized at $25 000 and its last state ment showed resources of $205,000.

2. January 26, 1931 Journal and Courier Lafayette, IN
Article from Journal and Courier, January 26, 1931

Click image to open full size in new tab

Article Text

Rensselaer Bank Receiver Named RENSSELAER, Ind., Jan. 26.(Special) George A. Williams appointed Attorney D. D. Dean as receiver of the Trust and Savings bank, Saturday. Mr. Dean was instructed by the judge to begin work at once, but that if the plan for of the institution should be carried out, he should in no way interfere. The receivership will function immediately to take care of some matters that need immediate attention. Mr. and Mrs. James Shindler and Miss Virginia Shindler spent the week end in Chicago with Mr. and Mrs. Melvin Burns. Mr. and Mrs. Gerald Gifford and daughter of Hammond, spent the week-end with Mrs. Agnes Morlan. WOMEN ENTERTAINED. Ladies of the Hazelden Golf club were entertained at luncheon at Fowler, Saturday by Fowler members of the club. B. CLINIC. The tuberculosis clinic will be held at the court house Wednesday, January 28, at the office of the county nurse. Mrs. Gale Smith and children went to Veedersburg, Saturday for short visit. Edward Kanne returned to his home in Monticello, Saturday The Ladies Industrial society of the M. E. church will hold cafeteria dinner at the church Wednesday evening. Mr. and Mrs. Walter White of Indianapolis, and Norman Cloud of Minneapolis, spent the week end with Mr. and Mrs. Charles Halleck.

3. February 20, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 20, 1931

Click image to open full size in new tab

Article Text

WORK STARTED BY PLANTS IN INDIANA CITIES Connersville Reports Every Unit of Industry Has Resumed Activity. PORTLAND SHOWS GAINS One Factory Alone Giving Steady Employment to 300 Persons. BY CHARLES STONE State Editor. The Outstanding in survey of Indiana business and industry for the week ended today, is marked improvement of conditions in a number of cities, Connersville and Portland. As further indication improvement, the number of bank failures has decreased marked extent An Connersville it there are no idle and ed has made dispensing of free 300 350 persons working steadily in the Jay Garment plant Ninety in three shifts by the Sheller ComFull-time operations, with 110 employed. are reported by the Portland Forge and Foundry Company. Operations will be resumed the Creamery Package Company. Radio Plant Busy Steady operation for the remainder February and through March forecast for the United States Radio and Television Corporation at Marion, which is em1,024 persons. About April curtailment is expected due to The General Parts Corporation that has taken over the of service for Moon Motor Car Company Louis, an crease in its working though the Moon has there are about of the cars still in use, providing market for parts. The American Sheet and Plate Company's plant at Gary placed capacity production basis next week. Officials refuse to state how long this will continue, declaring operations are being conducted on week week The oxide department of the Grasselli Chemical Company East Chicago has resumed operations, leading to that entire plant soon be working. Damaged Factory to Work Resumption of operations by Monday by the Ricke Metal Products Corporation, whose plant suffered damages $20,000 fire this week. The corporation has large including for 960,000 pieces and another for 300,000. In banking. the principal developments for the week included the assets of the Citizens Bank Clinton, Vermilion county, to the First National bank, which will give the buyer total assets of more than $1,800,000. Bank to Be Opened At Rensselaer, sufficient stock has been to reopen the Trust and Savings bank, which closed 16, and it is expected to resume by March to purchase of the Rush County the South eastern Indiana Power acquired about ninety miles of line serving ten Efforts are being made by the Chamber of Mt. Verto obtain lessee for the Van Camp Packing Company plant, folthe that operations for the this are not but ing consent for leasing