6233. American Trust & Savings Bank (Richmond, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 1, 1930*
Location
Richmond, Indiana (39.829, -84.890)

Metadata

Model
gpt-5-mini
Short Digest
b8643e5c

Response Measures

Full suspension

Other: Bank later entered voluntary liquidation; dividend paid to depositors in March 1931.

Description

Newspaper reports (Dec 19, 1930) state the Richmond bank experienced several days of heavy withdrawals and was closed to protect depositors because of depleted cash. It later entered voluntary liquidation (December) and by March 1931 a liquidating agent was mailing a 20% dividend — so the suspension led to permanent closure via voluntary liquidation rather than reopening.

Events (3)
1. December 1, 1930* Other
Newspaper Excerpt
entered into voluntary liquidation last December; Joseph West, liquidating agent...distribution of this dividend...checks for 20 percent...being mailed this week to depositors in the American Trust and Savings bank, Richmond, which entered into voluntary liquidation last December . . . the dividend now being distributed the first since the bank suspended operations . . . .','event_type_note':'voluntary liquidation and dividend distribution'
Source
newspapers
2. December 19, 1930 Run
Cause Details
Several days of heavy withdrawals/depleted cash led depositors to run on the bank.
Measures
Other local banks agreed to permit depositors to borrow up to 50% of their American Trust deposits as collateral pending liquidation (per one report).
Newspaper Excerpt
the bank had experienced several days of heavy withdrawals.
Source
newspapers
3. December 19, 1930 Suspension
Cause Details
Bank closed (suspended) because of depleted cash following heavy withdrawals; closed to protect depositors.
Newspaper Excerpt
At Richmond it was said the bank was closed to protect depositors. The bank had experienced several days of heavy withdrawals.
Source
newspapers

Newspaper Articles (6)
1. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 19, 1930

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Article Text

BLOODSTAINED CLOTHES FOUND IN WOODS NEAR KILBOURNE. ILL. Note Addressed to "Shelton" Recommended "Bearer. Jimmy Durkin." as a Cook. the HA VANA, Press. Dec. 19.-Bloodstained clothes. a letter and a traveling bag of exc ellent quality, found yesterday in the woodlands four miles southeast of Kilbourne, III., caused Mason County authorities to search the surrounding Illinois River bottom land in the belief that a murder had been committed. The letter was addressed to "Shelton," dated at St. Louis on Aug. 9, signed "Dud" and recommended "the bearer. Jimmy Durkin as a cook. The bloodstained clothing bore the laundry mark "J. D." The apparel apparently was working clothes. Other clothing found nearby included a cook's apron and cap, Automobile wheel tracks. where a car evidently had been turned around, also were found. The discovery was made by Sherman Lane, a trapper. St. Louisan Head of Seedmen. By the Associated Press. COLUMBIA. Mo., Dec. 19.-Ed F. Mangelsdorf of St. Louis has been elected president of the Missouri Seedmen's Association. Other officers chosen: Fred G. Ricketts, Springfield, vice president, and J. M. White, Kansas City, secretarytreasurer. Sunday Movie Vote Held Void. By the Associated Evanston voted for Sunday movies by a majority of 56 votes, but cannot have them, at least for some time. Judge Philip L. Sullivan has ruled. The Court upheld the Evanston Sunday business ordinance and reasoned that the referendum was not effective without action by the City Council. bank was solvent and gave frozen assets and a gradual withrawal of funds as the reason for closing. The bank, capitalized at $100,000, has liabilities of $1,094,225, officials said. Bank in North Carolina With $450,000 Deposits Closes. By the Associated LENOIR, N. C., Dec. 18.-The First National Bank of Lenoir did not open for business today. W. J. Lenoir is its president. The bank is capitalized at $50,000 and its officers said it had deposits of $450,000. Three Banks in Indiana, One With $610,000 Deposits, Close, By the Press. INDIANAPOLIS. Ind., Dec. 19.Three Indiana banks failed to open today, the State Banking Department was notified. They are: The American Trust and Savings Bank of Richmond. capitalized at 100,000; the Central State Bank of Whiting, capitalized at $100,000, and the State Bank of Brook, capitàlized at $55,000. At Richmond it was said the bank was closed to protect depositors and stockholders. The bank had experienced several days of heavy withdrawals. It had deposits of $500,000. The Whiting bank had deposits of $610,000, and deposits in the State Bank of Brook totaled $585,000.

2. December 19, 1930 Tallahassee Democrat Tallahassee, FL
Article from Tallahassee Democrat, December 19, 1930

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Article Text

Banks Closed Runs By Depositors Blamed For Closing Of Two; Depleted Cash Causes Third. Indianapolis, Ind., Dec. Three Indiana state banks were closed by the state banking partment today. The defunct institutions are: The American Trust and Savings bank at Richmond, with deposits of $1,000,000. The Central State bank of Whiting, with deposits of $700,000. The Brook State bank of Brook with deposits of The Richmond bank was closed because of depleted cash. The Whiting bank suspended business after run by depositors. depleted assets also caused the closing of the Brook bank. Canastota, Dec. 19. The State Bank of Canastota failto open its doors this morning and was taken over by the state superintendent of banks. Losses on loans and investments the cause of the state stepwas in to take over management ping the bank, statement from the bnk examiners said. The capital the bank is surplus and undivided profits $89,676 and $1,117,914. Lenoir, Dec. First National Bank Lenoir failed to today.

3. December 19, 1930 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 19, 1930

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Article Text

Business "Planted," Store Buyer STATES Two In N. Carolina, Three In Indiana, One In Y., Illinois, Virginia, Arkansas Elizabeth City, Dec. The Savings Bank and Trust Company failed to open its doors for business today. Future action will be governed the Board Bank Examinwas said. Williams president of the institution. Officials said the bank was solvent and gave frozen assets and gradual withdrawal of funds as the reason for closing. The bank, which is capitalized $100,000. has liabilities of $1,094,225 Loans amount $925,630 and borrowed money amounts to $193,750, State officials said. And One At Lenoir Lenoir. N. C., Dec. 19 First National Bank of Lenoir did not open for business today. The bank capitalized at $50,000 and its officers said it had deposit indebtedness of approximately 000 when it closed. One Closed In N. Y. State Dec. 19 Joseph Broderick, State Superintendent Banks, today announced that he has taken of the State Bank of Canastota result he said appears to be its unsound condition. "On the date of the last quarterly statement submitted by the bank to the banking department, September 1930. the figures reported as folcapital, $60,000: surplus and divided profits, $9,676: gross deposits, said Broderick. Virginia One Fails To Open Alta Vista. Dec. 19 Farmers and Merchants Bank of Alta Vista failed to open for business today. The bank capital stock of 000, surplus of $3,500 and deposits $105,661.52 in its last statement. Frank Hammer president of the stitution. An examiner has been sent here Bristow, Commissioner Insurance and Banking, to take over the bank's affairs. Three Close Indiana Indianapolis, Dec. Indiana banks failed open their doors today. the State Banking Department notified. They The American Trust and Savings $100,000: the Central State Bank of Whiting, capitalized and the State Bank of Brook, capitalized $55,000. The State Department issued statement regarding the closings. The Richmond bank had deposits the Whiting bank the State Bank of Brook, 000. Customers Who Bought Lavishly As Prospective Purchaser By Owner Another In Illinois Newark, Dec. Mount Vernon, III., Dec. 19 said William Schachat, prospec- Jefferson State Bank closed today tive buyer of delicatessen shop, protect depositors. It had deposits David Fishman said he took $741,000. week. Arkansas Bank Shuts Door "All right. Stick around and Little Ark., Dec. 19 next week." replied Fish your eyes The Clark County Bank Gurdon. deposits of closed watched customers spend doors today under the five-day bank grand total of $325. But suspension law. after he bought the store, he the first week's receipts only $100. Nevada Birds Top Market Court testified Reno, Nev., Dec. Chancery Fishman distributed money prices for the holiday market the that his friends to spend his were received by Nevada turkey among make the week' producers this year for the second consecutive season.

4. December 19, 1930 The Shreveport Journal Shreveport, LA
Article from The Shreveport Journal, December 19, 1930

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Article Text

THREE BANKS IN INDIANA CLOSED (By the INDIAN APOLIS, Ind. Dec. 19. Three Indiana banks, in widely sep. arated parts of the state, closed to day They were the American Trust and Savings company of Richmond, the Central State bank of Whiting, which had deposits of $730,000. and the Bank of Brook, with deposits of $435,000. United Press.) MT VERNON, Dec. 19 The Jefferson State bank closed to day to protect depositors. It had deposits of $741,000. United Press.) N Dec. 19 The State Bank of Canastota, N. Y., ordered closed today by Jo seph A. Broderick, state superin of banks. The was taken, Broderick stated, to the assets in the of all He said material on loans and caused by the decline in values, had impaired the bank's financial condition. United Press American Trust and Savings company here failed to open its doors today statement from the board of directors said three other city banks had agreed to permit the depositors to borrow not to ex ceed 50 per cent. their American trust deposits as collateral, pending liquidation of the American Trust

5. March 2, 1931 Palladium-Item Richmond, IN
Article from Palladium-Item, March 2, 1931

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Article Text

Dividend Is Being Paid to American Bank Depositors Checks for 20 percent of the amount of their savings and checking are being mailed this week to depositors in the American Trust and Savings bank, Richmond, voluntary liquidadistribution of this which approximate total will completed by the end of this week," it announced was Monday, by Joseph West, liquidacounts were placed mails Sunday evening and the work of mailing checks checking accounts depositors started Monday. dividend now buted since the bank suspended

6. March 3, 1931 The Richmond Item Richmond, IN
Article from The Richmond Item, March 3, 1931

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Article Text

Dividend Is Being Paid to American Bank Depositors Checks for 20 percent of the amount of their savings and checking accounts are being mailed this week to depositors in the American Trust and Savings bank, Richmond, which entered into voluntary liquidation last December. "The distribution of this dividend, which will approximate total $93,000, will be completed by the end this week," was announced Monday, by Joseph West, liquidating agent for the All dividend checks to savings accounts depositors were placed in the mails Sunday and the work of mailing checks acThe dividend now being distributed the first since the bank suspended operations.