6254. American National Bank (Rushville, IN)

View Charter #12420 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12420
Charter Number
12420
Start Date
April 21, 1933
Location
Rushville, Indiana (39.609, -85.446)

Metadata

Model
gpt-5-mini
Short Digest
070ecb5a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-04-25
Date receivership terminated
1938-07-15
OCC cause of failure
Fraud
Share of assets assessed as good
53.6%
Share of assets assessed as doubtful
36.0%
Share of assets assessed as worthless
10.4%

Description

The bank suspended payments on April 21, 1933 and was placed in receivership (receiver appointed, petition to sell assets granted). No article describes a depositor run prior to suspension. The sequence is a suspension followed by receivership and liquidation actions, indicating permanent closure.

Events (4)
1. July 30, 1923 Chartered
Source
historical_nic
2. April 21, 1933 Suspension
Cause
Government Action
Cause Details
Bank suspended payments April 21, 1933; closure placed under receiver and actions taken under new banking laws (official receivership/authority).
Newspaper Excerpt
THE AMERICAN NATIONAL BANK, Rushville, Indiana, which bank suspended payment on April 21, 1933
Source
newspapers
3. April 25, 1933 Receivership
Source
historical_nic
4. June 12, 1933 Receivership
Newspaper Excerpt
John F. Russell, Receiver of American National Bank, Asks Jurisdiction. Jurisdiction in receivership of the American National bank ... which was closed in April, was taken over by Rush circuit court Saturday following petition to that effect filed by John F. Russell, receiver of the bank. ... petition for order authorizing sale of the bank's securities was also filed by the receiver. This petition was likewise granted by the court.
Source
newspapers

Newspaper Articles (11)
1. May 5, 1933 Tri-County Banner Knightstown, IN
Article from Tri-County Banner, May 5, 1933

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Off To Band Contest Knightstown's "Class high school band compete against seven other bands in this class at the Indiana school band orchestra contest to held at LaPorte, this and Saturday. Other bands Friday entered this class are Banker, ConNappanee, Lawrence Rockville, Butler total of 28 bands and orchestras from over the state will take part the than 2,000 vidual musicians participate. contest will be featured by parade of all bands Saturday daylight saving time. Jasper Case Commits Suicide Case, aged 76 years Jasper the president of the closed National Bank and reputed have been the man Rush county, his home in Rushville Sunday afterby shooting calibre revolver, the bullet entering his According to the right coroner, notes the motive for the rash act lacking Case was financially several banks of Rush county and said one of the largest of that community American National Bank, which closed April 22nd, after was been opened without restrictions following the banking moratorium. He survived by the widow and Case, Jr., Washson, Jasper ington. Case was warm personal friend of Arthur Bernard, of this city.

2. June 12, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, June 12, 1933

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Article Text

NOTICE TO DEPOSITORS. NOTICE IS HEREBY GIVEN, that pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Attorney General and the Auditor of State of Indiana, that there was on deposit with THE AMERICAN NATIONAL BANK, Rushville, Indiana, which bank suspended payment on April 21, 1933, the following Public Funds classed as New Money Rush County, Indiana $27,961.97 Rushville Civil City 24,569.87 Rushville School City 375.48 Jackson Township, Rush County 379.16 Rushville Township Rush County 43.66 Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amount. JOHN F. RUSSELL, Receiver. The American National Bank, Rushville, Indiana. R-June12t1

3. June 12, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, June 12, 1933

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Article Text

NOTICE TO DEPOSITORS. NOTICE IS HEREBY GIVEN, that pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Attorney General and the Auditor of State of Indiana, that there was on deposit with THE AMERICAN NATIONAL BANK, Rushville, Indiana, which bank suspended payment on April 21, 1933, the following Public Funds classed as New Money: Rush County, Indiana $27,961.97 Rushville Civil City 24,569.87 Rushville School City 375.48 Jackson Township, Rush County 379.16 Rushville Township Rush County 43.66 Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amount. JOHN F. RUSSELL, Receiver. The American National Bank, Rushville, Indiana.

4. July 1, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 1, 1933

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Article Text

RECEIVERSHIP OF LOCAL BANK COURT HERE John F. Russell, Receiver of American National Bank, Asks Jurisdiction. RECEIVER TO SELL BANK'S SECURITIES Receiver's Petition for Authority to Make Sale Is Granted by Court. Jurisdiction in receivership of the American National bank of which was closed in April, was taken over by Rush circuit court Saturday following petition to that effect filed by John F. Russell, receiver of the bank. Under the new banking laws the receiver of a national bank, so appointed by the comptroller of currency, upon order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts or sell all real estate and personal property in liquidating the bank. As the nearest district federal court is in Indianapolis, Mr. Russell and Gates Ketchum, attorney for the receiver, decided that for reasons of economy they would place the matter of the bank's receivership in the local circuit court instead of taking it to the federal court at Indianapolis. Upon Judge John A. Titsworth granting the petition for the local circuit court to assume jurisdiction in the matter, petition for) order authorizing sale of the bank's securities was also filed by the receiver's attorney. This petition was likewise granted by the court. It is listed by Mr. Russell that among the American National bank's assets are stocks, bonds and securities of a par value of $40,000 pledged to secure bills payable to the Fletcher American National bank of Indianapolis; U. S. government bonds of par value of $4,750; and stocks, bonds and securities, free and unpledged, of a par value of A typewriter is also included in the petition for order of sale. Following the receiver's petition, the court directed that all general market unpledged bonds and securities be concentrated and held for sale at the Federal Reserve bank of New York under arrangement of the comptroller of currency, and ceiver ordered these securities bank where they for sale sale of court emreceiver Ameribank or its sucsale of piedged that bank. The reempowered

5. July 1, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 1, 1933

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Article Text

John F. Russell, Receiver of American National Bank, Asks Jurisdiction. RECEIVER TO SELL BANK'S SECURITIES Receiver's Petition for Authority to Make Sale Is Granted by Court. Jurisdiction in receivership of the American National bank of Rushvile, which was closed in taken over by Rush April, was court Saturday following circuit to that effect filed by sary petition John F. Russell, receiver of the issued bank. Under the new banking laws the receiver of a national bank, so appointed by the comptroller of currency, upon order of court of record of competent ule. jurisdiction, may sell or comall bad doubtful debts pound or all real estate and person- are sell in liquidating the property bank. As the nearest district federal Rd. court is in Indianapolis, Mr. Russell and Gates Ketchum, attorney for the receiver, decided that for reasons of economy they Roads would place the matter of the bank's receivership in the local circuit court instead of taking it to the federal court at Indian- gravel apolis. Upon Judge John A. Titsworth ed granting the petition for the local circuit court to assume jurisdiction in the matter, a petition for order authorizing sale June of the bank's securities was also filed by the receiver's attorney. This petition was likewise granted by the court. It is listed by Mr. Russell that mat. among the American National bank's assets are stocks, bonds and securities of par value of to secure bills $40,000 pledged to the Fletcher Ameripayable can National bank of Indianapolis; U. S. government bonds of par value of $4,750; and stocks, bonds and securities, free and unpledged, of a par value of A typewriter is also included in the petition for order of sale. miles Following the receiver's petition, the court directed that all bonds 15 general market unpledged securities be concentrated and held sale at the Federal and for bank of New York unReserve of the compder arrangement and the troller of currency, was ordered to forward ceiver securities to the reserve these will be held for bank where they time sale at a propitious to the sale of Consenting securities, the court emthe local bank receiver the Fletcher Ameri- 1-4 to join with its suc- 21. National bank or can in the sale of securities cessor to that bank. The repledged also empowered to ceiver was TURN TO PAGE Six

6. July 19, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 19, 1933

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COUNTY EXHAUSTED WHEAT LISTED E. Brown, County Agent, Attends District Meeting at New Castle on Wheat Acreage Project. Child Welfare Association of County Makes First Appeal in 30 Years of Existence. A series of three educational meetings will be held in townships of Rush county upon completion of mailing list of wheat growers in 1930, 1931 and 1932, according to plans announced by state extension leaders at meeting of county extension leaders in New Castle Tuesday afternoon. Brown, local county ricultural agent who attended this meeting, brought back information of interest to Rush county wheat growers. The first of these educational meetings will acquaint wheat growers with the situation in relation to world supplies, foreign policies and status the United States in world trade. The second will be devoted to discussion of the contract to be offered growers by the government under the agricultural adjustment act, while the third session will be held by contractsigners to elect a member from their township to the county control board. Two additional members will join with his man TURN TO PAGE Six An especially urgent appeal for funds from Rushville and Rush county citizens has been made from one of the county's oldest and most deserving organizations. The appeal for financial help at this time comes from the Rush County Child Welfare association which for thirty years has been sponsoring the work of correcting the physical defects of children of the poor in Rush county. Activities of the organization have been halted for some time on account of its funds being frozen with the closing of the defunct American National Two of the organization's heaviest contributors, the Tri Kappa and Kappa Kappa Sigma sororities of this city, have their charity funds tied up in the closed bank and are without means of giving their usual amounts as in past years. With the financial status of the parent organization and its contributors at low ebb, the appeal for money from the general public to carry on the deserving work is all the more urgent, it was pointed Immediate help for the organization is needed, it was statthe next month to promote surgery and treatment to thirtytwo children of the county whose cases have been reported. These cases should be taken care PAGE Six

7. July 19, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 19, 1933

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RECEIVER RESIGNS; John Russell, Greensburg, Resigns Post Because of III Health. HARRY DEPREZ OF SHELBYVILLE NAMED New Receiver of American Bank Will Take Charge Immediately. John Russell of Greensburg, who has been receiver for the closed American National bank here for several weeks, has resigned, and he will be succeeded by Harry W. DePrez of Shelbyville. Mr. DePrez has been appointed by the Comptroller of the Currency, in Washington, upon the recommendation of Senator Frederick VanNuys, it was announced. Mr. Russell's resignation was brought about because of his health, he stated. His health became impaired during the long hot spell in June which left him in weakened condition and he has failed to recuperate, he said. Mr. Russell arrived at the decision that his further continuance would not only be detrimental to the trust but also restoration to former health. "The people of Rushville and Rush county," he stated, "have the reputation of being friendly folk. They have more than lived up to that reputation with me. have had the splendid support and coöperation of the very best and daily contacts them was a great pleasure. My brief stay in Rushville will always be pleasant memory." The trust will be turned over to Mr. DePrez at the close of business today. He will give Mr. Russell detailed receipt for the assets. This may take couple of days to prepare and the bank be closed during its preparation, it was stated. After that there will be no interruption and the filing of TURN TO PAGE THREE

8. July 19, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 19, 1933

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NOTICE TO DEPOSITORS During the transfer of the receivership of the American National bank, the bank will be closed probably for two or three days. Notice will be given when the bank is ready to open. JOHN F. RUSSELL, Receiver. 108t2 State of Indiana, Rush County SS: Notice is hereby given that the Board of School Trustees of Rushville, Indiana, has duly adopted a Resolution declaring an emergency exists for the expenditure of money for the purpose of making certain repairs and improvements in the heating plants of the High School and the Annex School Buildings. The funds to be made available are Two Thousand Dollars ($2,000.00) said funds obtained by the sale of notes of the School City. The taxpayers of the City of Rushville, Indiana, are notified that said matter will be considered and determined upon at a meeting of the Board of School Trustees in its office at the High School Building at 10:00 o'clock A. M., on the first day of August, 1933. BOARD OF SCHOOL TRUSTEES RUSHVILLE, INDIANA. R 19-26 Tel-July 20-27

9. July 19, 1933 Rushville Republican Rushville, IN
Article from Rushville Republican, July 19, 1933

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NOTICE TO DEPOSITORS During the transfer of the receivership of the American National bank, the bank will be closed probably for two or three days. Notice will be given when the bank is ready to open. JOHN F. RUSSELL, Receiver. 108t2

10. November 13, 1933 The Daily Republican Rushville, IN
Article from The Daily Republican, November 13, 1933

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ORGANIZED Red Cross Workers in Each Township Now Seeking Memberships. DRIVE TO CONTINUE UNTIL NOVEMBER 30 Chairmen and Workers for Six Townships Are Announced Today. Organization of Rush county's annual Red Cross Roll Call, which started Saturday, has been perfected in each township, it was announced Monday by Mrs. Leland Anderson, chairman of this year's membership drive. Home Economics Extension clubs are sponsoring the Red Cross campaign for members in many of the townships, and Miss Irene Irwin. home demonstration agent, was active in organizing the workers in these communities. Mrs. Anderson also announced the appointment of Roy Evans as Roll Call chairman for the colored residents of the county, his assistants to be announced later. A. Gary is chairman of the Rush county Red Cross chapter and Miss Nora Sleeth is treasurer. Reports of progress of the membership drive are being made to Florine Walton, treasurer of the Tri Kappa sorority which is sponsoring the county Roll Call this year. Harry DePrez, receiver for the American National bank, was the first member enrolled in the 1933 drive, Mrs. Anderson rethe first organization to contribute was the Milroy Lions club which voted $2.50 membership. As is the custom. Roll Call members will be lished in this paper after the various chairmen have submitted their reports. Rush county has two life mem-

11. November 13, 1933 The Daily Republican Rushville, IN
Article from The Daily Republican, November 13, 1933

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BANK RECEIVER Action on Note Involves the Building Housing Closed Local Bank. ASKS OF REALTY COMPANY Man Arraigned in Court for Re-Connecting Gas Pipes in Home. The American National Realty company was made defendant in suit note asking $6.350 and appointment of a receiver filed in circuit court by Harry W. DePrez, receiver of the American National bank which was closed last April. The plaintiff states that the realty company was organized to buy, lease, hold, etc., real estate and fixtures for the purpose of furnishing a building for the American National bank, and to take over the property of the Payne Realty company. Common stock of the American National realty company was placed at 2,500 shares of no par value, the plaintiff states, and preferred stock amounted to $50,000 in 500 shares of $100 each. Preferred stockholders were to received dividends of per cent annually, the suit states. The American National bank owns 2,495 shares of the realty company's common stock, according to the complaint, and this stock is listed among the bank's assets. The late Jasper Case, as trustee, purchased all of the preferred stock, the plaintiff asserts, and the realty company now owes a large sum to the trust owning the preferred stock. Taxes against the real estate and the corporation, payable in 1933, amount to $1,100 and are delinquent, the suit alleges. On July 18, 1928, the realty company was loaned $4,000 by the bank, the plaintiff claims, and this money plus interest is now unpaid to the extent of $5,Affairs of the defendant are TURN TO PAGE THREE