6266. First National Bank (Sheridan, IN)

View Charter #5296 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5296
Charter Number
5296
Start Date
November 1, 1927*
Location
Sheridan, Indiana (40.135, -86.221)

Metadata

Model
gpt-5-mini
Short Digest
2e59270e

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1927-08-18
Date receivership terminated
1932-07-01
OCC cause of failure
Losses
Share of assets assessed as good
17.0%
Share of assets assessed as doubtful
46.9%
Share of assets assessed as worthless
36.2%

Description

The First National Bank of Sheridan was closed and placed in receivership; articles from late 1927–1928 describe receivers, dividend payments, asset transfer to Farmers and Merchants National Bank, and liquidation activity. No contemporaneous article describes a depositor run. Closure appears permanent (liquidation/receiver).

Events (6)
1. April 20, 1900 Chartered
Source
historical_nic
2. May 16, 1927 Voluntary Liquidation
Source
historical_nic
3. August 18, 1927 Receivership
Source
historical_nic
4. November 1, 1927* Suspension
Cause
Government Action
Cause Details
Bank failed and was closed; a receiver was appointed (Comptroller/receiver actions and bank examiner involvement mentioned in related articles).
Newspaper Excerpt
receiver for the First National bank of this city, and also receiver for the accounts of the defunct First National bank at Sheridan
Source
newspapers
5. November 13, 1927 Receivership
Newspaper Excerpt
Ora Davies, of Kokomo, receiver for the First National bank of this city, and also receiver for the accounts of the defunct First National bank at Sheridan, has announced that second dividend of twenty-five per cent will be paid ... to the Farmers and Merchants National Bank of Sheridan.
Source
newspapers
6. February 15, 1928 Other
Newspaper Excerpt
R. Hartman, receiver for the National Bank in this city and the First National Bank Sheridan, said ... recommended the payment of ten cent dividend for Sheridan. This money will the Farmers and Merchants National Bank, of Sheridan, which took assets when the First National liquidated.
Source
newspapers

Newspaper Articles (10)
1. November 13, 1927 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 13, 1927

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Article Text

SECOND DIVIDEND BY BANK RECEIVER NOBLESVILLE, Ind., Nov. Ora Davies, of Kokomo, receiver for the First National bank of this city, and also receiver for the accounts of the defunct First National bank at Sheridan, has announced that second dividend of twenty-five per cent will be paid in few days to the Farmers and Merchants National Bank of Sheridan. A stock as sessment of one hundred per cent was levied some time ago nd one dividend of twenty- five per cent has already been paid. It is said that half of the 112 stockholders have paid their assessments in full.

2. December 1, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 1, 1927

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Article Text

THE CITY IN BRIEF FRIDAY EVENTS Knights of Columbus luncheon, SpinkArms. Exchange Club luncheon, Lincoln. Chamber of Commerce Open Forum, Chamber of Commerce. Altrusa Club luncheon, Columbia Club. Optimists Club luncheon. Claypool. All-Souls Unitarian Church fair, afternoon and night. Delta Tau Delta luncheon, Board of Trade. Phi Delta Theta luncheon, Chamber of Commerce Civic Club Ft. Benpamin Harrison mass meeting. Claypool, 8:15 p. m. Junior Chamber of Commerce movie exposition, Tomlinson Hall, 6 to 12 p. m. Indiana Hotel Association dinner dance, Severin, 7:30 p. m. Miss Lora King, 17, of 3441 Boulevard Pl., took her father's revolver when she is believed to have left her home to go to Danville, Ill., her parents told police today. She wore a gray suit, tan oxfords, gray cap and carried a black suitcase. Franklin Hadd, 14, today was reported by his mother, Mrs. H. L. Hadd, 5862 University Ave., as missing from his home since Sunday. Mrs. Hadd said she believed her son was with another youth. Charles Skinner, 15, of Kalamazoo, Mich., will be greeted by police if he comes to Indianapolis, as he told persons he intended doing before disappearing from his Michigan home. He is wanted as a runaway. Reserved seat tickets for the Technical High School January senior play, "Seven Keys to Baldpate," to be presented at the Murat Saturday matinee and night, have been placed on sale at Liggett's drug store, Pennsylvania and Washington Sts. "Thrills" will be the subject of Merle Sidener before the Christian Men Builders class of the Third Christian Sunday School, Seventeenth St. and Broadway, at 9:30 a. m. Sunday. Visiting delegations of the Junior Chamber of Commerce and Hibben-Hollweg Company will be guests. The program will be broadcast over WFBM. Al Feeney, former Notre Dame all-American football player, addressed a banquet for the St. Philip Parochial School championship team at St. Philip Neri auditorium Wednesday night. Charles Clements, junior team champion, was presented a silver cup. Other speakers included Joe Sexton, Dr. H. Glick and the Rev. Raymond Noll. Postponement of new freight rates from Indiana to Arkansas, Louisiana, Oklahoma and Texas, ordered by the Interstate Commerce Commission, from Feb. 3 to April 3, was announced today by the Chamber of Commerce. A sneak thief entered the room of Samuel and Herbert Frantz, 19 N. New Jersey St., while they slept. Wednesday night, and took $145 from Samuel's trousers and $5 from Herbert's. Ernest H. Voges, statistician of the Prest-O-Lite Storage Battery Corporation, addressed the Indianapolis Traffic Club luncheon at the Severin today on "Foresight in Business." The Illinois Central Railroad trio, Miss Mary Moriarity, violin, Miss Margaret Moriarity, saxophone and Miss Julia Moriarity, piano, played. A bluff by Mrs. Irwin Parker, Negro, thwarted a prowler attempting to enter her husband's second hand store at 2367 Martindale Ave. while she was alone. "Come one step through that door and I'll fill you full of lead." she shouted, grabbing two rusty pistols, when she heard someone at the store door, Mrs. Larkin told police today. Domestic difficulties were blamed by Mrs. May Bradford, 38, Negro, of 5101/2 Indiana Ave., for her attempt at suicide by poison, according to police today. She was taken to city hospital. Sergeant Helm found Mrs. Bradford in her home after she had attracted attention of passerby. She will recover. Suit to collect 100 per cent assessment on three stockholders of the First National Bank of Sheridan, was filed in Federal Court Wednesday by Ora J. Davies, receiver. Judgment of $400 is asked against Neva Stephenson. $600 against Andrewville M. Stephenson, and $1,500 against Frank M. Foulke.

3. December 28, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 28, 1927

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Article Text

BANK MEN FREE UNTIL JANUARY No. 3 Head-See Puzzle Arraignments in Kokomo Cases Delayed. Luther F. Symons, State bank commissioner, and Thomas D. Barr, his deputy, indicted Saturday by the Howard County grand jury on charges of official negligence in connection with failure of the American Trust Company of Kokomo, will not be arraigned until the second week in January. The Howard Circuit Court is now in recess and will reconvene Jan. 9. Change of venue probably will be asked by most of the eleven persons indicted Saturday. Bonds of $1,000 were posted Tuesday by Symons and Barr and four others indicted with them: Frank S. Owens, president of the bank; Lonnie Warner, brother-in-law of W. H. Arnold, former president; Louis Kirtley, Muncie, the Arnolds' former partner in Florida real estate, and William Cooper, insurance agent. Ora J. Davies, former State treasurer, who was indicted for receiving 1 per cent commission on all State funds deposited in the American Trust Company while he was treasurer, is understood, according to Washington dispatches, to have told Joseph W. McIntosh, controller of the currency, he will resign a: receiver of the First National Bank of Noblesville and the First National Bank of Sheridan. This action, it was reported, will be in compliance with McIntosh's suggestion that the resignations should follow the indictment. Dispatches quoted Davies as saying he had no fear of the outcome of any investigation of his connection with the bank at Kokomo.

4. December 28, 1927 The Call-Leader Elwood, IN
Article from The Call-Leader, December 28, 1927

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Article Text

Ind Symons. bank commission and Thomas D Barr bank commissioned. indicted by the Howard county grand jury here Sat urday on charges of negli gence in connection with failure of the American Trust Company of Kokomo. today posted bonds of each through their attorneys here Wolfe and Barnes The local court in vacation and IN thought the set for trial when the January convenes Jan Most of the in eleven indictments returned Saturday are expected to be venued from Howard county To Resign as Receiver. Dispatches from Washington today said that Ora Davies, former state treasurer. who was indicted for ceiving per cent commission all state funds placed in the Amer ican Trust Company while he was treasurer. conferred Joseph W MeIntosh. controller of the currency. and suggested that in view of the dictment he (Davies) resign celver of the First National Bank of Noblesville and the First National Bank of Sheridan MeIntosh said this procedure was customary in cases and Davies said he would prepare his resigna tion as soon returned to Indi ana Davies quoted saying that he had no fears of the outcome of any investigation in regard to his connection with the bank Davies and four others indicted with him Saturday posted bonds to day The others were Frank S Owens. president of the bank Lonnie Warner. of W H. Arnold former president of the bank Louis Kirtley of Muncie. former partner of the Arnolds in Florida real estate. and William insurance agent.

5. December 31, 1927 Palladium-Item Richmond, IN
Article from Palladium-Item, December 31, 1927

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Article Text

DAVIES' RESIGNATION AS BANK RECEIVER Dec. resignation Davies, Kokomo, as for the First National bank of Sheridan and the First National bank, of Noblesville, accepted today by Joseph McIntosh, comptroller currency. Davies, former state treasurer recently indicated by the Howard county, Indiana, grand jury in connection with affairs of the American Trust company, of Kokomo. The that Davies, while treasurer, received money from American Trust company. The trust company was closed months order of the bank examiner. lengthy investigation by the Howard county grand jury resulted indictments against Davies; Luther W. Symons, state banking commissioner; Thomas Barr, deputy commissioner; Frank Owens, president the institution time it was closed, and several others.

6. January 5, 1928 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, January 5, 1928

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Article Text

New Receiver For Noblesville Bank Noblesville, Ind., Jan Harry Hall, the office of the Controller of the Currency in Wash ington, arrived act as receivof the defunct First National banks of this city and Sheridan. He succeeds Ora Davies, of Kokomo. former State treasurer. who resign after indictment recently the Howard county grand jury following failure American Kokomo. charge until permanent receivappointed.

7. January 20, 1928 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, January 20, 1928

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Article Text

NOBLESVILLE BANK RECEIVER ON HAND Noblesville, Ind., Jan. 20.-(P) R. G. Hartman, of Columbus, O., has arrived here to be receiver for the First National banks of Noblesville and Sheridan, which were closed few weeks ago. Hartman succeeds Ora Davies. former State Treasurer, who recently resigned following his indictment by the Howard county grand jury in connection with the failure of the American Trust Company, of Kokomo.

8. February 15, 1928 The Noblesville Ledger Noblesville, IN
Article from The Noblesville Ledger, February 15, 1928

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Article Text

SHERIDAN BANK Local Receiver Makes to Controller R. Hartman. receiver for the National Bank in this city and the First National Bank Sheridan, said, Wednesday, that had recommended the payment of ten cent dividend for Sheridan This money will the Farmers and Merchants National Bank, of Sheridan, which took assets when the First National liquidated. When the ten cent dividend paid the bank have total of eightycents on the dollar. Hartman says the ten per cent dividend for the depositors of the First National Bank of passed slowly. Originthere 966 of these checks for distribution and less than half of them have been called for. Hartman asserts this nearly always far as his tends. When the money waiting

9. March 21, 1928 The Noblesville Ledger Noblesville, IN
Article from The Noblesville Ledger, March 21, 1928

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Seeks Judgment Against the Thomas J. McMurtry Estate PAYMENT ASSESSMENT Will of Hester Kercheval Admitted to Probate In Court In suit filed in the court Tuesday afternoon, Robert Hartman, receiver the First National Bank, of Sheridan, seeks to the final report of Everett of the tate of Thomas McMurtry, on account of the non-payment stock assessment growing the the bank. Nora Smith, Everett McMurtry and Everett McMurtry administrator of the estate McMurtry made defendants the action. in the complaint receiver that the final report this estate was filed court April and approved that the same margin of $8,000 over and above The had $1,500 stock the defunct bank the time closed doors, said, and this been reported. The ing that the report be set aside that he given judgment for the full amount of the stock against the estate. Kercheval Will The will of Mrs. Hester Kercheadmitted probate the Tuesday. family resided northwestern part of the county. The instrument bears the date November 1915 with Wiland George Osborn witnesAll of property queathed to husband John Kercheval. after his death, to divided. share and share alike. among the following chilCox and Robert, Oris, Nellic Clint Kercheval. will that the property Sheridan be the divided husband children. Under the terms the instrument Robert Kercheval made executor the

10. June 25, 1928 The Noblesville Ledger Noblesville, IN
Article from The Noblesville Ledger, June 25, 1928

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Forty Acres In Adams Township Priced at $6,998 In the circuit court, Monday, Judge Hines approved the of forty acres land Adams township by Robert Hartman, receiver the First National Bank. of Sheridan, to George Willis Calvert. the being $998 above the $6,000 mortheld by the Fletcher Savings Trust Company, of IndianapThe farm said to be of the best of its kind in that section of the county and also highly improved. County Assessor Walter Edwards been appointed by the court to make inheritance tax report the estate of the John Kercheval, who lived Adams township. The executor the Mary M. Smith estate and the tor the Benjamin Wise estate have filed their final reports the court. The Smith report for hearing July the Wise report heard July Anna Hobbs has filed bond for $2,000 and qualified the estate Reba Agnes Hobbs. Miss Hobbs died few days Jack Lynch, Kentucky farm boy, outpointed contestants and the championship in judging baked foods the University Kentucky. passed judgment biseuits, rolls, muffins, quick and yeast breads with all his competitors far behind. estimated that from 100 meteorites flash into our mosphere from space each day.