6337. State Bank (Uniondale, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 13, 1929
Location
Uniondale, Indiana (40.831, -85.242)

Metadata

Model
gpt-5-mini
Short Digest
668d386c

Response Measures

None

Description

The State Bank of Uniondale closed shortly after the Wells County State Bank was closed by the examiner; petitions for receivers were filed (hearing set Feb 21). Articles attribute the small-town closures to the larger Wells County bank closing and resultant lack of clearing/cash. No specific depositor run on the Uniondale bank is described; the bank was alleged in failing and insolvent and receivers were sought, indicating permanent closure.

Events (1)
1. February 13, 1929 Suspension
Cause
Local Banks
Cause Details
Closed shortly after the Wells County State Bank was closed by the state examiner; the small banks had cleared through the Wells County bank and lacked ready cash following that closing; examiners' petition alleged failing and insolvent condition.
Newspaper Excerpt
A few hours later the State Bank of Uniondale closed. Petitions were filed in the circuit court asking receivers for both banks, alleging they were in a failing and insolvent condition.
Source
newspapers

Newspaper Articles (14)
1. February 14, 1929 Leader-Tribune Marion, IN
Article from Leader-Tribune, February 14, 1929

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Have Asked for Receiver lowing the closing of four wells county banks today Luther F. Sy mons, state bank commissioner, ap peared in circuit court here this afternoon with two petitions asking that receivers be appointed for the Wells County State Bank, of Bluff ton, and the State Bank of Union dale, two of the institutions that closed The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions set out that exby the banking depart ment showed the Wells County State Bank and the State Bank of Uniondale are "in failing and insolvent Judge A. W. Hamilton set Feb 21 as the dathe for hearing on the petitions. The Wells County State Bank did not open for business today, and shortly after non the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County Bank was capitalized at $100,000 and showed deposits of $1,250,000 E. B. Williamson is president R. S. Morrow, first vice-president: Frank Waugh, second vice president, and R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, examiner The capitalization of the Uniondale Bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings and Trust Company now is the only bank in failed in 1927. deposits of $1,500,000. Receivers as yet have made no payments on deposits.

2. February 14, 1929 The Messenger Madisonville, KY
Article from The Messenger, February 14, 1929

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BANKS CRASH AFTER RUNS TAKE FUNDS Six Indiana Institutions Topple and Receivers Are Sought. BLUFFTON, Ind., Feb. Union Savings Trust Company, the only remaining bank in Bluffton, closed this morning after $500,000 run yesterday. The Farmers Deposit Bank of Montpelier closed due, was said here, to $500,000 run yesterday. Four banks Wells county closed yesterday. President Fred of Tangeman, the Union Savings Trust Company, said his bank was solvent, and he hoped to reopen the institution after the usual sixty days for reorganization. Insolvent, Claim. Following the closing of four Wells county banks yesterday, Luther Symons, state bank commissioner, appeared in circuit court with two petitions asking that receivers be appointed for the Wells County State bank, of Bluffton, and the State Bank of Uniondale, two of the institutions that closed. The bank of Petroleum and the Liberty State bank also suspended operations. The petitions set out that examinations by the banking department the Well County State bank of Uniondale failing and insolvent Judge W. Hamilton set February 21 as the date for hearings on the petitions. The Wells bank County was capitalized at $100,000 and showdeposits of $1,250,000. The Union Savings and Trust company now is the only bank in Bluffton. The Studebaker bank failed in 1927, with deposits of $1,500,000. Receivers as yet have made no payments on deposits.

3. February 14, 1929 The Republic Columbus, IN
Article from The Republic, February 14, 1929

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FIFTH BANK TO FAIL IN WELLS COUNTY Bluffton Institution, Also One Near Blackford Border, Closed Today. HEAVY RUNS ARE CAUSE OF UNION TRUST CO. HOPE TO REOPEN AFTER THEY Ind., Feb. Union Savings Trust the closed its doors this after $50,000 yesterday. The Deposit Bank on the county line, also closed this morning, said to an $18,000 yesterday. Four banks in county closed yesterday. Fred Tangeman, president the Union Savings Trust Co., Thomas Barr. examiner, the closing was due the bank and that institution solvent. Officers directors said they expected take advantage of the permitted by law to reorganize, hoped re-open. Union ings Trust had deposits of $800,000. Yesterday the Wells County State bank, with deposits of 000, closed. few hours later, the state bank Uniondale closed. Petitions were filed in the circuit court asking receivers for both banks, alleging they were "failing and condition." The of Petroleum and the Liberty Center state bank closed yesterday. The three smaller banks cleared through the Wells county bank. The Farmers Deposit Bank Montpelier had deposits of approximately $500,000. The state banks at Poneto and Craigville and Farmers State bank at Ossian, other the open. The Zanesville State Bank the Harkle State Bank, line,

4. February 14, 1929 Evening Star Washington, DC
Article from Evening Star, February 14, 1929

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$50,000 RUN CAUSES BANK TO CLOSE DOORS Bluffton, Ind., Officers Hope to Effect Reorganization Within Sixty Days. By the Associated Press. BLUFFTON, Ind., February 14.-The Union Savings & Trust Co., the only remaining bank in Bluffton, closed its doors this morning after a $50,000 run yesterday. The Farmers' Deposit Bank of Montpelier, on the Wells-Blackford County line, with deposits of $500,000, also closed this morning, due, it was said, to an $18,000 run yesterday. Four banks in Wells County closed yesterday. Fred J. Tangeman, president of the Union Savings & Trust Co., and Thomas Barr, State bank examiner, said the bank was solvent. Officers said they expected to take advantage of the 60 days permitted by law to effect a reorganization and then hoped to reopen. The bank had deposits of approximately $800,000. Yesterday the Wells County Bank, with deposits of $1,250,000, was closed. A few hours later the State Bank of Uniondale closed. Petitions were filed in Circuit Court here asking for receivers for both institutions, alleging they were "in a failing and insolvent condition." The Bank of Petroleum and the Liberty Center State Bank also closed yesterday. The three smaller banks cleared through the Wells County bank.

5. February 14, 1929 The Star Press Muncie, IN
Article from The Star Press, February 14, 1929

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BANKS CLOSED Receivers Are Asked Two Institutions. Bluffton, Ind., Feb. 13 closing four Wells County Luther Symons, state bank appeared in Cirhere this afternoon with asking that receivers be appointed for the County State of Bluffton, and the State Bank Uniondale, two of the institutions closed. Bank Petroleum and the Liberty Center State Bank Hearing on Petitions Feb. 21. The petitions out that examinadepartment the Wells County State Bank State failing and condiJudge Hamilton set February the date for hearing on the The Wells County State Bank did open today. and shortnoon three other cleared through the Bluffton institution, also closed their doors. Bluffton Left With One Bank. Wells County Bank was $100,000 and showed Williamson Morrow, first vicepresident; Frank Waugh, second and Fitzpatrick, cashier. bank closed by examiner. The the Uniondale Lipkey president The and Trust ComBluffton. Studebaker Bank failed in 1927, deposits made payments on Bank May Be Reopened Soon. The Liberty Center State Bank closed doors about noon with consent Deputy State Bank Commissioner Barr. and hopes reopen for busiwithin few days. This bank to wholly solvent and closing give public citement time allay fears about Center started on the bank that reached close the bank temporarily consent given by department. Hope Pay Dollar for Dollar. The Wells Bank, closing of which started the and run closed three other banks has expressed hope that depositors will fully 100 cents dollar. Waugh stated Continued Second Page.

6. February 14, 1929 The Evening Sun Baltimore, MD
Article from The Evening Sun, February 14, 1929

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$50,000 Run Closes Another Indiana Bank Only Remaining One In Bluffton Shuts Doors-Four In Wells County Closed Yesterday Union Savings and Trust Company, the only remaining bank in Bluffton. closed its doors this morning after $50,000 run yesterday. The Farmers Deposit Bank. Montpelier, on the Wells and Black ford counties line with deposits of $500,000. also closed this morning. due. it was said. to an $18,000 run yesterday. Four banks in Wells county closed yesterday. Fred J. Tangeman, president of the Union Savings and Trust Company, and Thomas Barr, State Bank Examiner, said the bank was solvent. The officers expect to reorganize. Yesterday the Wells County Bank, with deposits of $1,250,000 closed. A few hours later the State Bank of Uniondale closed. Petitions

7. February 14, 1929 The Huntington Press Huntington, IN
Article from The Huntington Press, February 14, 1929

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BANKS CLOSED IN WELLS COUNTY BLUFFTON, Ind., Feb. four Wells Following the closing county banks today Luther F. Symons, state bank appeared circuit court here this afternoon with two peittions asking that receivers appointed for the Wells County State of Bluffton, and the State Bank Uniondale, two of the institutions that closed. The Bank of and the Liberty Center State bank also suspended operations. The petitions out that examinations the banking department showed the Wells County State bank and the State Bank of Uniondale are "in failing and incolvent condition. resudge W. Hamilton set Feb. 21 the date for hearings the petiWells County State bank did not for business shortly the three other banks, which cleared through the Bluffton institution, closed their doors. Wells County bank was capital$100,000 showed deposits $1,250,000 E. B. Williamson is presR. S. Morrow first Frank Waugh, second and R. N. Fitspatrick cashier. The bank was closed by Thomas Barr, excapitalization of the Uniondale bank was $25,000 deposits were $200,000. H.W. Dipkey is president and W. Brickley caishier. The Union Savings and Trust Company now is in Bluffton. The Studebaker bank in 1927, with deposits of $1,500,000. Receivers have made no payments on de-

8. February 14, 1929 Princeton Daily Clarion Princeton, IN
Article from Princeton Daily Clarion, February 14, 1929

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MORE WELLS COUNTY BANKS CLOSE DOORS The Union Savings and Trust company. the only remaining bank in Bluff ton. closed its doors this morning after $50,000 run yesterday The Farmers Deposit bank of Montepelier. on the county line. also closed this morning due. it was said to an $18,000 run yesterday Four banks in Wells county closed yes Fred J. Tangeman president of the Union Savings and Trust company and Thomas Barr. state bank examiner. said the closing was due to the run on the bank and that it was entirely solvent Officers and directors said they expected to take advantage of the 60 days permitted by law to ef feet a reorganization and then hoped to reopen The nion Savings and Trust had deposits of approximately $800, Closing of the Wells County State bank here Monday precipitated the closing of three other banks in small towns in Wells county They were the Bank of Petroleum. the State bank of Union dale and the Liberty Center State bank The banks in the three small com munities closed within few hours after the Wells County State bank here had been closed by Thomas Barr. state bank examiner. The banks in the three small towns all cleared through the Wells County State bank Lack of ready eash prevented them from continuing business today. In each instance hope was expressed that a reorganization might be affected and the officers of all the institutions said there would probably be no loss to depositors The Studebaker bank of Bluffton failed in 1927 with deposits of $1,500. 000. Receivers of this institution have thus far made no payments to deposi The Bank of Petroleum was capital ized at $13,500. It had deposits of $140,000 The officers are Henry Schodt. president. and Howard Nutter cashier The enpitalization of the State bank of Uniondale was $2,000 and deposits were $200,000 H. W. Lipkey is prest dent and W A. Brickley cashier. The Liberty Center State bank also was capitalized at $25,000 and had $200,000 deposits. Its officers are John V. Funk. president, and Roy Mossburg. cashier. CARD OF THANKS We take this means of expressing our thanks and appreciation of the many acts of kindness and sympathy shown us during the recent illness and death of our father. William Hyneman, and especially for the beautiful flowers that help much to remove THE FAMILY

9. February 14, 1929 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, February 14, 1929

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HOPE OF COLLEGE FOUR BANKS WELLS COUNTY IN lowing the closing of four Wells county banks today Luther Systate bank commissioner, appeared in circuit court here this ernoon two petitions asking that be appointed for Wells County State bank, Bluffton. and the State Bank of Uniondale, two of the institutions that closed. The bank of Petroleum and the Liberty State bank also suspended operations. O. Glenn Stahl. son of Mr. and Mrs A. Stahl. 1326 Powell avenue. to Indiana Evansville college in the State Oratorical contest which be college Friday with sities tives from eight colleges and univercompeting Stahl, who the at college, will take as sophomore his subject 'Mass Feeling or Man Thinking He has member of the college ing he entered, and also debater HAFFA RECEIVES at Bosse high He is member the local chapter of TWO-YEAR TERM Kappa Alpha, national debating fraternity He has been coached by Miss CHICAGO, Feb. Pearl LeCompte, who will accompany year penitentiary sentence fine him to Richmond $11,000 handed Titus Other contestants will represent Haffa. Chicago and forPurdue university, col- lieutenant of Mayor lege, Franklin college, Butler William Hale Thompson in federal Wabash college, Notre Dame court today He was convicted last university, and Earlham college. week operating liquor prize of will be awarded for ring. Denied new trial. the alderfirst place and 825 for second The man went to unable for the winner the state contest go to being the appeal the which will be held in bond set by Judge Walter C. Lindley. March five candidate for reelection this contest The two winners the 43rd ward north side this group will take part in the na- of the indicated his of tional contest which held annually the fight and to begin at Northwestern university, Evans- serving his sentence within a short ton, III.

10. February 14, 1929 The Monticello Journal Monticello, IN
Article from The Monticello Journal, February 14, 1929

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FOUR INDIANA BANKS ARE CLOSED Wells County is Hard Hit-Asks That Receivers Be Appointed. BLUFFTON, February 14-Following the closing of four Wells county banks yesterday Luther F. Symons, state bank commissioner, appeared in circuit court here yesterday afternoon with two petitions asking that receivers be appointed inations by the banking department sh wed the Wells County State bank and the State bank of Uniondale, are "in a failing and insolThe petitions set out that examfor the Wells County State Bank, of Bluffton, and the State Bank, of Uniondale, two of the institutions that closed. The Bank of Petroleum and the Liberty Center State bank also suspended operations. Judge A. W. Hamilton set February 21 as the date for hearings on the petitions. The Wells County State bank did not open for business today and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County bank was capitalized at $100.000 and showed deposits of $1,250,000. E. B. Williamson is president: R. S. Morrow, first vice president: Frank C. Waugh. second vice president, and R. N. Fitzpatrick, cashier. The bank was closed by Thomas Barr. examiner. The capitalization of the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley, cashier. The Union Savings & Trust com- pany now is the only bank in Bluffton. The Studebaker bank failed in 1927, with deposits of $1,500,000. Receivers as yet have made no payments on deposits.

11. February 15, 1929 Chicago Tribune Chicago, IL
Article from Chicago Tribune, February 15, 1929

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WARNING ISSUED AS MORE BANKS IN INDIANA FAIL Indianapolis, Ind., Feb. 14.-[SpeFollowing the closing today of more banks, Luther F. Symons, state bank commissioner, tonight Issued a statement asserting that the general stability of Indiana banks is assured, and urging depositors not to spread rumors that might cause runs. Not a bank in Bluffton, Ind., remains open, and only the Craigsville State bank, the Farmers State bank, at Ossian, and the State Pank of Poneto, remain open in that county. Wells County bank was closed yesterday, and the Union Savings and Trust company was closed today. State banks are also closed in Wells county at Petroleum, Liberty Center, and Uniondale, and Farmers' Deposit bank, at Montpelier, nearby, was also closed today. The Citizens' National bank, at Hope, was closed today and Herman A. Stewart, age arrested, charged with embezzlement. The Studebaker bank failure, at Bluffton, started the wholesale collapse there. Sullivan authorities tonight they have received a tip that James Lang, president of the Citizens' Trust company there, who absconded some time ago with several thousand dollars, wrecking the inAll druggists. stitution, has been traced to the Pacific Coal. The numerous Indiana failures are laid to crooked bank officials, negligence on the part of the official examiners, public hysteria, and straightened circumstances in rural areas. HELD ON BAD CHECK CHARGE. Robert Benedict, 24 years old. manof the Evanston the Wilms Electric ager company 1616 Chicago avenue. Evanston. was taken into custody with yesterday by Evanston police and charged worthless checks amounting

12. February 15, 1929 The Huntington Press Huntington, IN
Article from The Huntington Press, February 15, 1929

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MORE BANKS CLOSE DOORS Ind., Feb. the Savings and Trust Bluffton failure of Farmers of this morning, total banks closed in Wells county within mass meeting of citizens has been to enlist in opening bank here to carry on business. on the Union Savings and Trust company was said be responsible closing of that and an $18,000 on the Montpeller, prevented its opening today. unwise The bank was capitalized at H. Holder is president, Marly reports were that Stewart had fled but it was learned that the cashier had arranged to meet one of the examself to of the His defalcations were said to have extended over some period of time. Bank Is Solvent Fred J. Tangeman, president of the Union billits, declared that the bank was antirely solvent and that directors hoped to the in due time without to depositors or The bank had of mately $1,000,000. The Farmers Deposit bank had deposof approximately $500,000. Buy Bracken to The Wells president. county bank, with deposits of $1,250,000 closed yesterday morning few hours later the State Bank of Uniondale closed. Petitions for receivers a filed in the circuit court here late Festerday for both banks. The Bank of Petroleum and Center State bank also closed Effect Not ar-Reaching Luther F. Symons, state bank commissioner, in a statement issued at Inlisnapolis today, declared that the staMilty of the banking situation in the state should not be affected by the warlous banks in Wells county. He shid the situation had been brought about by the continual agitation of bank. Ing problems growing out of the Studebaker bank failure two years ago. He said it was his opinion that most, if not all of the banks would come out of their present difficulty with very lit. the, if any loss to the depositors. CASHIER IS HELD INDIANAPOLIS, Feb. 14 man A. Stewart, cashier of the Citizens' National Bank, of Hope, Ind., was arrested here this afternoon by United States marshal on charges of embeazling $45,000. The bank failed to open this morning, following check of the books by the bank examiners. Bond for Stewart was set at $25,000 which was proby Joseph A. Spaugh, relative. Prior to his arraignment, Stewart said had 200 of land in Bartholoacres tnew county and other valuable property which he intended to dispose of in order make up his deficit in his account. He admitted manipulating the bank's funds and said he bad suffered losses

13. February 15, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, February 15, 1929

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SIXTH BANK CLOSES IN WELLS COUNTY Citizens Call Meeting to Enlist Aid in Business. BLUFFTON, Ind., Feb. 14. (AP) The closing of the Union Savings and Trust company of Bluffton and the failure of the Farmers Deposit bank of Montpelier to open this morning, made total of six banks closed in Well county within two days. A mass meeting of citizens has been called to enlist aid in opening a bank here to carry on business. A $50,000 run on the Union Savings and Trust company yesterday was said to be responsible for the closing of that institution, and an $18,000 run on the Montpeller bank prevented its opening today. Fred J. Tangeman, president of the Union bank, declared that the bank was entirely solvent and that directors hoped to reopen the institution in due time without loss to depositors or stockholders. The bank had deposits of rpproximately $1,000,000. The Farmers Deposit bank had deposits of approximately $500,000. Guy Bracken is president. Receivers Are Asked The Wells County bank, with deposits of $1,250,000 closed yesterday morning and few hours later the state bank of Uniondale closed. Petitions for receivers were filed in the circuit court here late yesterday for both banks. The bank of Petroleum and the Liberty Center State bank also closed yesterday. Luther F. Symons, state bank commissioner, in statement issued at Indianapolis today, declared that the stability of the banking situation in the state should not be affected by the various banks in Well county. He said the situation here had been brought about by the continual agitation of banking problems growing out of the Studebaker bank failure two years ago. He said it was his opinion that most, if not all of the banks would their present difficulty with very little, if any losg to the lepositors.

14. February 18, 1929 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, February 18, 1929

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THE EFFINGHAM DAILY RECORD Entered as second class matter 1898 at Effingham, III., under the act of March 1878. Effingham Daily Record Founded 1898 LICRONE PRESS BUILDING 110, 112, 114, 116 N. BANKER ST. EFFINGHAM, ILLINOIS WARNING ISSUED AS MORE BANKS IN INDIANA FAIL Indianapolis, Ind., Feb. 16.-FollowIng the closing today of more banks, Luther F. Symons, state bank commissioner, tonight issued statement asserting that the general stability of Indiana banks is assured, and urging depositors not to spread rumors might cause runs. Not A bank in Bluffton. Ind., remains open, and only the Craigsville State bank, the Farmers State bank, at Ossian, and the State Bank of Poneto, remain open in that county. Wells County bank was closed yesterday, and the Union Savings and Trust company was closed today. State banks are also closed in Wells county at Petroleum, Liberty Center, and Uniondale, and Farmers' Deposit bank, at Montpelier, nearby, was also closed today. The Citizens' National bank, at Hope, was closed today and Herman A. Stewart, age sixty-five, arrested, charged with 845,000 failure, at Bluffton, started the wholesale collapse there. Sullivan authorities tonight announced they have received tip that James Lang, president of the Citizens' Trust company there, who absconded some time ago with several thousand dollars, wrecking the Institution, has been traced to the Pacific The numerous Indiana failures are laid to crooked bank officials, negligende on the part of the official examiners, public hysteria, and straightened circumistances in rural areas.