6339. Uniondale State Bank (Uniondale, IN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
26bafe4c

Response Measures

Books examined

Other: Receivership petitions filed; examiners took charge

Description

Newspaper articles (Feb 13-14, 1929) report runs and subsequent closing/suspension of the Uniondale State Bank following the panic that began with the Wells County State Bank in Bluffton. State examiners took charge and petitions for receivers were filed; hearing set Feb 21, 1929. Cause attributed to panic triggered by other local bank failures (local_banks).

Events (3)
1. February 13, 1929 Run
Cause
Local Banks
Cause Details
Runs were triggered by a panic that began with the closing of the Wells County State Bank in Bluffton and spread to other Wells County banks, producing heavy withdrawals at Uniondale.
Measures
State banking examiners (Palmer) took charge of the affairs; examiners rushed in to control the situation.
Newspaper Excerpt
Following the closing of the Wells County bank ... the Uniondale State bank ... forced that institution close its doors.
Source
newspapers
2. February 13, 1929 Suspension
Cause
Local Banks
Cause Details
Suspension/closure occurred as part of the county-wide panic following the failure/closing of the Wells County State Bank in Bluffton; described as runs forcing institutions to close their doors today; state examiners intervened and applications for receivers filed as precautionary measures or due to insolvency findings in examinations later reported by the department. (Articles indicate both panic-driven suspension and later examiners finding failing/insolvent condition.)
Newspaper Excerpt
TWO MORE WELLS COUNTY BANKS CLOSE ... The three other Wells county banks that closed their doors ... were: The Uniondale State bank at Uniondale ...
Source
newspapers
3. February 21, 1929 Receivership
Newspaper Excerpt
Applications were filed with Circuit Judge Hamilton here for receivers for the Wells County State Bank of Bluffton and for the Uniondale State Bank. Judge set February 21 the date for hearings on the petitions.
Source
newspapers

Newspaper Articles (8)
1. February 13, 1929 The Times Hammond, IN
Article from The Times, February 13, 1929

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Article Text

TWO MORE WELLS COUNTY BANKS CLOSE NEWS SERVICE BLUFFTON, Ind., Feb. mad that started with the Wells County State bank, $1,250,000 institution here, caused runs on the other banks in this county that forced three other banking institutions to close their doors today. The three other Wells county banks that elosed their doors in rapid today, were: Uniondale State bank at Uniondale, 10 miles north of Bluffton. The Liberty Center State bank Liberty Center, 10 miles west of Bluffton. The Bank Petroleum, 10 miles Bluffton. afternoon only four banks left open in Wells county. were: The Union Savings and Trust Ossian State Bank. Craigville State Bank. The Poneto State Bank. The state banking department understood rushing men here to control the situation.

2. February 13, 1929 The Times Hammond, IN
Article from The Times, February 13, 1929

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Article Text

TWO MORE WELLS COUNTY BANKS CLOSE [INTERNATIONAL NEWS SERVICE] BLUFFTON, Feb. mad that started with the the Wells County bank, $1,250,000 institution here, caused runs on the other banks in this county that forced three other banking institutions close their doors today. The three other Wells county banks that closed their doors in rapid succession today, were: The Uniondale State bank at Uniondale, 10 miles north of Bluffton. The Liberty bank at Liberty Center, 10 miles of Bluffton. The Bank of Petroleum, 10 miles Bluffton. This only four banks were left open in Wells county. They were: The Union Savings and Trust company of Bluffton. The Ossian State Bank. The Craigville State Bank. The Poneto State Bank. The state banking department was understood to rushing men here to control the situation.

3. February 13, 1929 The Times Hammond, IN
Article from The Times, February 13, 1929

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Article Text

RUN CLOSES SECOND BANK BLUFFTON, Ind., -Following the closing of the Wells County bank, $1,250,000 institution here today, hours the Uniondale State $225,000 at forced that stitution close its doors. Palmer took the affairs the Uniondale bank.

4. February 13, 1929 The Times Hammond, IN
Article from The Times, February 13, 1929

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Article Text

RUN CLOSES SECOND BANK BLUFFTON, Ind., Feb. the the Wells County bank, $1,250,000 institution hours Uniondale State bank, $225,000 bank at Uniondale, ten miles here, forced that institution close its doors. Palmer Ice, examtook charge of the affairs of the Uniondale bank.

5. February 14, 1929 Journal and Courier Lafayette, IN
Article from Journal and Courier, February 14, 1929

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SEVEN BANK FAILURES SHAKE FINANCIAL CIRCLES OF Federal Examiner Finds Alleged Shortage of $100,000 in Accounts of Cashier of Hope Institution and Arrests Are Expected-Six Suspensions Due to Panicky Depositors. INDIANAPOLIS, Ind., Feb. epidemic of bank crashes which reached a total of seven in the last twentyfour hours. today rocked Indiana banking circles. Six of the bank suspensions were due to mad panic that started at Bluffton in Wells The county. seventh bank closing was blamed on GENERAL BANKING IN an alleged $100,000 defalcation by cashier. INDIANA IS HOPEFUL With the mad Ind., Feb. 14. frenzy commenting today spreading from Wells county upon the closing seven Ind iana banks since sible adjoining counties, every pos. yesterday effort was made state morning total deposits banking officials and by bankLuther Symmons, ers the affected districts state banking commissioner, public fear. said: mass meetings were general banking situabeing resorted towns tion hopeful enlist citizens to help their should be by local banks the conditions in Wells county. "RUNS" NOT JUSTIFIED. seems to have lost his sense Thomas Barr, state banking Indiana Artists' who has hurried Bluffton declared upon arriving there looking over Works Will Be the situation. "The runs most banks have been without justification. Exhibited Here to comment on the possible further spread Hoosier Salon Closes in Chipanic paralyzed business Wells cago and Pictures Will Be Virtually the entire force of the Brought to Purdue Univer- state department into the field today to sity February 22. help endangered banks stem the frenzy that has been spreading Feb. Bluffton all directions. portrait August Goth, Indianapall lay parpainted by his daughter, in Wells The banks county Marie Goth, won the Harry 30 Nye special prize $200 the and 60 day nótices on withdrawpicture possessing the most als. The panic at Bluffton had its inception the shattered banking institutions resulting from losses incurred the there on March the State bank, one of the oldest Indiana. Ralph president this bank, shot and killed himself after the bank was closed ONE BANK REOPENS. run Wells County bank Bluffton bank which deposits $1, 250,000 yesterday ing. followed by runs the Union Savings Trust company Bluffton and on other banks in the county Before day over four other banks had down, the Poneto closing half day When the Union Savings Trust of Bluffton failed open doors today, the panic spread from county to Blackford and forced the Deposit bank at Montpelier Meanwhile board of directhe National bank Hope in Bartholomew county, the bank closed after Utt, federal bank examiner found an alleged shortage the of Cashier W. LIST OF CLOSED BANKS. The seven banks closed diana since yesterday morning and their deposits follow: State bank of Bluffton, Union Savings and Trust company Bluffton, $400,000. Uniondale State bank of Uniondale Center State bank of Liberty Bank of Petroleum at Petroleum, Farmers Deposit bank of Montpelier, National Bank of Hope, $400,000.

6. February 14, 1929 The Richmond Item Richmond, IN
Article from The Richmond Item, February 14, 1929

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Article Text

dale, two of the institutions that closed. The bank of Petroleum and the Liberty Center State bank also suspended operations. The set that examinations by the department showed the County State bank and the State bank Uniondale are "in a failing and insolvent condition.' Judge A. W. Hamilton set February 21 the date for hearings on the petitions. The Wells County bank was capnot open for today, shortly afternoon the three banks, which through the Bluffton institution, also closed their doors. The Wells county bank was cap- italized at $100,000 and showed deposits of $1,250,000. B. Williamsson is president; R. Morrow, first vice president; Frank Waugh, second vice R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, The capitalization 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 company now is the only bank in Bluffton. Studebaker bank failed 1927, with deposits of $1,500,000 as yet have made no payments on deposits. Snakes, contrary to common be lief cannot sting-but some can bite.

7. February 14, 1929 Vidette-Messenger of Porter County Valparaiso, IN
Article from Vidette-Messenger of Porter County, February 14, 1929

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BANK PANIC IS SPREADING TO BLACKFORD co. (Continued from better take The bank doesn't one cent and solvent.' Barr explained that while the state banking department didn't close the Union Savings Trust company, once was closed by its board of directors, "we had step Meanwhile the residenta of Ponecommunity of about permiles south of Bluffton today were pledged to back their only the State Bank of Poneto, the present crisis. The bank was said to have withstood yesterday's run but after the close the day's business Cashier Mussellman called community mass meeting which held at the auditorium the Poneto grade school last night. More than 125 citizens attended. Mussellman made stirring plea for support of the bank and every one present prom!sed to get behind the bank. While excited citizens were discussing the closing of the last Bluffton bank today, the state banking examiners here force, were following procedure in taking charge of the closed institutions Applications were filled with Circuit Judge Hamilton here for receivers for the Wells County State Bank of Bluffton and for the Uniondale State Bank Judge set February 21st as the date for the hearing: An application also was filed the circuit court by officials of the bank of Petroleum, which vate bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center Bank Liberty Center was declared fully solvent by Barr, having received his permission close to avoid the frenzy the depositors. Barr, however, characterized the situation in Wells county today situation the result of local conditions the like of which don't know of anywhere else," Barr He expressed the hope that the worst was over. Officials of the two banks which receivers were asked said this morning that the applications were "precautionary measures" which might later be withdrawn. Cashier Tangeman of the Union Savings Trust company said that the bank would oppose the appointment of receiver but

8. February 14, 1929 The Times-Mail Bedford, IN
Article from The Times-Mail, February 14, 1929

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WELLS COUNTY INSTITUTION WITHIN DAY VOLUNTARY Financial Hysteria Brings Unjustified Action Against Solvent tution BLUFFTON, Ind., face of the financial Wells county, that yesterday forced four banks to suspend operations, the of directors of the Union Savings Trust Company, stitution, today decided to close the bank. This action which followed the bank in which $50,000 paid out, left the city of Bluffton tempority mass meeting which was the auditorium the Poneto grade school last night. More than citizens attended. Mussellman made stiming plea for support of the and present promised to get behind While excited citizens were discussing the last Bluffton bank today, the state banking examinhere in force, were following tomary proceedure in taking of the closed institutions. Applications were filed ith circuit judge Hamilton here for receivers for the county state bank Bluffton and for the Uniondale state bank of Uniondale. Judge Hamilton set February 21st the date for the hearing. An application also was filed in the circuit court by officials of the bank of Petroleum, which private bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center bank Liberty Center was declared fully solvent by Barr, having received his permission to close to avoid the frenzy of however, characterized the in Wells county today situation the result of local conditions the like of which don't know of anywhere Barr said. expressed the hope that the worst Officials of the two banks for which