6401. Central State Bank (Whiting, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 19, 1930
Location
Whiting, Indiana (41.680, -87.494)

Metadata

Model
gpt-5-mini
Short Digest
792c43ef

Response Measures

Full suspension, Books examined

Other: State banking department took charge; receiver later appointed.

Description

Contemporary reports (Dec 19, 1930) state the Central State Bank of Whiting 'suspended business after run by depositors and subsequent heavy withdrawals' and the State banking department took charge. The bank was placed in receivership and liquidated in 1931 (receiver Charles D. Gainer).

Events (4)
1. December 19, 1930 Run
Cause Details
Heavy withdrawals / depositor run; article does not attribute the run to a specific rumor or outside bank failures.
Measures
Directors called in the State banking department to take charge to safeguard remaining depositors; bank suspended business.
Newspaper Excerpt
The Whiting bank suspended business after run by depositors and subsequent heavy withdrawals.
Source
newspapers
2. December 19, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depleted cash and assets cited; directors closed institution and requested state banking department take charge.
Newspaper Excerpt
The Whiting bank suspended business after run by depositors... The boards of directors voted to close the institutions and asked the State banking department to take charge.
Source
newspapers
3. February 2, 1931 Receivership
Newspaper Excerpt
On February 2, 1931, the date of the appointment the Central State bank... (receiver Charles D. Gainer).
Source
newspapers
4. September 28, 1931 Other
Newspaper Excerpt
Suit filed by the city charging that the bank's receiver, Charles Gainer, unable to meet demands from the funds received in the liquidation. The Whiting bank failed more than year ago.
Source
newspapers

Newspaper Articles (19)
1. December 19, 1930 The Daily Reporter Greenfield, IN
Article from The Daily Reporter, December 19, 1930

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One Each at Richmond, Brook and Whiting in Charge of State Department. DEC. 19 Three more Indiana State banks They were the Trust and Savings Bank Richmond, the Brook State bank Brook and Central State Banke The boards of directors voted to close the institutions and asked the State banking to take charge. of depleted cash and assets, according to LuthSymons, State banking missioner. Symons said. that the general belief that Richmond bank. institution, would liquidate without loss to depositors. Oliver Nusbaum is president and West "cashier of the Richmond institution. Assets of the Brook bank were between $400,000 and $500,000. Lyons president and cashier The Whiting bank suspended business after run by depositors and sonsequent heavy withdrawais. The bank's in the State banking departments to take charge to safeguard the terests remaining depositors.

2. December 19, 1930 The Courier News Blytheville, AR
Article from The Courier News, December 19, 1930

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Banks in Various Parts Country Shut Doors ROCK, Dec. 19. The Clark County bank capitalized at $25,000, and having deposits aggregating its doors this morning for period five days, according to formation received by the state banking department. Suspension the Clark county bank marked the 15th Arkansas banking house which has closed the past three days. ELIZABETH CITY. Dec. Savings Bank and Trust company of Elizabeth City failed for business open today following meeting of the directors. INDIANAPOLIS, Dec. 19. Three Indiana banks in widely arated parts of the state closed day. They were the Trust and Savings company of Richmond. the Central State bank of Whiting, and the State Bank of Brook. MT. VERNON, Dec (UP) Jefferson State bank closed today to protect depositors. had deposits of $741.000 JEFFERSON CITY, Mo., Dec. Bank Canton, Lewis county, was closed today by its board of SYRACUSE Dec. 19. (UP) State Bank of Canastota was ordered closed today the state superintendent of

3. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 19, 1930

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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.

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

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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.

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

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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.

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

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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

7. December 25, 1930 Greenfield Republican Greenfield, IN
Article from Greenfield Republican, December 25, 1930

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Each at Richmond, Brook and Whiting in Charge of State Department. 19 Three Indiana State banks closed today They were the Trust Savings Bank Richmond the Brook State bank Brook and the Central State Banke Whiting. The boards directors voted close institutions and asked the State banking take charge. because of depleted cash assets, according to Symons, State banking missioner. Symons said, however, the general belief was that the Richmond bank, institution, would be able liquidate without loss to depositors. Oliver Nusbaum president and West cashier the Richmond institution. Assets of the Brook bank were between and Lyons president and cashier. The Whiting bank suspended business by depositors and sonsequent heavy als. The bank's directors called in the State banking departments to take charge to the of remaining depositors.

8. September 28, 1931 The Times Hammond, IN
Article from The Times, September 28, 1931

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SUE BONDSMEN ON CITY FUNDS IN STATE BANK John Fetterhoff and others bondsmen Central State Bank of Whiting secure deposits the bank by Board of Finance the civil city of today named fendants $10,000 filed by the city. Attorney Harry Powers, representing the city, charges that the bank's receiver, Charles unable meet demands the money funds received liquidation The Whiting failed more than year ago. The Board Finance had $8,949.05 on deposit the when it failed doors. Other suits filed today in Hammond Superior court included: Christ Miofsky People's Realof mortgage (three suits on separate mortgages).

9. September 28, 1931 The Times Hammond, IN
Article from The Times, September 28, 1931

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SUE BONDSMEN ON CITY FUNDS IN STATE BANK John H. Fetterhoff and others who Central State Bank of Whiting to secure deposits in by the Board of of the civil city today fendants In a $10,000 sult filed by the city. Attorney Harry Powers, representing city, charges that bank's Charles Gainer, unable to meet demands the money the funds received in the liquidation The Whiting bank failed more than year ago. The Board Finance $8,949.05 deposit in the when it failed its doors. suits filed today Hamincluded: Christ Miofsky People's Realty mortgage (three suits on separate mortgages).

10. September 28, 1931 The Times Hammond, IN
Article from The Times, September 28, 1931

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SUE BONDSMEN ON CITY FUNDS IN STATE BANK John H. Fetterhoff and others who were bondsmen the Central State Bank Whiting secure deposits made the bank by Board Finance of the civil city today named fendants $10,000 suit filed by the city. Harry Powers, senting the city, charges the bank's Charles Gainer, unable meet for the funds liquidation Whiting bank failed more The Board than year Finance had $8,949.05 on deposit the institution when failed open its doors. Other suits filed today court included: Christ Miofsky People's Realmortgage (three suits on separate mortgages).

11. September 28, 1931 The Times Hammond, IN
Article from The Times, September 28, 1931

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SUE BONDSMEN ON CITY FUNDS IN STATE BANK John H. and others who bondsmen Central State Bank Whiting secure deposits bank by Board of Finance of the civil city of today named in $10,000 suit filed by the Attorney Harry representing the city, charges that the bank's Charles Gainer, has unable the from the funds received money in the liquidation process. The Whiting bank failed more than Board had on the when failed open its suits filed today HamOther Miofsky People's RealChrist of mortgage (three separate on separate

12. September 28, 1931 The Times Hammond, IN
Article from The Times, September 28, 1931

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SUE BONDSMEN ON CITY FUNDS IN STATE BANK John H. Fetterhoff and others who were the Central Bank secure deposits Board of Finance of the civil city Whiting, today fendants in $10,000 suit filed by city. Attorney Harry representing charges that the bank's Charles Gainer, been unable meet demands the from the funds received money in liquidation process. The Whiting failed than ago. The Board Finance had on deposit when it failed the its Other suits filed today Hamincluded: Miofsky People's RealChrist (three separate on separate mortgages).

13. October 7, 1931 The Times Hammond, IN
Article from The Times, October 7, 1931

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SUE SURETY ON SCHOOL FUNDS Suit was filed in Hammond Superior today the board nance the school city of seeking recovery of $8,000 from John Fetterhoff others whose names signed to bonds insuring safety of school deposits defunct Central State Bank of WhitThe bank has been in the hands of receivers almost and no payment been made by The suit is similar in form to filed last by the civil city which of deposits from the the ney Harry Powers represents the city in both actions.

14. October 7, 1931 The Times Hammond, IN
Article from The Times, October 7, 1931

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SUE SURETY ON SCHOOL FUNDS Suit was filed in Hammond Superior court today the board of nance school city Whiting, seeking of $8,000 from John Fetterhoff and others names were signed to bonds ing safety of school deposits defunct Central State Bank of Whiting. bank has been in the hands of receivers for almost and payment been made by the ceivers. The suit is similar in form to one filed last week by the civil city which of deposits from the the Harry Powers represents the city in both actions.

15. October 7, 1931 The Times Hammond, IN
Article from The Times, October 7, 1931

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SUE SURETY ON SCHOOL FUNDS Suit filed in Hammond Superior court today the board of nance of the school city Whiting, seeking of $8,000 from John others whose names signed to bonds insuring safety of school deposits in the defunct Central State Bank of Whitbank has been in the hands of receivers almost and has been made by the repayment The is similar in form to one filed last by the city which of the bondsmen the objective. ney Harry Powers represents the city in both actions.

16. October 8, 1931 Journal and Courier Lafayette, IN
Article from Journal and Courier, October 8, 1931

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Schools Sue To Recover Losses HAMMOND. Ind., Oct. 7.(A.P.)-Suit was filed in superior court today by the board of flnance of the city schools of Whiting. Ind., to recover from John Fetterhoff and others money lost by the schools in the failure ago of the Central State Bank of Whiting. suit charges that Fetterhoff and the other ants bonds insuring the safety of the schools' deposits in the bank The bank has made no payments since was placed in the hands receiver soon after its closing. Last week the city Whiting filed similar suit seeking to recover its losses from the bondsmen.

17. October 14, 1931 The Times Hammond, IN
Article from The Times, October 14, 1931

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RECEIVER'S STATEMENT Sufficient Cash for Demand On Hand Awaiting Verdict of Court [SPECIAL TO THE TIMES) WHITING. Ind., Oct. Sufficient cash is hand to pay 10 per cent dividend to general depositors of the defunct Central State bank of Whiting, according to the statement condition this morning by Charles D. Gainer, receiver. But dividend authorized, he explained, the Supreme court decides the of preferred claims. The amount of cash on hand shown in Mr. Gainer's report, equals $60,545.21. Deposits are listed $545,945.95. sufficient rency available cent cash dividend just court authorizes Since Gainer dated $147,458.08 in resources 18, liquidated used 751.82 total bursments equals $86,912.87. than cash on interest at the of year. Mr. complete statement and the Central State bank takes opportunity of advising the public generally and those particularly concerned affairs, present and through the receivership to "On February 2. 1931, the date of the of the State had 751.82. the seurities of the bank. During the period from the closing the Continued on Page Fourteen

18. October 14, 1931 The Times Hammond, IN
Article from The Times, October 14, 1931

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STATEMENT Sufficient Cash for Demand On Hand Awaiting Verdict of Court WHITING, Ind., Oct. Sufficient cash is on hand to pay 10 per cent dividend to general depositors of the defunct Central State bank of Whiting, according the statement condition released this morning by Charles D. Gainer, receiver. But dividend authorized, he explained, until the court decides the issue preferred The amount of cash hand shown in Mr. equals $60,545.21. Deposits listed at $545,945.95. Hence, dividend as authorizes LIQUIDATES Since Mr. Gainer appointed receiver has dated in resources which the bank listed on Dec. closed. liquidated amount the receiver has used 751.82 to bills total balance on hand, interest at the of per cent year. Mr. Gainer's complete statement and follows: receiver for the Central State Whiting, opportunity advising public generally and those concerned with its affairs, of its present the date. "On February the date the appointment the Central State bank had an item bills payable, to 751.82. This the bank. period closing Continued Fourteen

19. October 14, 1931 The Times Hammond, IN
Article from The Times, October 14, 1931

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STATEMENT Sufficient Cash for Demand On Hand Awaiting Verdict of Court (SPECIAL TO THE TIMES] WHITING, Ind., Oct. Sufficient cash is hand to pay 10 per cent dividend to general depositors of the defunct Central State bank of Whiting, according to the statement of condition released this morning by Charles D. Gainer, receiver. But can be authorized, he explained, until the Supreme court decides the of claims. shown in equals Deposits are listed Hence, sufficient rency available cent cash soon Since Mr. Feb. has dated $147,458.08 the in the bank listed 751.82 retire The total amount of bursments equals balance more than $60,000 cash hand, which interest the per cent Mr. Gainer's complete statement report follows: receiver the Central State bank of takes public generally concerned present has been through the ship date. the date the the Central bank had an bills 751.82. This item secured the seurities of the During the period from the closing of the Continued Fourteen