State Bank - Wolcott, IN

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 22, 1930
Location: Wolcott, Indiana (40.758, -87.042)

Metadata

Model: gpt-5-mini
Short Digest: ec756a1c

Response Measures

Full suspension

Other: Receivership and liquidation proceedings followed closure; multiple court actions and receiver approvals appear in 1931-1933.

Description

State Bank of Wolcott experienced withdrawals (a small run) tied to failures of nearby banks, then the board closed the bank on Dec 23, 1930. The state banking department was notified and a receiver/liquidating agent appears in later court dockets (1931–1933), indicating permanent closure and liquidation.

Events (4)

1. December 22, 1930 Run

Cause: Local Banks
Cause Details: Failures of several banks in nearby counties prompted depositors to withdraw funds, causing a small run.
Measures: Bank remained open as long as possible; board met Monday evening to decide on further action.
Newspaper Excerpt: The failure of several banks in nearby counties the past few days caused small run on the bank Monday.
Source: newspapers

2. December 23, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Steady withdrawals and frozen assets from wartime-era loans, low cash reserve and inability to collect short-term farm loans forced the board to close the bank on Dec. 23, 1930.
Newspaper Excerpt: Closed by order of the board of directors appeared on the front door. The state banking department has been notified...
Source: newspapers

3. December 12, 1931 Receivership

Newspaper Excerpt: White county board of finance filed suit ... and Edward Dibell, liquidating agent of the State Bank of Wolcott ... on depository. The complaint alleges that on Dec. 23, 1930, when the bank closed business ... plaintiff asks for $10,000. (Dec. 12, 1931 article referencing liquidating agent.) Also: State ex rel Luther F. Symons State Bank of Wolcott - Payment of certain claims by receiver approved. (1932-06-20).State Bank of Wolcott, corp., John M. Biesecker, receiver... (1933 docket). This combined evidence shows receiver/liquidation actions through 1931–1933.
Source: newspapers

4. June 20, 1932 Other

Newspaper Excerpt: State ex rel Luther F. Symons State Bank of Wolcott - Payment of certain claims by receiver approved. Receiver authorized to accept promissory note ... as payment of stock assessment.
Source: newspapers

Newspaper Articles (5)

1. December 23, 1930 The Monticello Journal Monticello, IN

Article from The Monticello Journal, December 23, 1930

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STATE BANK OF WOLCOTT VICTIM OF DEPRESSION Steady Withdrawals Forces Closing of Bank Tuesday Morning. MAY PAY DEPOSITORS Fate presented the Wolcott community Christmas package this morning when the State Bank of Wolcott, one of the oldest institutions in the county. closed its doors. The bank closed about 9:30 o'clock, at which time placard written in long hand, "Closed by order of the board of directors,' appeared on the front door. The state banking department has been notified, and a representative is expected to arrive this ifternoon to take charge of the bank's affairs. W. H. Gerberich, president of the bank and trustee of Princeton township, said that frozen assets, accruing from loans made in the wartime inflation period, together with a constant seepage of deposits extending over the past several months forced the closing. The failure of several banks in nearby counties the past few days caused small run on the bank Monday. The bank has been getting along as best it could with a very small cash reserve for some weeks, hoping to weather the storm. It remained open as long as there appeared any chance gency. A meeting of the board of directors was held Monday evening, when it was decided to close if the withdrawals continued this morn- ing. One of the current troubles of the bank, according to Mr. Gerberich, has been the difficulty of collecting short-time loans from individual far. mers, whose notes are perfectly good, but who have refused to sell their corn at the present low prices. The bank owns and operates five farms, and is said to have other interests in real estate, composing frozen assets at the present time. The last statement of the bank showed loans of $243,530, real estate 35,000, due from trust companies, banks and cash on hand of $13,461.83. The bank was capitalized at $50,000, with surplus of $5,000. Undivided profits amounted to $2,613. Demand deposits totalled $112,849 and certificates $99,716, baking total deposits of $213,565. Bills payable were $30,000. Tuition Fund Tied Up Mr Gerberich stated this morning that the township tuition fund was deposited in the defunct bank, and that he would be unable to pay the teachers of the schools tomorrow. The checks were all writ. ten out, ready to be passed around, but the teachers will have to get by the Christmas vacation without their money. The tuition fund amounted to about $8,000. Approximately $9,000, representing the general school fund, was deposited in the People's State Bank of Wolcott, but the teachers cannot be paid out of that fund. Mr. Gerberich owned 36 shares of stock, being one of the largest stockholders in the Wolcott community He also had the largest deposit in the bank, $8,000 He took over the presidency of the institution three years ago, replacing the late W E. Fox, of West Lafayette. Mr. Gerberich said he had been hopeful that the bank might eventually work out its difficulties, but that the constantly increasing depression had made progress impossible With all his personal losses, however, and he stood by the bank with his own means to the end, and he seemed to regret most of all the fact that he Continued on page 1)

2. December 12, 1931 Journal and Courier Lafayette, IN

Article from Journal and Courier, December 12, 1931

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ASKS $10,000 Suit Brought OR Bank Deposit-Benefit Auction -Legion Rally. MONTICELLO, Dec. 12.-(Special)-The White county board of finance filed suit in White circuit court Friday against the State Bank of Wolcott, Louis Hinchman, William H. Gerberich. Thomas M. Kinmore, Frank G. Garvin, George Secretary Mellon Dye, Truman Holdridge and Edward Dibell, liquidating agent of the State Bank of Wolcott, on depository The complaint alleges that on Dec. 23, 1930, when INDIVIDUAL INCOME TAX the bank business, the treasurer of White county had on EXEMPTIONS: per deposit in the bank the sum Single, $1,000, now next $9,418.61; that the bank by Wil$1,500: cent; liam H. Gerberich, president, and $2,500, now $3,500; Louis Hinchman, cashier, as prindependents. $400 per per cent: cent. per per cipal and the other defendants, as each, no change. sureties, executed depository No change recom- cent. bond in the sum of $40,000. The mended in 25 per plaintiff asks for $10,000. cent reduction on BENEFIT AUCTION earned incomes up The charity auction sale sponning with per cent Begin on sored by the Phi Delt fraternity to $30,000. Thursday evening netted $122. This will be turned over to the Good graduated to 37 perPOSTAL RATES Fellows' fund and used for needy cent on be. families community. Increased rates to and MILLION FUNERAL minimum of reaching 40 The funeral Mrs. Cora Million, $150,000.000 year ad- per cent on incomes in who died home of her ditional (Note Postexcess of $500,000. com- daughter, Mrs. William Moss, master General Walter pared with present Spencer, Ind., was held this afterBrown in his annual noon at the Hickory Grove church. maximum of 20 report just made pro- per cent in Incomes ex. Rev. Oren McColgin officiated and posed 3-cent letter ceeding $100,000 burial was made the church rate. except local. and cemetery. Mrs. Million resided near Burnettsville. Increases parcel post. CORPORATION INCOME TAX Archibald Bogue has been seriregistered. Insured and Present rate of 12 per ously ill at his home on North C D mail. and docent to be raised to 12½ Illinois street. He suffered third mestic money orders.) per cent stroke of paralysis while in Bloomington, III., last week, and is now entirely helpless. FATHER DIES A. L. Miller, Denver, father of Mrs. H. Kraining, of this city, passed away at his home Thursday. He was 82 years age. The was to be held this afternoon. Mrs. Kraining was at his bedside. Mrs. Ralph Redfeld is a patient

3. June 20, 1932 The Monticello Journal Monticello, IN

Article from The Monticello Journal, June 20, 1932

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NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Civil Luther W. Thomas vs Wm. K. O'Connell-Change of venue to Carroll county. Fred Thomas et al vs Wm. K. O'Connell-Change of venue to Carroll county. Wm. K. O'Connell vs Fred Thomas et al-Change of venue granted to Carroll county. State ex rel Luther F. Symons State Bank of Wolcott-Payment of certain claims by receiver approved. Receiver authorized to accept promissory note from C. W. and Katherine Bidwell for $1944.31 as payment of stock assessment, and from E. H. and Lida Wolcott six promissory notes for $4,000 as settlement for stock assessments. Federal Land Bank of Louisville vs Frank Watson et al-Dismissed on plaintiff's motion. George Bowsher vs Guy Miller et al-Judgment to plaintiff of $96.64 and foreclosure. Aetna Life Ins. Co. vs John L. Peregrine et al-Judgment to plaintiff of $3483.05 and foreclosure on farm land. E. G. Harper named receiver. State ex rel Luther F. Symons vs State Bank of Wolcott-Receiver authorized to accept following in payment of stock assessments; 8 shares of stock in Farmers Coop. Elevator, in sum of $400 and $200 interest in staple grocery and $200 cash from Andrew Humphreys estate and note given by wife for $400 for Peter G. Phillips, deceased. John Hancock Mutual Life Ins. Co. vs Erma A. Craig et al-Change of venue to Carroll county. First National Bank of Goodland Vs Meddie Mathew et al-Dismissed by plaintiff. Harold H. Cooper vs Melissa Parcels-Court finds necessity for appointment of guardian Delbert M. Hatton 'vs' Samuel E. Roth-Judgment to plaintiff of $153 and costs. Louis Haysley vs Harold R. Corof nell-Judgment to plaintiff $96.75. Actna Ins. Co. vs Robert M. Hough et al-Judgment to plaintiff of $398.42. John Hancock Mutual Life Ins. Co. vs Edna B. Cheadle et al-Wm. D. McConnell, receiver, files report and pays to clerk $82.91. State ex rel Bonnie Wheeldon vs Robert W. Barr et al-Dismissed by plaintiff. State vs Louis Frey-Change of venue granted to Carroll county. State ex rel Luther F. Symons vs State Bank of authorized as stock settlements; four promissory notes from Verdent and Mabel Lux in sum of $400 and $1000 in cash; promissory note in sum of $500 and $1000 in cash from George D. Dye; $100 in cash and note for $100 from Thomas H. Covington; note for $550 and note for $150 from Stuart C. Uhl. Independent Roofing Co. VS Caleb Van Meter et al-Judgment to plaintiff of $75 and foreclosure. State ex rel Luther F. Symons vs Farmers State Bank-Receivers granted petition to surrender note and release "mortgage in amount of executed by Leslie Barton. Walton Auto Sales Co. vs Jeff Davis et al-Judgment to plaintiff of $2000 and foreclosure. Probate Ray Winkley estate-Final report set for hearing June- 24. Chas, A. Holladay estate-Final report approved. Franklin P. Nipple estate-Court grants petition of Donald and Ralph Nipple to assign their respective interests to Mabel A. Nipple. Estate adjudged settled. Harvey J. Kuhns estate-Final report approved. Harry C. Johnson administrator vs Huron College et al-Sale of described real estate ordered. Guardianship Chas. W Buhler Jr., et al-Chas. W. Buhler appointed guardian. George A. Capes estate-Final peport set for hearing Sept. 12. Hannah A. Sharp estate-No inheritance tax payable. Abbie Thompson estate-Samuel W. Thompson named administrator. No inheritance tax payable. Melissa Parcels estate-Harold H. Cooper appointed guardian Phoebe Thompson estate-No inheritance tax payable. Clara E. Dart report approved. Guardianship Louise and Dean Legg-May Legg Strentz appointed guardian. Sophia Shultz estate-Final report approved and distribution ordered. Francis A. Luse estate-Final por approved. Mary Nightengale estate Joseph Nightengale named administrator. Ora Orton estate-Richard S. Orton named administrator.

4. December 28, 1932 The Monticello Journal Monticello, IN

Article from The Monticello Journal, December 28, 1932

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NOTES FROM THE DOCKET OF WHITE CIRCUIT COURT Wm. F. Brucker and Wm. N. Loughry, receivers, vs Selina Graves Moody-Defendant files verified motion to dissolve the attachment. State vs Elbridge G. Ricker-Motion for, change of venue from Carroll county sustained, and cause is now changed to Carroll county. Metropolitan Life Ins. vs Thomas M. Jennett et al-Court approves final report of receiver, receiver is discharged and trust is closed. Mutual Benefit Life Ins. Co. vs Thomas J. Humphreys et al-Final report approved, receiver is discharged and clerk ordered to pay to plaintiff funds in his hands for distribution. State VS Farmers State Bank-Receivers file verified petition for an order authorizing them to sell and execute a deed to Jacob T. Miller of Marion county of certain described real estate in White county which is granted. State VS State Bank of MononReceivers file order to release certain notes and mortgages upon the receipt of $50 which is granted. Also file petition to expend $107.50 for construction of fences on lands belonging to trust and to build a new roof on a brick building situated on the described real estate which is granted. Monticello Lumber & Coal Co. vs Henry J. Keifer-Cause assigned for trial for Jan. 6. State VS State Bank of Wolcott and Eben Wynkoop files intervening petition asking for a preference of claim. Mutual Benefit Life Ins. Co. vs Edna J. Victor etal-Ralph W. Scowden enters appearance for de-\ fendants, Edna J. Victor and Raymond H. Victor. Lafayette Joint Stock Land Bank vs Fred Thomas et al-Carr, Wason and Love enter appearance for defendants, Wm. K. O'Connell, Joanna O'Connell and Margaret A. Shine. Bertie Ella Craig vs Chas. CraigApplication for suit money taken under advisement. Lafayette Joint Stock Land Bank vs Wilmer O. Biddle et al-Motion for change of venue filed and cause is ordered changed to Carroll county. Lafayette Savings Bank VS Fred J. Williams et l-Finding that receiver should be appointed. Ward Pampel is named receiver and gives bond in sum of $1,000. Mutual Benefit Life Ins. Co. vs Marie H. Stuhmer-Defendant files motion for a change of venue from White county which motion is sustained the court. Read Phosphate Co. vs Dan L. Boller et al-On plaintiff's motion cause is dismissed and costs are paid. Mutual Benefit Life Ins Co. Roscoe V. Halstead et al-Clerk of Jasper circuit court files transcript

5. February 9, 1933 The Monticello Herald Monticello, IN

Article from The Monticello Herald, February 9, 1933

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NEWS OF THE CIRCUIT COURT AS GLEANED FROM THE PROBATE, STATE AND CIVIL DOCKETS AT JANUARY TERM Laura Kathe Mary Elizabeth Helen ElizaDay et Bertis George Bulington, Elza M. Coffel-Foreclosure chattel Demand $1890.00. State of Indiana George White Possession of liquar. Metropolitan Life Ins. Co., corp.; LuElla Smith. al-ForeclosAppointment James Raffis Eleator C. Fraser James Raftis vs Eleanor C. Fraser damage. Laura Luse, guardian of Marjorie Anna Laura Harrison et al -Partition. George A. Shuster Anton DeGroot For rent and forecloslien. James S. McCray ys Ida M. MeProbate In the matter the estate of John W. Shull, W. sabaum administrator The final report filed is examined approved court. Said administrator is discharged and estate adjudged settled. In the matter of the estate of Francis deceasedLaura Harrison Court grants of administratrix orders her to sell certain personal property at private sale. In the matter the estate of John executrix. Court examines schedule and finds that there be tax payable on the estate and there can be no inheritIn the matter of the estate of EmGrimes, deceased William H. Gerberich administrator. Administrator verified in lieu of inventory and appraisement of property In the matter of the estate of Moses McConahay deceasedItenry Thompson. is appointed files his bond in the penal of 81500 with American Surety New York as ty, which bond approved by the court applicant takes files In the matter of the estate of Mary administrator de non the annexed. Administrafor files petition for the determination inheritance which lition referred to D. H. Friend In the matter the estate of Emma Resentreter, Fred Dahling Court orders should be settled as notice ordered the matter the of Samadministrator. Reed Spencer files exceptions the final report In the matter of the and Testament of William F. Horton deis admitted to record. In matter of the guardianship of Elwood al-Executor files final report vouch approved by the court and discharged and trust closed. Clerk of court ordered to pay Elwood Hohmann the sum $87,29, Lewellyn Hohman 887 Hohmann In the matter of the estate of Frances Winger, William B. appointed administrator and his bond in the penal sum of $1000.00 Ben Farney surety Administrator takes and files his oath. matter of the estate of Mary Melissa Benjamin, deceased Frank Hughes administrator de bonis with the annexed. Administrafor current report and vouchers. Current report is approved by the court. In the matter of the estate of John Burkhalter, Rosa G. Burkhalter, as administratrix. Administratrix ordered sell at public sale certain personal property. In matter of the estate of ma Grimes deceased H. Gerberich administrator. Court orders administrator to sell certain property at private sale. In the matter of the estate of SamSpencer Spencer administrator. Administrafor publication of notice of appointment and proof of publication and posting of notice of final settlement. In the matter of the guardianship of Paul C. W Schrader Guardian files final report and vouchers. Said port examined and approved by the court and said guardian is discharged and trust is closed. In the matter of the estate of Thomas Carroll, Charles Sill administrator de bonis non with the will annexed. Court orders administrator to reduce his bond to $1000.00. Civil David L. Brookie VS Carl W. Watet cause is assigned for trial for March 1. Emma J. Chilton VS Charles C. T. Brockway withdraws his appearance for the defendant. The Mutual Benefit Life Ins. Co., corp., Maude files reply to the second, third and fourth of defendant's answer general denial. The White County Loan, Trust Savings Co., corp., VS Jasper A. orders that the plaintiff shall have and recover of fendant the total sum of $234.52 on promissory note sued. Laura Katherine Day and Mary Elizabeth McGrath VS Helen Elizabeth Day al-Plaintiffs file complaint duplicate. On plaintiff's motion summons is issued for the all returnable Feb. 14. Bertis Eldridge George Bu lington and Elza M. files complaint in duplicate. On plaintiff's motion summons issued for the defendant returnable Feb. William Hickman vs David W. cause is re-assigned for trial Feb. William Hickman vs David W is re-assigned for 24. Flossie Minier Joshua MinierDefendant wholly makes default The court, since evidence has not been concluded, continues the trial Feb. New York Life Insurance Co., David W. Baer and Bessie M. overrules the demurrer of the The court finds that there due the plaintiff from both the defendants um of $2814.48 on the note sued, and that said sum secured by mortgage which is sought to be foreclosed The plaintiff entitled to have foreclosed. Charles Krohn Geneve KrohnCourt on motion dismisses this cause for want of prosecution and orders that the defendant and recover of the plaintiff costs charges. Sylvia M. Becker VS Thomas J. its own motion dismisses this cause for want of prosecution and orders that the defendant have and recover of the plaintiff costs and charges. Farmers Traders State Bank corp., Elmer Luse et al-On plaintiff's motion this cause is dismissed costs are paid. The Mutual Benefit Life Ins Co., a corp.. Lora Carson et sustains motion for change of State of Indiana vs George White Sheriff makes on warrant. The court orders the defendant to appear plead Feb. State Indiana Fred Robinson Defendant waives arraignment in open court and the plea to the affidavit says that he is not guilty Bert Van Voorst and Fred Dahling of the State Bank of Monon. Edward L. Murray Defendants file answer to the Palmer VS William Beshoar Defendant William Beshoar ruled to answer the complaint Feb. 6. Ehma J. Chillon VS Charles C. wholly makes default. Court finds that the plainlift shall from the defendant the of $218.00. Ins. Co., a corp. LuElla Smith al-Plaintiff files verified complaint. On plainlift's motion issued for the defendants, Feb. 15, non-resident defendants. returnable March Hazel Vestal F. RushPlaintiff files affidavit for citation. It ordered by that citaiton issued to the Sheriff for the defendant returnable Feb. State of Indiana, Tippecanoe County Before Esq. Herman A. Mason- The Middle Coal Company Isane owes plaintiff for and merchandise Plaintiff orders transcript to bind real estate and for same. Costs are paid by the plaintiff Nora B. Moore Charles W. files her complaint duplicate with affidavit of residence and occupation for suit and support money. plaintiff's moissued for the defendant, returnable Feb. 14. Said application is set for hearing Feb. 9. and notice ordered. State of rel Luther E. Symons, of the State of Indiana Farmers State Receivers authorized to pay to Bess M. Carey as executrix the sum of $200 in full and complete settlement for all legal services rendered Aelna Life Ins. Co., corp. vs Carmi Arrick et al- The defendants are ruled absolute Feb. 9. William F. Brucker William N. Loughry Receivers of the Farmers State Bank, Monticello, vs Leslie files affidavit for change of venue from White county. Tippecanoe Loan and Trust Co., trustee, Perry Steill et Court finds that there due the plaintiff the of $3088.83, on note sued and attorney fees, from the defendants, Gerry Steill and Grace Steill. and the costs of this action. Sheriff ordered to certain land from which the proceeds are to pay costs of this action, amount found due the plaintiff with interest. Mortinadequate pay in full and John S. Hinesley is appointed receivDavid S. Davis VS Roy Lawrie et al-Defendants are ruled to answer the complaint Feb. 9. White County Board of Finance of White County, State Bank of Monon, Monon, Ind., et -Defendant Ulysses G. DeVault withdraws his demurrer and files separate answer to the complaint. Defendant Samuel Jacks withdraws his demurrer and files separate answer to the complaint. The Mutual Benefit Life Ins. Co., corp. Lora Carson of this cause is ordered changed to Carroll county, and ten days is given in which to perfect change. State Indiana rel Luther F. Symons, Bank Commissioner of the State Indiana VS The State Bank of confirms the action of receiver in reviewing and accepting note of $100 dated August 2, 1932, April 2, 1933, with 7% interest, signed by Sikko Swartz. State of Indiana vs George White This cause is assigned for trial for March 8. State of Indiana ex rel Luther F. Symons Bank Commissioner of the State of Indiana The State Bank of Court orders Bert Van Voorst to pay $49.01 to Fred Baugh for taxes paid by him on certain real estate in White county. The Matual Benefit Life Ins. Co., corp. Edna Victor Plaintiff files supplemental complaint making John M. Biesecker, receiver of the State Bank of Wolcott, corp., The State Bank of Wolcott, corp., David R. Sell and Inez E. Eeidholz additional defendants. On motion is issued for these defendants, returnable Feb 10. Farme and Traders State Bank. corp., Leonard Cooley and Jesse finds that there is due owing the plaintiff the sum of 74.80 on promissory note sued and further sum of $25.00 for attorney Farmer and Traders State Bank. corp., Leonard Cooley and Laura finds that there is due the plaintiff sum of $165.63 promissory note sued and for Farmers and Traders State Bank corp. Leonard Cooley and Geneva Cooley and Floyd O. Cooley$211.76 was the amount awarded the plaintiff from the defendant on promissory note sued and for attorney Monon Building Loan and Savings Association of Monon, Indiana, corp., James S. McCray Ida M. files complaint in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 16. George Shuster vs Anton DeGroot files complaint in duplicate. On plaintiff's motion summons issued the defendant. returnable Feb. 18. Flosse Rinier vs Joshua RinierPlaintiff is granted a divorce and custody of minor child, Juanita Mae, and Luther Hobaugh and Effie Hobaugh are awarded the custody of Jerald Luther Rinier, minor child. Plaintiff to recover costs of action from the defendant. Louis G. Gustavel vs Floyd B.1 cause is assigned for trial for Feb. 10. Lafayette Savings Bank, corp., VS Fred Williams et al-Defendant wholly makes default. Tippecanoe Loan and Trust Co., Trustee, Gerry Eteill et alJohn S. Hinesley files the bond in the penal sum of $500 with Tippecanoe Loan and Trust Co., as surety and files acceptance Everett Lawrie vs Geneva Hatcheries plaintiff's motion this cause is and mosts are paid. Eli Mills vs Thomas Weserthouse Defendant wholly makes default. The court finds for the plaintiff that there is and owing him from the defendant the sum of $135.14 on promissory note sued and for attorney James Raftis vs Eleanor C. Fraser Plaintiff files complain in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 17. James Raftis vs Eleanor C. Fraser Plaintiff files complaint in duplicate. On plaintiff's motion summons is issued for the defendant returnable Feb. 17. Divorced 24 years ago, Charles W. Likes, 50, and Mrs. Grace Schafersman, 46, took out license to marry at Kansas City, Mo.