Citizens Bank (Anderson, IN)

Episode Information

Episode UID
71007071582
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7100707 routing
Routing Number
71-0070
Start Date
October 31, 1931
Location
Anderson, Indiana (40.105, -85.680)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c77222f5cd83f51b

Response Measures

None

Description

Articles state heavy withdrawals/false rumors precipitated voluntary closure and state takeover; earlier 1920s court items also show 'Citizens Bank, receiver.'

Events (3)
1. October 31, 1931 Receivership
Newspaper Excerpt
State Officials Are In Charge ... State examiner arrived this morn and immediately took charge of the bank ... to begin process auditing bank's account and liquidating its affairs.
Source
newspapers
2. October 31, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Widespread false rumors and continued withdrawals created a 'hysterical condition' of the public mind, prompting heavy withdrawals.
Measures
Bank posted notice of voluntary closure and issued public reassurances; directors decided to turn affairs over to State Banking Department for liquidation.
Newspaper Excerpt
A heavy run on the bank by depositors caused the closing of its doors
Source
newspapers
3. October 31, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors voluntarily closed the bank because rumors and continued withdrawals made reopening unsafe; affairs handed to State Banking Department.
Newspaper Excerpt
The Citizens Bank ... closed this morning, and notice ... Board of Directors voluntarily decided ... to turn affairs of the institution over to the State Banking Department for liquidation
Source
newspapers

Newspaper Articles (14)
1. June 29, 1925 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, June 29, 1925

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Article Text

eCourts SUPERIOR COURT RECORD. Walter E. Vasbinder John Wooten et al, note $350. Dismissed detail. Omer B. Murray VS. Elwood Iron and Metal Co., breach of contract. Dismissed. National Exchange Bank of An derson vs. Minnie Ellingwood et al. note $100. Finding for plaintiff in the sum of $84.80. Finding that defendant Oliver E. McClintock is surety only. T. H. Tobin VS. B. R. Ry Co. et al demand $175. Dismissed. CIRCUIT COURT RECORD Stella M. Wilson VS. Walter Wilson, divorce. Dismissed. Meda Elsenrath vs. George E. E1senrath, divorce. Answer of defendant filed. Evidence heard but not concluded. Monna Hottinger vs. Dewey Hot. tinger. divorce. Dismissed. John S. Thornburg VS. Milton Thornburg. Partition of real estate. Plaintiff's amended complaint filed making May Thornburg party defendant. Summons ordered for defendant returnable July 9. Cause dismissed as to Milton Thornburg. State of Indiana VS. Warren Cooper. wife desertion. Dismissed. Charles L. Friel vs. Terryll M. Friel, receiver. Report and resignation of Forest Larmore receiver filed and approved. Citizens Bank appointed receiver. Citizens Bank-70th anniversary tomorrow night. The bank will be open for your inspection from 7 to 9 o'clock. Music and souveniers. Everybody welcome.

2. July 9, 1925 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, July 9, 1925

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REAL ESTATE TRANSFERS Frank Foster to William H. Forse, Jr., lots and Hazelwood add, Ander$7,000 son Ulysses G. Garrett et ux to Samuel O'Banion, lot 72. Dehority's Fourth Elwood 2,000 Walter Chafin to Charles Friel, part section 36. township 20 north, range east 5,875 Fisher et ux to Andrew Fisher lot George W. Wright's subdivision, Lapel 800 Charles Friel et to izens Bank, receiver, part lot 160. Hazelwood and property Anderson 2 Frank Vogt Joseph Behrman et MX. lot 10. Phillip Matter's add, Anderson William M. Swain et ux to George E. Nichol ux, certain property in Pendleton George E. Nichol et ux to Etta Swain certain property in Pendleton

3. August 29, 1925 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, August 29, 1925

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IntheCourts SUPERIOR COURT RECORD. Winters. Mercer and Brannum Lumber Company VS. Charles Friel et mechanic's lien. Plea filed by Citizens receiver Winters, Mercer and Brannum Lumber Company vs. Lee Long fellow et al. lien. Plea abatement filed by Citizens' bank, reciver. CIRCUIT COURT RECORD. Harvey E. Snyder VS. Eleanor Snyder, divorce. Finding for plaintiff for divorce from defendant. Court restores defendant's former name, Eleanor Greenfield. Mary Jones Paul Jones, divorce. Finding for plaintiff for divorce Court orders defendant pay $100 back support and $500 al imony Plaintiff's maiden name, Mary restored. Cecil Hall Kenneth M Hall, Motion filed by plainliff for allowance. Defendant orderto pay 10 per week beginning Aug. 29. Mabel P. Hamilton vs. Earl E. Hamilton divorce. Motion for allow. ance filed by plaintiff Defendant ordered to pay $20 on Sept. and $20 every two weeks thereafter unfurther notice. Blanche McNatt VS. Lawrence McNatt. divorce. By agreement defendant is ordered to pay $10 per week beginning Aug. 29. Clarence Hanshew vs. Myrtle A Hanshew, divorce. Court changes the custody of the child Virgil Han shew about twenty months old and awards the care and custody of said child to the defendant. Myrtle Hanshew. Court ordered plaintiff, Clarence Hanshew, to pay $4 per week. Westinghouse Electric and Manufacturing Company Union Traction Company receiver. Intervening petition of defendant. Dew. ey H. Compton, to have his claim and judgment allowed and given priority over other claims filed. Frank E. Meek Cora M Meek, divorce. Restraining order dissolv. ed and complaint dismissed.

4. July 16, 1927 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, July 16, 1927

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TODAY Judge Carl Morrow today circuit court for the cation. to reconvened until Judge will go Muncie Monday where special judge the trial county court. There but few attorneys about the court nummatters the court had plandispose before taking held abey One these ruling the demurrer of Arthur Gilliom, attorney general, the complaint brought city Anderson against the Indiana Public Service Commission vacate the commisfor injunction prevent an order the board for reduction tric light rates in Anderson. That hang over until the October term court. ANOTHER GOES Another that will go over the October relates the Jackson from feet to The Board Works ordered the the street changed meet traffic Lyst the contract for work. the street from Fifth street the Big Four tracks suit heard days ago, have the ment to com promise the made, but not yet agreed The $10,000 damage brought George Samuel Capsurious, dismissed today. THE FRIEL CASE. case volves estate firm Charles Friel and Son, continued for further action until the October term Judge Morrow made yesterday afternoon for the Citizens Bank, receiver, to sell properties that are involved the the tles are held by the now properties are cated 1921 avenue, 1317 Laurel street, 3021 Main street, street, 223 Plum street, street vacant lots in North derson. SUPERIOR COURT. Judge Lawrence Mays said today that continue then leave for trip east that take him The judge pects absent about days, and his return resume court, Judge said his court will in all exception ten days' trip he has outlined.

5. August 21, 1927 The Anderson Herald Anderson, IN
Article from The Anderson Herald, August 21, 1927

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DEEDS RECORDED Warranty deeds filed with the county recorder yesterday wore: George C. Seright and wife to Ellen M. Blubaugh, lots 13, 14 Colland's Main Street addition, Elwood $2,350 Citizens Bank (receiver) to Gale Smith, lot 23, Edge100 wood park, Anderson Walter Stedham and wife to Volney Ray Scott and wife, lots 15. 16 Stidham's addi1 tion, Anderson

6. October 17, 1927 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, October 17, 1927

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REAL ESTATE TRANSFERS South Anderson Improvement Co. to Allen John, lot 37 Lincoin Park adu, Auderson $ William J. Delawter to Eli F. Delawter, lot 11, Delawter Add., Anderson Ell F. Delawter to William J. Delawter, parts lots and 10, Delawter's add., Anderson. Edward L. Ogden to James E. Simms, lot 27, J. C. Shafer's add and part lot 19 J. R. Boston add., Anderson 1 Rosa B. Whitlock to Floyd D. Hudson, lot 20, Hodson Add., Anderson 1 Mary J. Frazee to Harry S. Smith, part lot 10, Harrison Simpson's add., Anderson Rachell Poor to Peter Shock part northeast southwest quarter, sec. 30, twp. 1, range 300 Frances G. kyan to John S. Legg, west half, northwest quarter, section 19, twp. 19 1 range James E. Simms to Edward L. Ogden, lot 14, J. R. Boston's subdivision, Anderson Wolfe to Anna Wilds, lot Tin Plate add., Elwood 1,500 Anna Wilds to T. Wolfe, lots 7, 9, and part lot 6, Elwood add., Elwood 750 Cecil R. Rodecap to Ben Rodecap, part southwest 1-4, northeast 1-4, section 1, township 19, range 4,500 Citizens Bank, receiver, to School City of Anderson, part lot 160 Hazelwood add., Anderson 2,025

7. November 11, 1927 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, November 11, 1927

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REAL ESTATE TRANSFERS Harry B. Jarrett to John E. Spaulding, lot 7 Shadeland add., Anderson Winifred Kimberlin to Florence Steiner, part lot 161 James Hazlett's second add., Anderson Louis B. Supowitz to George Glazer, lot 35 A. C. Bernard's first add., Anderson Harry M. Bartlow to William L. Day, lot 85 Ruddle's third add., Park Place, An- $1 1,800 John M. Egan to Gilbert A. Hoppes lot 197 Jackson Park add., Anderson 120 Citizens Bank, receiver to James R. Day. lot 84 Oakdale add. Anderson 200 John E. Edwards to Joseph Grant, lot 38 Pence's East Lynn add., Anderson 9,375 Glay Z. Austil to Citizens State Bank part lot 3 orig. Mary E. King to Francis Montgomery, lot 56, South Park 9,000 add., Anderson 3,000 James R. Day to Howard D. Poole lot 128 original plat Anderson 2,350

8. May 6, 1928 The Anderson Herald Anderson, IN
Article from The Anderson Herald, May 6, 1928

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DEEDS RECORDED Earl Riley and wife to Philip H. Baker and wife, pt ne. 4, sec. 27, twp. 20, range 6 $1,400 Hallie Welch, et al, to Gladys Titus, pt. section 28, twp. 18, range 8 Walter Hays, trustee, to Cas per Neff, pt. W 2, ne 4, section 7,twp. 18, range 8. Verd H. Freestone to Bedford Freezie, lot 18 Riverside addn., Anderson E. Drawhorn to Delbert Hines, part lot 3 Hiatt's addn., Independence Kate Williams to Wallace K. Wililams, 6 2, nw 4, section 21, twp 18, range 7 Citizens Bank, receiver, to Neel M. McCullough, lots 107, 108 and part 109, Oakdale addn., Anderson Ellen Said to Dorothy Phillips, lot 71, Collingwood addn., Anderson Louis A. Strock, to Francis G. Ryan pt. nw 4, ne 4; section 24, twp. 19, range 7.

9. October 31, 1931 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, October 31, 1931

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Institution Takes Step For Safety CONTINUED WITHDRAWALS LEAD TO ACTION OFFICERS OF BANK State Officials Are In Charge REASSURING MADE TO DEPOSITORS BY PRES. N. Head Of Institution Says That All Depositors Are Paid Full After Liquidation Finished The Citizens Bank, corner of Eleventh and Meridian streets, closed this morning, and notice issued by N. McCullough, president, and posted on the door stated that the Board of Directors voluntarily decided, because of tinued withdrawals, to turn affairs of the institution over to the State Banking Department for liquidation in the best protection to its depositors. Decision the Board of Directors close the bank was made follow. meeting last night several hours during which was decided that the action was able protect the interests of depositors and stockholders. Pres. McCullough public statement this morning said that through cooperation borrowers liquidation expected all depositors to in full. The taken the Citizens Bank activity in volving other institutions, few were After reassurmade by their officers. The Department notified untarily officers Citizens closing until adjusted, an arrived here early today to take charge begin process auditing bank's account and liquidating its affairs. NOTICE POSTED The official statement posted the Citizens door morning prior to time for opening follows: to continued drawals caused the apparently hysterical condition public mind towards financial institutions, the Board Directors of this bank deemed wise to place the bank's affairs the hands the Department Banking for liquidation order that the interests both positors stockholders might best protected. assumed that the State Banking Department will at once proceed make complete audit the bank's affairs, upon completion of which this information will be available for all depositors. cess to safety deposit boxes will be made available at the earliest possible moment. McCullough, President." OFFICERS TAKE CHARGE Luther Symons, state bank commissioner, arrived this mornand immediately took charge bank. He said that Good Inwood, state examiners, arrive later today to assume temporarily Concerning the proceedure of the State Banking Department, mons said, examiners will rive this afternoon with corps assistants. and take immediate charge the bank and its affairs. The first step of the examiners and (Continued on Page light)

10. November 1, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 1, 1931

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BANK SITUATION UNDER CONTROL (Continued from Page One) Directors of the Citizens Bank are Arthur W. Brady, George E. Nichol, George H. Alexander, Charles E. Strout, Ernest N. Hill, F. E. Mustard, Neel McCullough, Frank C. Cline, Charles E. Bonser, Augustus T. Dye, Robert Dorste, Daniel Boland, Thomas McCullough, G. W. Whitledge, Edward H. Matthew Jacob Groble, C. Kuch, J. Wilson Barber and George W. Pierce. Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank. Conferences held during the night contemplated reopening the bank on Saturday, but the reports had gained such wide circulation that it was finally decided to close the bank rather than expose depositors to the risk of heavy run. Public Funds Protected The civil city of Anderson had $120,000 deposited at the Citizens Bank, in funds as follows: Municipal electric light plant, $70,000; Barrett law department $30,000; general fund, $20,000. City Controller Ira Davis, who is acting as mayor during the illness of Mayor J. H. Mellett, withheld issuance of city pay checks untill Monday to prevent further congestion at the Anderson Bank. The city is protected against loss by $536,000 personal bond against stockholders of the Citizens Bank. Madison county funds deposited at the Citizens Bank totaled $150,000, said Marcia H. Barton, county treasurer. County money is also protected by bond. J. Wesley Stewart, township trustee, said his office would be handicapped somewhat during the temporary closing of the bank, where he had between $8,000 and $9,000 on deposit. School teachers and bus drivers were paid yesterday by checks issued against township accounts in the Anderson Bank. ALEXANDRIA ACTION Notice Posted on One Bank-Other Meets All Demands. ALEXANDRIA, Ind., Oct. 31.-In the face of heavy withdrawals today the Alexandria Bank today posted notice of voluntary closure shortly before 3 p. m. State examiners will check the affairs and an announcement will be made when their work is finished. It was believed that depositors will be fully protected. Sam Phillips is president. The local situation is not critical and the Commercial Bank Trust Company, the other local bank, is meeting all of its requirements.

11. November 5, 1931 The Hancock Democrat Greenfield, IN
Article from The Hancock Democrat, November 5, 1931

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Citizens Bank at Anderson Closes Its Doors On Saturday last, the Citizens bank of Anderson. Ind., closed its doors. The assets of the bank total about $4,000,000 A heavy run on the bank by depositors caused the closing of its doors The officials of the bank assure depositors that it will pay their claims in full SUITS AND OVERCOATS REDUCED reduced to $19.50 25.00 reduced to 22.50 reduced 25.00 35.00 reduced 29.50 Cleaning. Relining and Alterations JUSTUS THE TAILOR Phone 619 Mr. and Mrs. J. M. Pogue returned to their home in this Saturday. after visiting their son. Barton Reese Pogue and family, at Upland.

12. November 8, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 8, 1931

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AGAINST BANKS Property Owners Caught In Closings Find Other Ways To Pay Their Taxes. FALSE RUMORS SPIKED Deposits of County Funds Made According to Finance Board Award. report last night at the office of Marcia H. Barton, county showed that has been entered on the county tax books, while approximately $200,000 in banks outof the of Anderson is yet to side city entered on the records. Checks which failed to clear through the Citizens Bank of Anderand the Citson, Bank Trust Company izens those closed Elwod before week totaled about their doors the treasurer said. Persons were notified wrote who their the taxes until yestertime for paying day of the treasurer's office Doors been closed last which Monday were opened yesterthe three closed day on could taken up. Almost banks ninety percent the checks deemed Taxpayers pressed appreciation because were penalized for going delinquent after Monday. Rumors Spiked False rumors concerning county statement issued Miss Barton last night. Deposits were made the Citizens Bank Anderson until and including Monday, October 26. On the ensuing four days all deposits tax monies made the Anderson Banking Company, and the close business on Friday, October each local bank had exactly the same amount of county money according awards County Board Finance. The treasurer said there $34,000 tax money ready to be deposited the Citizens Saturday morning. October 31, when the bank voluntarily suspended business and turned its affairs to the State Banking The only check written the on the CitiBank the week before closed was for Barton said.

13. November 15, 1931 The Anderson Herald Anderson, IN
Article from The Anderson Herald, November 15, 1931

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Anderson's Spirit Real It's an indomitable spirit that carries city through depressions and other unfortunate events to conditions better than those which previously prevailed. Anderson had boom. It was fine while lasted, but failed. But Anderson, unlike many cities in perof adversity, rose the occasion. Thanks to its citizens refused to quit the city emerged from the resulting condition build stronger than ever. That same courage quick action by persons who, fortunately, claim Anderson their home has reasserted itself the last two weeks. The closing of the Citizens Bank, voluntary bemisleading rumors, would have been calamity city where community spirit failed to exist The movement which was immediately begun organize new bank real demonstration of community Not only persons who were stockholders in the closed bank but scores others who never owned bank stock but who believed in Anderson responded. They have furnished the capital necessary for new bank to begin operations. Anderson has experienced its Community Chest its campaigns the to aid inemployed, has purchased Liberty Bonds liberally, quotas in Red Cross and knew campaigns to get together to replace bank which became the victim of conditions which prevail everywhere. much for the city's public The bank spirit. new organized on sound basis. will be opened than three weeks after the former bank suspended operations. There no in room Anderson for "knockers" after this demonstration splendid community spirit.

14. June 7, 1932 The Anderson Herald Anderson, IN
Article from The Anderson Herald, June 7, 1932

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COURT MINUTES Circuit Court. Zoe Martin Edith May; damdemand Cause venued Sylvia Gilbert Edith May damdemand Cause venued Mitchell Martin Edith May; damages, demand $2,000. Cause venued to Delaware Ira Baldwin: complaint ing order Motion sustained to disorder Elwood Trust Co. vs. Joseph Manghelli; mand $2,300. Report of Citizens State Bank receiver John Russell Joe Finding that plaintiffs are entitled to posses$30 Elizabeth Eugene Landivorce. Ethel McNew: divorce. Answer in denial general Walter Druley Jesse H. Mellett: Answer in general denial filed. Annees Corey Nicholas Mesalna damages, $20,000. Amended complaint filed. Hettrick Manufacturing Co. VS AnTent demand Finding for plaintiff sum $286. Peerless Foundry George Hopkinson, account demand $100. Finding for plaintiff in sum Citizens State Miriam Romine demand in abatement filed by Miriam Romine. Ruth Hummer Wilbur Hummer, Cause Theodore Morris Ellen Ressler, damages, demand $5,000. Answer in general denial filed. State of Indiana Joseph