American State Bank (Gary, IN)

Episode Information

Episode UID
71014871568
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7101487 routing
Routing Number
71-0148
Start Date
August 16, 1930
Location
Gary, Indiana (41.593, -87.346)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6cd72481ae91eccc

Response Measures

None

Description

The bank suspended operations following the suicide of its president and majority stockholder; a receiver was appointed to facilitate a takeover.

Events (3)
1. August 16, 1930 Other
Newspaper Excerpt
These proceedings, however, regarded as formality prior taking over of the bank by Michael E. Kozacik, Jr.
Source
newspapers
2. August 16, 1930 Receivership
Newspaper Excerpt
Judge Greenwald this morning designated Harvey Watson, vice president of the First National Bank of Gary, as receiver.
Source
newspapers
3. August 16, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suicide of the bank's president and majority stockholder, Albert Defries.
Newspaper Excerpt
Fear of run on the bank has kept the doors closed since Mr. Defries' death.
Source
newspapers

Newspaper Articles (5)
1. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

KOZACIK JR. DYER EVENT TO TAKE OVER WAS ONE OF GARY BANK THREE THAT Circumstances surrounding the condition American State bank Gary, caused by the suicide of president, Albert Defries, appeared be adjusted today HAPPENED the filing of receivership proceedings in Judge Greenwald's Superior court. May Cause Lake Co. Law Enforcement Officials Much Trouble Belief that cigaret hijackers were infesting the Chicago area and would likely cause Lake County law enforcement officials considerable trouble was expressed today in Chicago as a result of a check-up which showed three hijackings within the last 90 days. Tuesday, described week the Times, near Dyer when $18,000 cargo seized. Police believe more Lake County hijackings will result because main north south highway, passes through the In instance the loads were route to Chicago from Louisville New York it significant that the gan only after the conhad shipping by truck. April 30, the driver of truck the in Halsted street, Harvey, by armed men in out, the hijackers climbed and trace of the $15,000 shipment has OTHER TRUCKLOADS SEIZED The second seizure made July when load of similar value taken 79th street and Greenwood avenue by three armed men. Last Tuesday's occurred on lonely mile north of Dyer and staged by tigators to be watching south side gang as suspects in the three Some made in clearing up the cording to the investigators, (Continued On Six)

2. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

KOZACIK JR. TO TAKE OVER GARY BANK condition of American State bank of Gary, by the suicide of its president, Albert Defries, peared to be adjusted today with the filing of receivership proceedings in Judge Greenwald's Superior court. These proceedings, however, formality prior to taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, and in no way indicate that the bank insolvent Fear of bank has kept the doors closed since Mr. Defries' death. He was ity stockholder the bank, and sale of his prevented by them up in his estate. When Mr. found to willing take the bank, Judge Greenwald this designated Harvey president of the First National Bank of Gary, as receiver. He place the fairs of the bank in position immediately they can be taken over by Mr. Kozacik. It was stated that will be absolutely no loss to the depositors since bank examiners revealed that institution in sound condition financially. Mr. Kozacik, famed as Indiana's president, head of the Indiana State bank and the Citizens Trust Savings bank of Indiana Harbor. He recently summated the three Indiana Harbor and Whiting the Warner Brothers at price to be $750,000.

3. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

KOZACIK JR. TO TAKE OVER GARY BANK surrounding the condition of the American State bank of Gary, caused by the suicide of its president, Albert Defries, appeared to be adjusted today with the filing of receivership proceedings in Jydge Greenwald's Superior These proceedings, however, regarded as prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor and in way indithat the bank is Fear of run on the bank has kept the doors closed since Mr. Defries' death. He the majority stockholder the bank, and sale of his holdings was prevented by them being tied up in his estate. When Mr. Kozacik was found to be willing take the bank, Judge Greenwald this morning designated Harvey Watson, vice president of the First National Bank of Gary, as receiver. He will place the af. fairs of the bank in position immediately where they can be taken over by Mr. Kozacik. It stated that there will be absolutely no loss to the depositors since bank examiners have revealed that the institution in a sound condition financially. Mr. Kozacik, famed as Indiana's youngest head of the State bank and the izens Trust and Savings bank of Indiana Harbor. He recently conthe sale of three Indiana Harbor and to the Warner Brothers at price reported to be $750,000.

4. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

KOZACIK JR. TO TAKE OVER GARY BANK surrounding the condition of the American State bank of Gary, by the suicide of its Albert Defries, peared to be adjusted today the filing of receivership proceedings in Judge Greenwald's Superior court. proceedings, however, regarded as formality prior to the taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, in no way indithat the bank is insolvent. Fear run bank has kept the doors closed since Mr. Defries' death. He the majority stockholder the bank, and of his prevented by them being tied up in his When Mr. found to be willing the bank, Judge Greenwald this designated Harvey Watson, vice president of the First National Bank of Gary, as He will place the affairs of in position immediately they be taken over by Mr. Kozacik. It was stated that no loss to the depositors since bank examiners revealed that the institution is in sound condition finanMr. Kozacik, famed as Indiana's president, head of the Indiana State bank and the Citizens Savings bank of Indiana Harbor. He recently consummated of three Indiana Harbor and Whiting to the Warner at price to be $750,000.

5. February 23, 1931 The Times Hammond, IN
Article from The Times, February 23, 1931

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Article Text

DAUGHTER OF LAND OFFICIAL FILES SUIT Ind., Feb. Two dollars damages are asked in suit filed Circuit court for Charlotte Gross, daughter of Edward Gross, official Gross Land company of Gary, for injuries which she sustained when automobile in which riding struck driven by Henry Murphy, The happened Broadway and 23rd avenue, Gary The Murphy driving speed across Broadway struck the when had the Murphy's car crashed head-on into the Gross seriously injuring the girl. Other Agnes H. and and William Linn, action for damages, filed by Attorney Howard. Moe company Electric suit on note, filed by Attorneys Parmelee and Prete. Elizabeth Helfin vs. William Helfen, petition appoint guardian, filed by Attorney Herbert JohnPeter Apostolos John Papadogranis, et action for damages filed by Attorney Lonis H. George. Harvey Watson, receiver for American State Bank Gary Union Indemnity Co., Floyd E. of state, action on filed by Attorneys czynski and Tonisick