Elwood State Bank (Elwood, IN)

Episode Information

Episode UID
71016871598
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
7101687 routing
Routing Number
71-0168
Start Date
February 25, 1933
Location
Elwood, Indiana (40.277, -85.842)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
182fba62200e0315

Response Measures

None

Description

Suspension date given as Feb 25, 1933; later 1935 state audit notice indicates bank remained closed and funds handled by state.

Events (2)

1. February 25, 1933 Suspension
Cause
Macro News
Cause Details
Suspended payment during the broader banking crisis of early 1933
Newspaper Excerpt
it is the decision ... that there was on deposit with the Elwood State Bank, Elwood, Indiana, which bank suspended payment on Feb. 25th, 1933
Source
newspapers
2. April 17, 1935 Other
Newspaper Excerpt
NOTICE TO DEPOSITORS. ... that there was on deposit with the Elwood State Bank ... Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amount.
Source
newspapers

Newspaper Articles (2)

Article from The Indianapolis Times, November 28, 1932

Click image to open full size in new tab

Article Text

OCTOBER LOANS FROM R. F. c. IN SHARP GAIN Grand Total of Nearly 195 Millions Is Reached by Borrowers. By United Press WASHINGTON, Nov. 28.-The Reconstruction Finance Corporation today reported to the clerk of the house that its loans during October had increased approximately $55,000,000 over September, reaching a grand October total of $194,923,447. Loans showed large increases in every classification except those to banks, trust companies, railroads and similar enterprises. The increase included a $24,000,000 subscription to the stock of the regional agricultural credit banks. Loans to banks, railroads and similar organizations totaled $59,023,185, as compared with $64,217,500 during September. Emergency relief advances to states showed an increase from $18,523,502 to $22,634,562; while loans for self-liquidating construction projects increased from $53,105,000 to $81,514,500. Relief through the agricultural department was $7,500,000 as against $2,500,000 during the previous month. Advances for financing sale of American agricultural products abroad totaled $251,000 for October. Get 601 Applications Of the $59,023,185 authorized for banks and other financial institutions, $21,448,494 was advanced to banks and trust companies, including $1,940,250 to aid in liquidating closed banks. Building and loan associations received $3,701,907; insurance, $1,209,000; mortgage loan companies, $4,392,500; joint stock land banks, $594,930; agricultural credit corporation, $1,272,978; live stock credit corporations, $477,105, and railroads, $25,926,269. Applications for loans totaled 601, including 484 from banks and trust companies, 62 from building and loan associations, 6 from insurance companies, 10 from mortgage loan companies, 2 from credit unions, 3 from joint stock land banks, 14 from agricultural credit corporations, and 10 each from live stock credit corporations and railroads. The bank applications included 21 from the receivers or liquidating agents of closed banks. State Banks Get Loans The corporation reported that since organization of the corporation a total of $4,765,448 in loans had been withdrawn or canceled by the organizations originally seeking them. Only three state relief loans during the month totaled more than $1,000,000; Illinois receiving the largest advance, $6,303,150. Loans to banks included: Indiana, Elwood, Elwood State bank, $20,000; Gary, the First National bank of Gary (receiver) $247,000 (5 per cent); the National Bank of America at Gary (receiver), $105,000 (5 per cent); Noblesville, Citizens State bank, $20,000; South Bend, the St. Joseph Loan and Trust Company, $42,500.


Article Text

NOTICE TO DEPOSITORS. Pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Auditor of State and the Attorney General, that there was on deposit with the Elwood State Bank, Elwood, Indiana, which bank suspended payment on Feb. 25th, 1933, the following Public Funds classed as New Money: Madison County ---------- $ 5,596.93 Elwood Civil City ---------- 16,466.52 Elwood Barrett Law Funds ---------- 322.49 Elwood School Board ---------- 206.36 Duck Creek Twp. Mad. Co. ---------- 2,861.77 Duck Creek Twp. Mad. Co. ---------- 26.78 Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amount. LAURENCE F. SULLIVAN, Auditor of State. PHILIP LUTZ, JR., Attorney General. STATE OF INDIANA