First State Bank (Huntington, IN)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
January 23, 1933
Location
Huntington, Indiana (40.883, -85.497)
Bank Type
state
Routing Number
71-0189

Metadata

Episode ID
Bank ID
City ID
180436634
Model
gpt-5-mini
Short Digest

Notes

Closure appears to become permanent by early 1934 (liquidation proposed), but intermediate reopening efforts are ambiguous.

Events (4)
1. January 23, 1933 Run
Cause
Local Banks
Cause Details
Run followed closing of another Huntington bank and spreading loss of confidence in local banks, prompting heavy withdrawals from First State Bank.
Measures
Mayor declared a banking holiday; banks sought depositor waivers limiting withdrawals.
Newspaper Excerpt
The Citizens State and First State banks closed Jan. 23, after depositors started a run on the latter bank.
Source
newspapers
2. January 23, 1933 Suspension
Cause
Local Banks
Cause Details
Banks suspended operations after depositor runs triggered by failures/closures of other local banks and ensuing deposit withdrawals.
Newspaper Excerpt
The two remaining Huntington banks were open today but neither was accepting deposits or permitting withdrawals. A legal holiday, proclaimed by Mayor Jack T. Dungan, gave the First State and the Citizens State bank an opportunity to persuade depositors to sign waivers...
Source
newspapers
3. February 11, 1933 Other
Newspaper Excerpt
No definite date had been set today for the opening of Huntington banks, as canvassers continued their drive to obtain waivers from depositors. Business houses in the city have been handicapped by the closing of the banks, although a clearing house has been established here for cashing foreign checks. The Citizens State and First State banks closed Jan. 23, after depositors started a run on the latter bank. Mayor Zach Dungan declared a banking holiday and business men sought to obtain waivers.
Source
newspapers
4. February 27, 1934 Receivership
Newspaper Excerpt
Plans for organization of new bank here... liquidation the First State Bank... Liquidation the First State Bank would entail 100 per cent assessment of stockholders.
Source
newspapers

Newspaper Articles (4)
1. January 26, 1933 The Times Hammond, IN

Article Text

IRWIN MAY SUCCEED MORGAN

INDIANAPOLIS, Jan. 26.—(I.N.S.)—Don B. Irwin, of Frankfort, Fifth district chairman, today loomed as a probable successor to Ivan C. Morgan, of Austin, as republican state chairman.

Morgan, whose resignation has been asked by several district chairmen, announced that the G. O. P. state committee would meet here on February 2.

Morgan, Irwin and Harry Fenton, secretary of the state committee, conferred here last night.

John Scott, of Gary, First district chairman, has been the leader in the movement against Morgan. Scott objects to Morgan's stand for prohibition.

MORTON CAN'T GET HIS PAY

INDIANAPOLIS, Ind., Jan. 26.—(I. N.S.)—Gaylord S. Morton, tax commissioner, whose membership on the tax board has been the center of heavy fire, indicated today he would continue serving although Floyd E. Williamson, auditor of state, has assured him he will not get paid.

Yesterday Morton observed a birthday by presenting a voucher to the auditor for his January pay but Williamson said the position he couldn't pay Morton without a court mandate due to recent opinion of the attorney general on the commissioner's status.

Morton was appointed to fill a vacant post on the last day of Harry G Leslie's administration but Philip Lutz, Jr., the attorney general, held that Leslie's last day was Gov. Paul V. McNutt's first and that the appointment was void.

BANKS DECLINE DEPOSITS

HUNTINGTON, Ind., Jan. 26.—(U. P.)—The two remaining Huntington banks were open today but neither was accepting deposits or permitting withdrawals.

A legal holiday, proclaimed by Mayor Jack T. Dungan, gave the First State and the Citizens State bank an opportunity to persuade depositors to sign waivers saying they would not withdraw their funds immediately.

Other business in the city were not affected by the holiday proclamation.

WEATHER SUMMARY

By U. W. WEATHER BUREAU (Written for I. N. S.)

Since Monday morning rains have continued in the entire Pacific coastal region, and light snows to the eastward over the great basin and Central Rockies. Elsewhere, throughout the country, except for a few scattered showers in the gulf and South Atlantic regions, the weather has been fair. It is somewhat colder in the eastern third of the country and lower temperatures also are reported from Alberta and Saskatchewan and from the far southwest; while considerably higher temperatures prevail in the northern Red River Valley and in parts of the Great Plains.

Sunrise 7:00 a. m.; sunset, 4:55 p. m.; moonrise, 6:16 a. m.; moonset, 3:22 p. m.

LAPORTE BOY KILLED

LAPORTE, Ind., Jan. 26.—(U.P.)—Roy Place, 18, LaPorte, was killed yesterday when his rifle accidentally discharged.

Bank Suspensions 22 Pct. Below 1932.

Rand McNally & Co. reports the number of bank suspensions for the week ended yesterday were 22 per cent under those of a year ago. So far this year, average of deposits of suspended banks is 52 per cent less than for the corresponding period in 1932, the report said.

DROWNED IN RIVER

GOSPORT, Ind., Jan. 26.—(U.P.)—M. M. Bills, 65, who lives on an island east of here, was drowned yesterday when his rowboat overturned in the swollen waters of White river. He clung to the craft until it struck a bridge pier at Gosport.

2. February 7, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 7, 1933

Click image to open full size in new tab

Article Text

AUTO IS USED AS POWER TO PRINT PAPER Electricity and Telephone Cut Off: Trouble Bunches on Huntington Man. By United Press HUNTINGTON, Ind., Feb. 7.Adversity overtook C. W. H. Bangs, editor of the Huntington News, all at once. He now is forced to publish his daily newspaper with a jacked-up automobile as his power source and without the convenience of a telephone. Facing seven charges of criminal libel and slander on the first state bank of Huntington, he is under $5,000 bond after spending an hour in jail a week ago. With his telephone and electricity disconnected because the bills were overdue, Banks connected the automobile with his press to run it. He bought oil burners to heat his linotype melting pot, and has a small electric generating plant to provide lights in his office. Attacked Bank Policies Besides that, his employes, claiming that their pay is long overdue, are causing him trouble. A former college president and attorney and a specialist in international law study, Bangs has not given up. He took over editorship of the paper about a year ago, making his law practice his avocation. Recently he began attacks on Huntington banks in his newspaper. Local residents said he owed the banks, they were pressing him for loans and he was retaliating. John R. Emly, president of the First State bank, brought charges against Bangs. Six of them alleged criminal libel and the seventh charged slander, asserting that Bangs had circulated verbally false rumors against the bank. Former College President That followed closing of another Huntington bank. Now the two remaining institutions, including the First State bank, are both closed temporarily in a business moratorium. They will reopen if 80 per cent of the depositors of both banks sign a pledge not to withdraw more than a specified percentage of their deposits. Bangs is a former president of Huntington college, a United Brethren supported institution here. Since then he practiced law. Daily he rode a bicycle, carrying his lunch, from his outlying home to his law office. He studied international law in Paris for several years. He took a small son there with him once, and when the child returned here, after two years, he could speak no English.

3. February 12, 1933 The Indianapolis Star Indianapolis, IN

Article Text

Huntington Business Men Still Seek Bank Waivers

[Special to The Indianapolis Star.]

HUNTINGTON, Ind., Feb. 11.—No definite date had been set today for the opening of Huntington banks, as canvassers continued their drive to obtain waivers from depositors. Business houses in the city have been handicapped by the closing of the banks, although a clearing house has been established here for cashing foreign checks. The Citizens State and First State banks closed Jan. 23, after depositors started a run on the latter bank. Mayor Zach Dungan declared a banking holiday and business men sought to obtain waivers.

4. February 27, 1934 The Indianapolis Star Indianapolis, IN

Article Text

Proposal for New Bank Outlined at

[Special to The Indianapolis Star.] HUNTINGTON, Ind., Feb. Plans for organization of new bank here and $25,000 surplus, liquidation the First State Bank, institution open the were late today McConaugh of Frankspecial representative state banking department, who will direct Deposits the new bank would be insured The plan would release 50 per restricted deposits the First kept from month month Class state department. Liquidations the First State Bank would entail 100 per cent assessment of stockholders.