Citizens Trust & Savings Bank (Indiana Harbor, IN)

Episode Information

Episode UID
71019771568
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7101977 routing
Routing Number
71-0197
Start Date
August 16, 1930
Location
Indiana Harbor, Indiana (41.641, -87.445)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e8294f0f09215ce3

Response Measures

None

Description

Articles show a takeover in 1930 and the bank failing to open in Jan 1931; permanence of closure not fully documented.

Events (2)
1. August 16, 1930 Other
Newspaper Excerpt
Mr. Kozacik ... to the bank, Judge Greenwald this morning designated Harvey Watson ... to place the affairs ... to be taken over by Mr. Kozacik ... stated that be absolutely no loss to the depositors since bank examiner revealed that the institution is in a sound condition financially.
Source
newspapers
2. January 5, 1931 Suspension
Cause Details
Listed among four Indiana banks that failed to open; contemporaneous reporting attributes closings to loss of deposits/withdrawals but specifics for this bank are not detailed in the clipping.
Newspaper Excerpt
Four Indiana Depositories Close Doors; Gary, Ind., Jan. Four Indiana banks failed to open for today ... Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000;
Source
newspapers

Newspaper Articles (2)
1. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

These proceedings, however, are regarded formality prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, in no way indicate that the bank is insolvent. Fear of on the bank kept doors closed since Defries' death. He the majority stockholder of the bank, and sale of his holdings was prevented by them being tied up his estate. When Mr. Kozacik was found to be willing to the bank, Judge Greenwald this morning designated Harvey Watson, of the First National Bank Gary, He will place the fairs the immediately where they can be taken over by Mr. stated that be absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially. Mr. Kozacik, famed as Indiana's president, head the Indiana bank and the Cit. izens Trust Savings bank Indiana Harbor. He recently consummated the sale three Indiana off Harbor and theaters to the Warner price to be $750,000.

2. January 5, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 5, 1931

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Article Text

CENTRAL in Last Statement Deposits of One of Five Depositories in Town. FOUR SUSPENSIONS IN INDIANA TOWNS Two at Indiana Harbor, and One at 000 Depository at Zanesville, Central Trust Co. of Charles, one of five banks closed today by action of the Board of Directors. notice on the door stated that the directors' action was "owing to constant withdrawals and to conserve the assets for the benefit of depositors. Willbrand, secretary of the company, said the company solvent. Its capital stock is $100,000, been increased from $50,000 ago. Its last stateyear ment, Dec. 10, deposof and loans of $838,267. of which $138,904 on real estate security and the mainder on personal and collateral security. The statement showed the total assets and of liabilities as listed $50,000 plus and $8056.08 undivided The resources include $58,454.57 bonds, which $1251 are Government bonds, State, county and municipal bonds, $1855 foreign bonds and bonds of railroads and public service companies. The trust company's building at 103 South Main street valued at Dr. Wentker president of the pany. dividend of $2 share little more than month ago. by depositors of the trust company had been gradual. and had not attracted general tention. The State Finance Department City, on being notified of the closing of the trust company, sent W. Chapman, bank examiner, take charge for the department. Fort Dodge Bank Suspends Due Rumors." DODGE, Jan. board directors of the Iowa Savings Bank voted not open the bank for business today. Cirof injurious rumors, decided "run" the bank and effort to protect loyal depositors were given reasons for the move, according to statement by Smeltzer, The Iowa bank directory lists the bank's deposits at Zanesville (O.) Depository Closed; Is Cause. Associated Jan. Security Bank closed day by Gray, State Superintendent of Banking. The superintendent said that "frozen loans" and depreciation in bond accounts had caused closing. At the close of business last Saturday the State curity Bank had resources capital of and surplus and undivided profits of $70,000. Four Indiana Depositories Close Doors; Gary. Ind., Jan. Four Indiana banks failed to open for today, Luther Symons, State Banking Loss deposits given the cause for the closings. The banks closed today are: The the First Indiana State Bank Gary, Ind., capitalized at Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000; Indiana State Bank of Indiana Harbor, capitalized Bank of Huntertown, len County, capitalized at Two Small Illinois Banks Close for Ill., Jan. Closing of the State Bank of Yale Jasper and the Joppa State Bank in County today by State Auditor of Oscar Both banks closed examination and adjustment.