Union Savings & Trust Company (Bluffton, IN)

Episode Information

Episode UID
71035271550
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
7103527 routing
Routing Number
71-0352
Start Date
February 13, 1929
Location
Bluffton, Indiana (40.739, -85.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9eafdf48c501f6e3

Response Measures

None

Description

Bank closed after Feb run, briefly reopened in March, then closed again and placed in liquidation.

Events (5)
1. February 13, 1929 Run
Cause
Local Banks
Cause Details
Run was induced by earlier failures/closures of the Wells County State Bank and other local banks, producing panic withdrawals of about $50,000.
Measures
Directors decided not to open; state banking department took charge of closed institutions.
Newspaper Excerpt
$50,000 run
Source
newspapers
2. February 14, 1929 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank as a precaution after heavy withdrawals tied to county-wide banking panic.
Newspaper Excerpt
The Union Savings and Trust Company ... closed its doors this morning after a $50,000 run yesterday.
Source
newspapers
3. March 21, 1929 Reopening
Newspaper Excerpt
Wells county's banking crisis may be eased early next week when the Union Savings and Trust Company is expected to open its doors. (reopened Thursday referenced in later reports).
Source
newspapers
4. March 23, 1929 Suspension
Cause
Local Banks
Cause Details
After reopening, a renewed steady run and lack of public confidence forced directors to close the bank again to protect depositors.
Newspaper Excerpt
The Union Savings and Trust Company ... again was closed by directors today, following run.
Source
newspapers
5. March 24, 1929 Receivership
Newspaper Excerpt
the Union Savings and Trust Company ... gave depositors a pleasant surprise when they mailed to them checks ... the bank has been in charge of a liquidating agent since last March.
Source
newspapers

Newspaper Articles (20)
1. February 14, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1929

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TWO ADDED TO CLOSED BANK LIST IN STATE Includes Another Bluffton Institution and One at Montpelier. TOTAL STANDS AT SIX Receivership Plea of Examiners to Be Heard Feb. 21. By Times Special BLUFFTON, Ind., Feb. 14.-The number of banks closed as the result of the failure Wednesday of the Wells County State bank of Bluffton was increased to five today when the Union Savings and Trust Company of Bluffton and the Farmers' Deposit bank of Montpelier failed to open for business. Both were closed as a precautionary measure by their directors after runs, induced by the three previous bank failures, mounted to large figures. $68,000 Withdrawn A run of $50,000 was made on the Union institution Wednesday, according to Fred J. Pangeman, president, while Guy Bracken, president of the Montpelier bank, reported withdrawals of $18,000. Both officials reported that their institutions were solvent, but said that after a conference with Thomas D. Barr, assistant state bank commissioner, they decided it would be unwise to open in view of the attitude of the public. The state banking department has taken charge of all five institutions. Receivers Asked Hearings on petitions asking appointment of receivers for two of the five banks have been set here for Feb. 21, by Circuit Judge A. W. Hamilton. Receivers are asked for the Wells County State bank of Uniondale. The others closed Wednesday are the Bank of Petroleum and the Liberty Center State bank. Investigation of the banks is being made by seven state examiners, assigned by Luther F. Symons, state bank commissioner and working under direction of Barr. Symons said he was unable as yet to say whether deposits of $1,250,000 in the bank at Bluffton are safe. He indicated there is a possibility that the bank may be reorganized.

2. February 14, 1929 Evening Star Washington, DC
Article from Evening Star, February 14, 1929

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$50,000 RUN CAUSES BANK TO CLOSE DOORS Bluffton, Ind., Officers Hope to Effect Reorganization Within Sixty Days. By the Associated Press. BLUFFTON, Ind., February 14.-The Union Savings & Trust Co., the only remaining bank in Bluffton, closed its doors this morning after a $50,000 run yesterday. The Farmers' Deposit Bank of Montpelier, on the Wells-Blackford County line, with deposits of $500,000, also closed this morning, due, it was said, to an $18,000 run yesterday. Four banks in Wells County closed yesterday. Fred J. Tangeman, president of the Union Savings & Trust Co., and Thomas Barr, State bank examiner, said the bank was solvent. Officers said they expected to take advantage of the 60 days permitted by law to effect a reorganization and then hoped to reopen. The bank had deposits of approximately $800,000. Yesterday the Wells County Bank, with deposits of $1,250,000, was closed. A few hours later the State Bank of Uniondale closed. Petitions were filed in Circuit Court here asking for receivers for both institutions, alleging they were "in a failing and insolvent condition." The Bank of Petroleum and the Liberty Center State Bank also closed yesterday. The three smaller banks cleared through the Wells County bank.

3. February 14, 1929 Palladium-Item Richmond, IN
Article from Palladium-Item, February 14, 1929

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BANK AT BLUFFTON CLOSES RUN OF Feb. Union and only bank in Bluffton. closed its morn ing yesterday. Farmers' Deposit bank Montepelier, the county line, closed morn said to Four banks in county closed yesterday. Fred Tangeman, president of the Union Savings and Trust comThomas Barr, state bank examiner, said closing was to the run on the bank that entirely solvent. Officers and directors they expected to take advantage of the sixty days permitted law to effect reorganization then hoped reopen. The Union Savings and deposits Yesterday the Wells bank, deposits of closhours State Bank closed. were filed in the court here asking for both institutions, and (Please Turn to Page Eleven)

4. February 14, 1929 Princeton Daily Clarion Princeton, IN
Article from Princeton Daily Clarion, February 14, 1929

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MORE WELLS COUNTY BANKS CLOSE DOORS The Union Savings and Trust company. the only remaining bank in Bluff ton. closed its doors this morning after $50,000 run yesterday The Farmers Deposit bank of Montepelier. on the county line. also closed this morning due. it was said to an $18,000 run yesterday Four banks in Wells county closed yes Fred J. Tangeman president of the Union Savings and Trust company and Thomas Barr. state bank examiner. said the closing was due to the run on the bank and that it was entirely solvent Officers and directors said they expected to take advantage of the 60 days permitted by law to ef feet a reorganization and then hoped to reopen The nion Savings and Trust had deposits of approximately $800, Closing of the Wells County State bank here Monday precipitated the closing of three other banks in small towns in Wells county They were the Bank of Petroleum. the State bank of Union dale and the Liberty Center State bank The banks in the three small com munities closed within few hours after the Wells County State bank here had been closed by Thomas Barr. state bank examiner. The banks in the three small towns all cleared through the Wells County State bank Lack of ready eash prevented them from continuing business today. In each instance hope was expressed that a reorganization might be affected and the officers of all the institutions said there would probably be no loss to depositors The Studebaker bank of Bluffton failed in 1927 with deposits of $1,500. 000. Receivers of this institution have thus far made no payments to deposi The Bank of Petroleum was capital ized at $13,500. It had deposits of $140,000 The officers are Henry Schodt. president. and Howard Nutter cashier The enpitalization of the State bank of Uniondale was $2,000 and deposits were $200,000 H. W. Lipkey is prest dent and W A. Brickley cashier. The Liberty Center State bank also was capitalized at $25,000 and had $200,000 deposits. Its officers are John V. Funk. president, and Roy Mossburg. cashier. CARD OF THANKS We take this means of expressing our thanks and appreciation of the many acts of kindness and sympathy shown us during the recent illness and death of our father. William Hyneman, and especially for the beautiful flowers that help much to remove THE FAMILY

5. February 14, 1929 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, February 14, 1929

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LAST BLUFFTON BANK IS CLOSED Six Institutions in One Indiana County Shut Within 24 Hours. Associated BLUFFTON, Ind., Feb 14. The Union Savings & Trust company, the only remaining bank in Bluffton, closed its doors this morning after Wednesday. The Farmers Deposit bank of Montpelier, on the Wells-Blackford county line, also closed this morning. said to Wednesday. Four in Wells county closed Wednesday Fred president of the Union Savings Trust company, and Thomas state bank examiner, said the closing was due to the run on the bank and that was entirely solvent. Officers and directors said they expected to the 60 days permitted by effect and then hoped to reopen. The Union Savings Trust had deposits of approxiWednesday the Wells County bank, with deposits of closed. few hours later the bank Uniondale closed. Petitions were filed in circuit court here asking for ceivers for both institutions, alleging they were failing and insolvent condition. The Bank Petroleum and the Liberty Center State bank also closed Wednesday. The smaller banks cleared through the Wells County Guy Bracken is president of the Farmers Deposit of Montpelier. had deposits of approximately The state banks at Poneto and Craigville and the Farmers State bank Ossian, other banks in the county, still are open. SANITARIUM SUES ACTRESS. LOS Calif., Feb. Alma Rubens. film actress. convalescing in sanitarium following nervous breakdown. has been made defendant $105 suit by another sanitarium, alleging nonpayment for

6. February 14, 1929 The Times-Mail Bedford, IN
Article from The Times-Mail, February 14, 1929

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RETURN EPIDEMIC Soon to be Arraigned in Circuit Court Grand Larceny Charge Sheriff Tyree arrived home this morning over the Monon on train from Detroit, having in custody William Covey who wanted here on charge of grand larceny. Covey was arrested in Detroit Monday on Lawrence county warrant and Sheriff ree left to after him Tuesday ternoon. will probably be arraignbefore Judge James Cox in the Lawrence circuit court late today Covey is alleged to be member of the quartet which entered and robbed Homer George Store at Peerless October Lawrence Hillenburg and Glenn Kinder, two of the members of the robber gang now serving penfarm sentences inflicted by Judge Cox after they pleaded guilty grand larceny charges during the Determ the Lawrence circuit court and Orlando Cazee, the fourth given an indeterminate reformatory sentence of from to 10 morning when he pleaded guilty to grand larceny charge. Cazee was arrested by local police early Tuesday morning while hiding in the home of here. Both Cazee and Covhad been fugitives from justice for three months. STATE BANKING CIRCLES AS SEVEN INSTITUTIONS CLOSE DOORS DAY OFFICIALS Declare Panics Were Without Justification and Attempt to Halt Mad Rushes INDIANAPOLIS, Ind., Feb. An epidemic of bank crashes which reached total of seven in the last hours, today rocked Indiana banking circles. Six of the bank suspensions were due to mad panic that started at Bluffton in Wells county. The seventh bank closing was blamed on an leged $100,000 deflation by cashier. With the mad frenzy spreading from Wells county to adjoining ties, every possible effort was made by state banking officials and by the bankers in the affected districts allay the public fear. Community mass meetings were beresorted to in some towns to list citizens to help their banks weather the crisis. "Everybody seems to have lost his sense of proportion," Thomas Barr, assistant state banking commissionwho was hurried to Bluffton in person, declared upon arriving there and looking over the situation. runs on most of the banks have been without Barr refused to comment on the possible further spread of the panic that has paralyzed business in Wells county. Virtually the entire force of the state banking department musterinto the field today to help endangered banks to stem the frenzy that has been spreading from Bluffton all directions. Meanwhile all business lay paralyzin Wells county. The banks still operating were demanding 30 and day notices on withdrawals. The panic at Bluffton had its confidence banking institutions resulting from heavy losses incurred in the $1,400,000 failure there on March 1927, of the Studebaker state bank, one of the oldest banks in Indiana. Ralph Etudebaker Todd, 45, president of this bank, shot and killed himself after the bank was closed. A run on the Wells county state bank Bluffton forced that bank which had deposits of $1,250,000 suspend yesterday morning. This was followed by runs on the Union Savings & Trust Company at Bluffton and on other banks in the counBefore the day was four other banks had shut down, one, the Poneto State Bank, closing for only half day and reopening this morning. When the Union Savings & Trust Company of Bluffton failed to open its doors today, the panic spread from Wells county to Blackford county and forced the farmers deposit bank Montpelier close. Meanwhile the board of directors of the Citizens National Bank at Bartholomew county, ordered the bank closed today after Utt, federal bank examiner found an leged $100,000 shortage in the counts of Cashier Stewart. The seven banks closed in Indiana since yesterday morning and their deposits follow: Well County State Bank of Bluffton, $1,250,000. Union Savings Trust Company Bluffton, $400,000. Uniondale State Bank of Uniondale, $230,000. Liberty Center State Bank of Center, Bank of Petroleum at Petroleum, $155,000. Farmers Deposit Bank of Montpelfier, $610,000. Citizens National Bank of Hope, $400,000. INDIANAPOLIS, Ind., Feb. In commenting today upon the closing of seven Indiana banks since yesterday morning with total deposits of Luther Symmons, state banking commissioner, said: general banking situation Indiana is hopleful and should not be affected by local conditions in Wells county."

7. February 14, 1929 The Times-Mail Bedford, IN
Article from The Times-Mail, February 14, 1929

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WELLS COUNTY INSTITUTION WITHIN DAY VOLUNTARY Financial Hysteria Brings Unjustified Action Against Solvent tution BLUFFTON, Ind., face of the financial Wells county, that yesterday forced four banks to suspend operations, the of directors of the Union Savings Trust Company, stitution, today decided to close the bank. This action which followed the bank in which $50,000 paid out, left the city of Bluffton tempority mass meeting which was the auditorium the Poneto grade school last night. More than citizens attended. Mussellman made stiming plea for support of the and present promised to get behind While excited citizens were discussing the last Bluffton bank today, the state banking examinhere in force, were following tomary proceedure in taking of the closed institutions. Applications were filed ith circuit judge Hamilton here for receivers for the county state bank Bluffton and for the Uniondale state bank of Uniondale. Judge Hamilton set February 21st the date for the hearing. An application also was filed in the circuit court by officials of the bank of Petroleum, which private bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center bank Liberty Center was declared fully solvent by Barr, having received his permission to close to avoid the frenzy of however, characterized the in Wells county today situation the result of local conditions the like of which don't know of anywhere Barr said. expressed the hope that the worst Officials of the two banks for which

8. February 14, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, February 14, 1929

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State Official Asks Court To Appoint Two Receivers. BLUFFTON, Feb. 13. Following the closing of four county banks today Luther mons, state bank peared circuit court here this afternoon two petitions asking receivers appointed for the County state bank, Bluff the Bank Uniontwo of the institutions that clos The bank Petroleum and the Liberty Center State bank also sus pended operations. The petitions out that examinations by the banking showed the county state bank and the state bank Uniondale failing and insolvent Judge Hamilton February the date for hearings the petitions. Closing is The Wells county state bank did open for business today, and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells county bank was talized $100,000 and showed posits $1,250,000. president: Morrow, first Frank ond and patrick, cashier. The bank closed Thomas Barr, examiner The the Uniondale bank $25,000 and deposits $200,000. H. president and W. Brickley cash- The Union Savings and Trust Company the only bank BluffThe Studebaker failed In deposits of $1,500,000. Receivers made no payments deposits.

9. February 15, 1929 Baker City Herald Baker City, OR
Article from Baker City Herald, February 15, 1929

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FOUR INDIANA BANKS FAIL BLUFFTON. Ind., Feb. The Union Savings Trust comthe only remaining bank in Bluffton. closed its doors today ter $50,000 run The Farmers' Deposit bank of Montpelier, with deposits of $500,000, also closed today, said. to an 000 run. Four banks in Wells counhave closed.

10. February 15, 1929 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, February 15, 1929

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TAKE ACTION TO RETAIN BANK Bluffton Citizens Pledge Support. BLUFFTON, Ind., Feb. 15-Business men of Bluffton, working through various civic organizations Friday afternoon went on record as guaranteeing that if the Union Savings and Trust Company is reopened they will not withdraw funds other than that needed in business. At 7:30 p. m. Friday a mass meeting of residents of the county will be held at the community building. The Business men of Bluffton will again ask the support of all citizens. It is a move designed to persuade a majority of the trust company depositors to give assurance that no run will be started if it is opened and one intended to restore the confidence of the public in the bank. Financial Panic. The closing here of both the Wells County Bank and the Union Savings and Trust Company, the combined deposits of which were almost $2,000,000. has caused a financial panic in the county. Business men are taking every step possible to provide themselves with funds to carry on their business. Much bitterness was expressed Thursday over action of several persons, who had been issued checks by business firms. These firms had vainly sought to supply themselves with the cash to meet these checks. But the persons to whom they were drawn, without notifying the firms issuing them, went to a notary public and had notices of protest issued on which will be additional fees. Situation Better. With announcement of the mass meeting Friday and provided nothing further occurs to disrupt the morale of the citizens it is believed the situation is becoming more calm. Observers say that if a bank can be opened here the conditions will change rapidly. A loss of confidence in banks. brought on largely by the failure here in 1927 of the Studabaker Bank with deposits of more than $1,500,000, together with subsequent action in the bank receivership which has not made payments on common claims, is believed to be the cause of the financial situation. Thomas Barr, state bank examiner who together with his assistants, are working on the books and records of the Wells County Bank. said last night he had not completed his work and could make no comment. The effort of the community is centered on plans to_put the Union Savings and Trust Company in operation.

11. February 15, 1929 The Star Press Muncie, IN
Article from The Star Press, February 15, 1929

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BLUFFTON NOW Continued From First Page. of Wells County, to the end that they may reopen for business freed of the menace of runs which, if continued, would deplete them of cash. There were expressions of confidence given by representative business men and it is believed that when the situation is fully explained and the depositors understand that the solvent institutions will be able to continue operations, and to pay in full if banking is permitted to follow the general run of business. that the situation will be satisfactorily readjusted and the banking situation in the county calmed. Run on Trust Co. Unwarranted. Deputy State Bank Commissioner Thomas D. Barr. in charge of the local bank situation said today that his department had not taken any official action in the matter of the Union Savings Trust Company, and was giving the bank officials every opportunity to carry out their own plans. "So far as we know the run on the trust company yesterday was unwarranted and unnecessary, said Mr. Barr. "The trust company was in an unusually good cash condition when the run was started The trust company has deposits of about $600 and every assurance has been given that depositors will receive every cent due them. May Have Statement Saturday. Audits of the Wells County Bank and the Bank of Uniondale were continued today, with no statement as to the audit available today. Mr. Barr said he thought that some statement might be available by Saturday At mass meeting last night at Poneto there was support voted to the Bank of Poneto and it is open as usual, with nothing in the nature of run reported. The Ossian and Craigville banks weathered the flurry nicely and both were reported in good condition today. Both reported deposits yesterday totaling as much as withdrawals. The Farmers Deposit Bank is one of the oldest in Blackford County having been established in 1891, and was the first authorized bank in Montpelier after the oil boom started. Since that time has been going good. It is reported by officials that the bank is solvent, but the amount of money on hands would not warrant remaining open and experiencing a run. Other Montpelier Bank Open. The First National Bank of Montpelier open, but the rule of making a thirty-day notice of withdrawals of certificates and sixty days on savings accounts, was put in force. This bank also had heavy als Wednesday. and the plan of time notice was put into force this morning The regular routine of business is being handled, and checking accounts are taken care of in all amounts Officers of this bank feel that at the end of thirty days depositors will have settled down again to normal and there will be no cause for closing the doors to stop a run. DEPENDS. Would you spendthrift? would depend on how much he to spend Vancouver Province

12. February 15, 1929 The Anderson Herald Anderson, IN
Article from The Anderson Herald, February 15, 1929

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SIXTH BANK CLOSES IN WELLS COUNTY Citizens Call Meeting to Enlist Aid in Business. BLUFFTON, Ind., Feb. 14. (AP) The closing of the Union Savings and Trust company of Bluffton and the failure of the Farmers Deposit bank of Montpelier to open this morning, made total of six banks closed in Well county within two days. A mass meeting of citizens has been called to enlist aid in opening a bank here to carry on business. A $50,000 run on the Union Savings and Trust company yesterday was said to be responsible for the closing of that institution, and an $18,000 run on the Montpeller bank prevented its opening today. Fred J. Tangeman, president of the Union bank, declared that the bank was entirely solvent and that directors hoped to reopen the institution in due time without loss to depositors or stockholders. The bank had deposits of rpproximately $1,000,000. The Farmers Deposit bank had deposits of approximately $500,000. Guy Bracken is president. Receivers Are Asked The Wells County bank, with deposits of $1,250,000 closed yesterday morning and few hours later the state bank of Uniondale closed. Petitions for receivers were filed in the circuit court here late yesterday for both banks. The bank of Petroleum and the Liberty Center State bank also closed yesterday. Luther F. Symons, state bank commissioner, in statement issued at Indianapolis today, declared that the stability of the banking situation in the state should not be affected by the various banks in Well county. He said the situation here had been brought about by the continual agitation of banking problems growing out of the Studebaker bank failure two years ago. He said it was his opinion that most, if not all of the banks would their present difficulty with very little, if any losg to the lepositors.

13. February 16, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 16, 1929

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CLOSED BANKS PLAN TO OPEN Wells County Crisis May Be Eased Next Week. By Times Special BLUFFTON, Ind., Feb. 16.-Wells county's banking crisis may be eased early next week when the Union Savings and Trust Company is expected to open its doors. Five financial institutions in the county closed- during the week. A mass meeting at which all parts of the county was represented was held here Friday night, several speakers expressing confidence that the situation could be relieved. There were indications that the panicky feeling which caused runs is subsiding. The Wells County State bank here was the first to close. Three other banks, which used the local institution for clearing purposes, ceased business the following day. Then the Union Trust and Savings closed as a precautionary measure, after a run had started. The three others closed were at Liberty Center, Petroleum and Uniondale. At the meeting there were indications that the Liberty Center and Uniondale banks also would re-open next week. Liquidation was reported in progress at Petroleum. The audit of the Wells County State bank has not been completed and there is no information available at this time on its condition.

14. February 16, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, February 16, 1929

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MASS CITIZENS Bluffton, Ind., Feb. 15. The Union Savings and Trust company, which closed its doors temporarily Thursday morning with the consent of the state banking department, for the purpose of giving the depositors opportunity to recover from a panicky state of mind. that threatened to continue an unnecessary' and unwarranted run on the bank, today announced tentative plans to reopen the banking institution next Monday or Tuesday. This early reopening was provisional on the proper attitude of restored confidence expressed by citizens of Bluffton in the meantime. Mass Meeting Held. For the purpose of having the banking situation explained fully and to give opportunity for the general publie to express its attitude in the present financial crisis in Wells county following the suspension of business by five banks since Tuesday, a county-wide mass meeting was held here tonight. The purpose was to endeavor to get the public sentiment favorable to the reopering of the Trust company bank here. but to stand back of other solvent banks ready to proceed with the regular run of business If confidence of depositors guarantees that there will be no runs from such banks and with drawals limited to the needs of the general run of business. The big auditorium was jammed. the publicity given by newspapers as well as personal intiations extended today by automobile parties from this city having brought, representative citizens from every section of Two Other Banks May Open. With the perfectly solvent condition of the Trust Company here explained there were expressions of confidence expressed at the meeting which seemed to give assurance That this bank will be: able to reopen for planned, Center State bank is banking de, partment permitted voluntarily to close for a few days to give the sit. nation time to be calmed down and which is expected to resume business soon, possibly the first of the week again. The Uniondale bank is another which If was reported today may be able to reopen soon with restoration of public confidence. The Petroleum bank was reported going forward with plans for liquidation. The audit of the Wells County bank, of this city, the first to close, had not been completed today and no statement was forthcoming concerning its condition or plans for the Insurance that Insures. Frank E DeHority, 116 North Anderson street.

15. March 23, 1929 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, March 23, 1929

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BLUFFTON BANK AGAIN FORCED TO CLOSE DOORS BLUFTON, Ind., Mar. The Union Trust Co. of Bluffton, $400,000 which reopened its doors only last Thursday, was forced to suspend again at noon today owing to "steady on its resources. The bank closed its doors first Feb. 14, following the bank's closing was made by Tangeman, secretary of the He blamed the lack of public confidence for the second suspension.

16. March 23, 1929 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, March 23, 1929

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BLUFFTON BANK AGAIN CLOSED Lack of Public Confidence Is Cited by Official. BLUFFTON, Ind., March The Union Savings and Trust Company which was closed February 14 and re-opened Thursday, again was closed by directors today, following run. The bank, having capital of $450,000, was closed February 14, after run which had dwindled its resources. The day previous the Wells County Bank failed to open its doors, and the run on the Savings Company occurred. New Run Closes Bank. At its reopening, Thursday, directors believed that the confidence its depositors had been restored and that it could resume its busiApparently the depositors believed the institution was not good shape and another run curred today and after meeting Continued Three

17. March 23, 1929 The Indianapolis News Indianapolis, IN
Article from The Indianapolis News, March 23, 1929

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BANK CLOSES AGAIN Bluffton Institution. Reopened Thursday, Protects Depositors. BLUFFTON. Ind., March 23.-The Union Savings and Trust Company, of this which reopened here Thursday after being closed since early in February was closed voluntarily at noon today when officers of the bank saw that the confidence in the bank had not been restored and that the closing was in order to protect The bank was first closed Febru14, following the closing of the Wells County Bank, and was closed because the officers the action was necessary to protect the deposiFollowing the former closing of the bank. bank examiners completed an audit of the bank's affairs and issued that they found the bank to in solvent condition as far the are concerned. Officers of the bank said they lieved this statement had restored the confidence of the depositors in the bank and so opened the institution Thursday However, slow steady run on the bank its opening convinced them another closing was necessary Fred O. Tangeman, an officer of the bank. said he the bank to be solvent far as are concerned. He said the liquidation of the bank's deposits be started as soon as possible The bank has deposits amounting to approximately $425,000. Exchange Club Hears Memory Experts The was Club

18. March 23, 1929 Evansville Press Evansville, IN
Article from Evansville Press, March 23, 1929

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CLOSE BLUFFTON BANK AGAIN FOLLOWING RUN DEATHS Mrs. Fern Duffy Funeral Mrs. Fern who died Thursday night her home, 1420 Read-st, held the residence of her parents, Mr. and Mrs. Albert Braselton, 1318 Harriet-st. Saturday. Burial in Oak Hill cemetery. John Goebel Services for John Goebel, farmer, who was found dead his home near Armstrong Thursday afternoon, will be held the residence Sunday and m. Paul's Big Cynthiana road. Burial in the church cemetery. Mrs. Evelyn Lynn Final for Evelyn 98. died Thursday the home daughter, Mrs. Helen Cavins, 1405 were held the home granddaughter. Mrs. Ruby Hollander, 1010 Baker-av, Saturday. Burial Barnett cemetery, Mrs. Mary Miller Services for Mrs. Mary Miller, who died Thursday at the home her daughter, Mrs. Mardora Woosley, 112 Michigan-st. were at the daughter's residence at Saturday the Holy Trinity church. The body was taken to Owensboro, Ky., for burial. John Kirchner Last rites John Kirchner, 81. West Heights retired blacksmoth, died Thursday home, will be held the residence Monday and at St. Boniface Catholic church. Burial will be in Oak Hill cemetery. Institution Which Reopened day Forced to Shut Doors Miss Carrie Wendt Miss Carrie died home, 400 at Saturday after lingering ness. She survived by sister, Mary. and three brothers, Frank United and Fred, this city, and Edward, BLUFFTON, Ind. Mar. Union Savings and Trust company Services will be the home Monday, Rev. Rake, which closed Feb. 14 and First Baptist church, officiating opened Thursday. again was closed Burial will be in Locust cemeby directors today, following tery. The bank, having capital of $450,000, closed Feb. after run which had dwindled its DISEASE IS BELIEVED sources. The day previous the TO BE "RABBIT FEVER" Wells County bank failed to open its doors, the run on the savings company occurred. Vincennes Woman's Malady Studied reopening Thursday, di- by Scientists rectors believed that the confidence Special Correspondence of its depositors had been Mar stored and that could resume mysterious malady with which business. Mrs. Frank Shouse announced today. Meanwhile warring camps continued to hurl charges and countercharges, but Director John Williams the highway Gov. Leslie, who demands his and resignation, silent. governor today did deny positively report Williams' lowers that Williams would given the of chief examiner the board of accounts, would retire without contest.

19. March 30, 1929 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, March 30, 1929

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BANK OPENS AT BLUFFTON Old National Bank Ready for Business Today. BLUFFTON, Ind., March The Old National Bank of Bluffton. operating under recently granted state opened business here in old Studabaker Bank building recently purchased from Bank for The National Bank is capitalized at with surplus. The institution is backed by the National Fort Directors. Officers of the bank Henry C. Paul, president: Frak H. Cutshall, Hitzeman, cashier, and W. Stogassistant Paul. Cutshall. W. M. Wilson H. Bowerfind. all of The the that an would be affiliated with the local bank for the of securities in the This organization will be at $25,000. Holds Stock. further that all capital stock in the bank subscribed by Fort men and that the bank here gets fully into operation. this would have the opportunity to buy stock in the bank. Local men also will be employed in the bank, announced. First Bank Open. Following garding National Bank, officers of the First Commercial Bank, started here under state charter Wells County Bank building. announced that they had received national charter and from now on their bank would be known First National Bank Bluffton. This bank also capitalized $100,000. surplus $50,000. This institution backed by interfrom National Bank Wayne. Niezer president; Harry dent; Potthoff. cashier, R. Fitzpatrick assistant cashier. With above banks now operation financial affairs the county moving smoothly Morris Stultz, receiver Studabaker Wells County Bank, is ing his work of liquidating those stutions. Walmer charge the Union Savings Trust Company liquidation.

20. November 3, 1929 The Star Press Muncie, IN
Article from The Star Press, November 3, 1929

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EXPANSION OF PLANT PLANNED Bluffton Industry Acquires Hotel Building. Bluffton. Ind., Nov. 2.-The manufacturing firm of Patton & McCray, comprised of W. A. Patton and Morris McCray, today purchased the old Commercial Hotel building. immediately adjoining their brick factory building on the west. and will enlarge their factory. The new property doubles their space and gives the firm a plot 140x160 feet adjacent to the Clover Leaf railroad tracks. The first step in the expansion program will be the construction of a new mill room. Third Bank Distribution. The Union Savings and Trust Company. which has been in charge of a liquidating agent since last March. gave depositors a pleasant surprise when they mailed to them checks for a payment of 10 per cent of money due. The total distribution today amounted to about $26,000. This made the third distribution by the Union Savings and Trust Company, for a total of 40 per cent. A 20 per cent distribution was made May and a 10 per cent payment was made August 1. The bank was closed in a solvent condition when runs were started after other local banks had closed. The state banking department, which after an audit pronounced the trust company in solvent condition, authorized D. A. Walmer. president of the institution, to act as liquidating agent. Woman Champ Husker Named. Mrs. Dwight Reynolds. of Harrison Townships, was declared the woman champion corn husker of Wells County when she headed a list of nine women huskers who competed in a thirty-minute husking bee after the third annual husking bee for Wells County men had been held Mrs. Reynolds' record was 8.5 bushels in thirty minutes. Mrs. Mary Vickery, of Rockcreek, and Mrs. Ralph Walborn, of Harrison. were tied for second place, each husking 7.6 bushels. The other six, finishing in order. were: Mrs. Luster Yager. 7.3: Mrs. Samuel Dickason. 7.2: Mrs. Willard Jarrett.