Angola Bank Trust Company (Angola, IN)

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INDIANA BANK CLOSES.

Real Estate Loans Are Held Responsible

SPECIAL ENQUIREE Indianapolis. Ind., March nouncement today the closing of the Angola and Trust Company Angola, was by ment Luther State Bank Commissioner and Thomas Barr. Chief that there cause for the general Indiana good The Angola they was unable respond the banking had made the the One the difficulties, they vised extended real estate loans. They attributed part the the institution deprefarm Barr will go to Angola make of the bank ordered learned. closed the institution voluntarily. This the fourth bank the state within month. Barr Bunker this afterinvestigation the The closing followed the suicide the

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INDIANA BANK CLOSES

Ill Advised Real Estate Loans Are

Held Responsible today closing the Bank and Trust Company at by ment by State Bank and Barr for state that the The Angola they unable respond the banking had made for the welfare the One the vised and real part of the in the to Barr go the The bank was not but was the This the bank the last Bunker Hill this Barr further of of bank The closing followed the suicide of the

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SEES CLOSING OF SMALL BANK HEALTHFUL SIGN

State Commissioner Says Field Has Been Too Crowded

By ROBERT* W. GINSBURG The closing of the Angola Bank and Trust Co., of Angola yesterdaythe ninth since January 1-and the balance of the institutions is a healthful sign, Luther, F. Symons, state bank commissioner, said today.

Symons said the banking field had been too crowded during the last 10 years. There is one bank to every 2,500 population, the commissioner This situation is different in the east, Symons said. There, one bank is chartered for each 10,000 population, he explained, and there is more wealth per capita in the east than in Indiana. "The closing of these banks is merely a weeding out process." Symons said. "I wouldn't be surprised if there were more in the near future. A contributing factor, Symons said, was the crop failures and poor crops of the past season. The bank commissioner pointed out that more than $2,000,000 was lost to the Indiana farmers because of the hog cholera in the last year To this set back, the rains of last fall and late summer, rumed wheat, oats and corn crops for the farmer. "In addition," Symons continued, "the price of mint last year was $27 ton. just noticed a quotation the other day where it had dropped to $4.15." During the peak of war prices, small towns that previously only had one bank acquired another, Symons said. These email banks struggled along. While prices were inflated they made money. When the period of deflation set in, Symons continued, the smaller banks found they were not making money. Instead of struggling arong and finally crashing, ruining depositors, these banks have been sefling out to their competitors, the commissioner said. Of the nine banks closed so far, Symons said he expected seven of

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ANGOLA BANK CLOSED MONDAY

HALF MILLION DOLLARS IN DEPOSITS AFFECTED

State Bank Examiner in Definite Statement Withheld

Pending Audit of Accounts

State Bank Examiner Barr will file today an application in the Steuben circuit court rereiver handle the affairs the Angola Bank Trust company The doors the bank be open Thursday to people wish to their safety deposit boxes.

The Angola Bank Trust Steuben county's oldest financial closed Its doors on order of the board of Monday the following notice:

Closed by order of the Board of Directors, pending an effort reorganize The which distinct surprise to the was taken after meeting of the board called Monday morning to consider the status of the After review of the audit of the bank taken by Frank former state bank examiner, and now presIdent of bank at dur Saturday afternoon and the directors unanimously reached the conclusion that the of the depositors and stockholders quired that such action be ately taken. While there was no run the bank the margin of available cash had been dwindling for some time, and the time of closing there hand less than The officers at once notified the state of the and Tuesday deputy state bank Thomas Barr and his assistants and took charge They now appraisthe value of the securities and until this work is completed no accurate statement can be made to the prospect loss the stockholders or the There was little excitement attending the circulation of the news that bank had closed. and no easiness felt concerning money in As soon as the news circulated over country of was came from some largest the counthe the First National Bank and to Steuben State unlimited cash to tide dering emergency. but not for these banks to necessary the offer. The Federal themselves of Reserve Bank of ContinenBank of Chital and National Bank of the Fort among those the The state bank the local banks the cash dence in hand the Angola bank to the First National Bank and certificate of deposit for Big Assets Frozen

The situation which forced the closing of the bank had been some The bank had for several heavy borrowers who were able to of loans available cash and liquid less with the creasing demands upon the bank About days bank notified the state that its loans must called and this situation remedied longer delay An appraisal of the credits the bank decided to determine funds could realized paper and actual situation determined Mr. called for this and with and Frank the was made, with result that was decided the bank could not longer continue until some restoration of the capital assets effected. Examiner Commends Action state examiner. commended the action of the officers

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BANK COMMISSIONER'S STATEMENT

Thomas Barr. deputy bank declined make any positive statement to conditions in the trust company. cept to that the holders probably be heavy and that would great care to preserve the integrity of deposits. This does not mean anything like total to be paid in said may Barr expressed satisfaction that the other banks in the well provided with funds and absolutely worthy of public confidence. the stating that was the only thing that could been done under the when that the money the depositors was in jeopardy vet to make statement the except that holders be heavy are not only for the full of their capital stock but for additional ment to like amount to replace any loss to the depositors

Over Half Million Deposits The of bank Dec capital plus of The total deposits given There also of bills other and of undivided profits shown Against these liabilities there loans government cash over and due from other banks over The bank also listed over real estate aside from the fixtures the real estate comprises lands taken in liquidation loans listed while the total itles, exclusive of capital stock, plus and undivided allowing room for shrinkage of nearly before the would be obliged meet assessment of another as

Oldest Bank in County The Angola Bank Trust company succeeded different known as the Angola Bank the first established in the early seventies by Robert Pow and was the first business institution the Central block Mr. Pow failed bank Willthe tred Austin and Jesse as the Angola Bank Upon the death of George bank taken over William and his Wickwire and many years known the enjoyed wide safe and banking After death the by his until failing health him from and the Angola Bank Trust comorganized under the pany company law. with president and Dodge manager Upon death of Mr Wickwire in R. Best elected president of the institution and served that capacity until about six weeks when his condition of health made that more active man should be placed in and Frank was elected president For the past ten years or more Claude Douglass been clerk of the company The bank enjoyed widespread patronage. and in Its location used by the business men the There general of hope that bank be and continue the field of has long served.

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STATE BANK EXAMINER STATEMENT closing the Angola Bank Trust Monday the ninth since and the balance of the institutions healthful sign. Luther state bank commissioner today. Symons said the banking field had been the last 10 There bank every population, the commissioner This situation is different the Symons said one bank for each populahe and there capita in the east than in Indiana.

Weeding Out "The closing of these banks meraly out be surprised there were more in the near fu. contributing factor, Symons said, the crop failures and poor crops of season. The bank pointed that more than to the Indiana because of the hog the last this back. the rains of last fall and late ruined wheat, corn crops the farmer. price of mint last year was $27 pound other day where it had dropped During the peak of war small only had another, Symons said. These small banks along. prices were inflated they made Protect Depositors The period of deflation has set the smaller found were money. Instead of struggling along and fin ally ruining these banks been out their competitors, the Of the nine banks closed so Symons expected seven them to liquidate The other he was not sure about.

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ASKS RECEIVER ANGOLA BANK

STATE BANK EXAMINER BANK IS INSOLVENT

Doors Closed Monday Forenoon by Million Deposits

Are Affected

An application for receiver for the Angola Bank Trust company filed in the Steuben circuit court fore Judge Carlin Wednesday afternoon by Thomas D. Barr. deputy state bank commissioner Mr. action was taken after days' amination of the affairs of the institution by three state bank examiners, after the voluntary closing the doors of the bank Monday forenoon by order of the board tors. The application of the missioner sets out that the bank insolvent and that the interests the stockholders and depositors quire that immediate steps be taken to wind up the affairs. The hearing of the receivership will be held the circuit court room next afternoon. In the meantime the fairs of the bank in charge Hon. H, Jake Haines, representing the banking department of the of Indiana. The doors of the bank now open for persons who desire access to their safety deposit boxes. The community was greatly turbed Monday noon when the news circulated that the bank had suspended, the only being that posted on the front door m. which read follows:

"Closed by order of the Board of Directors, pending an effort to

A of the board called early Monday morning to sider the status of the business, After review of of the taken by Frank Brandon, former state bank examiner, and now president of bank at Niles, Mich. during Saturday afternoon and Sunday, the directors unanimously reached the conclusion that the interests the depositors and stockholders quired that such be immediately taken. While there was no on the bank the margin of available cash had been dwindling for time, and at the time of closing there was on hand less than The officers once notified the state of the uation, and on Tuesday deputy bank examiner and his and arrived took charge. They made careful of the and while not ready to make any definite predietions, they indicated that the capital and surplus of the bank was out and that an additional ment would need be made on the which was hoped would avoid any loss to the depositors. reliably reported that the amount of paper counted off worthless would total over No Anxiety Felt There was little tending the circulation of the that the bank had closed, and no easiness money other banks. As soon was circulated over country fers of came from some of the in he country the First National Bank and the Steuben County State Bank, dering unlimited tide over any emergency but not necessary these banks themselves of the offer The Federal Reserve Bank of Chicago, Continental and Commercial Bank of Chicago, the Lincoln National Bank of Fort those making the tender. The state banking its the local banks the cash on hand in the Angola bank to First National Bank of and of deposit taken for

Big Assets Frozen

The situation which forced the closing of the bank been for some time. The bank had several heavy borrowers who not able to make repayment of loans when due and available cash and liquid assets grew less with the creasing demands upon the bank About days ago the bank notified by the state that its loans must called and this situation remedied without longer delay. An appraisal the of the bank was decided what paper funds could be realized and actual situation determined Mr. Brandon called in for this purpose and with B. Rowley president. and Frank holder. the check-up was made. with the result that was decided the bank could not longer continue business until some restoration of the capital assets or effected.

Examiner Commends Action

Mr. Barr, state examiner. commended the action of the officers of the institution, stating that was the only thing that could have been done under the circumstances when ascertained that the money of the depositors in jeopardy He is yet ready to make any statement as to the outcome of the to that the stockexcept say holders would heavy losers. are liable not only for the Over Half Million Deposits bank plus bills to from other banks fixtures the lands listed total the would

Oblest Bank in County

The Angola Bank Trust Angola Bank the seventies Robert bank and Mr. Pow the Willfred and Angola George the bank and son and Bank failing health and Angola Bank Trust pany Dodge in Best elected president the institution about his health made it that more should placed charge Frank elected president the past ten years has clerk of the pany bank enjoyed widepread patronage used by the business men the There general hope bank may be and continue the field of usefulhas long served

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Angola Bank Closed Last Week

Million Dollars in Deposit Affected. State Bank Examiner in Charge

The Angola Bank Trust company, Steuben county's oldest financial stitution, closed its doors by order the board of directors on Monday last week posting the notice, "Closed by order of the Board of Directors, pending an effort to reorganThe action, which distinct surprise to the was taken after meeting of the board called early morning to the of the business. review the audit of the bank taken Frank by Brandon, former state bank aminer, the directors reached the conclusion that the terests of the depositors and stockholders required that such action taken While there was no run the bank the margin available cash had been dwindling for some time and at the time on hand less than closing officers once notified the state banking of the situation, on Tuesday deputy state examiner Thomas Barr and his assist. ants arrived and took charge. They are now at work with appraisers value of the securities hand, until this work completed statement can made to the to the The published or prospect the depositors. of loss statement of the bank on Dec. 31, 1926 showed the total resources as while total were Thomas Barr, deputy bank misisoner, to make any statement as to the the trust except to say loss the would be heavy and that would require great preserve the integrity of posits. mean total depositors. They be may paid in full, said Mr. Barr. There general expression of hope that the bank be may ized and continue in the field of fulness has long served.

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CHARTER NEW BANK FOR CONNERSVILLE

Indianapolis, March charter board today chartered the Central State Bank of with of according to articles filed in office of Frederick Schortemeier, secretary of state, by Luther Simons, state bank commissioner. Principal stockholders in the enterprise Bryson, McKennon and Joseph R. Mountain.

BANK RECEIVER NAMED.

Angola, Ind., March application Thomas D. Barr, of the state bank department, petition for receivership the Angola Bank and Trust Company granted today. Mack Pogue, formerly with the state board of appointed receiver. The bank closed its doors several days when reported frozen credits had with the of the bank.

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TRANSFER FUNDS State Bank Examiner Luther Symonds was at Angola, Ind., today supervising the transfer of the Angola Bank and Trust Company to Receiver Mack Page. The bank has been closed for some time.

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MACK POGUE BANK RECEIVER

FOR AFFAIRS OF ANGOLA BANK TRUST COMPANY

Creditors Given Notice to File Expected by Middle of May

Judge Carlin granted application of the state partment for receiver for the gola Bank Trust company last day after showing that bank was insolvent far the integrity capital stock cerned least. and Mack Pogue, Pleasant township former examiner the board of appointed receiver The ment of Pogue with approval and alike who have his capacity administer the fairs of bank with as little pense and loss creditors possible Wood has been pointed for the Pogue make any statement as of affairs than that he effort to possible He making an of the situathe and and opening made will have their claims dividends made Creditors come the bank may April bringing their evidences of credit like of deposit and books file their claims without and the receiver providing the

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FORMER ANGOLA RESIDENT DEAD

Mrs Emma Louise Gillis, wife John died home KenMarch following weeks from diseases maiden name Emma Louise born July the daughter of Mr and Mrs Henry She there October 1878 with John Gillis their and resided Angola until years Three born this drews. preceded mother death years Mrs member Methochurch Friendly the Sunday and with Rebekah Lodge A1and kind numbered her by her acquaintances She mother put forth her efforts bringing happito the FranMrs of Oak Park Ruth of Mrs. Park Hatha and of three KatherEloise and Mary Frances Anof Kendallville Funeral services were held SaturMarch 19. o'clock from the late home, Summit Rev Fort assisted Interment in Lakeview cemetery.

CIRCUIT COURT

Mack Pogue appointed receiver Angola Bank Trust Co., and bond fixed Angola Bank Trust Co Alfred Potter judgment for for plaintiff The Pollak Brothers Co VS Julia judgment plaintiff for favor of Fred Burns for favor of John Matfor Sale of personal property ordered Harrod Martha Harsale of property ordered Forest Chamberlain Edward judgment for Carl Casebeer Ivan King, disTillotson, receiver First State Bank of Geo. Reed. judgment for plaintiff for $800 for on eight shares of stock Booth Edgar Kelso. judgment for for Miles Waterman Virl Pike judgment for for Homer adm estate Henry Lash, of real estate Frank Tuttle for approved.

HOME ECONOMICS CLUB NEWS

The leaders of the township clubs Tuesday, March for an all day meeting at the church basement with project Purdue. The local women were represented the first and second leaders follows: Russ Hershey and Mrs. Iva Hutchins. Carl Stroh and Mrs. Chas Hall. Clyde DeLancey and Mrs. Colliver, Bert Brown and Mrs. Clinesmith Albert Shields and Mrs. Viola Woods Steuben- Bernice Brooks and Miss Gladys Huffman. Fred Mott and Mrs Robert Warring. Clare Dally and Mrs. Edna Taylor and Eula Sanxter. Two townships were not represented County executive officers election results: County chairman, Mrs. Maurice secretary and press Carl Stroh: treasurer, Mrs. Albert Shields.

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SUES IN BANK CLOSING Receiver Asks $200,000 at AngolaAccuses Officers. Bu Times Special ANGOLA, Ind., Jan 16.-Officers of the closed Angola Bank Trust Company here are defendants in a $200,000 suit filed in Steuben Circuit Court by Mack Pogue, receiver. Negligence in attending to the bank's officers caused the closing, the receiver alleges. Officers named defendants are D. R. Best, president; C. H. Douglas, secretary, and J. M. Wickwire, Fred Mast, Frank Knisely, Ray Woodhull, W. H. Waller, John Mast and C. A. Yotter, directors.

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SUES IN BANK CLOSING

Receiver Asks $200,000 at AngolaAccuses Officers. ANGOLA, Ind., Jan of the closed Angola Bank Trust Company are defendants in Steuben Circuit Court by Mack Pogue, reNegligence in attending to the bank's the closing, the named are Best, H. Douglas, and Fred Mast, Ray H. Waller, John Mast and Yotter, directors.

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Mack Pogue, receiver Angola Bank Trust Co. Bachelor Brick Tile judgment for plaintiff for Thos Riddle vs. Henry D. SarJohn Parsell and Thos, Teegardin appointed jury commissioners 1929 returned by grand jury against Charles O. Arch, WilAnna Dir. Garn Ella M. Carpenfor plaintiff for First State Bank of Royal Oak Mich Straub. judgment for and sale of property dered. Emily G Dygert vs. Andrew Les inszki, judgment for $122 Mrs. Agnes McConnell appointed member of library heard for Pleasant State Charles placed under bond $50. Wm. Hovarter Catherine sale of real estate to OsBuss for ápproved. State Lester Caldwell, dismissed against Morris Brown. dismissed Seiberling Rubber Harcourt Sheets. judgment for Berton Spring Clara H. dismissed Kratz. receiver authorized charge mortgage of $2500 executed defendant been paid prior appointment of receiver.