Liberty Center State Bank (Liberty Center, IN)

Episode Information

Episode UID
71081071550
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7108107 routing
Routing Number
71-0810
Start Date
February 13, 1929
Location
Liberty Center, Indiana (40.699, -85.281)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e3643a2fea1197a1

Response Measures

None

Description

Articles report the bank suspended operations with department consent and hope to reopen shortly; no firm evidence of permanent closure or receivership.

Events (1)
1. February 13, 1929 Suspension
Cause
Local Banks
Cause Details
Panic and heavy withdrawals in Wells County after the Wells County State Bank and other nearby institutions closed; closures spread by runs on nearby banks; Liberty Center suspended by state examiners' consent.
Newspaper Excerpt
The Bank of Petroleum and the Liberty Center State Bank also suspended operations.
Source
newspapers

Newspaper Articles (10)
1. February 14, 1929 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 14, 1929

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RECEIVERS FOR BANKS Petitions Filed Following Closing of Four Wells County Institutions. BLUFFTON, Ind., Feb. Receivers sought for the Wells County State Bank Bluffton and the State Bank of Uniondale in petition here today. was filed by Luther The petition Symons, state bank following the closing of four Wells county banks today. petition filed in Circuit court by Mr. Symons. Two Suspend Operations. The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions out that examinations by the banking department showed Wells County State bank and the State Bank Uniondale are failing and insolvent condiJudge W. Hamilton set Feb. 21 the date for hearings on the petitions. The Wells County State bank did not open and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. Deposits Are $1,250,000. The Wells County bank was capitalized at $100,000 and showed deposits of $1,250,000. E. B. Williamson is president: R. S. Morrow, first vice president: Frank second president, and Fitzpatrick, cashier. bank was closed by Thomas Barr, examiner. The the Uniondale bank and deposits were $200,000. H. W. Lipkey president and Brickley cashier. The Union Savings Trust the only bank in Bluffpany The Studebaker failed 1927. with deposits of $1,500,000. Receivers yet made no payments on deposits. NERVOUSNESS BLAMED. Symons Says Wells County Bank Closing Result of Other's Failure. Seven representatives the state bank department were dispatched to Wells county yesterday by Luther Symons, state bank after four banks had closed their doors. Thomas bank was charge investigations being made by the deMr. Symons said the bank failures resulted from nervousness failure the Studebaker State two ago when Ralph StudeTodd, cashier, committed suicide. Taken as Precaution. Closing the Liberty Center State bank and the State bank of Uniondale measMr. Symons Condition of these banks is definitely known Closing the Bank of Petroleum followed run the institution Tuesday, Mr. Symons said. Mr. Symons said impossible to tell whether the Wells County bank depositors will lose as result the failure. bank was in 1888. The State bank guide shows it to have surplus $60,000. The Uniondale bank, organized in 1908, shows surplus of $7,000. The Liberty Center bank was organized and surplus. Funk president. Situation Not Reflected. Templin is president of the Bank of Petroleum, which was organized 1908 and capitalized $13,500. has surplus $7,500, the bank guide. Mr. asserted that the county lated one and not reflect the banking situation throughout state. Other members of the banking department at work the Wells county are William Dexheimer, loan and credit Palmer Yce Good, Miss Genevieve Brown and Mrs. Griff Taylor. stenographers. Mr. Symons said that the three smaller banks had tions the Wells County bank at He added that hopeful that the Wells County bank might reorganized. Powerful financial interests have been interested for some time in the Wells county situation and aid may be extended. he said.

2. February 14, 1929 Leader-Tribune Marion, IN
Article from Leader-Tribune, February 14, 1929

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Have Asked for Receiver lowing the closing of four wells county banks today Luther F. Sy mons, state bank commissioner, ap peared in circuit court here this afternoon with two petitions asking that receivers be appointed for the Wells County State Bank, of Bluff ton, and the State Bank of Union dale, two of the institutions that closed The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions set out that exby the banking depart ment showed the Wells County State Bank and the State Bank of Uniondale are "in failing and insolvent Judge A. W. Hamilton set Feb 21 as the dathe for hearing on the petitions. The Wells County State Bank did not open for business today, and shortly after non the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County Bank was capitalized at $100,000 and showed deposits of $1,250,000 E. B. Williamson is president R. S. Morrow, first vice-president: Frank Waugh, second vice president, and R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, examiner The capitalization of the Uniondale Bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings and Trust Company now is the only bank in failed in 1927. deposits of $1,500,000. Receivers as yet have made no payments on deposits.

3. February 14, 1929 The Richmond Item Richmond, IN
Article from The Richmond Item, February 14, 1929

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dale, two of the institutions that closed. The bank of Petroleum and the Liberty Center State bank also suspended operations. The set that examinations by the department showed the County State bank and the State bank Uniondale are "in a failing and insolvent condition.' Judge A. W. Hamilton set February 21 the date for hearings on the petitions. The Wells County bank was capnot open for today, shortly afternoon the three banks, which through the Bluffton institution, also closed their doors. The Wells county bank was cap- italized at $100,000 and showed deposits of $1,250,000. B. Williamsson is president; R. Morrow, first vice president; Frank Waugh, second vice R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, The capitalization the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings Trust company now is the only bank in Bluffton. Studebaker bank failed 1927, with deposits of $1,500,000 as yet have made no payments on deposits. Snakes, contrary to common be lief cannot sting-but some can bite.

4. February 14, 1929 The Star Press Muncie, IN
Article from The Star Press, February 14, 1929

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BANKS CLOSED Receivers Are Asked Two Institutions. Bluffton, Ind., Feb. 13 closing four Wells County Luther Symons, state bank appeared in Cirhere this afternoon with asking that receivers be appointed for the County State of Bluffton, and the State Bank Uniondale, two of the institutions closed. Bank Petroleum and the Liberty Center State Bank Hearing on Petitions Feb. 21. The petitions out that examinadepartment the Wells County State Bank State failing and condiJudge Hamilton set February the date for hearing on the The Wells County State Bank did open today. and shortnoon three other cleared through the Bluffton institution, also closed their doors. Bluffton Left With One Bank. Wells County Bank was $100,000 and showed Williamson Morrow, first vicepresident; Frank Waugh, second and Fitzpatrick, cashier. bank closed by examiner. The the Uniondale Lipkey president The and Trust ComBluffton. Studebaker Bank failed in 1927, deposits made payments on Bank May Be Reopened Soon. The Liberty Center State Bank closed doors about noon with consent Deputy State Bank Commissioner Barr. and hopes reopen for busiwithin few days. This bank to wholly solvent and closing give public citement time allay fears about Center started on the bank that reached close the bank temporarily consent given by department. Hope Pay Dollar for Dollar. The Wells Bank, closing of which started the and run closed three other banks has expressed hope that depositors will fully 100 cents dollar. Waugh stated Continued Second Page.

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 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, February 14, 1929

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BLUFFTONBANK CLOSES TODAY UNION SAVINGS AND COMPANY CLOSES FOLLOWING $50,000 RUN Montpelier Bank Also Is Closed FOUR BANKS IN WELLS COUNTY SHUT THEIR DOORS YESTERDAY Depositors In Banks Of Wells And Blackford Counties Become Alarmed Over Failures And Withdraw Funds Bluffton, Ind., Union Savings and Trust Company. the only remaining bank in Bluffton. closed its doors this morning after $50,000 run yesterday. The Farmers Deposit Bank Montpeller, on the county line, also closed this morning. due, was said, to an $18,000 run yesterday. Four banks in Wells county closed yesterday Fred Tangeman, president of the and Trust and Thomas Barr, state bank examsaid closing was due to the run on the bank and that en tirely solvent. Officers and direct ors said they expected to take advantage of the sixty days permitted by effect and then hoped reopen. The Union Savings Trust deposits of approximately $800,000. STARTED YESTERDAY Yesterday the Wells County Bank. with deposits $1,250,000. clos few hours later. the State Bank closed Petitions the circuit court asking for for both institutions. alleging they failcondition. The Bank of Petroleum Liberty Center State Bank also closThe three smaller banks cleared through the Bank Guy Bracken president of the Farmers Deposit Bank Montpeller had deposits of approximately $500,000 The state banks Poneto and Craigville and Farmers State Bank Ossian, other banks the ville State Bank and the Markle State Bank, on the county line, also

8. February 15, 1929 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 15, 1929

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BANKS SHUT Heavy Run Also Closes One in Meeting Called. The closing of the and Trust Company of and the failure the Deposit bank Montpelier morning made total of five banks closed county and the line Blackford county within two days. mass meeting of citizens has been called enlist aid opening bank here to carry on business. A $50,000 on the Union Savings and Trust Company yesterday was said to responsible for the closing that institution and an $18,000 run on the Montpelier bank prevented its opening today Fred Tangeman, president of the Union bank, declared that the bank entirely solvent and that directors hoped to reopen the institution in due time without loss to depositors The bank had deposits of approximately $1,The Farmers Deposit bank had deposits of approximtely $50,000. Guy Bracken is president. Four Closed Wednesday. The Wells County bank, with deposits of closed yesterday State Bank of closed. Petitions for were filed the Circuit court here late yesterday for both banks. The Bank of Petroleum and the Liberty Center State bank also closed OLD FAILURE BLAMED. Luther F. Symons. state bank comyesterday issued the folstatement "The banking situation in Wells county has largely continual growout failure of the about two rumors been persistently circulated that have undermined public confidence in that my opinion that the most, If closed banks will come out their present difficulty with very little, if any loss to the deThe stability the banking situation in state should affected by the conditions in Wells county

9. February 15, 1929 The Richmond Item Richmond, IN
Article from The Richmond Item, February 15, 1929

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SIX BANKS CLOSED IN WELLS COUNTY (By The Associated Press BLUFFTO Ind., Feb. 14.-The closing of the Union Savings and Trust of Bluffton and the failure of the Farmers' Deposit bank of Montpelier to open this morning, made total of six banks closed in Wells county within two days. A mass meeting of citizens has been called to enlist aid in opening a bank here carry on business. $50,000 run on the Union Savings and Trust company was said to be responsible for the closing of that institution, and an $18,000 run on the Montpelier bank prevented its opening today. Fred 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 approximately The Farmers Deposit bank had deposits of approximately $500,000. Guy Bracken is president. The Wells county bank. with deposits of $1 closed yesterday morning and a few hours later the state bank of Uniondale closed. Petitions for 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 at Indianapolis today, declared that the stability of the banking situation in the state should not be affected by the various banks in Wells counHe said the situation here had been brought about by the continual agitation of banking problems grow. ing out of the Studebaker bank failure two years ago. He said was his opinion that most, if not all of the banks would come out of their present difficulty with very little. If any loss to the CONSTABLE SHOT Herman Kelm. 52, special constable, probably fatally wounded late this afternoon when he attempted to serve warrant on Orra Hart Hart shot the constable three times, the bullets penetrating his abdomen back Kelm former patrolman on the Lafayette police force.

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

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BLUFFTON NOW WITHOUT BANK Remaining Institution Closes Opened. Bluffton. Ind., Feb. 14 closing of the Union Savings 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 Wells County within two days. mass meeting of citizens has A been called to enlist aid in opening bank carry on business. Run Closes Montpelier Bank. on Union SavTrust Company was responsible the closing that institution, the Montpelier bank prevented its opening Fred Tangeman, of the Union Bank, that the bank entirely solvent that direcreopen the institution time without depositors The bank had posits The Deposit Bank had posits $500,000. Guy Bracken president. Stability State Banks Safe. The Wells County bank, with posits of closed and few hours later the State Uniondale closed. titions for filed in the Circuit Court here late Bank Petroleum and the Liberty Center State bank closed Luther Symons, state bank commissioner, statement issued Indianapolis today, declared that the stability the banking situation state should not affected various banks Wells County. here had been brought by continual agitation banking growing years said his opinion most, not the banks come out their with little, any, to the depositors. Mass Meeting Friday Night. were of members local service clubs. mass meeting the large auditorium building here Friday night, purpose enlisting the public adopting attitude of confidence toward solvent banks Continued Sixth Page.