Articles state the bank was a private institution and a receiver was appointed; it remained closed.
Events (2)
1.July 6, 1920Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Oscar M. Kirlin allegedly looted the bank (≈$100,000 shortage) and committed suicide, precipitating suspension.
Newspaper Excerpt
The bank did not open for business this morning.
Source
newspapers
same day
2.July 6, 1920Receivership
Newspaper Excerpt
Immediate appointment of a receiver was asked and Claude S. Kitterman of Cambridge City was appointed to take over the affairs of the defunct institution.
Source
newspapers
Newspaper Articles (21)
1.July 7, 1920South Bend News-TimesSouth Bend, IN
Click image to open full size in new tab
Article Text
INDIANA BANKER STEALS $100,000 Bank of Milton Farmers' Closes Doors-Cashier Commits Suicide. By Associated Press: RICHMOND, Ind., July 6.-Oscar M. Kirlin, cashier of the Farmers bank of Milton, Ind., looted the bank to the extent of $100,000, according to charges made in a suit for receivership filed in circuit court here Tuesday. Kirlin committed suicide July 1. The bank did not open for business this morning. The suit was filed by the stockholders of the bank and names the banking company and J. L. Harmeir, former partner of Kirlin and administrator of his estate. The complaint alleges that the books of the bank have not been properly kept for more than three months and that at this time P is impossible to tell just what is the actual condition. It is stated that there were notes with a face value of $90,000 in the bank. which are believed to be worthless, and that there is a shortage of several thou sand dollars in the cash account of the bank. Kirlin's estate contains a large number of shares of 01. stock, and other stocks of no value, and the complaint alleges that he converted large sums to his own uses. The deposits of the bank are $100,000. and the capital stock $25.000. The liabilities are placed at $150,000.
2.July 30, 1920Indiana Daily TimesIndianapolis, IN
Click image to open full size in new tab
Article Text
ORDERS ISSUED IN BANK TANGLE Accountant to Aid Receiver at Milton. Special to The Times. RICHMOND. Ind., July 30. Orders is. sued by Judge William A. Bond of the Wayne circuit court, acting on petitions submitted by Claude Kitterman. receiver for the Farmers' bank of Milton, which suspended business July 6. following the suicide of the cashier. Oscar Kirlin, show that the affairs of the bank are in a state of confusion. One of the orders from Judge Bond's court authorized the appointment of an expert accountant to assist the receiver in untangling the banks' affairs. Another order directs the surrender of original notes held by George J. Klemme for $3,000 and by Ed Wilson for $1,700 upon payment of copy notes. each in the form of a renewal and held by the First National bank of Connersville, which were executed by Kirlin without authority. This order further authorizes the receiver to treat all. similar circumstances in the same way. A third order directs that $1,000 of the $2,000 in cash, found in the bank when It suspended business, be paid over to the First National bank. of Cornersville to be applied to note for $4,500 taken out with the Farmers' bank Dy Edgar R. Beeson It is alleged in the petition that on April 2, Beeson executed the note which was then transferred to the First National bank of Connersville. which was the reserve banks for the Milton bank. It is claimed that on May 10 Beeson paid Kirlin $1,000 to be paid on the note, but Kirlin kept the monêy at his own bank, while Beeson held a receipt to show that he had made payment of $1,000 on the note.
3.August 10, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
PROBE AT MILTON BANK NEARING END Investigation of the affairs of the Farmers' bank of Milton, Ind., which went into the hands of a receiver a few weeks ago, is now being brought to a close and, it is said, the receiver may be able to submit his report to Judge Bond of the circuit court within the next week or 10 days. There is no indication as to what the report will reveal. Patrons of the bank are anxiously awaiting this report, for they are hopeful that a settlement of claims will be made very soon after the received concludes his work. A large number of the depositors of the Farmers' bank have been financially embarrassed by the closing of the institution owing to the fact that it will not be possible to withdraw their money until the receiver is ready to make a settlement of the claims.
4.September 2, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
MILTON BANK REPORT MADE First report made by Claude Kitterman on his receivership of the Farmers' bank of Milton, Ind., which institution was closed July 6 following the suicide of Oscar M. Kirlin, the cashier, July 1, was submitted to Judge William A. Bond, Thursday afternoon. The report was brief and listed the assets of the bank but gave no figures on the liabilities of the institution. The total assets were fixed at $245,541.99. Can't Give Exact Liabilities In the report the receiver stated that he was not able to give the exact liabilities of the bank at this time as all the claims against the institution have not been filed with the receiver. Included among the assets of the bank is an item of $66,968.12 for overdrawn accounts of customers. The receiver, in his report, expresses the opinion that not all the notes and overdrawn customers accounts will be collectable for the reason that "some of the parties of said notes and overdrawn customers accounts are insolvent." The assets of the bank are listed by the receiver as follows: Total notes receivable $339,785.54 Less notes rediscounted 171,919.60
5.September 15, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
OMER KIRLIN WILL REFUSE TO PAY BOND One of Sureties on Alleged Bond to Contest Payment of Receiver's Claim Against Him of $100,000. STOCKHOLDERS LIABLE Omer Kirlin, father of the late Oscar M. Kirlin, and one of the sureties on the bond his son is alleged to have given as cashier of the Farmers Bank of Milton, Ind., will refuse payment on the claim of $100,000 filed by Claude S. Kitterman, receiver for the bank, against Mr. Kirlin and the other alleged surety on the bond, the estate of the late Lycurgus W. Beeson. In filing claim for $100,000 against Mr. Kirlin and the Beeson estate the receiver alleges that the late cashier of the Farmers bank violated his bond in three particulars, that he appropriated to his own use in excess of $80,000 of the funds, bonds and notes of the bank; that he permitted insolvent customers of the bank to overdraw their checking accounts in excess of $10,000, and that he made loans in excess of $10,000 to persons whom Kirlin knew to be insolvent, the loans being advanced on unsecured notes or without sufficient security. Says Bond is Lost The receiver in submitting his claim against Kirlin's bondsmen admits that the bond alleged to have been executed by Kirlin has been lost or destroyed. The receiver has filed with his claim what he purports to be an accurate copy of the missing bond. The receiver has asked the author ity of the court to file suit, if necessary, to collect the claim entered ogainst the sureties on the "lost or destroyed" bond. Whether the Beeson estate will reject this claim has not been ascertained. It would occasion no surprise if such action was taken by the heirs of the estate. It is generally understood that Mr. Kirlin intends to contest the claim in the courts, if necessary, in which event the principal question involved would be the authenticity of the copy of the bond which the receiver has submitted as a duplicate of the original bond Oscar Kirlin is said to have executed to the Farmers' bank. Stockholders Liable In the event the receiver for the Formers' bank would be defeated in his efforts to collect the claim of $100,000, said to represent the bank shortage, from Kirlin's alleged bondsmen. the stockholders of the bank would then be liable for the full amount of the shortage, it is said. Stockholders of barks organized and incorporated under the banking laws of the state of Indiana are liable for double the amount of their stock holdings in the event of a bank failure. The organization of the Farmers' bank at Milton was a peculiar one, however. In reality it was a private, partnership enterprise, but organized as a stock company. As a partnership concern. it is stated, the stockholders of the Farmers' bank are, under the law, held responsible to meet the full amount of the shortage in the event the shortage is not recovered from the alleged bondsmen and from the estate of the former cashier, which consisted in great part of stock holdings inventoried as valueless or worth considerably less than par value.
6.September 18, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
JUDGE WILL DEMAND SETTLEMENT IN BANK CLAIMS; JURY CALLED It was learned Saturday that Judge William A. Bond had notified an attorney representing Claude S. Kitterman, receiver for the Farmers' Bank of Milton, Ind., that he would expect the receiver to call upon the stockholders of the bank to make a prompt settlement of all bona fide claims of the bank depositors. It is stated that the court takes the position the question of whether the alleged bondsmen of Oscar M. Kirlin, cashier of the bank up to the time he committed suicide last July, or the stockholders shall assume the bank shortage was a dispute in which only the alleged bondsmen and the stockholders were interested, and that inasmuch as this dispute might be in the courts for months, even years, it would be manifestly unfair to delay a settlement with such depositors of the Farmers' Bank who had bona fide claims, until the question of who was to assume the bank shortage should be definitely determined. Grand Jury is Called Announcement was also made Satfurday that the court would issue a call for a session of the Wayne county grand jury the first Monday in October, at which time the grand jury would be asked to investigate all criminal cases and to determine whether any acts of a criminal nature had entered into the failure of the Farmers' bank of Milton, other than the alleged speculations of its former cashier, Oscar M. Kirlin. It is expected that the investigation of the Milton bank case will be one of the first activities of the grand jury. It is understood that Prosecutor Gath Freeman is already making inquiries into the Milton bank case for the purpose of collecting evidence for presentation to the grand jury. Hardship on Depositors The closing of the Milton bank, over two months ago, has worked a great hardship on a large number of residents of southwestern Wayne county who had- on deposit in that bank practically all their funds and whose claims are known to be legitimate. With the closing of the bank, all withdrawals of deposits were suspended. In many instances patrons of the bank have had to negotiate loans elsewhere for the purpose of providing for actual living expenses.
7.September 25, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
WILL REQUEST RECEIVER FOR MILTON FIRM Stockholder of DoddridgeBeck Company To File Petition Monday, His Attorney Says in Announcement. KIRLIN WAS AN OFFICER Petition for the appointment of a receiver for the Doddridge-Beck company, of Milton, manufacturers of grave decorations, capitalized for $125,000, will be filed Monday by Carlof a holder ton Chaney, in the Connersville, stockcompany, in Wayne circuit court, according to a statement made Saturday by Frank T. Strayer, one of Chaney's attorneys. The petition for a receivership for the Milton concern was originally filed late Friday afternoon, but was withdrawn shortly afterward before any summons had been issued. It was stated Saturday the petition was to be refiled Monday in more amplified form. No Statement Today It was not possible to obtain a statement Saturday in regard to the financial status of the DoddridgeBeck company, as to its assets and liabilities. At the time of his death last July, Oscar M. Kirlin, former cashier of the defunct Farmers' bank of that place, who committed suicide following discovery of the chaotic condition of the bank's affairs, was secretary-treasurer of the Doddridge-Beck company, a position he had held for over two years. Ask if he had any knowledge of mismanagement of the affairs of the Doddridge-Beck company on the part of Kirlin, Mr. Strayer replied that sensational disclosures would be made in the petition to be filed asking for the appointment of a receiver for the company. Deposited in Bank Last July James Daddridge, a stockholder in the grave decorating company, which is Milton's largest industry and its only factory, stated that the company intended to employ an expert accountant to go over the company's books. The company conducted its banking business at the Farmers' bank, and, it is stated, the failure of the bank has a direct bearing on the present financial condition of the Doddridge-Beck company. When an inventory and appraisement of the estate of the late Oscar M. Kirlin was filed in probate court a few weeks ago it was shown that the estate held stock in the DoddridgeBeck company of a par value of $4200. The value of the stock as appraised was $1,290.
8.November 26, 1920Indiana Daily TimesIndianapolis, IN
Click image to open full size in new tab
Article Text
Bank at Milton to Pay 50 Cents on Dollar Special to The Times. RICHMOND, Ind., Nov. 26.-Announcement is made here that Claude S. Kitermar. receiver for the Farmers' Bank it Milton, will make a settlement with he depositors and other creditors of hembank approximating 50 per cent of proved claims. Legitimate claims eventually will be settled dollar for dollar, for there has een any question as to the sound finandal standing of the stockholders of the nstitution. It is said. It is understood claims which have been filed against the Farmers' bank totaled approximately $250,000, while the assets if the bank that can be applied Immediately total $125,000. Assets available for distribution represent. it is stated, collections that have been made on notes and overdraft. When the bank failed last July, following the suicide of Oscar M. Kirlin, the cashier, there was only a small amount of cash in the institution.
9.December 22, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
# Twenty Per Cent Milton Bank
# Claims Ordered Paid by Court
The Wayne county circuit court or- $59,959 on an overdraft of the Farm-
dered payment of claims of depositors ers' Bank of Milton on the First Na-
of the Milton Farmers' bank amount- tional bank of Connersville. These
ing to 20 percent of the total claims, claims were assigned to the claimants
following the filing of the report of and will be paid after the final pay-
Claude S. Kitterman, receiver for the ment to depositors has been com-
institution, Wednesday afternoon. pleted.
The report shows that the claims Other large claims set aside to be
filed total $317,155.29. Of this amount paid afterwards are those of Sarah F.
$228,447 has been allowed. Expenses Hart, $11,000; Anderson and Sous
of the receivership amount to $6,794. Grain company, $28,000; Washington
The balance now on hand totals township, $11,000; and Wayne county,
$44,841.90. $27,000.
The order states that claims filed
with the receiver for stock in the bank
shall be settled after the first pay-
ment to depositors has been made. It
excludes from the first payment all
depositors who are stockholders in the
institution.
Among the claims disallowed were:
John Coyne, claims for $2.380, $2,520
and $2,014; the Doddridge-Beck com-
pany, $2,500, $6,376 and $10.000; and
two for Edward J. Weidner totalling
over $45,000.
Among the large claims filed
against the bank were those totalling
# Milne Will Review
# Civic Needs Soon
W. A. Milne, recently employed sec-
retary for the Richmond Chamber of
Commerce, will visit the city again
before coming here to take up his
work, Jan. 1, according to Walker
Land, president of the organization.
It was thought probable that Mr.
Milne would arrive Wednesday, but
he had failed to come at a late hour
Wednesday afternoon. Mr. Land said
Mr. Milne wanted to review the city
situation as it relates to the Chamber
10.March 19, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
MILTON RESIDENT SUES BANK RECEIVER Alleging that partners in the Farmers Bank of Milton knew that Oscar M. Kirlin, deceased cashier, was dishonest and unreliable two years previous to the time of his death, William Hicks, of Milton. filed suit against Claude S. Kitterman, receiver for the defunct bank, to collect a $500 Fourth Liberty loan bond, interest and costs in Wayne circuit court Saturday morning. Ray K. Shively, attorney for Mr. Hicks. obtained permission to sue the receiver from Judge Bond Friday afternoon. The complaint is filed in three paragraphs charging conversion. The first states that the bond was placed in the bank on October 18, 1918 and the same has not been returned to the plaintiff. The second paragraph alknew that Kirlin was dishonest and alleges that the partners in the bank unreliable but notwithstanding this knowledge the partners negligently continued to keep him as cashier. The third paragraph charges carelessness and negligence on the part of the partners and asks proper relief for the plaintiff, Mr. Hicks.
11.April 2, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
# Circuit Court Docket
# Called Next Tuesday
Calling of the circuit court docket will be held next Tuesday, the second day of the April term of court, according to an announcement made by Judge Bond Saturday. The new court calendar for the April term has 297 civil cases listed. Fifty-nine divorces are in this number. Forty-six cases are still pending against Claude S. Kitterman, receiver for the Farmers bank of Milton.
12.April 7, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
# RECEIVER OF MILTON
# BANK SUES FOR $2,500
Suit for $2,250 on promisory notes and overdrafts was filed by Claude S. Kitterman, receiver for the Farmers bank, of Milton, against William H. Miller, of Milton. in Wayne circuit court Thursday morning. The complaint is prepared in five paragraphs. The first three are for promissory notes, and the others for accounts due and overdrafts.
According to the complaint notes for $115.92, $418.95, and $183.82 are now due with interest and an overdraft of $958.55 with interest is to be collected. The attorney's fees and interest bring the total amount to $2,250.
Five suits that had been filed against Mr. Kitterman, as receiver for the defunct bank, on claims that had been disallowed by him, were dismissed at the costs of the defendant in Wayne circuit court Thursday morning. These were the suits of the Doddridge-Beck company; Charles H. Shank, on demand of $113.86; Mary J. Borders, demand of $37.02; James Ferguson, claim $125; and Banker's Law publishing company, claim $50.
13.May 6, 1921Indiana Daily TimesIndianapolis, IN
Click image to open full size in new tab
Article Text
SUES FOR $100 LIBERTY BOND. RICHMOND, Ind., May 6.-Permission to sue Claude S. Kitterman, receiver for the defunct Farmers' Bank at Milton, has been granted Dr. Edward C. Denney, of Milton. Following the decision suit was filed to collect $100 which is alleged to be due the plaintiff for a Liberty bond which was never delivered, according to the complaint.
14.July 22, 1921Indiana Daily TimesIndianapolis, IN
Click image to open full size in new tab
Article Text
Right DEFUNCT BANK PAYS DIVIDEND Farmers at Milton to Disburse 5 Per Cent. Special to The Times. RICHMOND, Ind., July 22.-Creditors of the Farmers Bank at Milton, Ind., will receive a further dividend of 5 per cent, according to an order issued by Judge William A. Bond, of Wayne Circuit Court, yesterday. The order was issued after the acceptance of a partial report of Claude S. Kitterman, Cambridge City, receiver for the defunct institution. The bank was closed after the cashier, Oscar M. Kirlin, took his own life last summer just before a considerable shortage was found in the furds of the bank. Claims amounting to $287,946.89 for certificates, checking accounts and Christmas savings accounts have been filed with the receiver. Of this amount obligations for just and valid claims that have been allowed amount to $226,234.68. There is now $38,414.14 to be distributed among the creditors of the institution.
15.August 22, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
CONNERSVILLE BANK SUES FOR $11,274 Actions to collect on notes trans ferred by the Farmers' bank of Milton to the First National bank of Connersville were started in Wayne circuit court Monday, when 10 suits, aggregating $11,274.06, were filed by the Connersville bank against the executors of the notes and Claude S. Kiiterman, receiver for the defunct bank The complaints state that the notes which were purchased by the plaintiff, have not been paid and ask the value of the notes, plus interest, attorney's fees and contingent costs. The complaints are filed against th following persons: Charles Dailey. $1,324.06; John T. Connell, $600: Jacob Schneider, $625; Park M. Man love, $1,525; Elmer Lowry, $350; Herman and Charles Wolford, $1,625; The Doddridge-Beck company, $3,000; Nora B. Scott, $1.300; Vesper B. Richardson, $400; and Ozro Dailey, $525.
16.August 27, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
MILTON BANK FAILURE RESULTS IN FILING OF 84 ACTIONS IN WAYNE CIRCUIT COURT Eighty-four cases have been filed holders in the bank, which was a private institution. Two direct suits to Wayne circuit court in connection collect from the receiver on money with the failure of the Farmers' bank deposited with the bank have been of Milton. Several more will probstarted. ably be added to this list soon, as Start 23 Actions. depositors are now starting action diDuring the past two months 23 acrectly against the stockholders to coltions have been started. Efforts to lect their money. collect money deposited in the bank The first case against the bank was directly from the stockholders has filed on July 6, 1920. This was two been made in 12 cases now before the days following the suicide of Oscar M. court. Kirlin, cashier of the bank. The bank The First National bank of Connersdid not open its doors on July 6 and ville has brought action in 11 inaction was started by George C. stances against executors of notes and Florea et al vs. Farmers' bank of Milthe receiver for the Milton bank, to ton and Irvin J. Harmeier, adminiscollect sums due it on notes sold betrator of the estate of Oscar M. fore the bank failed. Kirlin. The reports filed by the receiver at Appoint Receiver different times during the past year Immediate appointment of a receivare volumnous. These have lists of er was asked and Claude S. Kitterman all claims allowed and disallowed, toof Cambridge City was appointed to gether with settlements made thus take over the affairs of the defunct far.
17.August 27, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
Eighty-four cases have been filed in Wayne circuit court in connection with the failure of the Farmers' bank of Milton. Several more will probably be added to this list soon, as depositors are now starting action directly against the stockholders to collect their money. The first case against the bank was filed on July 6, 1920. This was two days following the suicide of Oscar M. Kirlin, cashier of the bank. The bank did not open its doors on July 6 and action was started by George C. Florea et al vs. Farmers' bank of Milton and Irvin J. Harmeier, administrator of the estate of Oscar M. Kirlin. Appoint Receiver Immediate appointment of a receiver was asked and Claude S. Kitterman of Cambridge City was appointed to take over the affairs of the defunct institution. It was estimated at that time that the bocks of the bank would show a shortage of $125,000. In trying to untangle the affairs of the institution the receiver has had considerable difficulty in selecting between claims. Fifty suits have been brought against the bank through the receiver to establish valid claims. Question Execution The execution of several notes has been questioned. Signatures on some of the paper held by the bank have been declared forged, by interested parties. Claude S. Kitterman, receiver, has brought seven suits to collect on notes held by the bank. One suit charging conversion was filed against the stock-
18.December 14, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
ASK VENUE CHANGE IN KITTERMAN SUIT ON $100,000 BOND Motion for a change of venue from Wayne county circuit court was filed by attorneys for the plaintiff in the suit of Claude Kitterman against the estates of Lycurgus Beeson and Oscar Kirlin and against Omer Kirlin, late Tuesday afternoon. The suit is in the form of a claim against the defendants. Arguments by both sides will be heard in circuit court Thursday morning. The case will go either to Henry or Randolpn counties if taken from the local court. Upon the decision in this case rests the ownership of approximately $100,000 which Claude Kitterman, receiver for the Farmers' bank at Milton, claims was put up on a bond by the three defendants. Attorneys for the defense claim there was no such bond. Plaintiff alleges that the bond was filed July 5, 1910, by Oscar Kirlin, Omer Kirlin, Marquis and Lycurgus Beeson, for the safe performance of the duties of cashier by Oscar Kirlin.
19.January 25, 1922The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
Circuit Court
BANK TRIAL VENUED.
Trial of the suit of the First National Bank of Connersville, against John T. Connell and Claude Kitterman, receiver for the Farmers' Bank at Milton, will be held in the Fayette circuit court as a result of action taken by Judge W. A. Bond, Wednesday.
Petition for change of venue to that court was granted by the judge. The suit is on a note for $600.
20.July 21, 1922The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
# CONNERSVILLE BANK
# SUITS COMPROMISED
Suits of the First National bank of Connersville against the Doddridge-Beck company and Charles S. Kitterman, receiver of the Farmers' bank of Milton, and of the Doddridge-Beck company against the Farmers' bank of Milton were compromised in circuit court Friday and a settlement by agreement reached.
The suits were over notes of the Doddridge-Beck company, held by the Farmers' bank and the First National bank, of $3,500 and $3,960, and a check for $6,367.97, made by the company in favor of the Farmers' bank.
By the terms of the settlement, the company is to receive the cancelled notes and the receiver of the bank is to accept the check.
21.July 25, 1922The Richmond Palladium and Sun-TelegramRichmond, IN
Click image to open full size in new tab
Article Text
MILTON BANK PAYS AMOUNT DUE COUNTY The last installment of county money due the county treasurer from the Farmer's bank of Milton, which had been deposited with that institution when it closed its doors nearly two years ago. was paid to the county with interest, Tuesday. It amounted to $21,848.01. A check for the amount was received by Treasurer Thomas Ahl from Claude Kitterman, receiver. When the bank closed, the county had on deposit there $24,041.26, of which $14,041.26 was on a checking account and the remainder in certificates of deposit. Small payments had been made on this on Jan. 6, 1921, and July 28, 1921, until a balance of $20,663.68 and interest remained. The treasurer's office also received $3,812.77 of common school revenue, from the state Tuesday. This money had been sent to Indianapolis with a $25,000 certificate of deposit, to enable the state office to check over the amount on deposit to this account in Wayne county. A total of $28,812.77 is now on deposit to the credit of the common school fund.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
