gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9e500e60dd427983
Response Measures
None
Description
Bank is repeatedly described as defunct/closed and in receivership; no run reported.
Events (2)
1.October 28, 1931Receivership
Newspaper Excerpt
the receiver of the note...when he took over affairs of the bank and was in turn sold to the local bank...receiver for the Citizens State Bank of Lagro (multiple articles refer to Ike Duffey as receiver).
Source
newspapers
2.October 28, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank found to have questionable/worthless notes, lax examiner oversight, and insolvency leading to closure and receiver takeover
Newspaper Excerpt
defunct Citizens State bank of Lagro today, when Judge Switzer ordered...
Source
newspapers
Newspaper Articles (10)
1.October 28, 1931Chronicle TribuneMarion, IN
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Article Text
FERRELLS WIN NOTE CONTEST
WABASH, Ind., Oct., ther entered the af fairs of the defunct Citizens State bank of Lagro today, when Judge Switzer ordered note, purported have been signed by Sam Ferand Mrs. Ferrell, concelled and impounded. The receiver of the note, but when the matter came court, Mr. and Mrs. Ferrell each denied having signed the note and when their handwriting was compared with that on the note it was found that was not the same. Gillespie, cashier the bank when closed, was ill and un. able to court. deposition taken. however, which that the note was copy the original and that had been settled and was not intended to be part fthe bank's assets. He said he did not know exact dates on.
The bank receiver then said that have the bank records audited to see what actual action been taken on the note and whether the bank records showed paid in full whether they held part of the assets when bank examiners checked the books. has been contended by depositors that state bank examiners were lax their inspection of the bank records which permitted many worthnotes be included as negotiable assets for years prior to the Two other matters were discussed relative to the bank in court but continued for decision. One was the claim of Quinderia Courson for $14,800. She, acting for directors the bank, setled with the township trustee town trustee in this sum, closing their which in the bank when it failed. charged that the claim not gtneral and that she had ready mortgages property the bank directors before making the payment. The other the claim of an insurance company for which Gillespie said have placed his personal account checked out greater portion it. Gillespie and the bank were agents for the company.
2.October 29, 1931Leader-TribuneMarion, IN
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Article Text
Note Confuses
Wabash, Indiana, Oct. ther complications entered the fairs of the defunct Citizens State bank of Lagro today, when Judge Switzer ordered note, purported to have been signed by Sam and Mrs. Ferrell, concelled and impounded. The receiver of the note, but when the matter came up in court, Mr. and each denied signed the note and when their was pared with that the was found that not Gillespie, the bank when and be court. taken, which that note copy the original that had settled was intended part the bank's assets. said he did not know exact dates
The bank receiver then said that have the bank records audited actual action been taken whether full whether they held assets bank examiners checked the been depositors state bank were lax their of the bank which permitted worthnotes be tiable assets for years the prior failure. other matters were discussed relative bank court but continued for decision. the claim Quinderia Courson She, acting for directors the bank, setled the town ship trustee town trustee closing their accounts which the bank when failed. that the claim gtneral and that she had ready obtained the bank directors before making payment. The other was the claim of an
3.November 27, 1931Leader-TribuneMarion, IN
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Article Text
Hearing Planned for Bank Claim
Wabash, Ind., Nov. neys and officials today agreed to hear petition of the Wabash County Loan Trust Co. against receiver of the Citizens State Bank of to have claim declared preferred, on next Wednesday, The note given by Rudolph and Martha Hunt to the Lagro bank was for $555.70, came in possession the receiver when he took over affairs of the bank and was in turn sold to the local bank. When it was presented to Hunt for payment, he said that it had been paid and produced cancelled checks to prove it. The payments, it was said, had never been credited on the note. The local bank is now asking that it be permitted to recover from the receiver the amount paid.
4.February 10, 1932Chronicle TribuneMarion, IN
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Article Text
BANK RECEIVER IS DENIED PLEA
WABASH, Ind., Feb. 10.-Judge Switzer today sustained a demurrer by the defendant in suit of Ike Duffey, receiver of the Citizens State Bank of Lagro against Warner Bartholomew, in which the receiver sought to collect an assessment against Bartholomew, who was a stockholder in the bank. In the demurrer it was contended that Duffey had no right to sue the stockholders in the bank, and that such action would have to be instituted by the depositors or others holding claims against the defunct bank. The decision is expected to result in dismissal of the case and also others of a similar nature.
5.August 22, 1932The Indianapolis StarIndianapolis, IN
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Article Text
Lagro Bank Receiver Gets $8,000 Judgment
[Special to The Indianapolis Star.] WABASH, Ind., Aug. 21. Judgment of $8,000 against bondsmen of D. W. Gillespie, former cashier of the defunct Citizens State bank of Lagro, has been obtained by Ike Duffey, receiver, through mise settlement W. G. Todd, Indianapolis depositors, said today he probably would file an action mandating the receiver to file suits against bondsmen for R. G. Fults and John Thomas, former presidents of the bank, in an effort to obtain an additional $6, '00 for distribution to de-
6.September 12, 1933Chronicle TribuneMarion, IN
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Article Text
PICKS TRUSTEE IN BANKRUPTCY
WABASH, Ind., Sept. 12.-Howard Smith was named trustee in the bankruptcy petition of Frank Lawson of Lagro, former director in the closed Citizens' State Bank following hearing before A. F. Marsh, federal referee in bankruptcy Several weeks ago it was charged in petition filed in the bank receivership that Lawson, owner of considerable farm property in Lagro township, had transferred the property to W. H. Courson and that Courson had transferred it back to Lawson and wife, with a view of defrauding creditors. It was also charged that Lawson has refused to pay his share of assessment ordered against stockholders in the bank. Officials said that the purpose of naming trustee in the case was in order that an investigation might be made of these charges and to permit filing of civil suit against Lawson to have the transfer set aside and the property taken over by the bank receiver to settle the assessment claim.
7.October 22, 1933The Indianapolis StarIndianapolis, IN
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Article Text
Lagro Bank Receiver's Expense Items Protested
[Special The Indianapolis Star.] WABASH, G. Todd, Indianapolis attorney representing depositors in the closed Citizens State bank of Lagro who are objecting three filed by Ike Duffey, receiver, has filed memorandum court here setting out that receiver has paid out thousands dollars authority from the court. Among the expense items objected to one hundred "trips to for the rate of although the says the receiver lives in Wabash.
8.October 25, 1933Leader-TribuneMarion, IN
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Article Text
BANK RECEIVER ASKED WHY HE FAILED TO PAY partment of Financial Institutions of Indiana, in charge of liquidation of County Loan and Trust today filed petition in the re. reivershi of the Citizens State Bank of Lagro asking that Ike Duf cited to show cause why paid judgment ago in suit Hunt the Frank
O. Switzer ordered him to show cause as to why has not been paid
AGENT MISSING Wabash, A. Rapp for many years agent the Nickel Plate at Sidney North Manchester, has been since Sunday officials were informed today with the quest that hunt be for him
LEWIS POWELL RITES October 24 The of at his conducted the home. The survive.
9.March 6, 1934Chronicle TribuneMarion, IN
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Article Text
AWAIT REPORT ON LAGRO BANK FROM RECEIVER
WABASH, Ind., March 6.-A report is scheduled to be filed in circuit court tomorrow by Ike Duffey, received for the Citizens State Bank of Lagro, under orders issued by Judge Frank O. Switzer. Attorneys were granted four extensions on time for the report and two weeks ago were informed that the report must be filed by March 7. Depositors in the bank have contested expenditures of more than $10,000 made by Duffey on the grounds that the court never approved them and that many of the claims were exhorbitant. One of the chief contentions was that Duffey, resident of Wabash, was not entitled to mileage h claimed on "trips to Wabash," of which more than 200 were listed. Duffey's attorney has stated that Duffey will resign as receiver when the report is filed and that the state department of financial institutions will be asked to take over liquidation of the bank.
10.December 22, 1934Leader-TribuneMarion, IN
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Article Text
BANK RECEIVER SEEKING TO RECEIVE LITTLE PAY Wabash, Ind., Dec. Purviance, handling receivership the Citizens State Bank Lagro for the past seven months doesn't want to "hold the up bank" would like ceive something for his services. In petition filed in circuit court here today he asked that he allowed $300 for his vices added that the lack personal funds necessary that this receiver ceive some for services and endeavors in this matter." The amount he is asking would be little less than $50 month which is far less than being charged of the other bank receivership cases now pending in court here.
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.
