Newburg State Bank (Newburg, IN)

Episode Information

Episode UID
71120671453
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7112067 routing
Routing Number
71-1206
Start Date
January 1, 1921*
Location
Newburg, Indiana (37.944, -87.405)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cfabd8f2c1810ce9

Response Measures

None

Description

Closure by the state bank department in 1921 is inferred from a 1922 article referring to the bank being closed 'last year.'

Events (2)
1. January 1, 1921* Suspension
Cause
Government Action
Cause Details
Closed by the state bank department due to bad assets alleged to be about $100,000.
Newspaper Excerpt
the Newburg bank which was closed by the state bank department last year.
Source
newspapers
2. November 1, 1921* Other
Newspaper Excerpt
the Farmers' bank, closed since the run on the institution several weeks ago.
Source
newspapers

Newspaper Articles (2)
1. November 12, 1921 South Bend News-Times South Bend, IN
Article from South Bend News-Times, November 12, 1921

Click image to open full size in new tab

Article Text

MADE NEWBURG BANK HEAD. EVANSVILLE, Ind., Nov. 11.-Announcement was made Friday that Eugene Sargeant, of Newburg, hod been selected as president of the Newburg State bank, just organized. The bank, which will open for business Monday, will succeed the Farmers' bank. closed since the run on the institution several weeks ago.

2. December 2, 1922 South Bend News-Times South Bend, IN
Article from South Bend News-Times, December 2, 1922

Click image to open full size in new tab

Article Text

MAN MAY MAKE GOOD $60,000 BANK LOSS INDIANAPOLIS, Dec. 1.-(By A. P.)-Through consolidation of his properties of North Dakota and issuance of bonds against them Jourgeon Olsen may make good losses of between $52,000 and $60,000 of the defunct Beech Grove State bank. for which he is alleged to be responsible, Charles W. Camp, state bank examiner, was informed today. Charles W. Jewett, receiver, and Charles O. Roemler, attorney for the bank, informed Mr. Camp that they had visited Olsen at Minot, N. D., and had learned of his efforts to make good the losses. Olsen is also alleged to have been responsible for $100,000 of bad assets in the Newburg bank which was closed by the state bank department last year.