Citizens Bank (Jonesboro, IN)

Episode Information

Episode UID
9261188191569
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
926118819 hash
Start Date
September 13, 1930
Location
Jonesboro, Indiana (40.480, -85.628)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
625cc36d74f52f27

Response Measures

None

Description

Articles report insolvency, state petition, receiver appointment, and subsequent liquidation/legal actions tied to alleged cashier malfeasance and president's suicide.

Events (5)
1. September 13, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State banking commissioner petitioned because bank was insolvent; president Edward Bloch's suicide and alleged financial reverses signal bank-specific failure.
Newspaper Excerpt
Receivership for the Citizens bank of Jonesboro is asked in a Grant circuit court petition filed by Luther F. Symons, state banking commissioner. The application sets forth that the bank is in a failing and insolvent condition.'
Source
newspapers
2. September 23, 1930 Receivership
Newspaper Excerpt
Frank M. Hundley ... was appointed receiver for Citizens Bank Jonesboro. Hundley posted bond of $15,000. ... examination showed that the institutions were insolvent; appointed receiver the Citizens Bank of Jonesboro.
Source
newspapers
3. November 18, 1930 Other
Newspaper Excerpt
Creditors of the Citizen's Bank of Jonesboro have been notified to file all claims with the receiver, Frank M. Hundley ... receiver making efforts to liquidate all assets of the bank in order to make a partial payment to depositors.
Source
newspapers
4. May 30, 1931 Other
Newspaper Excerpt
A suit ... blames the closing of the Citizens bank of Jonesboro ... The suit was brought by Frank M. Hundley, receiver, and the state of Indiana against Jay and the American Surety company ... judgment of $7,663.93 is sought.
Source
newspapers
5. February 26, 1932 Other
Newspaper Excerpt
Receiver for Jonesboro Institution Asks $20,975 Judgment; Cashier and Surety Are Sued ... alleges loans and improper payments prior to closing.
Source
newspapers

Newspaper Articles (10)
1. September 13, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, September 13, 1930

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Article Text

STATE WANTS RECEIVER Action Taken at Marion Seeks Agent for Jonesboro Bank. Bu Times Special MARION, Ind., Sept. 13.-Receivership for the Citizens bank of Jonesboro is asked in a Grant circuit court petition filed by Luther F. Symons, state banking commissioner. The application sets forth that the bank is "in a failing and insolvent condition.' Edward Bloch, president of the Jonesboro bank, the Gas City State bank, also in the hands of the state department, and owner of several clothing stores, committed suicide in Muncie last week, believed the result of financial reverses.

2. September 16, 1930 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, September 16, 1930

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Article Text

DELAY NAMING BANK RECEIVER question the legal qualifications delayed today the pointment of receiver for the Citizens Bank of The issue raised by John Linn, Gas City attorney, ing creditors of the bank, after petition was presented court ing the appointment of David Harris, Jonesboro, Linn objected the appointment Harris, asserting he was debof the Jonesboro bank and got into the court record that Harris indebted to the bank $3,000 note. The attorney declared that interested party could not be appointed receiver. The hearing attracted many citiJonesboro, chiefly deposittors the bank. Thomas Barr, deputy banking commissioner, first witness, testi-

3. September 23, 1930 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, September 23, 1930

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Article Text

DOUBLE BANK CRASH TIES UP CITY FUNDS [Special to Indianapolis M. Hundley of Summitville today appointed by Judge O. D. Clawson of the Grant Circuit court, receiver for Citizens Bank Jonesboro. the Bank Trust Company and cashier of the ton bank He posted bond of $15,000. Assets the bank are said to total Luther Symons, state banking attended hearing today that public the Citizens bank the Gas City State would be listed as preferred The has approximately in Gas City bank while the civil city has about deposited Construction work on the Gas City city hall, which is to cost $19,000, has been suspended because of the certain situation existant at the Gas City State bank for both banks were requested by Mr. after an examination showed that the institutions were insolvent

4. September 23, 1930 Leader-Tribune Marion, IN
Article from Leader-Tribune, September 23, 1930

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Article Text

Jonesboro Bank Receiver Named Frank M. Hundley, secretary of the Summitville Bank Trust and cashier of the Fowlerton bank, yesterday was appointed receiver the Cititizens Bank of Jonesboro. The by Judge Clawson, of the cuit court. Hundley posted $15,000 bond. Luther F. Symons, state banking attended hearing before Judge Clawson, intimated that public funds both the City and Jonesboro banks would be listed as preferred claims. The school city of Gas City had about in the Gas City State bank at the time took charge while the civil city struction the Gas City was cost $19,000, has pended, pending outcome of bank

5. November 18, 1930 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, November 18, 1930

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Article Text

HUNDLEY SEEKS CLAIMS AS RECEIVER FOR BANK Creditors of the Citizen's Bank of Jonesboro have been notified to file all claims with the receiver, Frank M. Hundley, or before Dec. The order of the court does include depositors of the bank. The receiver making efforts to liquidate all assets of the bank order make partial payment to depositors.

6. November 19, 1930 Leader-Tribune Marion, IN
Article from Leader-Tribune, November 19, 1930

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Article Text

HUNDLEY SEEKS CLAIMS AS RECEIVER FOR BANK Creditors of the Citizen's Bank of Jonesboro have been notified to file all claims with the receiver, Frank M. Hundley, on or before Dec. 22. The order of the court does not include depositors of the bank. The receiver making efforts to liquidate all assets of the bank in order to make a partial payment to depositors.

7. May 30, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 30, 1931

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Article Text

SUICIDE BLAME FIXED Cashier of Closed Jonesboro Bank Believed in Block Tragedy. By United Press MARION, Ind., May 30-A suit on file in Grant Circuit court here today blames. the closing of the Citizens bank of Jonesboro, which resulted in suicide of its president, Edward Block, on Watson D. Jay, cashier of the defunct institution. The suit was brought by Frank M. Hundley, receiver, and the state of Indiana against Jay and the American Surety company, surety as Jay's bond. A judgment of $7,663.93 is sought Jay's bond was for $10,000 but the company paid $2,336.07, the amount of a note Jay is alleged to have signed and made out to himself to cover indebtedness.

8. November 15, 1931 Leader-Tribune Marion, IN
Article from Leader-Tribune, November 15, 1931

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Article Text

FILE 2 APPEAL BONDS IN CASES Appeal bonds were filed Saturday in two claims filed by Harry L. Connelly, former county clerk, against receivers for the Gas City State Bank and The Citizens Bank of Jonesboro. Sitting as a joint court, Judge O. D. Clawson and Judge Oren W. Dickey, heard evidence on the two claims. The courts held that the claims should be entered as general claims. The claims represented certificates of deposit totalling $2,500 in each of the banks less payment made by the receivers. Notice of an appeal to the appellate court was given by attorneys for Connelly and bonds were fixed at $100 in each case.

9. February 26, 1932 Leader-Tribune Marion, IN
Article from Leader-Tribune, February 26, 1932

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Article Text

FILE NEW SUIT IN BANK ACTION Receiver for Jonesboro Institution Asks $20,975 Judgment; Cashier and Surety Are Sued. Court action by which Frank M. Hundey, receiver of the Citizens Bank of Jonesboro, hopes to recover for the institution's depositors the sum of $20,975 from Watson D. Jay, former cashier, and his bonding company, the American Surety Co., was renewed yesterday with the filing of an amended complaint in the case. Legal skirmishes for the last several months resulted in issues of the case being determined and the new complaint filed. The document alleges that Jay, contrary to law, made certain loans to Edward Bloch, at that time president of the bank. It also sets forth details of a note of the General Cable Corp. for $10,000 which was marked paid although there were no funds for payment in the bank. check for $2,025.65 drawn by Bloch and Jay and carried in cash items of the bank for two months prior to its closing is also referred to in a paragraph the complaint which states this procedure was contrary to law. three-room apartment here in Boston, which I have estimated at a low rate of $40 a month, a family could have private home with six rooms, an outdoor balcony, flower gardens and tennis courts, and this for two months for the monthly price of crowded apartment in Boston. A servant will gladly wash, scrub and cook for a family for $1.75 a week." He lives the friendly companionship between professor and student in American colleges. "It is comfortable feeling, he said, "to know that professor takes a personal interest in each student and his problems. At home we never talked over troubles with our professors, and never went outside the conventional bounds of tipping our hats and murmuring good day, sir' when we met them on the street or within the college grounds.

10. December 19, 1932 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, December 19, 1932

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Article Text

JURY TO HEAR SUIT ON NOTES the funct Citizens Bank of Jonesboro scheduled for an airing in the Grant circuit court in suit brought by Frank M. Hundley receiver for the bank against David E. Harris to collect two notes totalling $3,045.18. Trial of the case today before jury and Circuit Judge O. D. Clawson. The against Harris charges has failed to pay notes by the receiver, for dated April and each bearing interest the rate of were to mature and three The answer leged he for the and bearing date of April 1930, which given Edward Bloch, president of the bank. The authority and the signature being questioned by the plaintiff Many prospective jurors cused the attorneys the plaintiff and defendant questioned them during morning session Judge Robert M. Van Atta of Condo, Van and Batton and Walter resenting depositors' plaintiff Harris by John Browne and Gemmill and appointed for the and following death of Bloch was president of both