Peoples American National Bank (Princeton, IN)

View Charter #10551 on SPMC View balance sheet

Episode Information

Episode UID
1055101598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
105510 national
Charter Number
10551
Start Date
February 25, 1933
Location
Princeton, Indiana (38.355, -87.568)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
766685dd6495116b

Response Measures

None

Receivership Details

Depositor recovery rate
78.2%
Date receivership started
1933-10-02
Date receivership terminated
1941-03-20
Share of assets assessed as good
44.3%
Share of assets assessed as doubtful
52.4%
Share of assets assessed as worthless
3.4%

Description

Articles state the bank suspended payment (Feb 25, 1933) and later closed (March 28, 1933); receiver in place by Oct 1933.

Events (5)
1. June 1, 1914 Chartered
Source
historical_nic
2. February 25, 1933 Suspension
Cause Details
Bank suspended payments on Feb. 25, 1933; reason not specified in articles (failure/insolvency implied).
Newspaper Excerpt
which bank suspended payment on February 25, 1933
Source
newspapers
3. March 28, 1933 Other
Newspaper Excerpt
which closed March 28, 1933 (article states the bank closed its doors last March).
Source
newspapers
4. October 2, 1933 Receivership
Source
historical_nic
5. October 2, 1933 Receivership
Newspaper Excerpt
George A. Bittler, receiver of the bank, yesterday received the following notice
Source
newspapers

Newspaper Articles (6)
1. December 6, 1933 Princeton Daily Clarion Princeton, IN

Article Text

COUNTY, CITY AND TOWNSHIP GET FUNDS TOTAL OF $96,360.27 TO COME TO LOCAL UNITS FROM STATE SINKING FUND FOR BANK DEPOSITS On December 15. Gibson county, the civil city of Princeton, the Princeton library board. school city of Princeton and Patoka township are slated to receive $96,360.27 from the state auditor for deposits in The Peoples American National bank. from the state sinking fund. George A. Bittler, receiver of the bank. yesterday received the following notice: It is the decision of the attorney general and the auditor of the state that there_was on deposit with The Peoples American National bank. Princeton. Ind., which bank suspended payment on February 25, 1933, the following puglic funds classed as new money Civil City of Princeton, $23,665.23. Princeton library board. $2,523.78. School city of Princeton, $16,202.75. Patoka township, $13,188.26. Ten days after the publication of the above figures, if there is no objection, the auditor of state will issue his warrant for the above amount. This money comes from a state sinking fund provided by an act passed by the special session of the Indiana general assembly in 1932. The action does not disturb the deposits of the various units in the bank but makes the state of Indiana the creditor instead of the local uints. The sinking fund is collected and maintained by the diversion of interest payments on public funds, and is available for the purpose of covering all public deposits rendered unavailable by the failure of depositories or those that have gone into voluntary liquidation or for any other reason have suspended payment of deposits. The law was effective December 1, 1932. It is contained in chapter 32 of the 1932 acts of the special session of the seventy-seventh general assembly.

2. March 6, 1934 The Indianapolis News Indianapolis, IN

Article Text

BANK RECEIVER SUED TO RECOVER $16,000 IN BONDS PRINCETON, Ind., March 6.—A suit to recover $16,000 worth of government bonds, alleged to have been borrowed by the Peoples American National Bank from the plaintiffs to secure bank circulation, was filed in the Gibson circuit court Monday by Sadie Archer and nine other persons. George A. Bittler, receiver of the bank, was named defendant. There are in all $98,717 worth of bonds alleged to be in the same class as those on which Monday's suit was based. The suit contends that the plaintiffs merely lent their bonds to the bank. The bank closed its doors last March and was in the hands of a conservator, S. T. Fisher, its former president, until Bittler took charge as receiver last October.

3. November 24, 1934 Evansville Press Evansville, IN

Article Text

Tri-StateNews Tobacco Board of Trade postpones opening dark fired tobacco market until Dec. 11. HENDERSON Ky Henderson County gets $6800 from state sales tax collections. MADISONVILLE, Ky Bowling Green, Sturgis, Hopkinsville, Princeton, Greenville and Morganfield Kiwanis Clubs are entertained at banquet by the Madisonville Club. HENDERSON, Ky.-C A. Allen is acquitted on charge of operating barber shop without a state license. PRINCETON, Ind George A Bittler, Peoples American National Bank receiver, files against the Gibson County Shipping Association seeking collect two notes amounting to $7500. ELDORADO. Ill-Ira Steinsultz, Eldorado Sunday School teacher, is sentenced to year for embezzlement of $2000 in Federal Land Bank mortgage collections. PRINCETON, Ind.-John G. Cox, 30, is charged with theft of five bushels of cloverseed from Warner Hightower. ing trial of Mrs. Mabel Woodruff, 42. charged with to murder her husband J. C. Woodruff, is set for Dec. 5. MADISONVILLE, Ky Hopkins County gets $8498.85 as its share of state sales tax payments. The lecture by Rabbi M. Taxay of Terre Haute, Ind., scheduled for Sunday night at Washington Avenue Temple under auspices of the B'Nai Brith, has been indefinitely postponed.

4. April 5, 1935 The Evansville Journal Evansville, IN

Article Text

BANK RECEIVER MAKES REPORT PRINCETON, April 5. — Collections of $114,000 for the past quarter are shown by George A. Bittler, receiver for the Peoples American National bank, in his report to the comptroller of the currency. This brings the total collections to date to $520,359.77. Total assets due are $837,737.65, of which it is estimated $255,000 will be collected. The receiver has repaid $194,000 of a $234,926.94 RFC loan.

5. June 22, 1935 Princeton Daily Clarion Princeton, IN

Article Text

STOCKHOLDERS OF BANK SUED RECEIVER GEORGE BITTLER TAKES ACTION IN ACCORDANCE WITH ORDERS Having been directed by the United States comptroller of the currency to proceed with no further delay in taking necessary steps to collect the stockholders liability in the Peoples American National bank, George A. Bittler, receiver of the bank, today filed suit in the Gibson circuit court against ten stockholders for a total of $10,314.21 with interest. The defendants are: Teresa Abell ($4,950.22); Blanche Kell ($500); John L. Carithers ($1,000); William F. Parrett ($600); Olin M. Kolb ($500); Fred Ewing ($1,000); Eldon Armstrong ($500); Frank Beasley ($300); Charles A. Fisher ($500); Joseph P. Yochum ($463.99). Similar instructions as have been received by Mr. Bittler, it has been learned, have been given receivers in many cities throughout the state. Blanket orders have also been received to proceed through legal channels to enforce collections on all of the unpaid notes where the receiver and his attorney, Honorable Thomas Duncan, determine the parties to be solvent. Four demands have been made against shareholders of this trust for the payment of their statutory stock liability totaling $125,000, represented by 1,250 shares of stock of $100 per share par value, 116 shareholders. Payments to date are as follows: Fifty-eight stockholders have paid in full, $52,400. Twenty-three stockholders (total liability $16,000) have made small payments and agreed to continue making partial payments, thus far collected, $5,472.43. (Balance in process of collection, $10,527.57.) The total amount collected is $57,872.43. One stockholder (with 25 shares) recently died and the estate will pay $2,500. Stockholders enforcement by suit advisable:

6. September 18, 1935 Princeton Daily Clarion Princeton, IN

Article Text

PEOPLES BANK SUED IN FEDERAL COURT EVANSVILLE, Sept. 18.—The collection of $14,576.10 is asked by William B. Miller, 934 Bayard Park drive, president of the Harding & Miller Music company, in a suit filed in federal court against the Peoples American National bank of Princeton, which closed March 28, 1933. The suit states that the money is due Miller on a promissory note secured by a mortgage on some real estate which was due and unpaid when the bank suspended business. He was awarded the amount set forth in the suit last January by the Warrick county circuit court on a change of venue from the Gibson county circuit court, but it has never been collected, the suit states.