gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2cc23250432cbfaf
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
89.0%
Date receivership started
1932-02-10
Share of assets assessed as good
35.9%
Share of assets assessed as doubtful
55.2%
Share of assets assessed as worthless
8.9%
Description
Closure followed short runs in Gary/Calumet district and Hammond; later placed in receivership.
Events (5)
1.October 26, 1917Chartered
Source
historical_nic
2.January 4, 1932Run
Cause
Local Banks
Cause Details
Runs in the Calumet district and closing of Hammond banks provoked heavy withdrawals
Measures
Affairs turned over to national bank examiner; directors closed to protect depositors' assets
Newspaper Excerpt
GARY BANK ... the National Bank America closed ... there had been run on the bank for several weeks
Source
newspapers
3.January 4, 1932Suspension
Cause
Local Banks
Cause Details
Directors closed bank after heavy withdrawals triggered by regional runs and recent Hammond bank closings
Newspaper Excerpt
National Bank of America closed ... Federal Bank Examiner Robinson took charge
Source
newspapers
4.February 10, 1932Receivership
Source
historical_nic
5.February 10, 1932Receivership
Newspaper Excerpt
receiver of the First National and the National Bank of America, both in Gary
Source
newspapers
Newspaper Articles (25)
1.January 4, 1932Waukegan News-SunWaukegan, IL
Article Text
STOCKS LOWER the Chicago stock exchange tended generally downward today Profit taking wiped out the vances registered during year end window dressing Acme against the trend and advanced Demand for stock based on expectation enlarged by the Gypsum dipped
LOUIS BANK CLOSED ST Bank St. Louis with $250,000 and closed by its board directors today and an assistant National Bank examiner asked take charge There had been run on the bank for several weeks, the directors said.
GRAIN SUPPLY NEW YORK Jan. ible supply of American grain shows the following changes in bushels wheat 604,000 increased 8,000; decreased 41,000; barley decreased 54,000.
PEORIA GRAIN PEORIA Cash low mixed mixed white 24 while
CLOSE GARY BANK was left with two banks today the National Bank America closed H. Hay chairman of the board of directors said the bank closed to had protect depositors' assets deposits $800,000 Federal Bank Examiner Robinson took charge
2.January 5, 1932The Indianapolis StarIndianapolis, IN
Article Text
GARY BANK CLOSES. tional Bank of America today succumbed to run of frightened depositors and closed its doors. The closing Saturday of last last two banks in the neighboring city of Hammond caused an uneasiness that spread to this city. Confronted with heavy withdrawals National Bank of America closed doors and its affairs were turned over to national bank The tank capitalized at $150,000 and assets of deposits had been reduced by with drawals weeks to approxmately $245,000.
TRUST COMPANY FAILS.
Ind., Jan. Peoples Loan and Trust Company of this city was closed today for liquidation. Directors met yesterday and decided to liquidate the bank's affairs. The bank capitalized at $25,000 and its last report total of $269,282.64 and deposits of $217,510.27
ONE AT ST. LOUIS.
ST. LOUIS, Mo., Jan. The Vandeventer National bank of St. Louis, with capital stock of $250, 000 and deposits of approximately was ordered closed by its board of directors early today and an assistant national bank examiner was asked to take charge. There had been slow run on the bank for several weeks, the directors said. W. C. Johnson is president of the institution.
3.January 6, 1932The Capital JournalSalem, OR
Article Text
Two Day Run Closes Second Bank In Gary Gary, Ind., Jan. 6 (LP)-The First National Bank, a $4,500,000 institution, closed at 1:30 p. m. Tuesday after two day run on deposits. Gary was left with only one bank, the Gary State, the National Bank of America closed Monday and the run on the First National followed. Closing of the last bank in Hammond to weather the financial pressure in the Calumet district on Saturday was believed partly responsible..
4.January 8, 1932The Producers NewsPlentywood, MT
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Article Text
ALL BANKS BUT ONE HAVE FAILED IN CITY OF GARY, INDIANA Gary, Ind., Jan. 6.-The city of Gary found itself tonight with only one bank still doing business. The next to last bank in the city closed today because of a run. It was the First National, a $4,500,000 institution. President F. R. Schaaf predicted it would be reopened within a week. Bank runs started in the Calumet district of Indiana last week. On Saturday, the last bank in nearby Hammond, a city of 64,000 persons, was closed, making Hammond probably the only city in America of that size without a single banking institution. Monday the National Bank of America closed here. That left only the First National and Gary State. When the First National closed at 1:30 p. m. today, only the Gary State was left.
5.May 17, 1932The TimesHammond, IN
Article Text
COUNTY IS RICHER BY $25,000
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.
The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.
The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.
Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.
6.May 17, 1932The TimesHammond, IN
Article Text
COUNTY IS RICHER BY $25,000
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.
The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.
The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.
Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.
7.May 17, 1932The TimesHammond, IN
Article Text
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., May 16.—The county treasurer was richer by $25,000 late this afternoon when two bonding companies paid in that amount of money on surety bonds which they had underwritten for county deposits in defunct banks.
The Fidelity and Deposit company, of Maryland, forwarded a check of $10,000 to cover the surety bond which it had underwritten on county deposits in the closed National Bank of America at Gary.
The other check of $15,000 came from the United States Fidelity and Guaranty company of Maryland, as payment for its surety bond on county deposits in the defunct Commercial Trust company of Gary.
Both companies paid their surety bonds in full. The county is striving to obtain additional settlements on sureties underwritten by these two companies in other closed banks of Lake county.
8.May 17, 1932Vidette-Messenger of Porter CountyValparaiso, IN
Article Text
LAKE COUNTY GETS $25,000 SURETY FEES
CROWN POINT, May county treasurer was richer $25.000 Monday when two bonding companies paid in that amount monon surety bonds which they had underwritten for couny deposits in defunct banks. The Fidelity Deposit company, of Maryland, forwarded check $10,000 cover the surety bond which had underwritten county deposits in the closed Naon tional Bank of America at Gary. The other check of $15,000 came the United States Fidelity and from Guaranty of Maryland, for its surety bond payment county deposits in the defunct Commercial Trust company, of Gary. companies paid their surety Both in full. The county strivbonds obtain additional ing to sureties underwritten by these companies in other closed banks Lake county.
MUST SHOW FLAG REDS munists and other radicals the American flag at display cannot use Detroit their schools for their gatherings public resolution under the board of education. adopted
9.July 22, 1932The TimesHammond, IN
Article Text
$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.
The stock put up as security has now been sold and the proceeds have been turned over to the county.
Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.
PROMISE LOWER TEMPERATURES
CHICAGO, July 22. — (I.N.S.)—Slightly lower temperatures were promised by the government weather bureau today for heat oppressed Chicago and most sections of the middle west.
The peak of the torrid spell was passed yesterday when thunderstorms, showers and high winds visited many areas of the Great Lakes region, pushing the mercury downward.
The relief brought by the storms, however, was tempered with tragedy. In Chicago Peter Campbell, 28, was killed by a bolt of lightning as he lay on a Lake Michigan beach.
Fourteen persons were feared to have drowned in Pontiac Lake near Pontiac, Mich., when their small boats were believed to have capsized in a sudden squall and rainstorm. Officials, dragging the lake, recovered the body of William Burns whose death brought the nationwide toll of fatalities from the current heat to an established 60.
The temperature will continue to recede gradually today and over the week-end comfortable weather will prevail.
10.July 22, 1932The TimesHammond, IN
Article Text
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.
The stock put up as security has now been sold and the proceeds have been turned over to the county.
Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.
11.July 22, 1932The TimesHammond, IN
Article Text
$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.
The stock put up as security has now been sold and the proceeds have been turned over to the county.
Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.
12.July 22, 1932The TimesHammond, IN
Article Text
$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.
The stock put up as security has now been sold and the proceeds have been turned over to the county.
Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.
13.July 22, 1932The TimesHammond, IN
Article Text
$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
14.July 22, 1932The TimesHammond, IN
Article Text
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
Mr. Conter drew a check to transfer it to the First National bank on Saturday but the bank closed on Monday before the check had cleared.
The stock put up as security has now been sold and the proceeds have been turned over to the county.
Mrs. Ross today said that with the payment of this preferred claim, the recorder's office now has no money tied up in closed banks.
15.July 22, 1932The TimesHammond, IN
Article Text
$9,000 REPAID TO LAKE COUNTY BY CLOSED BANK
[SPECIAL TO THE TIMES]
CROWN POINT, Ind., June 22.—The National Bank of America of Gary today paid Lake county $9,000 as a preferred claim. The money represented county funds deposited in trust with the bank when it closed last January.
Mrs. Bessie Ross, county recorder had taken in the money as fees and had deposited it in trust with the bank before January 1. The deposit was secured by shares of General Motors stock which had been put up by the bank. At the close of the year in making her settlement with the county treasurer, Mrs. Ross certified the money over to Herman L. Conter.
16.September 15, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
RULING HITS RECEIVERS Agents Held Without Authority to Class Trust Funds as Assets. By United Press SOUTH BEND, Ind., Sept. 15.National bank receivers have no authority to class as assets funds held in trust or an agent agreement, Federal Judge Thomas W. Slick ruled Thursday. His ruling was in a case in which the United States Fidelity and Guaranty Company sought to recover a $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.
17.September 15, 1933The Tipton Daily TribuneTipton, IN
Article Text
BANK RULING.
Judge Slick Makes Ruling Regarding Trust Funds.
(ny United Press). Souht Bend. Sept. 15. National bank receivers have no authority to class as assets funds held In trust or an agent agreement, federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.
18.September 15, 1933Muncie Evening PressMuncie, IN
Article Text
COURT RULES TRUST FUNDS NOT ASSETS
SOUTH BEND. Ind., Sept. 15.(U.P)-National bank receivers have no authority to class as assets funds held in trust or an agent agreement, Federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company,
19.September 15, 1933The TimesHammond, IN
Article Text
GARY BANK
National Bank Receivers May Not Appropriate Trust Fund Accounts
SOUTH BEND, Ind., Sept. decision denying the authority of receivers of closed national banks to appropriate as part of bank's assets funds held in trust or as an agent for another handed person down by Federal Judge Thomas W. Slick in an opinion in the suit of the United States Fidelity and Guaranty company to recover from the National Bank of America of Gary. The the retention by the Gary bank the amount sought after closed its doors January 1932. amount according to the original represented check paid the Guaranty the Trust pany pany Gary. livered plaintiff deposited the Trust The bank turn dethe AmerNational for collection. The Fletcher bank sent the check the National Bank of America Gary collection January the day Gary institution closed its doors. Attorneys for the bank argued that the Indiana banking statutes in with federal governing the question of agency. Judge Slick in opinion, ruled that there was no conflict that the banks are amenable the laws of the state which they operate, except such instances when the Federal law. In the judge the federal
20.September 15, 1933The Tipton Daily TribuneTipton, IN
Article Text
BANK RULING.
Judge Slick Makes Ruling Regarding Trust Funds.
(By United Press). Souht Bend, Sept. 15. National bank receivers have no authority to class as assets funds held in trust or an agent agreement, federal Judge Thomas W. Slick held late yesterday. His ruling came in the case in which the United States Fidelity and Guaranty Co. sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.
21.September 15, 1933The Indianapolis TimesIndianapolis, IN
Article Text
RULING HITS RECEIVERS
Agents Held Without Authority to Class Trust Funds as Assets.
By United Press SOUTH BEND. Ind., Sept. 15.National bank receivers have no authority to class as assets funds held in trust or an agent agreement, Federal Judge Thomas W. Slick ruled Thursday. His ruling was in case in which the United States Fidelity and Guaranty Company sought to recover $2,196 check held by the National Bank of America, Gary. The check was to the bonding company from the Commercial Trust Company, Gary.
22.June 10, 1935The TimesHammond, IN
Article Text
ACKERMAN STILL LEFT IN CHARGE OF THREE BANKS
Although his resignation has been in effect for ten days now, Rudolph Ackerman has yet received no word from Washington concerning his successor as receiver of the Hammond National Bank and Trust company and of two closed Gary national banks.
Mr. Ackerman mailed his resignation three weeks ago to J. E. Fouts, supervisor of national bank receivers at Washington. He agreed to stay until a successor had been appointed.
He plans to return to private life in South Bend after he leaves Hammond. He is democratic chairman of the Third Congressional district, with headquarters in South Bend.
In addition to the Hammond bank, Mr. Ackerman is receiver of the First National and the National Bank of America, both in Gary. He is unable to serve further as receiver because of his democratic chairmanship.
23.June 10, 1935The TimesHammond, IN
Article Text
ACKERMAN STILL LEFT IN CHARGE OF THREE BANKS
Although his resignation has been in effect for ten days now, Rudolph Ackerman has yet received no word from Washington concerning his successor as receiver of the Hammond National Bank and Trust company and of two closed Gary national banks.
Mr. Ackerman mailed his resignation three weeks ago to J. E. Fouts, supervisor of national bank receivers at Washington. He agreed to stay until a successor had been appointed.
He plans to return to private life in South Bend after he leaves Hammond. He is democratic chairman of the Third Congressional district, with headquarters in South Bend.
In addition to the Hammond bank, Mr. Ackerman is receiver of the First National and the National Bank of America, both in Gary. He is unable to serve further as receiver because of his democratic chairmanship.
24.June 10, 1935The TimesHammond, IN
Article Text
ACKERMAN STILL LEFT IN CHARGE OF THREE BANKS
Although his resignation has been in effect for ten days now, Rudolph Ackerman has yet received no word from Washington concerning his successor as receiver of the Hammond National Bank and Trust company and of two closed Gary national banks.
Mr. Ackerman mailed his resignation three weeks ago to J. E. Fouts, supervisor of national bank receivers at Washington. He agreed to stay until a successor had been appointed.
He plans to return to private life in South Bend after he leaves Hammond. He is democratic chairman of the Third Congressional district, with headquarters in South Bend.
In addition to the Hammond bank, Mr. Ackerman is receiver of the First National and the National Bank of America, both in Gary. He is unable to serve further as receiver because of his democratic chairmanship.
25.June 10, 1935The TimesHammond, IN
Article Text
ACKERMAN STILL LEFT IN CHARGE OF THREE BANKS
Although his resignation has been in effect for ten days now, Rudolph Ackerman has yet received no word from Washington concerning his successor as receiver of the Hammond National Bank and Trust company and of two closed Gary national banks.
Mr. Ackerman mailed his resignation three weeks ago to J. E. Fouts, supervisor of national bank receivers at Washington. He agreed to stay until a successor had been appointed.
He plans to return to private life in South Bend after he leaves Hammond. He is democratic chairman of the Third Congressional district, with headquarters in South Bend.
In addition to the Hammond bank, Mr. Ackerman is receiver of the First National and the National Bank of America, both in Gary. He is unable to serve further as receiver because of his democratic chairmanship.
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.
