Article Text
KENDALLVILLE BANK CLOSED Citizens National Bank Quit Business on Saturday and Will Now Liquidate Its Affairs
Citizens National Bank (Kendallville, IN)
Episode Information
- Episode UID
1253201586- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
-
125320national - Charter Number
- 12532
- Start Date
- February 13, 1932
- Location
- Kendallville, Indiana (41.441, -85.265)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
7cdd720e3c03d819
Response Measures
Full suspension
Other: Bank closed and placed in receivership/liquidation; receiver made dividend payouts to depositors.
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1932-03-16
- Date receivership terminated
- 1936-10-30
- Share of assets assessed as good
- 30.8%
- Share of assets assessed as doubtful
- 68.9%
- Share of assets assessed as worthless
- 0.2%
Description
Articles state the bank was solvent but closed by directors due to steady withdrawals/hoarding; receiver later appointed.
Events (5)
1.
April 26, 1924
Chartered
- Source
- historical_nic
2.
February 13, 1932
Run
- Cause Details
- Steady withdrawals and hoarding by depositors precipitated the loss of available funds and triggered the crisis.
- Measures
- Board of directors ordered the bank to quit business and liquidate; bank closed its doors.
- Newspaper Excerpt
- Officials Declared, But the Steady Withdrawals and Hoarding of Money Caused the Move for Liquidation
- Source
- newspapers
3.
February 13, 1932
Suspension
- Cause Details
- Directors closed the bank and moved to liquidate because of continuing withdrawals and hoarding of money.
- Newspaper Excerpt
- KENDALLVILLE BANK CLOSED Citizens National Bank Quit Business on Saturday and Will Now Liquidate Its Affairs
- Source
- newspapers
4.
March 16, 1932
Receivership
- Source
- historical_nic
5.
May 1, 1932*
Receivership
- Newspaper Excerpt
- Mr. Springer was appointed receiver of the Citizens National bank in May, 1932, following the closing of the bank in February, 1932.
- Source
- newspapers
Newspaper Articles (4)
Article Text
CONFIDENT BANK IS SOLVENT Officials Declared, But the Steady Withdrawals and Hoarding of Money Caused the Move for Liquidation Kendallville, Feb. 15—The Citizens National bank, capitalized at $100,000, and organized here in 1924, with resources of $735,653.73 and total deposits of $543,858.89 as of December 31, 1931, the time of the last published statement, closed its doors Saturday morning by order of the board of directors.
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Article Text
CLOSED BANK TO PAY Forty Per Cent Dividend for Depositors at Kendallville Announced. By United Press KENDALLVILLE, Ind., Sept. 5.A 40 per cent dividend payment will be made to depositors of the closed Citizens National bank here, it was reported today. The bank, which closed Feb. 10, will pay out $175,000, according to H. C. Springer of Butler, receiver.
Article Text
SPRINGER RESIGNS AS BANK RECEIVER Butler Attorney Desires to Devote His Entire Time to His Law Business in DeKalb County Capt. H. C. Springer of Butler, Friday, submitted his resignation to the comptroller of currency at Washington, D. C., as receiver for the Citizens National Bank at Kendallville. The resignation will be subject to the approval of the comptroller of the currency and it is likely a successor to Mr. Springer will not be appointed before the first of next month. The resignation was submitted to enable Mr. Springer to confine himself to other business activities. Mr. Springer was appointed receiver of the Citizens National bank in May, 1932, following the closing of the bank in February, 1932. Since that time he has served efficiently as receiver and has made payments to depositors in the amount of 80 per cent. He says money on hand now amounts to about $34,000, approximately $1,000 less than the amount necessary to make an additional 10 per cent payment to depositors. The September meeting of the Wittenberg Brotherhood will be held in the Lutheran church at Spencerville.