gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fdf885a826210b1a
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
85.8%
Date receivership started
1932-02-10
Date receivership terminated
1939-01-31
Share of assets assessed as good
45.1%
Share of assets assessed as doubtful
51.0%
Share of assets assessed as worthless
3.9%
Description
Receiver appointed and liquidation reported; closure followed heavy withdrawals.
Events (5)
1.June 10, 1865Chartered
Source
historical_nic
2.February 3, 1932Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and slow payment of notes by creditors led to liquidity strain and depositor runs.
Measures
Directors closed the bank and appealed to national bank examiner; depositors later filed claims with receiver.
Newspaper Excerpt
closed its doors on Wednesday, February 3d, because of heavy withdrawals
Source
newspapers
3.February 3, 1932Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank citing inability to meet withdrawals and to protect depositors; bank examiner took charge.
Newspaper Excerpt
First National Bank of Shelbyville Closes Its Doors
Source
newspapers
4.February 10, 1932Receivership
Source
historical_nic
5.February 10, 1932Receivership
Newspaper Excerpt
Appointment of a receiver for the First National bank ... was made public today. The receiver is Morton Lamb, of Kokomo.
Source
newspapers
Newspaper Articles (12)
1.February 10, 1932The Edinburg Daily CourierEdinburg, IN
Article Text
RUN ON TWO BANKS AT SHELBYVILLE—TWO TRUST COMPANIES CLOSE
Trust Companies Close Voluntarily to Protect Depositors.—Depositors Make Run On Shelby National Bank and Farmers National Bank.—Police Keep Order.
The Security Trust & Savings Company and the Shelby Trust Company at Shelbyville, closed their doors voluntarily this morning for protection of their depositors.
Shortly after the two Trust Companies closed their doors, the depositors made a run on the Shelby National bank. Throngs of depositors swarmed around the bank entrance in a frantic effort to withdraw their money, and police were called to keep order.
The depositors were forced to line up and await their turn. It is understood that the depositors demanding their money were paid, and the run which lasted for over an hour before being quieted, will not permanently injure the institutions.
As an aftermath of the run on the Shelby National Bank, a small run was made on the Farmers National Bank with little damage being done. It is thought that the two banks will continue to operate, however, no definite plans are known at this time, as the extent of the damage done by the run can not be determined.
It is thought that the action taken by the two Trust Companies and the runs on the two banks was partially caused by the uncertain feeling existing after the closing of the First National Bank of Shelbyville, a few days ago.
As soon as the news regarding the closing of the two Trust Companies became known, depositors in the two banks were near the panic stage and the run resulted.
If the two banks survive the damage done by today's runs, they will be the only banking institutions in Shelbyville.
There were three banks and two Trust Companies.
2.February 11, 1932The Hancock DemocratGreenfield, IN
Article Text
First National Bank of Shelbyville Closes Its Doors
Declaring the business and depositors be paid in through the process directors the First tional Bank of this morndecided the institution's the hands the national banking the protecdepositors interests. tematic heavy period and possibility collecting notes from solvent the for action the directors closed the bank examiner was here today take charge and by the financial the and obligations would immediately. decision and claring their solvency, members board directors morning appealed the public the community attitude ward other financial institutions the county. pointed that institutions all solvent and in position continue depositors and debtors the extent doing in usual manner.
3.February 15, 1932The Daily ReporterGreenfield, IN
Article Text
Receiver Named Shelbyville Bank
(Shelbyville Republican)
Appointment of a receiver for the First National bank, which closed its doors on Wednesday, February 3d, because of heavy withdrawals and slow payment of notes by solvent creditors, was made public today.
The receiver is Morton Lamb, of Kokomo. Mr. Lamb was appointed as receiver for the local bank on Wednesday of this week, and he has now begun his work here. He will remain in this city as long as the receivership lasts, maintaining his office in the bank.
The check-up on the financial affairs remains in charge of J. L. Sanders, national bank examiner. Mr. Sanders stated today that he expects to complete his work, and to turn the affairs of the institution over to Mr. Lamb, within a few days.
4.July 18, 1932The Edinburg Daily CourierEdinburg, IN
Article Text
MONDAY LAST DAY FOR BANK CLAIMS AT SHELBYVILLE
Period for Filing Evidence of Indebtedness Against First National Bank Ends July 18.
SHELBYVILLE, Ind., July 16. - Although Monday is the final date on which depositors in the First National Bank are permitted to file their claims as evidences of indebtedness, Morton Lamb, receiver, today announced that in some cases, claims may be filed later by lawful permission.
Such permission, he stated, would be given only in cases where the action is justified and where the depositor can show good reason for failing to file the claim during the time specified by law. During the last two or three months, depositors' claims have been received and filed at the bank.
The receiver said today that a majority of the depositors have already filed their claims and that it is considered likely that all will have presented evidence of indebtedness before the bank's doors are closed Monday afternoon.
In regard to the payment of a dividend on deposits owing by the bank when it was closed Feb. 3 and its affairs placed in the hands of the national banking commission, it was stated today that no definite information can be given. Authority to pay a dividend, it was stated, must be received from Washington, and it will be ordered when sufficient collections have been made to warrant a distribution of funds to depositors.
Collections on notes and other debts owing to the bank will be made as rapidly as possible in order that dividends may be passed on to the depositors.
A wheat field on the George Snepp farm east of town, averaged twenty-one and three quarters bushels to the acre when threshed.
5.January 2, 1935The Indianapolis TimesIndianapolis, IN
Click image to open full size in new tab
Article Text
Bank to Pay $150,000 By United Press SHELBYVILLE, Jan. 2.-An encouraging outlook for 1935 is presented for Shelby County residents. Morton Lamb, receiver for the First National Bank of Shelbyville, which closed Feb. 3, 1932, announced that a 35 per cent dividend will be paid in a few weeks. Approximately $150,000 will be disbursed. The bank already has paid two dividends, totaling 45 per cent.
6.March 28, 1935The Edinburg Daily CourierEdinburg, IN
Article Text
Quarter. Quarter Section containing less said exception eighteen (18) acres more or less, containing in all 141.35 acres more or less.
Also, the sale of the personal property belonging to said bank, except cash on hand and current bank account, consisting of the furniture, fixtures and supplies, all notes, secured and unsecured, a certain lease on said building now occupied by said bank, unclaimed accounts, judgments heretofore taken by said Bank, Receiver's Certificate of proof of claim against The First National Bank of Shelbyville, Indiana, restricted bank accounts, bonds and securities, and any and all other property that they now have, as shown by inventory and appraisement marked Exhibit "A" with petitioner's petition to sell, now on file in the Johnson Circuit Court, Franklin, Indiana.
7.May 28, 1935The TimesHammond, IN
Article Text
NAMED BANK RECEIVER
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
He will succeed Morton Lamb, of Kokomo, who resigned. He will take up his duties May 31.
For the past year Russell has been receiver for the Citizens' Third National Bank and Trust company of Greensburg. He will have charge of the liquidation of both institutions.
8.May 28, 1935The TimesHammond, IN
Article Text
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
He will succeed Morton Lamb, of Kokomo, who resigned. He will take up his duties May 31.
For the past year Russell has been receiver for the Citizens' Third National Bank and Trust company of Greensburg. He will have charge of the liquidation of both institutions.
9.May 28, 1935The TimesHammond, IN
Article Text
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
10.May 28, 1935The TimesHammond, IN
Article Text
NAMED BANK RECEIVER
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
11.May 28, 1935The TimesHammond, IN
Article Text
NAMED BANK RECEIVER
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
He will succeed Morton Lamb, of Kokomo, who resigned. He will take up his duties May 31.
For the past year Russell has been receiver for the Citizens' Third National Bank and Trust company of Greensburg. He will have charge of the liquidation of both institutions.
Magazine Hits Carlson
Chief Deputy Carlson took the platform and chided the crowd for its behavior and warned that deputies were sprinkled about ready to see that Johnson and Dickey reached home safely.
A brawny farm hand shook his head and sent a magazine at Carlson's head.
The crowd, still seething with indignation, finally disbanded.
Johnson was reported to have been escorted home in a deputy's car after his own auto had been tampered with.
Superintendent Dickey was the target of an ouster move by predecessors of the present school board about a year ago.
12.May 28, 1935The TimesHammond, IN
Article Text
NAMED BANK RECEIVER
GREENSBURG, Ind., May 28.—(I.N.S.)—John F. Russell, local milling company president, has been notified by the controller of currency in Washington of his appointment as receiver for the First National bank of Shelbyville, it was made known here.
He will succeed Morton Lamb, of Kokomo, who resigned. He will take up his duties May 31.
For the past year Russell has been receiver for the Citizens' Third National Bank and Trust company of Greensburg. He will have charge of the liquidation of both institutions.
Magazine Hits Carlson
Chief Deputy Carlson took the platform and chided the crowd for its behavior and warned that deputies were sprinkled about ready to see that Johnson and Trester reached home safely.
A brawny farm hand shot overhead and sent a magazine at Carlson's head.
The crowd, still seething with indignation, finally disbanded.
Johnson was reported to have been escorted home in a deputy's car after his own auto had been tampered with.
Superintendent Dickey was the target of an ouster move by predecessors of the present school board about a year ago.
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.
