State Bank (Kempton, IN)

Episode Information

Episode UID
2739814291599
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
273981429 hash
Start Date
March 4, 1933
Location
Kempton, Indiana (40.288, -86.230)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e0669c84bd26b39a

Response Measures

None

Description

Bank suspended March 4, 1933 and was in liquidation under a state-appointed agent in 1934.

Events (3)
1. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Bank suspended payment and subsequently placed in liquidation under state authorities; public funds classified for state distribution.
Newspaper Excerpt
which bank suspended payment on March 4, 1933
Source
newspapers
2. March 7, 1934 Receivership
Newspaper Excerpt
Heber L. Clevenger, liquidating agent for the State Bank of Kempton, was here Tuesday ... announced ... begin making distribution of unrestricted deposits and savings
Source
newspapers
3. June 19, 1934 Other
Newspaper Excerpt
the bank is now in the hands of Heber L Clevenger, special representative of the Indiana department of financial institutions, for liquidation
Source
newspapers

Newspaper Articles (5)
1. March 7, 1934 The Tipton Daily Tribune Tipton, IN

Article Text

PLENTY OF CASH AND NO TAKERS Liquidating Agent of State of Kempton Somewhat Amazed. SITUATION IS STRANGE Heber L. Clevenger, liquidating agent for the State Bank of Kempton, was here Tuesday and in the course of his conversation with a Tribune réporter revealed a sirange situation. Mr. Clevenger announced last week that he would begin making distribution of unrestricted deposits and savings, that is money placed in the bank after the moratorium was declared one year ago. Prior to his announcement of distribution he had many callers at the bank and many telephone calls from these depositors asking when they could get their money, but since he started paying there have been but few persons after their checks and he has the bulk of $14,000 undistributed. Mr. Clevenger is anxious to get this part of the liquidating over and is asking these depositors to get their money. which is being distributed in checks on the Farmers Loan & Trust Company of Tipton which was designated as depository for the closed bank. by the Tipton circuit court. The situation is like the story of the woman who heard there was a run on the bank and grabbing her pass book ran all the way and asked for all her money. The cashier began counting it out, when she exclaimed: "Oh. can I get it?" "Why certainly." replied the cashier. "Well then 1 don't want it." she replied with a toss of her head and hurried back home. All checks are ready for deposilors of the bank for amounts placed therein after the moratorium and also for unrestricted savings accounts and certificates of deposits and Mr. Clevenger asks that the owners come and get them not later than Saturday of this week. It is understood that with the payment of these unrestricted funds which have been deposited since the moratorium, the available cash is practically exhausted. Liabilities prior to the moratorium are understood to amount to between $150,000 and $175.000, to be paid out of the frozen assets and the process of payment will necessarily be a slow one, with probabilities of depositors receiving but a small per cent of their claims.

2. June 19, 1934 The Tipton Daily Tribune Tipton, IN

Article Text

Miss Minnie Mae Sullivan Charges Husband With Threatening Life. Tuesday morning in circuit court petitions were filed by D. A. Morford and Arthur M. Goodnight, asking for the return of United States government bonds, alleged to have been left in the Kempton State Bank for safe keeping. The bank is now in the hands of Heber L Clevenger, special representative of the Indiana department of financial institutions, for liquidation According to the petition the bonds were placed in the bank for safekeeping and receipts issued to the owners. Goodnight had bonds to the amount of $250, and Morford two Liberty bonds of $50 each, according to the petition In his report to the court showing the assets of the bank, no bonds are listed by the special agent in charge of the bank. Judge Russell approved the final report of the Citizens National Bank as receiver in a foreclosure proceedings brought by the Prudential Insurance Company against Essig and others. The report shows the receiver received no funds and made no expenditures. The court adjusted the inheritance tax due from the heirs of the estate of Mrs. Margaret Stephenson, found dead in her home east of Windfall in May, 1933, having been asphyxiated by gas fumes from a base burner. A daughter, who was with the mother, was in a serious condition for several days, but recovered. Mrs. Stephenson, left an estate of $18,237.11 after all the debts and expenses were paid, and each of the eight heirs pays a tax of $2.55. Mrs. Minnie Sullivan, through her attorneys, Gifford & Gifford, had filed an action for divorce from her husband, Samuel W. Sullivan, in which she charges him with having threatened to kill her, both when "drunk and sober," and of having told her parents in her presence that he intended "to knock her brains out." The complaint charges the couple was married March 9, 1929, and separated March 1, 1934. Mrs. Sullivan is also asking the restoration of her name prior to her marriage to the defendant. At the time of her marriage to Samuel W. Sullivan her name was Minnie Mae White, she being the widow of Frank White, former Windfall garage man. Mrs Sullivan also charges her husband with being drunk "two or three times a week."

3. July 21, 1934 The Tipton Daily Tribune Tipton, IN

Article Text

Notice to Depositors. Pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Auditor of State and the Attorney General, that there was on deposit with the State Bank of Kempton Ind., which bank suspended pay ment on March 4, 1933, the fol lowing Public Funds classed as New Money: Tipton County Town of Kempton 792.76 Jefferson Township, Tipton County 14,979.91 Prairie Township, Tipton County 4,650.03 Ten days after this publication. if there is no objection, the Auditor of State will issue his warrant for the above amounts. FLOYD E. WILLIAMSON, Auditor of State PHILIP LUTZ, JR., Attorney General c-250 State of Indiana

4. July 21, 1934 The Tipton Daily Tribune Tipton, IN

Article Text

Notice to Depositors. Pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Auditor of State and the Attorney General, that there was on deposit with the State Bank of Kempton, Ind., which bank suspended payment on March 4, 1933, the following Public Funds classed as New Money: Tipton County --------$2,421.77 Town of Kempton ---- 792.76 Jefferson Township, Tip-

5. July 21, 1934 The Tipton Daily Tribune Tipton, IN

Article Text

Pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Auditor of State and the Attorney General, that there was on deposit with the State Bank of Kempton, Ind., which bank suspended payment on March 4, 1933, the following Public Funds classed as New Money: Tipton County --------$2,421.77 Town of Kempton ---- 792.76 Jefferson Township, Tipton County --------14,979.91 Prairie Township, Tipton County -------- 4,660.03 Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amounts.