Old First National Bank & Trust Company (Fort Wayne, IN)

View Charter #3285 on SPMC View balance sheet

Episode Information

Episode UID
328501599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
32850 national
Charter Number
3285
Start Date
March 6, 1933
Location
Fort Wayne, Indiana (41.131, -85.129)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
899d51a660b6bdd9

Response Measures

None

Receivership Details

Depositor recovery rate
90.0%
Date receivership started
1933-11-02
Share of assets assessed as good
51.4%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
11.6%

Description

Bank was operating on a restricted basis after the March 1933 banking holiday and was placed in receivership Nov. 2, 1933.

Events (4)
1. January 12, 1885 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed / placed on restricted deposits as a result of the March 1933 federal banking holiday and subsequent conservatorship.
Newspaper Excerpt
operating on restricted basis since the banking holiday.
Source
newspapers
3. November 2, 1933 Receivership
Source
historical_nic
4. November 2, 1933 Receivership
Newspaper Excerpt
appointment of Miller as receiver for the Old First National bank of Ft. Wayne; Miller was appointed Nov. 2, 1933; the Old First National bank has 30,000 depositors and ... frozen deposits exceed $6,000,000. (articles reporting receiver appointment and related political dispute).
Source
newspapers

Newspaper Articles (12)
1. August 4, 1933 The Indianapolis Star Indianapolis, IN

Article Text

cided upon at a meeting of the organization's board Mrs. Daniels, president, was in Washington last night. New Fort Wayne Bank Would Release 6 Million FORT WAYNE, Ind., Aug. 3.(U.P.) Plans for of new bank with $1,000,000 capital were approved by directors of the Old First National Bank and Trust Company, in special meeting today The plan calls for the immediate release $6,000,000 in restricted deposits of the old bank. The new institution would be known as the Na tional Bank of Fort Wayne. The Federal government would be partner in the proposed new institution, take the place of the Old First National Bank Trust Company The latter has been operating on restricted basis since the banking holiday.

2. November 3, 1933 Journal and Courier Lafayette, IN

Article Text

BANK RECEIVER Protest to Farley Widens Breach in Feud Between Senator and State Chairman Peters. FORT WAYNE. Ind., Nov. (INS) into the open of feud between United States Senator Frederick Van Nuys Indiana, State Chairman Earl Peters today in the telegraphic protest sent by Nuys from Los Cal., to Democratic Chairman James ley in Washington against the apof ceiver for the Old First National bank here. Miller took over his duties toFrank Cutshall, had been president of the $6,000,000 institution Word received here was that Nuys wired Farley that "Miller's appointment constitutes repudiation of our repeatnew and square the citizens was that State Chairman Peters backed Miller for the The Old First National bank has 30,000 depositors and 1,400 The Van Nuys telegram also protested, said, against the appointment of the legal firm Peters Leas here as attorneys for bank Peters only week or so ago suffered defeat hands Governor Paul McNutt with whom differed over the bandling the party's funds in diana.

3. November 3, 1933 The Tribune Seymour, IN

Article Text

Washington, Nov. Senator VanNuys, Indiana, today lodged protest with master general James Farely against the appointment of Miller as receiver for Old First National Bank Vt. Wayne, Ind., and the firms Peters and Leas as attorneys. Asserting his recommendation had been "completely and he has "continuously manded that the receiver and his attorney for this bank be lected solely upon the basis efficiency and experience" telegraphed Farley that the pointment constituted pudiation of our repeated prom to the people of square R. Earl Peters is head of firm of attorneys for ceiver. Peters is Indiana state democratic chairman.

4. November 3, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 3, 1933

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Article Text

VAN NUYS AND EARL PETERS SPLIT OPENLY Senator Voices Protest on Choice of Ft. Way Bank Receiver. BY WALKER STONE Times Special Writer WASHINGTON. Nov. 3.-Senator Frederick Van Nuys today broke openly with R. Earl Peters, Indiana Democratic chairman, and National Chairman James A. Farley in a controversy over appointment of a receiver and attorneys for the old First National bank of Ft. Wayne. The controversy was brought into the open when Currency Comptroller J. F. T. O'Connor, apparently on advice of Mr. Peters and Mr. Farley, today appointed E. C. Miller, Ft. Wayne lumberman, to serve as receiver for the bank, said to be the largest in northern Indiana. Appointment of Mr. Miller as bank receiver, it is charged. was made with the understanding that the law firm of Peters & Leas of Ft. Wayne, of which Earl Peters is the senior member, would be named attorney for the receiver. Up until today, since closing its doors, the bank has been under the supervision of Frank Cutshall, president, who has been serving as conservator under authority of the comptroller. Served as Attorneys The law firm of Eggeman, Reed & Cleland, Ft. Wayne, has been serving as attorneys for the conservator. It is the charge of Senator Van Nuys that the comptroller ignored a standing rule by naming as receiver, a resident of the community in which the bank is located. Senator Van Nuys had recommended appointment of J. B. E. Laplante, Vincennes, a former bank president, who, according to the senator's office. now is serving as the federal government's liquidating agent for three banks in southern Indiana. From Los Angeles. where Senator Van Nuys has gone as a member of a senate subcommittee investigating federal court receivership practices, the senator today sent the following telegram to Posímaster-General Farley: Thousands Interested "I hereby desire to protest formally your appointments of receiver and attorneys for old First National bank of Ft. Wayne. Ind. This receivership involves more than thirty thousand depositors and fourteen hundred stockholders. The aggregate frozen deposits exceed $6,000,000. I continuously have demanded that the receiver and his attorney for this bank be selected solely upon the basis of efficiency and experience. You have ignored completely my recommendations on behalf of the business interests of the city of Ft. Wayne and the thousands of citizens of that city whose dearest interests are involved in this receivership. I am, as aforesaid, hereby filing my formal protest to what I believe to be repudiation of our repeated promise of a new and square deal to the citizenship of Indiana." It is understood that while Senator Van Nuys was in Indianapolis a couple of weeks ago, State Chairman Peters came to Washington and wrangled out of Controller O Connor and Mr. Farley a promise to name Miller receiver for the Ft. Wayne bank. in order that Peters' law firm might become attorneys for the receiver. Charge Is Denied To Senator Van Nuys' protest, it is said. the comptroller and the postmaster-general replied that the comptroller therefore had dispensed all his Indiana patronage on the basis of the senator's recommendations. but that in the instance of the Ft. Wayne bank it was felt that Peters should be recognized. in as much as Ft. Wayne is Peters' home town. The feud between Senator Van Nuys and Mr. Peters became known early in the summer when Senator Van Nuys engineered the appointment of Stephen B. Fleming, one of Peters' enemies, as manager of the Ft. Wayne branch of the Federal Home Owners Loan Corporation. The senator's charge that the comptroller had disregarded a rule in the appointment of a resident receiver today was denied at the comptroller's office, where it was said that there is no rule as to the residence or non-residence of a bank receiver. Served as Postmasters Mr. Miller, a member of the Peters faction in Ft. Wayne Democratic circles, served as postmaster of that city during the administration of Woodrow Wilson. It is likely that in this controversy the Allen county Democratic organization will side against Peters, since Samuel Cleland of the firm of Eggeman, Reed & Cleland, attorneys for the conservator, is

5. November 4, 1933 The Indianapolis Star Indianapolis, IN

Article Text

estopped from preventing the appointment. LEAS HAS NO COMMENT Member of Law Firm Declines to Talk About FORT Ind., Nov. junior member the law firm Peters Leas, said day he the by United Senator Postmaster General Farley against the appointment Miller as receiver for the Old First National bank the firm Peters Leas as for the Miller who is president and manager the Fort Wayne Builders Supply and former postmaster Fort will Frank Cutshall acting as conservator for bank.

6. November 4, 1933 The Star Press Muncie, IN

Article Text

Senator Protests Naming of Wayne Bank Washington, Nov. break between Senator VanNuys (Dem. and Earl Peters, Indiana Democratic chairman, disclosed today when the senator telegraphed proagainst the appointment of Miller as receiver for the Old National Bank, Fort Wayne, Ind., and the firm of Peters chairman the senior the appointed Protest Made To Farley. The protest was sent to PostmasJames Farley charge patronage for the national Senator VanNuys his the appointment receiver had been He added that demanded receiver and his attorney this solely upon the efficiency and appointment, Senator VanNuys constituted repeated deal citizenship VanNuys had Laplante, Vincennes, receiver for the Fort Wayne bank. He contended that the Wayne Builders Supply Comviolates ruling of the that national bank receivers from other than that which the located. his protest from Los Angeles. attend hearing of the Senate

7. November 10, 1933 The Indianapolis Star Indianapolis, IN

Article Text

FARLEY EVADES ROW OF VAN NUYS, PETERS WASHINGTON Nov. pointments of bank receiver and his attorneys for the Old First Na. tional Bank of Fort Wayne, Ind., that brought wide breach between Senator Indiana) and R. Earl Peters. Indiana closed issue as far as Postmaster General James Farley is concerned. When asked today about Senator VanNuys's protest against naming E. C. Miller as receiver the firm of Peters Leas the postmaster general said the appointments had been made by the controller of the currency and that he would take no hand in the matter Farley said reports published in Indiana that Peters had resigned or would resign had not reached him, and that the Indiana chairman had a Federal appointment with him

8. November 10, 1933 Evansville Courier and Press Evansville, IN

Article Text

Farley 'Through' Bothering About Van Nuys, Peters Naming of Ft. Wayne Bank Receiver Closed Issue, Demo Chieftain Says WASHINGTON Nov. pointments of bank receiver his attorneys for the Old First National bank of Fort Wayne Ind. that brought breach between Senator Van Nuys (D., Ind.) and R. Earl Indiana state democratic closed issue as far Postmaster General James A. Farley concerned. When asked at his press conference today about Senator Van Nuys' protelegraphed from Los Angeles, against naming E. Miller receiver and the firm of Peters and Leas as the postmaster general said the appointments had been made by the comptroller of the currency and that he would take no hand in the matter. The democratic national chairman was out of the city when Senator Van Nuys' protest arrived last week. Van Nuys characterized the appointment "repudiation of the pledge of the democratic party "to the people of Indiana for new and square In his protest he did mention by name B. E. La Plante of Vincennes, whom he had recommended for the receivership but laid emphasis on the fact his

9. November 10, 1933 The Call-Leader Elwood, IN

Article Text

FARLEY EVADES INDIANA FIGHT Washington, Nov. 9.-Appointments of a bank receiver and his attorneys for the Old First National Bank of Fort Wayne, Ind., that brought a wide breach between Senator VanNuys (Democrat, Indiana) and R. Earl Pet. ers, Indiana state Democratic chair man, is a closed issue as far as Postmaster General James A. Farley, is concerned. When asked today about Senator VanNuys' protest against naming E. c. Miller as receiver and the firm of Peters & Leas as attorneys, the postmaster general said the appointments had been made by the controller of the currency and that he would take no hand in the matter. "Repudiation of Party Pledge." VanNuys characterized the appointments as a "repudiation of the pledge of the Democratic party to the people of Indiana for a new and square deal.In his protest he did not mention by name J. B. E. LaPlante of Vincennes,

10. November 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 14, 1933

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Article Text

His resignation does much to clear up the muddled Indiana political picture. Rumors of his resignation had been prevalent several weeks but Mr. Peters had denied that he had taken any formal action. The resignation clarifies the situation because it brings more into the open the three-cornered fight between Senator Frederick Van Nuys, Governor Paul V. McNutt and Mr. Peters. Both the Governor and the senator are reported unalterably opposed to Mr. Peters' senatorial candidacy. Marshall Williams, secretary of the committee, also resigned. Mr. Peters recently obtained appointment of his brother-in-law, Fay Leas, as attorney for the receiver for the Old First National bank of Ft. Wayne. The chairman also obtained appointment of E C. Miller, Ft. Wayne, as receiver. Senator Van Nuys objected strenuously to both appointments, but Mr. Peters was upheld by Postmaster-General James Farley, chief patronage dispenser for the national administration. The dispute between Mr. Peters and Governor Paul V. McNutt dates back several months. It was brought to a head recently by organization of the Hoosier Democratic Club by McNutt cohorts. The club was organized to collect party funds by assessing Democratic (Turn to Page Five)

11. February 6, 1935 The Indianapolis Star Indianapolis, IN

Article Text

BANK RECEIVER RESIGNS FORT WAYNE, Ind., Feb. 5.—(AP)—Edward C. Miller, former local postmaster, resigned as receiver of the Old First National Bank and Trust Company here today. He was appointed receiver Nov. 2, 1933. John M. Young of Washington, who has been in charge of conservatorships in the controller of currency office, will succeed Miller. He is expected to take charge Wednesday.

12. November 28, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 28, 1935

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Article Text

BANK RECEIVERS WIN LONG FIGHT Huge Financial Transaction Finally Completed at Fort Wayne. By United Press FORT WAYNE. Ind.. Nov. 28.One of the largest financial transactions in Fort Wayne history was completed today with the payment of $1,414,597 in cash to the receivers of the Old-First and the First and Tri-State Banks by stockholders under a collective agreement. The payment concluded a lawsuit begun last February in which receivers of the banks threatened to enforce 100 per cent stock assessment liability on all stockholders. Litigation was averted through the formation of a stockholders' committee which negotiated a basis of settlement with the receivers and with the government, which held securities of the defunct banks. Principals in today's paymnt were William T. McKay, Paul Mossman and Louis H. Moore, representing stockholders of the two Banks; Fred S. Hunting. representing the Fort Wayne National Bank as trustee: Harry G. Hogan, Guy Colerick and Walter Halmke, attorneys for the stockholders, and John M. Young and Herbert K. Dewees, receivers.