First National Bank (Russiaville, IN)

View Charter #5524 on SPMC View balance sheet

Episode Information

Episode UID
552401596
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
55240 national
Charter Number
5524
Start Date
December 29, 1932
Location
Russiaville, Indiana (40.418, -86.271)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
184750296bcf381a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-12-30
Date receivership terminated
1937-09-28
Share of assets assessed as good
46.6%
Share of assets assessed as doubtful
24.0%
Share of assets assessed as worthless
29.5%

Description

Sources give suspension as Dec. 29, 1932 and known receivership date Dec. 30, 1932.

Events (4)
1. August 1, 1900 Chartered
Source
historical_nic
2. December 29, 1932 Suspension
Cause Details
Bank unable to obtain enough cash to continue as a going concern; liquidity shortage cited.
Newspaper Excerpt
The Russiaville National bank suspended operations December 29, 1932, circumstances having arisen that made it impossible for the concern to obtain enough cash to continue as a going concern.
Source
newspapers
3. December 30, 1932 Receivership
Source
historical_nic
4. December 30, 1932 Receivership
Newspaper Excerpt
Payment of a 40 per cent dividend to depositors of the defunct Russiaville National bank... was announced here today by Frank W. Bryant, receiver.
Source
newspapers

Newspaper Articles (12)
1. December 30, 1932 The Kokomo Tribune Kokomo, IN

Article Text

from Page are DeLon. Samuel NewGordon, and Howard The Russiaville National Bank in and for organized thirty-two years has served its community well financial instiFor It did tution. many years comparatively large steadily profitable The peak was reached deposits. few only after years ago. the current got under way that the bank began to experIn Russiaville. the failure of the bank to reopen for Friday while causing some and some brought prise few, any, reflections upon the institution's officers and directors. The prevailing seemed be that they had done their best weather the storm and be with entitled to than complained of for not rather able ride out the tempest. being The Institution at the bank in Howard county. Its passing leaves only banks, both state one Kokomo and one in the county. was the second financial institution the county fold within the year. The Hemlock State other was which suspended operations last

2. August 26, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 26, 1933

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Article Text

DIVIDEND PAID BY BANK 40 Per Cent Given Depositors of Russiaville National. By United Press KOKOMO, nd., Aug. 26. - Payment of a 40 per cent dividend to depositors of the defunct Russiaville National bank, totalling about $25,000, was announced here today by Frank W. Bryant, receiver.

3. August 26, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 26, 1933

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Article Text

DIVIDEND PAID BY BANK 40 Per Cent Given Depositors of Russiaville National. By United Press KOKOMO, Ind., Aug. 26.-Payment of a 40 per cent dividend to depositors of the defunct Russiaville National bank, totaling about $25,000, was announced here today by Frank W. Bryant, receiver.

4. September 26, 1933 The Tipton Daily Tribune Tipton, IN

Article Text

PAYING DIVIDEND. Checks for 40 Per Cent of Deposits Issued at Russiaville. Frank W. Bryant, receiver for the Russiaville National Bank, who was appointed the first of the year, started payment of the first dividend to depositors Monday morning. When the bank opened there was string of depositors waiting and the payments were made by John Shrock and Mrs. Elsie Gordon. employes of the bank. The receiver is paying a 40 per cent dividend of the amount each depositor had in the bank at the time it was closed and it will amount to approximately $40.000. Distribution of the dividend will continue from day to day until all checks have been passed out.

5. September 26, 1933 The Tipton Daily Tribune Tipton, IN

Article Text

PAYING DIVIDEND. Checks for 40 Per Cent of Deposits Issued at Russiaville. Frank W. Bryant. receiver for the Russiaville National Bank. who was appointed the first of the year, started payment of the first dividend to depositors Monday morning. When the bank opened there was a string of depositors waiting and the payments were made by John Shrock and Mrs. Elsie Gordon, employes of the bank. The receiver is paying a 40 per cent dividend of the amount each depositor had in the bank at the time It was closed and it will amount to approximately $40.000. Distribution of the dividend will continue from day to day until all checks have been passed out.

6. April 3, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 3, 1934

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Article Text

Closed Banks to Pay By Times Special KOKOMO, April 3.-Two closed banks in Howard county will pay dividends within the next thirty days, receivers announce. Dividends of the Russiaville National bank will be 20 per cent, representing $15,000, according to the receiver, Frank W. Bryant. Amount of dividend of the People's Trust and Savings bank of Kokomo, to be paid about April 15, has not yet been determined by Charles F. Mahin, receiver. Previously, the bank had paid dividends of 5 and 10 per cent.

7. December 10, 1934 The Kokomo Tribune Kokomo, IN

Article Text

BANK RECEIVER FILES FORECLOSURE SUITS Foreclosure actions have been filed in circuit court by Frank W. Bryant, receiver of the Citizens National bank, against EM Heaton, Susannah Heaton, the Fairlawn Realty Co., and the Bankers Trust Co. of Indianapolis as receiver for the Fairlawn company. and by Bryant as receiver of the Russiaville First National bank against John M. Stout, Mary L. Stout, and Louie Blanche Stout. In the suit against Heaton the receiver asks judgment for $4,000 and costs on a note given to the Kokomo Trust Co. in 1920, requests that a receiver for mortgaged farm property be named and the land sold. In the other case the receiver asks judgments totalling $651.44 on notes. Overson and Manning represent the receiver.

8. January 19, 1935 The Kokomo Tribune Kokomo, IN

Article Text

BRYANT IS TO MOVE BANK RECEIVER TO OPERATE IN NEW QUARTERS EARLY NEXT WEEK Announcement was made Saturday by Frank W. Bryant, receiver of the Citizens National, Howard National and Russiaville National Banks, that he expects to install his staff of assistants and all records pertaining to his receivership duties in the north room of the Howard Bank building early next week, possibly Monday. Workmen are now rushing to completion the work of preparing the room. It has already been provided with compartments, with an entrance leading to the old Howard bank vault, and with a stairway leading to the safety deposit vault and work room on the second floor of the bank building. After the first of the week, all business relating to the three bank receiverships will be handled in the new quarters. Receiver Bryant and his staff, since vacating the first floor of the Citizens bank building, have been quartered on the sixth floor of that building. Rapid progress is being made in the remodeling of the front room of the Howard bank building, which is to be occupied on or about February 1 with a store of the Merit Shoe Company.

9. April 18, 1935 The Kokomo Tribune Kokomo, IN

Article Text

Sarah Summers by Commissioner C. McAninch to Reece Fisher and wife, 1/2 of an acre in Honey Creek township, consideration $550.00, commissioner's deed. Ruth E. Peters, deceased by administrator to Lewis A. Riffe, 50 acres in Taylor township, administrator's deed, consideration $2250.00. Mapie E. Williams to Millard E. Underwood and wife, 8 acres in Clay township, consideration $1275, W. D. Warren A. Jackson to Helen Irvin Cope, 9.33 acres in Union township, consideration $1.00, W. D. First National bank of Russiaville, to Zepher Gordon, part lot 24, original plat to Russiaville, consideration $2700.00, receiver's deed. State Bank of Greentown by commissioner to Edward Uphans, 141.29 acres in Union township, consideration $11,300.00, commissioner's deed. Katie Ortman et al to Ed Ortman, 80 acres in Clay township, consideration $1.00, W. D. Frank L. Ortman, guardian, to Ed Ortman, 80 acres in Clay township, consideration $1,000.00, guardian deed.

10. May 18, 1935 The Kokomo Tribune Kokomo, IN

Article Text

Bank Closed Late in '32 The Russiaville National bank suspended operations December 29, 1932, circumstances having arisen that made it impossible for the concern to obtain enough cash to continue as a going concern. The receivership followed. In two and one-half years all depositors will have been paid dollar for dollar, and something is to be left for the shareholders. In face of such a revelation it seems a pity that the institution encountered conditions that compelled it to close. Other Receivership Closings A bulletin received by Receiver Bryant from the office of the comptroller of the currency announces that hereafter monthly statements will be issued showing national bank receiverships closed within the preceding month. The bulletin states that within the month of March eight such receiverships were closed, reducing the number of national bank receiverships still in operation in the country as a whole to 1,539, at the close of business on March 31. Of the eight banks whose receiverships were finally closed in March, four paid the depositors in full, with interest, while the other four had assets sufficient to pay them only in part. One of the four paying in full was an Indiana institution, the Farmers National bank of Trafalgar. The other three paying in full and the four which paid only in part were widely scattered, one in Ohio, one in Illinois, one in Texas, one in Iowa, one in California, one in North Dakota and one in Oklahoma.

11. October 17, 1935 The Kokomo Tribune Kokomo, IN

Article Text

Neither Confirms Nor Denies Story—Politics Said to Figure in Situation. That a change is to be made within the next few days in attorneys for the receiver of the Citizens National and Howard National banks of Kokomo and the Russiaville National of Russiaville is a report current in local business circles. It is said that Arthur G. Manning is to retire as attorney for the receiver of the Citizens National and be succeeded by Forest E. Jump, and that Donald F. Elliott is to withdraw at attorney for the receiver of the Howard National and Russiaville National and be succeeded by John Marshall. Verification of the report such changes are about to be made could not be obtained by a Tribune reporter who called on James W. Carpenter, receiver of all three banks, at his offices in the Howard bank building Thursday. Carpenter Is Reticent Mr. Carpenter neither affirmed nor denied. He said he lacked authority to issue any public statement on the subject, indicating that any verification or denial at this time would have to come from Washington, D. C., from the office of the comptroller of the currency. The reporter respected Mr. Carpenter's reticence, of course, but gathered from a remark which the receiver dropped incidentally that something of the sort mentioned is not only "on the fire" but is about ready to be taken off and dished out. Mr. Carpenter suggested that the story be withheld until the fore part of next week. When the reporter told him the story was already in possession of a good many people in Kokomo, he smiled and said, "Well I cannot prevent surmises. I can only say I am not in a position at this time to make any statement for publication on the subject." Regarding Recommendations So much for Mr. Carpenter. He felt he lacked authority to divulge anything that may be doing, at this time, and no one can reasonably complain of his attitude. He is acting under orders and it is commendable that he is disposed to follow them implicitly. The practice

12. October 30, 1935 The Kokomo Tribune Kokomo, IN

Article Text

Shift Forecast in Tribune Carried Out—New Arrangement Now in Effect. Arrangements made some time ago for a change in attorneys for the receiver of the Citizens National, Howard National and Russiaville National banks became effective at the close of business Tuesday evening, and the shift was at that time made. Receiver J. W. Carpenter announced that, beginning Wednesday morning, Forrest E. Jump would be his attorney as receiver for the Citizens National and that John Marshall would be his attorney as receiver for the Howard National and Russiaville National. The change retires the firm of Overson and Manning as attorneys in the Citizens National and Russiaville National receiverships and Donald F. Elliott as attorney in the Howard National receivership. It will be noticed that the shift places the legal work in the Citizens National receivership only in the hands of Attorney Jump. Under the old arrangement, the firm of Overson and Manning handled the work in both the Citizens National and the Russiaville National. The new arrangement assigns the Russiaville National to John Marshall, who is also to handle the Howard National. Shifts Forecast by Tribune. About a fortnight ago The Tribune carried an article stating that the shifts herewith announced had been recommended and would be announced as soon as approved by the comptroller of the currency. At that time, Receiver Carpenter refrained from either verifying or denying the report. Tuesday evening he announced the changes, smilingly remarking that the forecast the Tribune had printed was correct. When he was asked whether changes in his staff of clerical assistants, which The Tribune's article stated were probable, would be made now or in the near future, he remarked that he was not in a position at present to make any announcement on that subject. Politics a Factor. That a change in attorneys in the three bank receiverships would be made, was generally surmised at the time Mr. Carpenter succeeded Frank W. Bryant in charge of the three trusts. That was about a month ago. It seemed to be generally taken for granted that the new receiver, being a Democrat, would (Continued on Page Two)