gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2dfefecc116adc62
Response Measures
None
Receivership Details
Depositor recovery rate
76.5%
Date receivership started
1929-02-15
Date receivership terminated
1934-10-31
OCC cause of failure
Fraud
Share of assets assessed as good
46.5%
Share of assets assessed as doubtful
41.4%
Share of assets assessed as worthless
12.2%
Description
Closure followed discovery of major defalcation/embezzlement by the cashier.
Events (4)
1.February 25, 1901Chartered
Source
historical_nic
2.February 14, 1929Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after discovery of large defalcation/embezzlement (reports mention $100,000 defalcation and arrest of cashier Herman A. Stewart for embezzling $45,000).
Newspaper Excerpt
Citizens National Bank Hope closed today... closing due to $100,000 defalcation.
Source
newspapers
3.February 15, 1929Receivership
Source
historical_nic
4.February 15, 1929Receivership
Newspaper Excerpt
receiver will be appointed within days and take charge of the bank and wind its affairs; Charles H. Ellis named receiver in later reports.
Source
newspapers
Newspaper Articles (23)
1.February 14, 1929The RepublicColumbus, IN
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Article Text
STEWART CHARGED WITH EMBEZZLEMENT $45,000 FROM CITIZENS NATIONAL
Bound Over to Federal Grand Jury and is Released on $25,000 Bond Signed By Joseph A. SpaughAdmits Manipulations, Report.
Ind., Feb. A. StewIndianapolis, cashier of the Citizens National Bank at Hope, Ind., arrested here this afternoon charges of embezon zling $45,000 and was bound over to the federal grand jury. Bond was set at $25,000 and was provided by Joseph Spaugh, Stewart's Stewart was arrested in downtown office building here by Charles LaSalle, United States marshal. The Citibank failed to this morning after examination open by Bert K. Patterson and John Utt, federal bank examiners. said he had 200 of land in BartholoStewart acres mew county and other valuable property that he intended to dispose of and make up the deficit in his accounts. He admitted manipulating funds of the bank and losses in unwise investments.
The National bank. of Hope, failed to open its doors this Citizens described by John of Fort Wayne, national morning. Indiana district, resulted in direcbank examiner for the tors of the institution passing resolution against reopening, specmeeting. Conditions discovered examination of the bank's books have Albert Ward. United States district attorney, at Inbeen referred to Utt said. Asked if criminal prosecution will result from dianapolis, Information which he to Mr. Ward, Utt answered, "Possibly." gave bank will not asked steps would be taken. He said on the condition of the bank been sent to W. Pole, and that receiver will appointed within days take charge of the bank and wind its affairs. Until that time he be in charge, Mr. Utt declared. national state banks, liable for the stock which they hold, Mr. Utt said. of the bank's books the first part this week. Mr. Utt and two assistants had the and when this the the them. the Mr. Utt they then the against bank today. Yesterday business conducted there to locate officials and the bank and obtain from them Hope reported that Martin Holder, president; Miller, Hercashier, and othbusiIn long distance with while he was learned that officers the bank had conferred with him there this morning. Mr. expected to return charge of the pending the He said the capacity of porary such is named by controller of currency Can Hear Plenty. regulations prohibitMr. going into detail found the bank. When he described the found bank he asked for details. hear plenty down Hope, said, explaining the same time that bank examinnot permitted to go into their Word bank failed open within short time and this was the chief topics of sation throughout the day. Merchants here this morning were warned against accepting the institution, the explanation that while the institution might cept would mean on number persons who residents of this among those affected by the closof the bank, as they were positors, was today. The number of increased several ago when residents this city protest against the being made by local withdrew their placed them banks Hope and other places, Regarded Strong Bank. Residents Hope, tain any very the bank's difficulties. were feel that the closing the would prove, serious matter. On streets Hope general belief that "frozen had brought about the Citizens bank for years has the strongrural banks in this section state. For nearly quarter has paid stockholders cent. interest result its stock great demand. The bank capitalized at $30,000 and addition $20,000 and undivided surplus $11,000. Joseph president (Continued on page 8)
2.February 14, 1929Palladium-ItemRichmond, IN
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Article Text
CITIZENS NATIONAL BANK AT HOPE, IND., FAILS TO OPEN DOORS
Feb. The Citizen's National bank of Hope, near here. failed to open this morning and John Federal bank examiner said he had referred the Albert United States district The bank $30,000. Martin H. Holder president.
DEATH CHAIR READY Feb. The electric chair, in Cook county penal circles, tested day found ready to exact night, reprisal for murOnly court action could the three sentenced to be electrocuted midnight. They Shanks, negro slayer JenConstance. Charles Walz and Anthony Grecco. killed PoliceArthur Esau.
MINER HURT Feb. Birtle years miner this city. fatally injured today struck vania railroad locomotive here. board the train ride to he has been working in the American No. mine which reopened recently Both legs severed from Robert's body and he died within minutes.
3.February 14, 1929The TimesHammond, IN
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Article Text
$100,000 DEFALCATION
HOPE, Ind., Feb. Citizens National Bank Hope, $400,000 national bank, closed here reported from reliable was that the bank's closing due $100,000 defalcation. The following notice was posted the bank's resolution of the board of directors, the National Hope closed at m. today."
4.February 14, 1929The TimesHammond, IN
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Article Text
$100,000 DEFALCATION
HOPE, Ind., Feb. Citizens Hope, Ind., $400,000 national bank, closed It reported from reliable that due defalcation. The following notice posted the bank's resolution of the board of directors, the Citizens National Bank Hope closed today."
5.February 14, 1929The TimesHammond, IN
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Article Text
$100,000 DEFALCATION
HOPE, Ind., Citizens National Bank Hope, Ind., $400,000 national bank, closed here today. It reported from reliable that closing due to $100,000 defalcation. The following notice was posted the bank's resolution of the board of the Hope closed today."
6.February 14, 1929Anderson Daily BulletinAnderson, IN
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Article Text
HOPE BANK CLOSED
Citizens National Bank Hope. Ind. near here, failed to open this and Jorn federal bank aminer, said he had referred the mat district attorney. The bank capitalized 000. Martin Holder president.
7.February 15, 1929The Tipton Daily TribuneTipton, IN
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Article Text
Indianapolis, Feb. -Following the closing yesterday morning of the Citizens National bank at Hope, Bartholomew county, Herman A. Stewart. cashier, was arrested here on a Federal warrant charging embezzlement of $45.000
8.March 13, 1929The Indianapolis TimesIndianapolis, IN
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Article Text
PROPERTY HELD ON WRIT Assets of Closed Hope Banks Former Cashier Seized. By United Press COLUMBUS, Ind., March 13.Property of Herman Stewart, former cashier of the Citizens National Bank of Hope, valued at $1,500, has been attached by Sheriff Alonzo Fitch upon a writ issued by judge Julian Sharpnack of Bartholomew circuit court here. The writ was issued at the request of Charles Ellis, receiver for the recently closed Hope bank.
9.April 18, 1929The Indianapolis TimesIndianapolis, IN
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Article Text
SET BANKER HEARING Creditors of Accused Cashier to Meet Friday. First creditors' hearing in the bankruptcy of Herman A. Stewart, former cashier of the Citizens National Bank, Hope, Ind., who faces federal charges in connection with alleged defalcations, will be conducted at 10:30 a. m. Friday before Carl Wilde, federal bankruptcy referee. Stewart, who surrendered to the United States marshal several days after the bank was closed, was held to the federal grand jury. The involuntary bankruptcy petition was filed in federal court by Charles H. Ellis, receiver for the bank and three Hope, Ind., citizens. Stewart listed liabilities of $166,511, including one item of $100,000 claimed by Ellis and assets of $75,276.
10.April 19, 1929The Indianapolis TimesIndianapolis, IN
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Article Text
PICK BANKER'S RECEIVER Carl C. Harrison Named to Salvage Affairs of Herman Stewart. Carl C. Harrison, Greensburg (Ind.) banker, today was named trustee by creditors of Herman A. Stewart, bankrupt, former cashier of the Citizens National Bank, Hope, Ind., at a creditors' meeting before Carl Wilde, federal bankruptcy referee. Stewart, who faces federal charges in connection with closing of the bank, listed $166,511 total liabilities and $75,576 assets.
11.April 20, 1929The Indianapolis TimesIndianapolis, IN
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Article Text
# PICK BANKER'S RECEIVER
Carl C. Harrison Named to Salvage
Affairs of Herman Stewart,
Carl C. Harrison, Greensburg (Ind.) banker, has been named trustee by creditors of Herman A. Stewart, bankrupt, former cashier of the Citizens National Bank, Hope, Ind., at a creditors' meeting before Carl Wilde, federal bankruptcy referee.
Stewart, who faces federal charges in connection with closing of the bank, listed $166,511 total liabilities and $75,576 assets.
12.April 26, 1929The RepublicColumbus, IN
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HOPE BANK RECEIVER SUES ON TWO NOTES
Charles H. Ellis, receiver of the Citizens National bank, of Hope, has filed suit in circuit court here against Marjorie and Raymond Wolford. complaint on two notes, demand $750. One of the notes IS for $200 and was drawn Feb. 5. 1929. The other one is for $400 and was drawn Nov. 20, 1928, according to the complaint. Interest on each of these was at the rate of 7 per eent.
The American Red Cross was incorporated by an act of congress in 1905.
13.April 27, 1929The Edinburg Daily CourierEdinburg, IN
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Article Text
HOPE BANK RECEIVER SUES ON TWO NOTES
Charles H. Ellis, receiver of the Citizens National bank, of Hope, has filed suit in circuit court here against Marjorie and Raymond Wolford, complaint on two notes, demand $750. One of the notes is for $200 and was drawn Feb., 5, 1929. The other one is for $400 and was drawn Nov. 20, 1923. according to the complaint. Interest on each of these was at the rate of per cent.
14.June 6, 1929The RepublicColumbus, IN
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REOPENING OF HOPE BANK UP COMPTROLLER
Official Will Request InvestiFirst, Those Intergation ested Believe.
CENT CUT ASKED
TO PAID IN FULL CLAIMS K'D. plan looking toward the opening of the now defunct zens National bank of Hope been submitted Pole comptroller currency Washington, his reaction proposal being awaited by persons interested seeing the reestablishment of the bank, was learned today. No indication has been given as when may expectfrom Pole, suggested today that probably will ask for an and report by Charles Ellis, of Munthe fairs of the bank receiver. Mr. Ellis has not been asked for report, is understood. Under the plan submitted. all creditors of the be asked claims cent, understanding that an fort made after the reopenthe institution to pay creditof the profits of the Then ing this deduction, $60,000 stock will and the bank organized. of the money tained the stock would used to the bank's indebtedness, the remainder would constitute the capital and surplus. The sale the stock has practically been understood, pledges been made for the entire amount, sponsoring the reopening the institution
Some Creditors Paid.
If the approval of the comptrolof currency obtained, rangements then have made general creditors of the bank, positors, that they agree take cent their claims. Sponsors the plan declare that creditors will the bank and paid claims than the affairs of the institution are wound up under the ceivership. Some the creditors the have been paid by Mr. Ellis authorization from the of rency. Under this the National bank Indianapolis, has paid $24,this institution having held security to indemnify against Claims totaling have been approved and receiver's cerbeen issued these claims, totaling to be made, to records the bank, and these few claims listed on the books are expected be filed. Claims filed include those of depositors other of the bank. When records the bank the claims filed by creditors receiver's certificates issued However, no record found the bank, the all the rency for his approval or Creditors until June file claims. After that date
(Continued from page
15.June 7, 1929The Edinburg Daily CourierEdinburg, IN
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HOPE BANK UP TO COMPTROLLER
Creditors, However, To Be Paid Full Later, Expectation$259,767 Claims K'd. plan looking toward the opening of the now defunct Cit: zens National bank of Hope ha been submitted to W. Pole, comp troller of currency at Washington and his reaction to the proposa now is being awaited by person interested in seeing the re-establish of the bank, was learned ment today. No indication has been given to when an answer may be expect ed from Mr. Pole, although it wa: suggested today that he probably will ask for an investigation and report by Charles H. Ellis, of Mun cie, who is now in charge of the af fairs of the bank as receiver. Mr Ellis has not yet been asked for report, it is understood. Under the plan submitted, creditors of the bank will be asked to cut their claims 40 per cent with the understanding that an effort will be made after the reopening of the institution to pay credit ors full out of the profits of the business. Then with creditors agree ing to this deduction, stock will be sold and the bank Part of the money organized. tained from the sale of stock would be used to settle the bank's indebt edness, and the remainder would constitute the capital and surplus The sale of the stock has practi cally been assured, it is understood as pledges have been made for the entire amount, persons sponsoring the of the institution reopening have announced. Some Creditors Paid. If the approval of the comptrol ler of currency is obtained. ar rangements then will have to be maile with the various general creditors of the bank, including de positors, that they will agree cent of take the 60 per payment their claims. Sponsors of the plar declare that creditors will realize more if the bank is reopened and 60 per cent is paid on all claims if the affairs of the institu than tion are wound up under the Some of the secured ceivership. creditors of the bank already have been paid by Mr. Ellis on authorization from the comptroller of cur rency. Under this arrangement the National bank of Indianapolis, has been paid $24, institution having held this collateral security to indemnify against loss on its claim. Claims totaling $259,767 have been approved and receiver's certificates have been issued on these Additional claims, totaling $75,000, are yet to be made, according records at the bank, and besides these few claims not listed on the books are expected to be filed. Claims filed include those of depositors and other creditors of the bank. When records in the bank and the claims filed by creditors are in accord, receiver's certificates are issued immediately. However, when no record is found in the bank, the claim, together with ali available information concerning it, is sent to the comptroller of currency for his approval or rejection. Creditors have until June 22 in which to file claims. After that date all claims will be outlawed, it understood. To Close at Noon Saturday. Mr. Ellis maintains his office in the room formerly occupied by the bank, the fixtures and equipment of the institution not having been disposed of. In the past the office has been open on Saturday afternoons, but in the future it will closed at noon on Saturdays, August Wildman, assistant to the received, announced today. Under this arrangement Mr. Ellis will be enabled to go to his home in Muncie for and Mr. Wildman will be able to go to his home in Lafayette. The office is open from 8:30 o'clock until 12 o'clock in the morning and from o'clock until week except Sateach day urday.
16.July 31, 1929The TribuneSeymour, IN
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Columbus, Ind., July 31-A 40 per cent. dividend will be paid all creditors of the defunct Citizens National bank at Hope that have been approved, it was announced today by August K. Wildman, assistant to Charles E. Ellis, receiver for the bank. The receiver will distribute $130,000. The dividend checks have been made and sent to Washing ton for the approval of the controller of currency. The distribution will made three weeks, it is announced.
17.October 12, 1929The Indianapolis TimesIndianapolis, IN
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RECEIVER OF DEFUNCT BANK SUES ON NOTES Three Actions Brought for $5,700 Due Institution at Hope. Three suits to recover a total of $5,798 on notes held by the defunct Citizens National bank of Hope. have been filed in federal court by Charles H. Ellis, receiver. Defendants and judment asked are: Rush W. Isley and L. M. Isley, R. R. 4, Shelbyville, $898; John G. Schaefer, Hope, $3,500, and Willie R. Carman, Cecil B. Carman and Georgia A. Isley, $1,400. Herman A. Stewart, former cashier, of the bank, has pleaded guilty to nine counts of a federal indictment charging embezzlement, which resulted in closing of the bank.
18.January 29, 1930Chronicle TribuneMarion, IN
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12 HOPE BANK DIRECTORS FACE NEGLIGENCE CHARGE
Ind., Jan. 29 Twelve directors the defunct Citizens National Bank of Hope, Ind., charged negligence in suits file in Federal court here on today. Charles H. Ellis, bank receiver, sued for which said the bank lost because the directors negligent.
19.July 31, 1930Journal and CourierLafayette, IN
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Charges Against Bank Receiver Are Dropped dispatch from Hope, Ind., says that intoxication cently lodged against K. Wildthe National bank Hope, resident Lafayette, had been tion of the attorney of evidence upon which to base charges,"
20.August 1, 1930The Indianapolis TimesIndianapolis, IN
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# Liquor Case Dismissed
By Times Special
HOPE, Ind., Aug. 1.-Charges of intoxication, possession of intoxi-
cating liquor and operating a nuisance which were filed June 28 by
Marshal George Hitchcock of Hope against A. K. Wildman, receiver of
the Citizens National bank, have been dismissed for want of evidence.
The average per capita consumption of candy in the United States
during 1929 was thirteen pounds.
21.September 10, 1931The RepublicColumbus, IN
Article Text
ARTHUR COWIN FILES CLAIM
Arthur Cowin, of Hawcreek township, has filed claim for preferred labor circuit court against Wildman, receiver for the Citizens National Bank, of Hope, and Daniel Harker The action was filed by D. McGinnis, attorney. Cowin seeks to collect $69. The complaint sets out that he was ployed by Harker on his farm. The farm is to be sold by the bank receiver and the plaintiff wants to be paid from the funds obtained through the sale.
22.April 25, 1934The RepublicColumbus, IN
Article Text
BY HOPE RECEIVER
Morton Lamb Lists Condition of Defunct Bank as of March 31.
A statement of condition of the defunct Citizens National bank of Hope for the quarter which ended March 31 has from Morton Lamb, of Shelbyville, the receiver. At that time the receiver had collected total $356,916.77 and of this, had cash on hand amounting to $16,916.77. Disbursements had been as follows: Secured and preferred liabilities paid, taxes, insurance, etc., $8,435.84; expenses of receivership $36,926.50; dividends to unsecured creditors, $267,569.57. The collections were: Cash from assets and stock assessment, $340,885.36; from premium and rents, $15,721.41; for owners, and held by receiver as $310. The bank suspended operations Feb. 1929.
23.September 6, 1934The Indianapolis TimesIndianapolis, IN
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Closed Bank to Pay By Times Special HOPE, Sept. 6.-Beginning tomorrow, Morton Lamb, receiver for the defunct Citizens National Bank, will begin payment of a 3.98 per cent dividend, about $15,000, which will be the last money depositors will receive. The dividend will bring the total to 76.48 per cent, and is the fourth declared since the bank was closed Feb. 14, 1929.
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.
