Valparaiso National Bank (Valparaiso, IN)

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Episode Information

Episode UID
621501585
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
62150 national
Charter Number
6215
Start Date
January 11, 1932
Location
Valparaiso, Indiana (41.473, -87.061)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c8dd99ca7340e572

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-01-20
Date receivership terminated
1937-09-08
Share of assets assessed as good
29.0%
Share of assets assessed as doubtful
68.9%
Share of assets assessed as worthless
2.2%

Description

Bank closed by federal order Jan. 11, 1932 and placed in receivership; later dividends paid during liquidation.

Events (5)
1. April 18, 1902 Chartered
Source
historical_nic
2. January 11, 1932 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller/department (federal banking authorities) at height of local banking scare.
Newspaper Excerpt
the Valparaiso National bank, which closed its doors on Jan. 11, last, were notified
Source
newspapers
3. January 20, 1932 Receivership
Source
historical_nic
4. January 20, 1932 Receivership
Newspaper Excerpt
Known receivership (government records) for Valparaiso National Bank assigned January 20, 1932.
Source
newspapers
5. August 25, 1932 Other
Newspaper Excerpt
A 35 per cent dividend, payable to depositors of the Valparaiso National bank, which closed in January, was announced Wednesday by ... receiver.
Source
newspapers

Newspaper Articles (14)
1. March 5, 1932 Vidette-Messenger of Porter County Valparaiso, IN

Article Text

APPLEGATE IS REMOVED BY JUDGE'S ORDER Stockholders Who Asked His Removal, Claim Reports Ordered, Were Never Made. $7,500 ON DEPOSIT IN NATIONAL BANK T. L. Applegate, former cashier of the Valparaiso National Bank, was removed as receiver for the Porter County State Bank of Kouts by Judge Grant Crumpacker in Porter circuit court this morning. The action came after members of stockholders' committee, comprising Edward O'Brien, Herman Kosanke and A. F. Hofferth, filed petition late Friday asking that the receiver be removed and he be cited for contempt of court. It was charged by the committee that the receiver had failed to request payments of persons owing notes to the bank, and that on two occasions, when ordered by the court to file reports, never com- On Feb. 4, at a meeting the receiver and depositors, an agreement was reached whereby a committee was named to co-operate with the receiver in the collection of notes due the bank. At the time Judge Crumpacker ordered the receiver to make a report within 30 days. Friday was the last day and no report was filed. Judge Crumpacker's order today called for the filing of report by next Tuesday, and also the resignation of the receiver. At the time of its closing the Kouts bank had resources of $200,000. Only per cent dividend has been paid to date. According to recent report of the receiver, a total of $7,500 in money on deposit in the Valparaiso National bank, which closed its doors on Jan. 11. Depositors of the Kouts bank maintain that this money have been distributed some time ago as dividend, and they threaten to sue the receiver on his bond. Charles H. cashier of the Kouts bank, prison forgery petition to charge off in notes, most which were forgeries. Cannon, was filed sometime ago with Judge Crumpacker.

2. April 21, 1932 Vidette-Messenger of Porter County Valparaiso, IN

Article Text

RECEIVER OF NATIONAL TO BE IN CHARGE Comptroller of Currency Orders Step to Make Liquidation; Time to Be Given for Payment. WILL BE LEVIED ON 100 PER CENT BASIS Stockholders of the Valparaise National Bank, which closed its doors on Jan. 11, last, were notified Wednesday by J. W. Pole, comptroller of the currency, United States Treasury department, that a 100 per cent assessment had been levied against their share holdings, The notice mailed to all shareholders of the bank contained the following reason for the "Whereas upon proper accounting by the receiver to collect the assets of the Valparaiso National Bank, and upon a valuation of the uncollected assets remaining in his hands, it appears. my satisfaction that in order to pay the debts of such association it is necessary to enforce the individual liability of the Under the order of Comptroller Pole, shareholders are liable for the full amount of the capital stock of the bank, $150,000. This amount must be paid on or before May 21, 1932. Clay Haymond, receiver the bank, is directed to take necessary proceedings, by suit otherwise, to enforce the individual liability of all shareholders owning stock at the time of the bank's closing. Receiver Haymond authorIzed, however, by the comptroller to grant an extension, without interest, to shareholders who pay 25 per cent of the on or before May 21, providing they give a written obligation, satisfactorily guaranteed, to pay 25 per cent additional on or before June 21. 1932, 25 per cent on or before July 21, 1932, and the remaining 25 per. cent on or before August 21, 1932. Deferred payments will bear interest after May 31, 1932, at the legal rate, except that interest may be abated in the case of any shareholder who pays one-fourth of his assessment on or before the dates at which they mature, under the terms of the extension. Shareholders of the bank are scattered in various parts county. Because a splitting of several big a number of years the number shareholders was materially Increased.

3. August 25, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 25, 1932

Click image to open full size in new tab

Article Text

Dividend Declared by Bank VALPARAIS, Ind., Aug. 25.-A 35 per cent dividend, payable to depositors of the Valparaiso National bank, which closed in January, was announced Wednesday by The H. Clay Haywood, receiver. dividend will amount to $220,000.

4. August 26, 1932 The Times Hammond, IN

Article Text

VALPARAISO, Ind., Aug. 26.—(U.P.)—The first relief from financial difficulties here following three bank failures was seen today with an announcement that a dividend will be available for depositors of the Valparaiso National bank. F. Clay Hammond, receiver for the institution, said that the treasury department had approved an immediate dividend payment of 35 per cent. The $220,000 will be sent out at once, Hammond said.

5. August 26, 1932 The Pharos-Tribune Logansport, IN

Article Text

VALPARAISO BANK PAY DIVIDEND VALPARAISO, Ind., Aug. first relief from financial difficulties here following three bank failures seen today with an announcement that dividend will he available to of the Valparaiso National bank Clay Hammond receiver for the institution. said that the treasury department had approved an immediate dividend payment of 35 per cent. The be sent at once. Hammond said.

6. November 28, 1932 Vidette-Messenger of Porter County Valparaiso, IN

Article Text

NEW BRITISH NOTE DRAFTED DEBT ENTER JUDGMENT BY HENRY T. RUSSELL BY KOUTS BANK RECEIVER (United Press Staff Correspondent) LONDON, Nov. new British war debt note, drafted over the week-end, was expected today to claim that if the United States insisted on payment of the $95,000,000 December installment there would be world financial repercussions. The question of payment or fault would remain unsettled the by (Continued on page 3, column Judgment in the sum of $7,418.17 was entered this afternoon in Porter circuit court by Judge Grant Crumpacker in favor of Edward M. O'Brien, of Kouts, receiver for the defunct Porter County State Bank of Kouts, against Thomas L. Applegate, former receiver, and the United States Fidelity and Guaranty Company, of Baltimore, Md. The judgment against the defendants represents money belonging to the Kouts bank which was on deposit in the Valparaiso National Bank when it closed on January 11 last. Mr. Applegate, as former receiver of the bank, was held accountable for the amount by Judge Crumpacker when It was shown that the money had been in the bank for nearly year and the receiver had failed to make report to the court after having been notified to do The Kouts bank closed its doors in April, 1927. when an audit by examiners for the state showed the bank's affairs to have been grossly mismanaged. Resources of over $200,000 dwindled by reason of forgeries and bad loans so that only small amount was realized. One dividend of five per cent, was paid. Edward Ryan, of this city, was attorney for Receiver O'Brien, and John P. Crumpacker, of this city, was counsel for the defendants.

7. June 23, 1934 The Star Press Muncie, IN

Article Text

HAYMOND IS APPOINTED TO NATIONAL BANK POST Valparaiso, June the Valparaiso National Bank, transferred supervisor the receivers, was announced here today.

8. June 23, 1934 The Kokomo Tribune Kokomo, IN

Article Text

Bank Receiver Transferred Valparaiso, Ind. June Clay Hammond of Muncle, Ind., receiver the Valparaiso National Bank has been transferred to to act supervisor of the National bank receivers, it was announced here today.

9. July 9, 1934 Vidette-Messenger of Porter County Valparaiso, IN

Article Text

BANK RECEIVER RETURNS Clay receiver the Valparaiso National bank, returned from Washington has been last the winding partment closed banks. work the bank. tinue his

10. August 13, 1934 The Times Hammond, IN

Article Text

BANK RECEIVER SUIT IS VENUED The suit of F. Clay Haymond, receiver of the Valparaiso National bank, against Alpheus Williams, of Valparaiso, was filed Friday in the Gary superior court on a change of venue from the Porter superior court. The suit asks judgments of $10,699 and $238 against Williams, alleging that he's indebted to the defunct institution to those amounts, on notes past due and unpaid.

11. August 13, 1934 The Times Hammond, IN

Article Text

BANK RECEIVER SUIT IS VENUED The suit of F. Clay Haymond, receiver of the Valparaiso National bank, against Alpheus Williams, of Valparaiso, was filed Friday in the Gary superior court on a change of venue from the Porter superior court. The suit asks judgments of $10,699 and $238 against Williams, alleging that he's indebted to the defunct institution to those amounts, on notes past due and unpaid.

12. August 13, 1934 The Times Hammond, IN

Article Text

BANK RECEIVER SUIT IS VENUED The suit of F. Clay Haymond, receiver of the Valparaiso National bank, against Alpheus Williams, of Valparaiso, was filed Friday in the Gary superior court on a change of venue from the Porter superior

13. August 13, 1934 The Times Hammond, IN

Article Text

BANK RECEIVER SUIT IS VENUED The suit of F. Clay Haymond, receiver of the Valparaiso National bank, against Alpheus Williams, of Valparaiso, was filed Friday in the Gary superior court on a change of venue from the Porter superior court. The suit asks judgments of $10,699 and $238 against Williams, alleging that he's indebted to the defunct institution to those amounts, on notes past due and unpaid.

14. December 17, 1934 Vidette-Messenger of Porter County Valparaiso, IN

Article Text

1,800 GET BANK Receiver F. Clay Haymond of Valparaiso National Bank Announces Receipts of Dividend Checks NEARLY $600,000 HAS BEEN RETURNED "I've got money for you and get it!" come This was the cheering justgreeting sent to some 1,800 Valaraiso and Porter county individuals late this afternoon by F. Clay Haymond, receiver for Valparaiso National Bank. Receiver Haymond has $38,000 hand to distribute to former depositors in the Valparaiso National. It brings the total dividends paid by the closed banking house to approximately $600,000 or about 77 per cent of the deposits. The bank was closed on order of the department on Monday, Jan. 11, 1932, at the height of Valparaiso's most severe banking scare. Mr. Haymond was sent here in February, 1932, to take charge and liquidate. The first dividend came in Septemebr, 1932, the second, in March, 1933, the third in 1934. The receiver preferred and secured full. Stockholders assessed and payments are still being made it is said. First payments went to the Federal Reserve Bank, the U. postal department for postal savings deposits and Porter county. Checks for the $38,000 distribution came from the comptroller of the treasury this afternoon. Receiver Haymond complimented the federal banking officials upon their co-operation. wanted the dividend checks to arrive in time for Christmas so that the community might get the benefit." Mr. Haymond stated. "They did all they could in Washington to speed It along from their end." he added. In announcing the distribution Receiver Haymond urged all properly accredited claimants bring their receiver's certificates to the bank at once, and claim their checks.