First National Bank (Clinton, IN)

View Charter #6480 on SPMC View balance sheet

Episode Information

Episode UID
648001606
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
64800 national
Charter Number
6480
Start Date
October 3, 1933
Location
Clinton, Indiana (39.661, -87.405)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c693293596dcdac

Response Measures

None

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1933-10-03
Date receivership terminated
1938-04-30
Share of assets assessed as good
36.5%
Share of assets assessed as doubtful
63.0%
Share of assets assessed as worthless
0.5%

Events (5)
1. November 7, 1902 Chartered
Source
historical_nic
2. October 3, 1933 Receivership
Source
historical_nic
3. October 3, 1933 Receivership
Newspaper Excerpt
the bank was placed in receivership on Oct. 3, 1933
Source
newspapers
4. March 30, 1935 Other
Newspaper Excerpt
Stahl will ... assume his duties here after March 30, when Grant's resignation takes effect.
Source
newspapers
5. December 19, 1935 Other
Newspaper Excerpt
The second large dividend, 22 per cent, on all proved claims of general creditors of the First National Bank is to be paid at once
Source
newspapers

Newspaper Articles (3)
1. March 27, 1935 The Daily Clintonian Clinton, IN

Article Text

BANK RECEIVER TO LEAVE POST Frederick Grant, First National Official, Resigns; Cayuga Receiver in Charge Frederick Grant, receiver for the First National Bank for the past year and a half, received notification from the Comptroller of the Currency this morning that his resignation had been accepted and that Joseph H. Stahl, receiver of the First National Bank at Cayuga has been appointed to succeed him. Grant, whose resignation has been in the hands of the Comptroller of the Currency for some time, plans to re-enter at once the advertising specialty business, with which he has been connected for the past 20 years. Stahl will be in charge of the receivership of both the Cayuga and the Clinton First National Banks and will assume his duties here after March 30, when Grant's resignation takes effect. However, Grant expects to remain on the job to assist Stahl during the first few days of the latter's work here.

2. December 19, 1935 The Daily Clintonian Clinton, IN

Article Text

Receiver J. H. Stahl Announces 22 Per Cent Payment to Former Depositors of Institution; Claimants Can Get Checks Friday The second large dividend, 22 per cent, on all proved claims of general creditors of the First National Bank is to be paid at once by Joseph H. Stahl, receiver. Checks will be ready Friday morning and for the convenience of claimants the bank will be open until 4 p. m. both Friday and Saturday. 2200 to Receive Checks The dividend checks will amount to $105,000 and will be distributed to 2200 former depositors of the bank. A dividend of 40 per cent was paid about a year ago at which time a receiver's certificate was also delivered to the claimant for the amount of his claim. The receiver stated today that these receiver's certificates must be presented to the receiver before the dividend check can be delivered to the claimant, who must sign a receipt for the receiver's voucher. Mr. Stahl said a claimant should call at the bank in person, present his receiver's certificate and sign his receipt in order to receive his check. Depositors residing away from Clinton or those here who cannot conveniently call at the bank, will have their receipts mailed to them at their last known address and upon the return of the receipt, properly signed and accompanied by the receiver's certificate, the dividend will be mailed to them. Bank Has Paid 67 per cent With the payment of this dividend the general creditors will have received 67 per cent of their claims, a total payment of more than $300,000 since the bank was placed in receivership on Oct. 3, 1933. A five per cent dividend was paid shortly after the bank was closed. In addition to these dividends the receiver has also paid secured claims against the bank amounting to approximately $855,000.00. The receiver stated that the attitude of persons owing obligations to the trust has been commendable and with their further cooperation in the orderly liquidation of the assets of the bank, further dividends no doubt will be available.

3. December 20, 1935 The Daily Clintonian Clinton, IN

Article Text

NOT DEAD YET In commenting upon the substantial dividend being paid this week by the First National Bank, the receiver stated that Clinton was far from dead despite the fact that conditions were not as good as formerly. He commented on the fact that a community which could pay into the trust funds of three defunct banks the money that had been paid in here still had a good deal of life left in it. With all three of the closed banks paying dividends at this time, a little of the pinch is eased for many persons. The First National will have paid 67 percent which is a very good record. According to a statement by the receiver, he expects to pay further dividends which will mean that before the receivership is complete it will have paid depositors a large part of what each had on deposit. Clinton has slumped—no one denies that—and she no doubt has less prosperous years ahead than behind her but lamenting the fact and talking about it constantly does not better the condition. A number of years ago a Terre Haute newspaper suggested that Terre Hauteans cease "knocking" their city and say nothing if they could not defend it and the same sentiment appeared in this paper. Clinton's Main Street business section has improved a great deal in the last two years. Visitors comment upon this betterment. There is still room for greater improvement and cooperation among the citizens, particularly the business men of the city might help substantially.