gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0e1c1044c05871b3
Response Measures
None
Description
Cashier later arrested on charge of unlawfully extracting funds; receivership moved toward permanent liquidation.
Events (4)
1.January 29, 1930Run
Cause Details
Unexpected heavy withdrawals depleted cash reserves; no specific rumor or external shock identified in articles.
Measures
State banking department placed the bank in charge and arranged liquidation; bank closed its doors.
Newspaper Excerpt
because of unexpected heavy withdrawals of cash, the institution will not open its doors tomorrow.
Source
newspapers
2.January 30, 1930Suspension
Cause
Government Action
Cause Details
State banking department took charge and suspended operations after cash depletion from withdrawals.
Newspaper Excerpt
will not open its doors tomorrow...Thomas Barr and deputies of the state banking placed charge
Source
newspapers
3.February 18, 1930Other
Newspaper Excerpt
Losses due to closing recently of the Farmers Trust and Savings bank here will total about $500,000...hearing for appointment of a temporary receiver will be held Friday in Howard circuit court.
Source
newspapers
4.February 23, 1930Receivership
Newspaper Excerpt
Fredrick, Parson Named Kokomo Bank Receivers...assets of the bank have been turned them by representatives of the department.
Source
newspapers
Newspaper Articles (17)
1.January 30, 1930The Star PressMuncie, IN
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RUN ON BANK FORCES CLOSE TODAY
Farmers Trust and Savings Institution in Charge of State Officials.
Kokomo. Ind., Jan. 29 Seaward, president the Farmers Trust and Savings Bank of Kokomo, announced tonight that because of unexpected heavy withdrawals of cash, the institution will not open its doors tomorrow. Thomas Barr and deputies of the state banking placed charge bank's and arrange to liquidate the to depositors soon as the books have been examined. Deposits Near
Farmers and small merchants princomprise the clinetele said have total posits nearly Mr. Seward issued following officers and directors the Farmers Trust and Bank regret announce that owing heavy unexpected deposits have depleted the cash they find advisable close upon state banking take charge. They take this step in order to treat customers fairly and partially and with the desire not impare the bank's reserve further
2.January 30, 1930The Kokomo TribuneKokomo, IN
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Fortunate City from Embarrassment In
Failure of the Farmers Trust Savings Bank its open doors Thursday morning served only temporary the of whose funds deposit that institution. Policemen, firemen and others expected receive their salary checks Thursday ment of the bank's closing which tied all funds the But the was short duration.
By fortunate circumstance. the city had already made arrangements negotiate temporary loan of by the issuance time loan, which in the usual custom this time the year money to meet the city's penses until tax money became had already been proved by the city council and had been publicly advertised. as quired and the time for the sale of the warrants set at o'clock Thursday morning. Two Blds on Loan.
Two bids received from banks for the purchase the warrants, being awarded to Citizens National Bank $10. was then nounced by city officials that the money would be placed on deposit that bank and the salary checks issued Thursday usual. In the Farmers Trust Savings bank the city had Of this about $38,000 contained the fund, about $12,000 the line fund and the rest among other funds the city. amount on deposit regarded amply protected bonds and which signed by Simmons, Learner, Danner, liams. Conrad. Dietzen. Geo. Roemer, and W. Drink. water. About $3,500 in funds collected by the bailiff the city deposit the Farmers Trust Savings bank and also said to be covered personal
Nine)
3.January 30, 1930The Kokomo TribuneKokomo, IN
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LIQUIDATE
Unusual Withdrawals Given As Cause of Action Taken By Bank Officers
THOMAS BARR IN CHARGE
Early Liquidation Promised For Benefit of Depositors: Assurance Given
Depletion of its cash reserve by unusual the of the closing of Farmers Trust bank this city Wednesday evening. Its affairs have been placed the hands of Thomas Barr, chief and other members the department of banking for liquidation.
With announcement of its request officers local came assurthat its affairs would found essentially sound. Indications that would the case were found statements both officers local bank. the state banking and Kokomo Clearing Doubted.
Mr. Barr stated that on Dec. the state department had examined the affairs the institution thoroughly and had found nothing indicate conduct irregularities. He said that and Morris Stultz of the state banking department would examine assets immediately would keep the public informed times to the conditions found shall be greatly disappointed any said. Statements made by the banks Kokomo. of Dec. 31, 1929, vealed them to be unusually good condition this period of the That the other banks and their officers regretful the closing of the institution and willing to every way expressed by ments and statement from the Clearing House Association. statement issued by the The komo Clearing House follows: Co-Operation Promised regret that the Trust and Savings bank found to close doors. necessary and associates Clearing House feel that bank's af fair fairs in liquidation will have combined efforts looking successful and funds Its many payment depositors. the the guard safely will have our loyal support and taken the That the the officers of the bank the protection all that its assets would and dated quickly as possible that Indicated purpose ments made by and other officials of president, also and 000 all Three other directors of the bank had been reached the time
4.February 7, 1930The Kokomo TribuneKokomo, IN
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APPRAISAL OF FARMERS BANK READY SATURDAY special sentative the banking partment, in charge of the Farmers Trust and Savings bank which pended operations the middle last has indicated that urday expected to bring tion of the of the bank's assets and the general audit the Mr. said that in view the magnitude the business done by the Farmers bank, he believed that the time which the appraisand audit been made-a more than record such operations. He frankly gave much credit for the speed that has tnade to the efficiency clerical staff the bank which has been assisting the work. the appraisal considered by committee appointed to have charge the proposition of reorganizing the bank. appraisal reveal substantially how much adwill have be vided the back is again quire the status of going The committee has been doing preliminary feels made but admits that the decision to what shall be done depends upon what appraisal appraisal does show sum would organization of may brought about. On the other should the appraisal that the amount than could reasonably expected to be raised. plans probably will be abandoned and appointed to wind the up affairs.
5.February 18, 1930The Indianapolis TimesIndianapolis, IN
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Estimate Given After Closing of Kokomo Institution. Ru Times Special KOKOMO, Ind., Feb. 18.-Losses due to closing recently of the Farmers Trust and Savings bank here will total about $500,000, according to Maurice Stults, examiner. A hearing for appointment of a temporary receiver will be held Friday in Howard circut court before Judge Joseph Cripe on petition of Luther F. Symons, state bank examiner. It is believed by Stults the bank will pay about 75 cents on the dollar.
6.February 23, 1930The Indianapolis StarIndianapolis, IN
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Fredrick, Parson Named Kokomo Bank Receivers
Ind. Feb. Judge Joseph Cripe of the Howard Circuit court today and Walter for the Farmers Trust and Savings here. which order banking ment. Fredrick Parson filed joint bond the $100,000 and assets of the bank have been turned them by representatives of the partment.
7.March 3, 1930The Kokomo TribuneKokomo, IN
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RECEIVERS OF FARMERS BANK SUGGEST THESE BE TURNED IN QUICKLY.
Announcement was made Monday John Fredrick and WaltParson, receivers the Farmers Trust and Savings bank. that several passbooks possession of depositors have handed be checked and balanced. The receivers suggest depositors having passbooks that have not been ballanced since the bank was closed make point to turn them in immediately. The are collecting notes due the bank rapidly possible. This true, however, only cases where the Individual owing note not depositor in the bank. The receivers balancing against accounts this time, they leaving cases used proposed set-up for the organization cases of that kind, they simply ask the interested wait little while. Receiver Parson spending all his time at the bank, handling talls the receivership they arise. Fredrick also the the time, but being mainly the movement organize bank take the place of the closed Institution. have been made have Fredrick attend the stockholders meeting at the hall Monday evening and prethe facts to what the prospects are for the bank that would the valuable assets the Farmers' and join in that plan would to stockholders depositors of the Farmers' alike.
8.March 4, 1930The Kokomo TribuneKokomo, IN
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Article Text
NEW
PLEDGES TO THAT FARMERS' meeting Monday at city stockholders the Farmers Trust and Savings bank, which suspended little for the organize new bank was pledged. fifty of the shareholders, report, bound any legal sessment the receivership might impose to each the slock he owned in the old bank, toward creation of fund used in institution. In all there approximately the Farmers Trust and bank. Of these do not live county. This explains their Some the shareholders reside here were unable to tend. The meeting got under way o'clock. Simmons, who president of the board of the Farmers', presided, and Elmer M. Matthews, trust officer, served secretary. After considerable time had been spent discussing plan the for bank, with Fredrick, the receivers Farmers'. toward pledging support for the latter clearly that the plan the bank, not the
9.March 15, 1930The Kokomo TribuneKokomo, IN
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TAKEN CUSTODY ALLEGED
Charges Him With Loaning to Himself Last on Day Bank Was in Bond in Amount of to Insure Appearance When That Further May Be Says He Can Explain All His Transactions Satisfactorily.
Charles C. Price, councilman for the Third ward, residing at 308 West Taylor street, cashier of the Farmers Trust and Savings bank, which suspended operations six weeks was arrested ago, by Sheriff Clinton Small and Chief of Police Clinton Jackson, at Saturday forenoon, at the Johnson & Weddel store, Union and Superior streets, on charge unlawfully extracting $6.900 from the bank, on or about January 1930, which was the last day the institution was and running. Specifically, the charge against Price is that of loaning from the bank to one of its officers, without the written consent of the board of directors. effect, the charge is that Price loaned to himself from the bank's money $6,900, on or about the date mentioned, without obtaining consent of the directors and without having such consent indorsed on the back of the note evidencing the loan. About one o'clock Price was able to supply bond in the amount of $10,000, as fixed by Judge Joseph Cripe. The bond was signed by Price's wife. Minnie Price, who is said to own property in her own name in both Howard and Cass county, and by George B. Jones, member of the Kokomo board of public works, who served with Price in the last four years, and by Fred B. Stradling, superintendent of the Kokomo Water Works company. As soon as the bond was given, Price left the sheriff's office for his home.
10.March 22, 1930The Indianapolis TimesIndianapolis, IN
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BANK'S CAREER MAY CLOSE IN VENUE CHANGE Shift of Suit to Frankfort Checks Plan to Reorganize at Kokomo. By Times Special KOKOMO Ind., March 22.-Doubt prevails that an effort to reopen the closed Farmers Trust and Savings bank here will be continued in view of the fact that receivership proceedings have been taken to the Clinton circuit court at Frankfort on a change of venue. It is pointed out that should Judge Brenton Devol of Frankfort rule that a permanent receiver be appointed. thus doing away with the present temporary arrangement, the only course open would be liquidation. thus ending the bank's career. It is considered likely Judge Devol will favor the permanent plan, it being believed that court in a county other than the one in which the bank is located would not care to be burdened with the responsibilities connected with the temporary arrangement. More than-three-fourths of stockholders at a meeting held recently signed an agreement to contribute toward a fund for reorganizing the bank, between $700,000 and $800,000 being offered. However, this will have no effect under a permanent receivership. The application for a change of venue was filed on behalf of Bern Tate, a depositor of $240. He alleged that the state banking department, on whose orders the bank was closed, "exercises an undue influence over the citizens of Howard county," and that an odium attaches to the defendant's cause in Howard county," the bank being the defendant.
11.April 15, 1930The Tipton Daily TribuneTipton, IN
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New Kokomo Bank.
A new bank for Kokomo, to succeed the Farmers Trust and Savings bank, which suspended business the middle of January, probably to be under federal reserve supervision. This was announced last night.
12.May 28, 1930The Kokomo TribuneKokomo, IN
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LETTERS TERMS
Definite Statement as to How Payments Will Be Made by New Bank.
PROGRESS IS BEING MADE
Everything Possible Being Done to Expedite Opening of New Institution.
As means of expediting the ening of the bank that being organized Kokomo, all persons, deposits $200 more with the Farmers Trust Savings bank, are being asked to immediately the receivers that Institution and sign contracts stinulating how such denosits shall be handled by the new bank. Letters to hundreds of the denositors, the terms under they will receive their in full, placed the mails Tuesday Like notices others are being placed in the mails fast they gotten out. of deposits of $200 more being left with the new bank, the latter agrees to pay three months from the date of its opening, months. in nine months and in with interest the rate of per cent. This plan, it is understood, is acceptable to-practically all depositors and believed that agreements embodying will signed up promptly. All depositors understand that the sooner such preliminaries taken care of the sooner the new bank will get into operation. Self-interest should deter any depositor from needlessly delaying signing, is contended. Walter E. Parson and John E. Fredrick, receivers of the Trust Savings bank, assert that all but very few of the that have paid their 100 per cent stock and that the few who have not yet paid are arranging to pay possible, wishing delay longer than absolutely the opening of the new bank. The speak the outlook, that thing connected with the bank movement going along satisfactorily. No one prepared to say just when the bank be opened, but with good made in the matter of obtaining depositors' agreements and collecting stock the opening date should not be far away.
Returned to Prison. Michigan City, Ind., May 28 (AP) Hayes, 57, sentenced from county two years serve one to ten years for vehicle taking and released from the state prison here last Feb. was turned the penitentiary today for parole violation.
13.January 13, 1931The Indianapolis StarIndianapolis, IN
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PH BROWN
Former Turfman, Member of County Council, Noted in Racing Circles.
[Special to The H. Brown, 67 years old member of the Howard county Council and prominent figure in local cial and political died at his home today following year's Funeral will held at 2: Wednesday aft. at the M the S. ille officiating. Mr. Centerville Feb. Early life he came light harness horses and became well known trainer and driver On April he married Mrs Jeanette B. Kiger of this city who with two Mrs Stone May Wischart, Newcastle, him.
Mr Brown came to Kokomo about thirty ago as trainer for stable of horses which John Leach For many years Mr was on harness tra over the est and the East and on the Grand In 1926 he for the Republic ticket and In 1930 was and was elected without opposition
DINNER FOR ROLL ow night the Howard CounBar Association will have Curtis W. Roll. judge of the state Supreme as guest of honor to The banquet farewell to Judge Roll who for the last fifteen years has law Judge George Shenk and Conrad former law partners Judge Roll, will be the principal speakers, and Attorney Herron president the will tender the tion's felicitations to first of the local bar to attain the high
PRICE TO GO ON TRIAL. Charles C. Price, cashier of the for mer Farmers Trust and Savings bank which suspended here and who on charge of im of will be tried again on one the several indictments voted against him by the grand In the former trial the jury The new trial has been set for Feb.
POLICE READY FOR WORST With submachine guns in the police emergency car and installation of short radio contact with roving police squads, the local department today declared itself fit to meet with the most type bandit that migh to tackle any Kokomo in stitution.
14.October 24, 1931Journal and CourierLafayette, IN
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Kokomo Bank Closes KoKoMo, Ind., Oct. Trust and Savings company, $260,000 banking its today on by The on the bank followed the closing Na. tional bank Three banks are left in Kokomo. Frozen assets and the critical situation caused the for the local banks believed.
15.April 21, 1932The Kokomo TribuneKokomo, IN
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Clarke, 31, April Miami, died today from free lance writer, pilot and aviation at the house before dawn he received shortly bullet wound Lancaster, former with Captain where he was living Australian Jessie M. flier, and Mrs. British aviatrix. Lancaster were held by county and Mrs. for investigation. authorities Each expressed to take his Clarke attempted belief was own his mother. expressed by Clarke, inMrs. Ida Clyde at the in journalism structor University of Miami. said her son Mrs. Clarke recently about had worried and that she was finances, left note to informed he That CharacSeven Suits of stating he in Circuit Court stand "the eco- ter Filed could not and asking nomic pressure, on Thursday. his mother in her to sustain her mortseeking seven since Complaints Clarke had cooperated filed Thurswere Christmas the gage shortly after court. of day by Mrs. of them asks that One her life in the coununder Clarke's on farm property found gage Lancuster 1927 by Margaret Identified by executed body was the Kokomo Trust comHobson public in turn to gained and assigned Mrs. pany be foreclosed and half when other parties, notice year receiver to flight from Havana that the appoint started Miami, but made forced land- take charge of premises. Island the Ba- Frank filed by on The located after Citizens hamas. She receiver the Bryant, Prior that Ross Hobdays National bank, made several and and Shirley flights. the ministrators said he found Lloyd An Rose Hobson, Hobson the William mass Hobson, points Mexico. the house Hobson, Cadmus and that the few and First Bank letters had Edthe Holliday company, apparently referred Naamine Cummings, the Howard ward from the plan smuggle and Don tional Bank, States Mexico. Howard United receiver for the Strode,
16.April 28, 1932The Journal-PressAurora, IN
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JOHN E. FREDERICK
ment was faulty and it developed on Mr. Frederick and Alfred Ogle to write the present compensation act. Mr. Frederick personally presented this act to the legislature which passed it overwhelmingly and it is today the basis of the compensation laws of Indiana.
Mr. Frederick, in 1921, organized the present State Chamber of Commerce which has grown from thirteen separate organizations into one group of nearly a hundred units during the period of which he has been its head. The first purpose of this organization was the revision of freight rates to the end that Indiana industries might compete with those of other states more favored by the transportation companies.
Mr. Frederick, in 1929, was made a joint receiver of the Farmers Trust & Savings Bank at Kokomo which had closed its doors owing its depositors more than a million dollars. He accepted this appointment with the understanding that he was to devote
17.June 9, 1932The Kokomo TribuneKokomo, IN
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Citizens National Corporation Files Suits Asking Sale of Properties.
Judgments totalling $3,847 and the property involved are asked in three sults filed circuit Thursday by the Citizens court National corporation. In complaint, which John H. Duncan, Hazel Duncan, and Floyd Kelly are defendants. the plaintiff Duncan executed says mortgage on real estate In the the Kokomo Trust county which assigned It to the IndiTrust and which mortgage turn assigned the Citizens National bank and Frank Bryant. receiver, the plaintiff. Kelly made because judgment holds against the plaintiff says. Judgment the of with cent interest and attorney fees of $365 Whit Ethel the Union Bank and Trust company, and the Packing corporation are defendants another the actions. said to have executed mortgage this to the Kokomo Trust company. and the mortgage assigned the Citizens Receiver Bryant to the Citizens National corporation. The Union bank holds mortgage on the propcrty which junior that of the plaintiff, the complaint and the Standard corporation said hold against which, said. inferior to the plainlien. The suit judg. ment of $1,060 with interest and $135 in attorney per the third suit Louisa Gano and George Woods named defendants. Louisa Gano, the plaint executed the lot here in the Trust and the mortgage was the Citizens bank which in turn to the plaintiff. Woods suid to claim. interest In the and the seeks to have his clared to its dudgment $212 cent Interest and fees of $35 are asked the The firm of McClure and Elliott represents the plaintiff.
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.
