South Kokomo Bank (Kokomo, IN)

Episode Information

Episode UID
71014371582
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7101437 routing
Routing Number
71-0143
Start Date
October 23, 1931
Location
Kokomo, Indiana (40.486, -86.134)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca2a2fa8eb06883e

Response Measures

None

Description

Bank is repeatedly referred to as a state institution and placed in receivership; no run is described.

Events (3)
1. October 23, 1931 Receivership
Newspaper Excerpt
Receivers of the banks, the People's Trust and Savings, South Kokomo and Citizens, closed nearly two months... Receivership ... asking that Carl Showalter be receiver. ... Receiver Showalter Gets Court Permission ... Carl Showalter, receiver for the bank, was indicated Tuesday. ... Receiver Showalter Files Statement With Court. Assets of the South Kokomo bank ... report of Carl the receiver ... was approved by the court.
Source
newspapers
2. October 23, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed on October 23, 1931 and placed in receivership/administration following failure; closure appears to be official action leading to suspension
Newspaper Excerpt
the South Kokomo Bank, for the which was closed on October 23, at the same time the Citizens National Bank
Source
newspapers
3. December 19, 1931 Other
Newspaper Excerpt
Depositors of Kokomo's closed banks will not receive Christmas presents ... Receivers of the banks, the People's Trust and Savings, South Kokomo and Citizens, closed nearly two months, announce they are uncertain as to when any part of claims will be paid.
Source
newspapers

Newspaper Articles (11)
1. November 4, 1931 The Kokomo Tribune Kokomo, IN

Article Text

(Continued from Page One) qualifications for the particular recognized by all. being Fears of Creditors Should the case taken creditors feel. other county. that the receivercording would much more expenship sive than administered here. All of the receivership must the costs borne the bank's assets. out that the more receivership the expensive greater the loss the Attorney Herron out of the and could not city Wednesday for Information regardbe any additional to what ing his plans his answer and motion. He his pleadings court filed by the office assistant, Goldie Perry. herShe discharged self an attorney. the work assigned her without comment. If Mr. Herron really to for change of means venue from the county, the fact will be revealed Saturday, the hearday Attorney Herron is president of the Howard County Bar Association the veterans of the one legal had experience in bank liquidation served along with Grover Bishop in winding up of Trust the affairs the failed SeptemThe creditors of that ber, approximately cents on the dollar. South Kokomo Bank Pending Saturday, also. State Banking Competition by Symons for South Kokomo Bank, for the which was closed on October 23, at the same time the Citizens National Bank The creditors that operations. have prepared petition institution asking that Carl Showalter be receiver. he having indicatwillingness to serve same terms Mr. proximately willing to accept for George was liquidating the Trust. Whether some shareholder the South likely Bank and that Kokomo be sent out of the county too, not been change Creditors of the institulearned. know no such tion say they being under that none develops. press hope Citizens generally express hope that Attorney Herron his and not press for sider motion change of venue from the county Trust case, and that the Peoples that ever motion in the South Kokomo offered Bank case. practically, seems be impressed that the receiverships the creditors of the planned two institutions would be the most economical and most satisfactory that could devised, and that they that the affairs would the banks would be administered honestly, and the best interests every way those directly concerned. and the community as whole. MOTORS DIVIDEND New York, Nov. General Motors Corporation dividend of cents terly share the common stock.

2. December 19, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 19, 1931

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Article Text

DEPOSITORS' HOPES DIE None of Kokomo Three Banks Will Pay Christmas Dividends. By Times Special KoKoMo, Ind., Dec. 19.-Depositors of Kokomo's closed banks will not receive Christmas presents in the form of dividends. Receivers of the banks, the People's Trust and Savings, South Kokomo and Citizens, closed nearly two months, announce they are uncertain as to when any part of claims will be paid. They say something will be paid as early as possible in 1932. Depositors had hoped to receive at least part of their claims before Christmas or by Jan. 1 at the latest.

3. December 22, 1931 The Kokomo Tribune Kokomo, IN

Article Text

Receiver Showalter Gets Court Permission to Have Affairs Surveyed. An attempt to reduce the assessment made by state board tax March against the South Kokomo Bank for taxing purposes will be made Carl Showalter, receiver for the bank, was indicated Tuesday. petition by Mr. Showalter for authority employ firm of public accountants survey the affairs of the bank for that purpose by Judge Cripe in In the petition the receiver gave his opinion that the assessment excessive, and said made to determine the true taxable value the bank's capital stock of March If found the accountants will present their findings fore the state board Showalter he could make arrangements with the firm Spradling, Carter Jordan accountants. for work and that they should to obtain reduction the sessment they would make no charge for their services or Several other petitions by by ceiver Tuesday. One of them the court claims totalpreferred $78.19. Another was to pay appraisera the bank's furniture $30 for their services, and other was to the Hamer Lumber Greentown. Attorney Don Strode filed the petitions for ceiver. In the Trust case, the receiver, filed petition Mahin, business the sell the insurance The business has been bank. $312, and the court granted the petition. petition to remove the Citizens National Bank guardian Alice Styche filed Wills, and the affiant torney that the Union Bank asked Trust Company be appointed and the

4. December 24, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 24, 1931

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Article Text

Lower Bank Tax Sought By Times Special KoKoMo, Ind., Dec. 24. - Carl F. Showalter, receiver for the South Kokomo bank, is preparing to ask the state tax board to reduce the levy on the bank fixed March 1. In Howard circuit court, he was given authority to employ a firm of accountants to make a survey of the bank to obtain data on which the tax reduction plea will be made.

5. April 21, 1932 The Kokomo Tribune Kokomo, IN

Article Text

National Bank. Receiver Showalter. $1,300 sought Judgment foreclosure sult brought by Carl Showalter, receiver for the South Kokomo Bank. against King Bertha Frank filed Jessup and King. and Strode, attorneys for the on lot in this The mortgage city. filed by the suits were Western and Southern Life against Russell Watance company kins and Juanita Watkins. one Watkins and his wife and of them the Alamo Building company and the plaintiff made that on lot in mortgage Kokomo be foreclosed and judg$1,700 given. The deed ment of lot to the name of this the Alamo Another Alamo Case. In complaint, which deforeclosure on another lot mands the and judgment of $1,300. in city also made the Alamo company defendant. the third suit party Watkins, Mrs. Watkins, Arthur Williams. Dorothy Williams, and Robert Graves are defendants. his This complaint says Williams and, his wife on lot executed mortgage payment note given secure the Public Savings Comof and that Watkins pany later deeded the to Willproperty

6. December 24, 1932 The Kokomo Tribune Kokomo, IN

Article Text

(Continued from Page One) shares, and Albert A. Charles, 79 shares. The amount sucd for on the Kokomo Trust Company shares is $22.500. This, coupled with the $2.500 sued for on the South Kokomo Bank shares. makes $25,000. It is apparent, therefore, that what is sought Is, in fact, collection of A 100 per cent assessment against the shures of stock of the South Bank. WRS State Institution The South Kokomo Bank was a state Institution. Being such. its recelver, Carl F. Showalter, is without authority to levy an assessmont against the shareholders. The recourse of the creditors, It is said. is to bring an action to collect against the shareholders. This is what has boon done. In the case of a national bank. the receiver. on 01der of the comptroller of the currency. is empowered to levy assessments against shareholders. Of the two plaintiffs in the suit under consideration, Miller represonts himself as a creditor of the South Kokomo Bank in the amount of $976.53, and Hoover represents himself as a creditor In the amount of $232.00. The plaintiffs are represented by the law firm of Marshall, Hillis and Coffel.

7. February 8, 1933 The Kokomo Tribune Kokomo, IN

Article Text

Receiver of South Kokomo Bank Files Statement With Court. Assets of the South Kokomo bank have from to in the from April the report of Carl the bank. circuit court Wednesday. WAS approved by the court. Reasons for shrinkage of set out by the er. who showed that he was obliged take over mortgaged property and either take title or foreclose which procedure required. payment taxes. court costs. etc., and which resultcd In decrease of assets and an Increase of liabilities. Through action. the receiver showed; creased his real estate holdings from to Mortgage Bouns Drop. By receiver's acquisition more real estate, the amount mortgage loans due bank dropped from the assets. The report showed that the operated during the of and that the operating expense during which amounted 636.82. further decreased the sources. While the court has not required

8. May 29, 1933 The Kokomo Tribune Kokomo, IN

Article Text

REAL ESTATE TRANSFERS (Furnished the Anderson stract Company Citizens the National Bank Building). George Davis, trustee to Harley H. lot 181 Fairlawn extension of Fairlawn trustee's Harley Wood John. 181 Flora Pettay Harry trustee, lot 190 Frank$1.00. Kerr and wife Harry Moulder trustee, city Kokomo. John Hedrick wife sheriff to Marion Building Loan Association, part and Blythe's addition. iff's deed, $2,500 Russell Miller and wife by Marion Building Loan Association lot 201 in Cateway dition, deed, $900. Elmor Danner and wife by sheriff Marion Loan Association, lot 30 baugh's second addition, sheriff's $3400. Louis Carlisle. al by sheriff Marion Building Loan Assoclation, lots Steele's sub-division, sheriff's deed. Birdie Coleman James Motz addition, $1.00. Corporation Coal Supply Company, 376 Forest Park addition, $1.00. Sara Williams Sllas Ridenacres in Taylor Robert Green and wife Florence Smith 128 and 139 Bell's Clayton Harry lot Rosenthal's dition, $50.000. Suburban Homesites Corporation Carl Heury Kasten lot Forest Park addition, Mary Kirtley William Harlots 200 Fairlawn extension of Fairlawn addition, Doran. Polk, in Ervin South Kokomo Bank, by Receiver and lot Franklin addition, South by receiver trustee, dition, $975. Rockfort Robbins, trustee, Thelma Parks, part Garah Markland's addition, W. Clyde Spraker ConLuther Smith. to CathO'Dell; undivided interest one-half lots and Mills Richmond's addition, sheriff's $100. Suburban Homesites Corporation Pierce, part Forest Park addition, Reed and Homesites Corporation, 300 Park Bort McCammon and Baldwin, part Kokomo,

9. November 15, 1933 The Kokomo Tribune Kokomo, IN

Article Text

SEEK Showalter Going to Receiver Thursday to Indianapolis About Matter. See PEOPLES BANK ALSO Mahin and His Receiver Plan to Attend ney Meeting. made Thurs Announcement was Carl receiver day by that the South Don Strode, and his he expect Thursthe meeting which attend state commission on financial will hold state agents which been closed banks January 1931 of the meeting The purpose release closed state banks, deposits loans to obtained from through the Finance Corporof the closed ation, on the The will then be paid out to the ed positors of Two Kokomo Banks Listed Associated Press dispatch An the Tribune from Indianapolis the South Bank and Peoples Trust and Savings the Bank the Citizens State Bank of among this locality the which will be entitled to apply for When Receiver Showalter of the South Kokomo Bank regard to Thursday's received letter day said he two notifying him of the ago plans to hold such and the He remarkexplaining that held his Mr. ference with the result they decided attend. Statement Showalter that he still Mr. says holds something near of the Bank, assets some which he avail able for security for an loan should deemed obtain one These assets con$17,000 in mortgage loan certificates and approximately $12,000 in real estate. of the ussets are about $7,000 personal loans and about $4,000 second real estates. Mr. that neither these would sumes available as security for an loan. we could our available put assets and obtain Joan that would enable pay the bank's credianother cent dividend, tors per seems that would be the thing (Continued Page

10. February 9, 1934 The Kokomo Tribune Kokomo, IN

Article Text

of South Kokomo Statement Condition Is Filed Bank's in Circuit Court. balance of $7,302.66 cash shown the Jan. was Carl Showalter, port Friday the South Kokomo receiver for the period of from Jan. bank, the date of this 31, 1933, to same was filed in circuit The report and Strode, attorcourt by Jessup for the receiver. neys report shows total resources The divided follows: Citizens National impounded in Union Bank and bank, $816.88; FletchTrust company, Trust $2,505.20; Merchants National bonds and securities, furniture and cash items, insurance fixtures, mortgage loans. partment, $68.11; personal $1,380; $6,488.02: real estate, 812.07. shown to total Liabilities are include $40,691.07 of and deposits; of checking of deposit: $22,480.19 tificates and of savings deposits; thrift deposits. Receipts during the period COVered by the report and include in mortgage $4,072.06 in real estate, $1,700 loans, bonds and securities, and interest on loans. Disbursements during the same time are listed $25,080.17 and dividend of clude total dividend payments $31,246.20, including $30,773.51 on common claims and on ferred claims. Claims filed with the receiver amount $79,265.42. The report $43,636.97 still due to deposi-

11. June 26, 1934 The Kokomo Tribune Kokomo, IN

Article Text

Business of Receiverships Here Amounts to to Present Date. Court costs of the six bank ceiverships Howard county, the Howard circuit court have totalled $838.02 date. Emerson Martin, clerk of the court, sald Tuesday. Statements of the costs due the court were receivers the banks They orders issued petitions by the receivers for taxes and claims, sell properties and compromise cases Indebtedness, and for docket and sheriff's fees and other expenses. Receivers of three of the closed institutions already made their settlement the and the greater part the costs Frank Bryant the Citizens National Bank, which approximate $400, been paid. Receiver Bryant, as receiver for the Howard bank First National Bank of also paid the $67.80 due the and $19.25 costs incurred by the Russiaville Unpaid costs include $168.56 the Peoples Trust and Savings bank and $79.81 the Hemlock State Bank. The $102.70 bill the South Kokomo bank has been paid by the Carl Showalter. John Crousore, receiver the Hemlock bank, and Charles Peoples bank received their statements Tuesday.