Elwood State Bank (Elwood, IN)

Episode Information

Episode UID
71016871598
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
7101687 routing
Routing Number
71-0168
Start Date
February 25, 1933
Location
Elwood, Indiana (40.277, -85.842)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3dcedc537d0c58da

Response Measures

None

Description

Suspension on 1933-02-25 is stated; later the bank is in liquidation with a liquidating agent named in 1935.

Events (2)

1. February 25, 1933 Suspension
Cause Details
Articles state the bank 'suspended payment' on Feb. 25, 1933 but do not specify a trigger or cause.
Newspaper Excerpt
Pursuant to Section 9 ... that there was on deposit with the Elwood State Bank, Elwood, Indiana, which bank suspended payment on Feb. 25th, 1933, the following Public Funds classed as New Money:
Source
newspapers
2. June 7, 1935 Receivership
Newspaper Excerpt
Named Elwood Bank Receiver. Raymond Riley, of Marion, today was named as liquidating agent of the Citizens Bank Trust Company, Elwood, by the Indiana department of financial institutions ... Mr. Riley acts as liquidating agent for the Elwood State Bank and Frankton Bank, placing him in control of three Pipe Creek Township banks.
Source
newspapers

Newspaper Articles (3)

Article from The Indianapolis Times, November 28, 1932

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Article Text

OCTOBER LOANS FROM R. F. c. IN SHARP GAIN Grand Total of Nearly 195 Millions Is Reached by Borrowers. By United Press WASHINGTON, Nov. 28.-The Reconstruction Finance Corporation today reported to the clerk of the house that its loans during October had increased approximately $55,000,000 over September, reaching a grand October total of $194,923,447. Loans showed large increases in every classification except those to banks, trust companies, railroads and similar enterprises. The increase included a $24,000,000 subscription to the stock of the regional agricultural credit banks. Loans to banks, railroads and similar organizations totaled $59,023,185, as compared with $64,217,500 during September. Emergency relief advances to states showed an increase from $18,523,502 to $22,634,562; while loans for self-liquidating construction projects increased from $53,105,000 to $81,514,500. Relief through the agricultural department was $7,500,000 as against $2,500,000 during the previous month. Advances for financing sale of American agricultural products abroad totaled $251,000 for October. Get 601 Applications Of the $59,023,185 authorized for banks and other financial institutions, $21,448,494 was advanced to banks and trust companies, including $1,940,250 to aid in liquidating closed banks. Building and loan associations received $3,701,907; insurance, $1,209,000; mortgage loan companies, $4,392,500; joint stock land banks, $594,930; agricultural credit corporation, $1,272,978; live stock credit corporations, $477,105, and railroads, $25,926,269. Applications for loans totaled 601, including 484 from banks and trust companies, 62 from building and loan associations, 6 from insurance companies, 10 from mortgage loan companies, 2 from credit unions, 3 from joint stock land banks, 14 from agricultural credit corporations, and 10 each from live stock credit corporations and railroads. The bank applications included 21 from the receivers or liquidating agents of closed banks. State Banks Get Loans The corporation reported that since organization of the corporation a total of $4,765,448 in loans had been withdrawn or canceled by the organizations originally seeking them. Only three state relief loans during the month totaled more than $1,000,000; Illinois receiving the largest advance, $6,303,150. Loans to banks included: Indiana, Elwood, Elwood State bank, $20,000; Gary, the First National bank of Gary (receiver) $247,000 (5 per cent); the National Bank of America at Gary (receiver), $105,000 (5 per cent); Noblesville, Citizens State bank, $20,000; South Bend, the St. Joseph Loan and Trust Company, $42,500.


Article Text

NOTICE TO DEPOSITORS. Pursuant to Section 9 of Chapter 33, Acts of 1932, Page 146, it is the decision of the Auditor of State and the Attorney General, that there was on deposit with the Elwood State Bank, Elwood, Indiana, which bank suspended payment on Feb. 25th, 1933, the following Public Funds classed as New Money: Madison County ---------- $ 5,596.93 Elwood Civil City ---------- 16,466.52 Elwood Barrett Law Funds ---------- 322.49 Elwood School Board ---------- 206.36 Duck Creek Twp. Mad. Co. ---------- 2,861.77 Duck Creek Twp. Mad. Co. ---------- 26.78 Ten days after this publication, if there is no objection, the Auditor of State will issue his warrant for the above amount. LAURENCE F. SULLIVAN, Auditor of State. PHILIP LUTZ, JR., Attorney General. STATE OF INDIANA


Article Text

FRANKTON MAN IS DEAD AT 95 Lorenzo G. Wales Father Of Ex-Alexandria Mayor. Anderson, Ind., June 7.β€”Lorenzo G. Wales, 95, one of the oldest residents of Madison County, is dead at the home of a daughter, Mrs. Arthur Hollingsworth, Frankton. He cast his first vote for Stephen A. Douglas, opponent of Abraham Lincoln in 1859. He was the father of James Wales, former mayor of Alexandria. Funeral services will be held at the Alexandria Christian Church at 2 o'clock Sunday afternoon, with the Revs. M. H. Pullin and George Winfrey officiating. Interment will be in the I. O. O. F. Cemetery. The Delco-Remy units of General Motors, which has 6,500 employes, will have its annual picnic for workers and their families at Broad Ripple Park July 27. The Anderson Traffic Club will have its annual summer dinner for visiting railroad men June 13. Named Elwood Bank Receiver. Raymond Riley, of Marion, today was named as liquidating agent of the Citizens Bank Trust Company, Elwood, by the Indiana department of financial institutions succeeding Joseph Fihe, who has held post of special liquidating agent since March, 1933. Mr. Fihe surrendered to his successor about $100,000 in cash and bonds, the bonds being principally of the Home Loan issue. About $200,000 in preferred claims have been presented against the bank in liquidation, $100,000 of which have been allowed and $100,000 disallowed. Mr. Riley acts as liquidating agent for the Elwood State Bank and Frankton Bank, placing him in control of three Pipe Creek Township banks. Wayne Riley, of Alexandria, had several ribs fractured in an accident here today when an automobile driven by Edgar Gustin, in which he was a passenger, was involved in a wreck at a street corner. Mrs. Ellen Harless, 76, Perkinsville, is serious at St. John's Hospital with a broken hip suffered in a fall at her home.