Citizens Trust & Savings Bank (Indiana Harbor, IN)

Episode Information

Episode UID
71019771568
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7101977 routing
Routing Number
71-0197
Start Date
August 16, 1930
Location
Indiana Harbor, Indiana (41.641, -87.445)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4770e2049be81f75

Response Measures

None

Description

Majority stockholder's death and tied-up estate prompted initial closure; bank was later absorbed by another local banker.

Events (4)
1. August 16, 1930 Other
Newspaper Excerpt
proceedings... regarded formality prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker... Judge Greenwald this morning designated Harvey Watson... to place the affairs ... where they can be taken over by Mr. Kozacik.
Source
newspapers
2. August 16, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Death of majority stockholder (Defries) left holdings tied up in estate, prompting fear and closure.
Newspaper Excerpt
Fear of on the bank kept doors closed since Defries' death.
Source
newspapers
3. January 5, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank amid withdrawals and loss of deposits; cited to conserve assets for depositors.
Newspaper Excerpt
Four Indiana Depositories Close Doors; ... Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000.
Source
newspapers
4. January 28, 1932 Other
Newspaper Excerpt
Prior to his connection ... Mr. Packer was cashier of the defunct Citizens Trust and Savings bank, of Indiana Harbor. The bank was absorbed by Michale Kozacik, Jr., then president of the now defunct Indiana State bank of Indiana Harbor.
Source
newspapers

Newspaper Articles (6)
1. August 16, 1930 The Times Hammond, IN
Article from The Times, August 16, 1930

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Article Text

These proceedings, however, are regarded formality prior taking over of the bank by Michael E. Kozacik, Jr., prominent Indiana Harbor banker, in no way indicate that the bank is insolvent. Fear of on the bank kept doors closed since Defries' death. He the majority stockholder of the bank, and sale of his holdings was prevented by them being tied up his estate. When Mr. Kozacik was found to be willing to the bank, Judge Greenwald this morning designated Harvey Watson, of the First National Bank Gary, He will place the fairs the immediately where they can be taken over by Mr. stated that be absolutely no loss to the depositors since bank examrevealed that the institution is in a sound condition financially. Mr. Kozacik, famed as Indiana's president, head the Indiana bank and the Cit. izens Trust Savings bank Indiana Harbor. He recently consummated the sale three Indiana off Harbor and theaters to the Warner price to be $750,000.

2. January 5, 1931 St. Louis Post-Dispatch St. Louis, MO

Article Text

CENTRAL in Last Statement Deposits of One of Five Depositories in Town. FOUR SUSPENSIONS IN INDIANA TOWNS Two at Indiana Harbor, and One at 000 Depository at Zanesville, Central Trust Co. of Charles, one of five banks closed today by action of the Board of Directors. notice on the door stated that the directors' action was "owing to constant withdrawals and to conserve the assets for the benefit of depositors. Willbrand, secretary of the company, said the company solvent. Its capital stock is $100,000, been increased from $50,000 ago. Its last stateyear ment, Dec. 10, deposof and loans of $838,267. of which $138,904 on real estate security and the mainder on personal and collateral security. The statement showed the total assets and of liabilities as listed $50,000 plus and $8056.08 undivided The resources include $58,454.57 bonds, which $1251 are Government bonds, State, county and municipal bonds, $1855 foreign bonds and bonds of railroads and public service companies. The trust company's building at 103 South Main street valued at Dr. Wentker president of the pany. dividend of $2 share little more than month ago. by depositors of the trust company had been gradual. and had not attracted general tention. The State Finance Department City, on being notified of the closing of the trust company, sent W. Chapman, bank examiner, take charge for the department. Fort Dodge Bank Suspends Due Rumors." DODGE, Jan. board directors of the Iowa Savings Bank voted not open the bank for business today. Cirof injurious rumors, decided "run" the bank and effort to protect loyal depositors were given reasons for the move, according to statement by Smeltzer, The Iowa bank directory lists the bank's deposits at Zanesville (O.) Depository Closed; Is Cause. Associated Jan. Security Bank closed day by Gray, State Superintendent of Banking. The superintendent said that "frozen loans" and depreciation in bond accounts had caused closing. At the close of business last Saturday the State curity Bank had resources capital of and surplus and undivided profits of $70,000. Four Indiana Depositories Close Doors; Gary. Ind., Jan. Four Indiana banks failed to open for today, Luther Symons, State Banking Loss deposits given the cause for the closings. The banks closed today are: The the First Indiana State Bank Gary, Ind., capitalized at Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000; Indiana State Bank of Indiana Harbor, capitalized Bank of Huntertown, len County, capitalized at Two Small Illinois Banks Close for Ill., Jan. Closing of the State Bank of Yale Jasper and the Joppa State Bank in County today by State Auditor of Oscar Both banks closed examination and adjustment.

3. January 28, 1932 The Times Hammond, IN

Article Text

PACKER OF I. HARBOR INDICTED IN CHICAGO Well Known Insurance Man Is Accused of Using Mails to Defraud [SPECIAL TO THE TIMES] CHICAGO, Ill., Jan. 28.—Charles Packer, Jr., former banker and insurance man of Indiana Harbor, was indicted by a federal grand jury in Chicago this week for using the mails to defraud. The indictment specifically alleges that Packer, together with eight other former officials of the defunct H. O. Stone company, Chicago pioneer financial house, used the mails to misrepresent stock offered by the company. Mr. Packer was treasurer of the company before it collapsed. The eight other officers were named in the same indictment. The indictment followed an investigation by postal authorities. They disclosed that the H. O. Stone company informed prospective customers by mail that the stock offered by them at $12 and $15 a share would be worth $30 and $35 in a short time. The postal authorities further revealed that several thousands investors, with claims aggregating $14,500,000 will be able to salvage nothing from the defunct bond house. OTHERS INDICTED The eight who were indicted with Packer are Henry F. Norcott, president; Claude C. Miles, Harold D. Bennett, and Francis M. Richardson, vice presidents; W. Scott Carroll, controller; Leslie A. Needham, attorney, and David A. Coleman, president of a subsidiary corporation. Prior to his connection with the H. O. Stone company as treasurer, Mr. Packer was cashier of the defunct Citizens Trust and Savings bank, of Indiana Harbor. J. R. Farovid was president of this institution at that time. The bank was absorbed by Michale Kozacik, Jr., then president of the now defunct Indiana State bank of Indiana Harbor. Mr. Packer then became affiliated with the H. O. Stone company. Later, he returned to Indiana Harbor to assume the management of (Continued on Page Eight)

4. January 28, 1932 The Times Hammond, IN

Article Text

PACKER OF I. HARBOR INDICTED IN CHICAGO Well Known Insurance Man Is Accused of Using Mails to Defraud [SPECIAL TO THE TIMES] CHICAGO, Ill., Jan. 28.—Charles Packer, Jr., former banker and insurance man of Indiana Harbor, was indicted by a federal grand jury in Chicago this week for using the mails to defraud. The indictment specifically alleges that Packer, together with eight other former officials of the defunct H. O. Stone company, Chicago pioneer financial house, used the mails to misrepresent stock offered by the company. Mr. Packer was treasurer of the company before it collapsed. The eight other officers were named in the same indictment. The indictment followed an investigation by postal authorities. They disclosed that the H. O. Stone company informed prospective customers by mail that the stock offered by them at $12 and $15 a share would be worth $30 and $35 in a short time. The postal authorities further revealed that several thousands investors, with claims aggregating $14,500,000 will be able to salvage nothing from the defunct bond house. OTHERS INDICTED The eight who were indicted with Packer are Henry F. Norcott, president; Claude C. Miles, Harold D. Bennett, and Francis M. Richardson, vice presidents; W. Scott Carroll, controller; Leslie A. Needham, attorney, and David A. Coleman, president of a subsidiary corporation. Prior to his connection with the H. O. Stone company as treasurer, Mr. Packer was cashier of the defunct Citizens Trust and Savings bank, of Indiana Harbor. J. R. Farovid was president of this institution at that time. The bank was absorbed by Michale Kozacik, Jr., then president of the now defunct Indiana State bank of Indiana Harbor. Mr. Packer then became affiliated with the H. O. Stone company. Later, he returned to Indiana Harbor to assume the management of (Continued on Page Eight)

5. January 28, 1932 The Times Hammond, IN

Article Text

OTHERS INDICTED The eight who were indicted with Packer are Henry F. Norcott, president; Claude C. Miles, Harold D. Bennett, and Francis M. Richardson, vice presidents; W. Scott Carroll, controller; Leslie A. Needham, attorney, and David A. Coleman, president of a subsidiary corporation. Prior to his connection with the H. O. Stone company as treasurer, Mr. Packer was cashier of the defunct Citizens Trust and Savings bank, of Indiana Harbor. J. R. Farovid was president of this institution at that time. The bank was absorbed by Michale Kozacik, Jr., then president of the now defunct Indiana State bank of Indiana Harbor. Mr. Packer then became affiliated with the H. O. Stone company. Later, he returned to Indiana Harbor to assume the management of (Continued on Page Eight)

6. January 28, 1932 The Times Hammond, IN

Article Text

PACKER OF I. HARBOR INDICTED IN CHICAGO Well Known Insurance Man Is Accused of Using Mails to Defraud [SPECIAL TO THE TIMES] CHICAGO, Ill., Jan. 28.—Charles Packer, Jr., former banker and insurance man of Indiana Harbor, was indicted by a federal grand jury in Chicago this week for using the mails to defraud. The indictment specifically alleges that Packer, together with eight other former officials of the defunct H. O. Stone company, Chicago pioneer financial house, used the mails to misrepresent stock offered by the company. Mr. Packer was treasurer of the company before it collapsed. The eight other officers were named in the same indictment. The indictment followed an investigation by postal authorities. They disclosed that the H. O. Stone company informed prospective customers by mail that the stock offered by them at $12 and $15 a share would be worth $30 and $35 in a short time. The postal authorities further revealed that several thousands investors, with claims aggregating $14,500,000 will be able to salvage nothing from the defunct bond house. OTHERS INDICTED The eight who were indicted with Packer are Henry F. Norcott, president; Claude C. Miles, Harold D. Bennett, and Francis M. Richardson, vice presidents; W. Scott Carroll, controller; Leslie A. Needham, attorney, and David A. Coleman, president of a subsidiary corporation. Prior to his connection with the H. O. Stone company as treasurer, Mr. Packer was cashier of the defunct Citizens Trust and Savings bank, of Indiana Harbor. J. R. Farovid was president of this institution at that time. The bank was absorbed by Michale Kozacik, Jr., then president of the now defunct Indiana State bank of Indiana Harbor. Mr. Packer then became affiliated with the H. O. Stone company. Later, he returned to Indiana Harbor to assume the management of (Continued on Page Eight)