Indiana State Bank (Indiana Harbor, IN)

Episode Information

Episode UID
71020071573
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7102007 routing
Routing Number
71-0200
Start Date
January 5, 1931
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
7e515aeb960df4c6

Response Measures

None

Description

Contemporary article (1931) reports the bank did not open; later 1932 pieces refer to the Indiana State Bank as defunct, suggesting permanent closure.

Events (1)
1. January 5, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Newspaper lists closures after 'loss [of] deposits' and widespread withdrawals; contemporaneous pieces link similar Indiana closings to injurious rumors and heavy withdrawals.
Newspaper Excerpt
Four Indiana banks failed to open for today... The banks closed today are: ... the now defunct Indiana State Bank of Indiana Harbor
Source
newspapers

Newspaper Articles (5)
1. 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.

2. 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)

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

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

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)