Citizens State Bank (Noblesville, IN)

Episode Information

Episode UID
71034371598
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7103437 routing
Routing Number
71-0343
Start Date
February 27, 1933
Location
Noblesville, Indiana (40.046, -86.009)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2e244d1348b8b23d

Response Measures

None

Description

Suspended payments Feb. 27, 1933 and thereafter liquidated with a receiver and dividends paid.

Events (5)
1. February 27, 1933 Suspension
Cause
Government Action
Cause Details
Suspension tied to official/state actions and handling of public funds and moratoriums following state decisions
Newspaper Excerpt
there was on deposit with the Citizens State Bank Noblesville which bank suspended payment on February 27. 1933
Source
newspapers
2. February 9, 1935 Receivership
Newspaper Excerpt
L. V. Wright, receiver of the Citizens State Bank, Noblesville, filed a long list of liabilities of the bank in the office of the clerk of the local court, and the court ordered notice published ... fixing April 15th, 1935, as the last day for filing preferred claims
Source
newspapers
3. December 9, 1935 Other
Newspaper Excerpt
Noblesville Bank Pays $36,000 ... distributed today among depositors of the Citizens State Bank, now in receivership. A similar 10 per cent dividend was paid in September.
Source
newspapers
4. April 11, 1936 Other
Newspaper Excerpt
Depositors of the defunct Citizens State Bank today were to receive 10 per cent dividends representing $48,500. This the third dividend paid, making a total of 30 per cent since the institution closed three years ago.
Source
newspapers
5. * Other
Newspaper Excerpt
Bank Depositors Are Agreeing to Moratorium ... showing for such short bank suspended payments Tuesday ... depositors are agreeing to moratorium suggested by State
Source
newspapers

Newspaper Articles (9)
1. July 30, 1932 The Noblesville Ledger Noblesville, IN

Article Text

CENT SIGNED Bank Depositors Are Agreeing to Moratorium stated by the officials of Citizens State Bank, Saturday that per cent signed the moratorium suggested by State Bank Symons when city the first of the This considered showing for such short bank suspended payments Tuesday they have been working only three days. said that but very have refused the mutual Many been because their locations and others have not yet had the time to come to the bank will later. depositors are fair the bank know that the condition institution the of the conditions of the times just should work to the results possible an official am saying bank has tion of the if the business will justify lifting sooner. There isn't connected with our bank what would be glad have this agreement declared and void as soon possible." All of the officials say they more than satisfied which they from all and hope things shape to reopen bank in short The depositors committee, appointed the mass meeting, Wednesday night, hard and with the officials the bank in way and the bank with the mittee. Harmony the of both of these bodies.

2. November 28, 1932 The Indianapolis Times Indianapolis, IN
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.

3. September 14, 1933 The Noblesville Ledger Noblesville, IN

Article Text

NOTICE TO DEPOSITORS Pursuant to Section 9 of Chapter 33. Acts of 1932. Page 146. it decision of the Attorney General and the Auditor State, there was on deposit with the Citizens State Bank Noblesville which bank suspended payment on February 27. 1933 following Public Funds classed as New Money Hamilton County $13,537.07 Noblesville City all funds) 8,552.92 Noblesville School 4,172.93 Fishers Civil Town 355.62 Fall Creek Township 3,782.15 Noblesville Township 6,809.24 Wayne Township 4,036.39 White River Township 5,778.30 Arcadia Civil Town 516.62 Total $47,591.24 Ten days after this publication if there is no Auditor State will issue his warrant for the above amount. ALDEN' H. BAKER Special Sept. 14-1t.

4. November 18, 1933 The Noblesville Ledger Noblesville, IN

Article Text

Have No Good Security Can Use Collateral LOANS FROM Statement Made By the Citizens State Bank The receivers and liquidating agents for fifty or closed diana banks may get some of the which the government aside for the release of frozen assets in these institutions but the prediction in local financial circles, Saturday, that none of would come to the banks of Hamilton county particularly the Westfield State Bank and the Citizens State Bank. of Noblesville, both of which are now being liquidated. Those expecting Christmas money from this source are likely to be disappointed. Harry Talbert, in charge of the Westfield bank, with his attorney, Ralph Waltz, and H. Baker, in charge of the local bank, were at Indianapolis, Thursday, having been called there for explanations of the new move for the release of frozen assets. They were presented seven sets of application blanks to be used in asking for tion Finance Corporation loans with the assets of the banks to be pledged security. They were told that the first step in getting these proposed loans was submit praisals of assets the institutions. H. Baker. special representative for the Citizens State Bank, of Noblesville, covered the ground well yesterday afternoon when he released for publication statement to the effect that none of these banks "are going get any money for the release of the frozen assets unless they put up good collateral. He went on to explain the set up of the machinery looking to loan. Five appraisers must be named. One must be banker, one farmer, one business man and the two others are to be substantial citizens. None of them to be either directly or indirectly affiliated with the bank either depositor or creditor, whose assets they are to pass on. will be the duty of the appraisers to estimate the operating expenses of the institution covering period of from three to five years, at the same time keeping in mind the value of the assets. said that most of the assets Westfield bank are tied in which, of course, the government will not accept collateral for loans of any institutions and Mr. Baker says, speaking of the Noblesville bank, that the outstanding loans secured by collateral are largely with the government now for money borrowed by the bank. Of course this collateral went with the loans when they were sold to the government and they cannot released until the loans are paid. Baker further said he did not lieve that there was sufficient collateral left in the local bank justify securing loan for the payment of dividends to depositors. He thinks a serious question whether or not the State Banking department would approve sufficient amount of the collateral left in the bank to secure loan of any amount. With each loan now in the possession the liquidating agent must financial statement as to the worth of the makers of the notes in the event they are put for collateral. Baker said the worth of some the men was such that he would not attempt to induce the government to make loan on the paper. "With new bank that may have closed and has no money borrowed, is entirely different," said Baker. "Then it has all of its assets and course it naturally follows that at least some of its collateral is good and by putting up such security can the which government going to release for the payment of frozen assets. clear. At the ment we do think we have ficient good collateral ask loan much as would like for the have their money tied

5. February 9, 1935 The Noblesville Ledger Noblesville, IN

Article Text

Outlook Good For Payments In Reasonable Time SOME MATTERS TO BE IRONED OUT Necessary That Equalization Be Reached Under Moratorium Recently L. V. Wright, receiver of the Citizens State Bank, Noblesville, filed a long list of liabilities of the bank in the office of the clerk of the local court, and the court ordered notice published in the newspapers, fixing April 15th, 1935, as the last day for filing preferred claims, and for objections to allowances and disallowances of the claims as recommended by the receiver. It is the opinion of those connected with the liquidation of the bank that a dividend can be declared at sometime during the April term of the court if all questions can be ironed out, which have been raised by several petitions now on file, asking for equalization and growing out of the administration of the bank under moratoriums. It is well known that many people received the per cent authorized by the moratoriums, but that some received only a part and some received nothing, and the question as to what shall be done as to equalizing depositors will be taken up by the court at an early date, so that if possible a dividend may be declared as planned by the Department of Financial Institutions in charge of the bank. That portion of the deposits in the Citizens State Bank which was taken over from the Wainwright Trust Company when it ceased to do a general banking business, and remaining unpaid, were secured by a large number of mortgages which are in the hands of Trustees appointed by the court to collect the mortgage securities, under a separate trust known as the Special Assets of the Wainwright Trust Company. These trustees were appointed by Judge Hines, representing both institutions, and are making progress in collecting such special assets, and it is expected that dividends in that fund will be made at the same time. This plan of taking care of those deposits was approved by the court and by the State Banking Department.

6. May 4, 1935 The Noblesville Ledger Noblesville, IN

Article Text

WANTED—Piano tuning and repairing. Archie Wilson, at Weldys. To July 1, '35. Mr. and Mrs. Halford Hattery are the parents of a baby girl born Friday morning at the Hamilton County Hospital. She has been given the name of Madeline Sue. Omer Lake, assistant cashier at the American National Bank, who has been ill and off duty at the bank for several days is still confined to his home. Mrs. Marie Wild is substituting for him at the bank. Miss Martha Henderson, recently employed by Robert Hartman, bank receiver, is temporarily located in the office of L. V. Wright, liquidating agent for the Citizens State Bank. Mr. and Mrs. Lester Waterman have recently moved to Noblesville from Indianapolis and are located at 1492 Cherry street. Mrs. Waterman was Miss Mariesther Heinzman before her marriage. (N. C. Neal, Attorney) NOTICE OF FINAL SETTLEMENT OF ESTATE Notice is hereby given to the creditors, heirs and legatees of Irma M. Kirchenbower, Deceased to appear in the Hamilton Circuit Court, held at Noblesville, Indiana, on the 23rd

7. December 9, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 9, 1935

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Article Text

Noblesville Bank Pays $36,000 Times Special NOBLESVILLE, Ind., Dec. 9.-An early Christmas gift of $36,000 is being distributed today among depositors of the Citizens State Bank, now in receivership. A similar 10 per cent dividend was paid in September.

8. April 11, 1936 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 11, 1936

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Article Text

PAYS THIRD DIVIDEND Noblesville Bank Receiver Gives Out $48,500. By United Press NOBLESVILLE, April 11.-Depositors of the defunct Citizens State Bank today were to receive 10 per cent dividends representing $48,500. This / the third dividend paid, making a total of 30 per cent since the institution closed three years ago.

9. April 11, 1936 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, April 11, 1936

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Article Text

PAYS THIRD DIVIDEND Noblesville Bank Receiver Gives Out $48,500. By United Press NOBLESVILLE, April 11.-Depositors of the defunct Citizens State Bank today were to receive 10 per cent dividends representing $48,500. This the third dividend paid, making a total of 30 per cent since the institution closed three years ago.