Studebaker Bank (Bluffton, IN)

Episode Information

Episode UID
71035071527
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7103507 routing
Routing Number
71-0350
Start Date
March 26, 1927
Location
Bluffton, Indiana (40.739, -85.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca6ca05fff4db287

Response Measures

None

Events (3)
1. March 26, 1927 Suspension
Cause Details
Article states the bank suspended business on March 26, 1927 but does not attribute suspension to a rumor, correspondent failure, or government action.
Newspaper Excerpt
the bank suspended business March 26, 1927.
Source
newspapers
2. May 21, 1927 Other
Newspaper Excerpt
A. W. Hamilton Friday named the Citizens Bank, of this city, as permanent receiver for the defunct Studabaker Bank.
Source
newspapers
3. February 23, 1928 Receivership
Newspaper Excerpt
Morris E. Stults was appointed receiver for the Studebaker Bank this afternoon by Judge A. W. Hamilton in the Wells Circuit Court, following acceptance by the court of the resignation of the Citizens Bank as receiver.
Source
newspapers

Newspaper Articles (11)
1. May 21, 1927 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, May 21, 1927

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CITIZENS BANK RECEIVER For Studabaker Bank of Bluffton. BLUFFTON, Ind., May A. W. Hamilton Friday named the Citizens Bank, of this city, as permanent receiver for the defunct Studabaker Bank. In explaining his action in naming the bank, that has been serving both as liquidating agent and temporary receiver, the judge said that It was best equipped institution to do the work. The judge refused to accept for filing in the case verified objection to the appointment of the Citizens Bank by several depositors in the Studakaber Bank

2. September 15, 1927 Leader-Tribune Marion, IN
Article from Leader-Tribune, September 15, 1927

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NO DIVIDENDS SOON IN BLUFFTON CASE Bluffton. Ind., Sept. Stults, cashier of the Citizens receiver for the defunct Studebaker bank. today informed Judge W Hamilton of the Wells circuit court. that no dividend could be paid to positors for some time. At present the receiver has only about enough cash on hand to make per cent dividend. and preferred claims now pending estimated $10,000 would have be paid out of that amount before dividend could be declared. Mr. Stults also reported that the defunct bank holds second mortgages on twenty to farms, which first mortgages far in excess of the value of the land. Farms held by the bank last year caused $75,000 to operate them, he said. The defunct Studebaker bank had more than deposit. About of the collectby the thus far paid to other banks on loans totaling

3. October 28, 1927 The Star Press Muncie, IN
Article from The Star Press, October 28, 1927

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BLUFFTON Bluffton, Ind., Oct. party of 92 Wells County farmers and business men arrived home this ning from 3-day trip to points in Ohio, Michigan and Canada heavily infested with corn borers and all Ar. Macon (Cof G) are thoroughly converted the Jacksonville (ACL) am. urgent necessity of taking every Miami (FEC) Tampa (ACL) od possible to keep the borers Sarasota under control in Indiana. Judge W. Hamilton today enSt. Petersburg 6:25 pm. tered judgment in favor of the Citidescriptive literature. fares, zens Bank as receiver for the Studebaker Bank, against the CenH.M. Mounts, tral Investment Company in the Carpenter, City sum of $28,117, including attorneys Merchants Bank Building fees of $1,140. Virgil M. Simmons, Ph.Riley local attorney, was then appointed Milliken, for the defendant in the Louisville, Ky. tion, the Central Investment Company, a local corporation, with bond placed at $10,000. William Snyder, crippled farmer living near Kingsland, taken B A D into custody late yesterday and brought to the county jall here to await hearing on petition asking that he be declared of unsound mind and admitted to a state institution for A license Issued today to Mrs. Edith Mildred Lazette, 22. daughter of and Mrs. Charles Turner and her first husband, Clarence Ellsworth Wolf. She was divorced from him, married Lazette and divorced the latter and successfully wooed again by Wolf.

4. October 30, 1927 The Star Press Muncie, IN
Article from The Star Press, October 30, 1927

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BLUFFTON Bluffton, Ind., Oct. 29.-John Flechter, Jr., and son, Ervin, 12, were recovering today from the effects of partial asphyxiation suffered yesterday afternoon while working in cistern in the basement of home five miles northeast of Bluffton. All persons in Wells County who are desirous of making borer Canada, who did not get accompany the Wells County delegation, this week, will have an opportunity to make the trip next week with an expedition from Wabash and Whitely counties, County Agent M. S. Smith announce The Citizens Bank, today receiver for the Studabaker Bank judgment in the sum 85 by Judge A. W. Hamilton in Circuit Court today. Petition for foreclosure of mortgage on defendants' was granted. Judgement sum $117.44 on an alleged unpaid note was demanded supplemental complaint filed in Circuit Court today by the Union Central Life In surance Company against Francis Gore and others. A sedan belonging to D. F. Mitzwhich was stolen from in front of the Mitzner home by joyriders night found abandoned rear school building here this morning.

5. February 22, 1928 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, February 22, 1928

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CITIZENS BANK AT BLUFFTON IS SOLD BLUFFTON, ment was made here today that the Citizens Bank had been sold to the Wells County Bank and that its business be Bluffton but two banks, the Wells County Bank and the Union and Trust The Bank receiver for the Studebaker Bank which closed its doors on March last. The the Citizens Bank totaled about and the Wells County Bank will pay these deposits. was learned good authority that Morris who has been cashier for Bank will be receiver for the Studabaker bank. The chief entomologist estimates loss through insect pests $100,000,000 year.

6. February 24, 1928 The Star Press Muncie, IN
Article from The Star Press, February 24, 1928

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BLUFFTON Bluffton, Ind., Feb. 23.-Morris E. Stults was appointed receiver for the Studebaker Bank this afternoon by Judge A. W. Hamilton in the Wells Circuit Court, following acceptance by the court of the resignation of the Citizens Bank as ceiver. Stults's bond was put at $50,000. Laverne Kitchen. 3. son of Mr. and Mrs. James Kitchen, of this city, suffered severe injury his right hand and forearm when his hand was caught in an electric clothes M. Walbert, local justice of the peace. sitting as special judge in Juvenile Court here, today quitted George Snow and Miss Yolande Perry. of of charges of contributing to the delinquency of 14-year-old girl. James Reynolds today filed complaint Circuit Court here against Blanche Reynolds, seeking annulment of their marriage, which took place July The Kiwanis Club voted last night to sponsor Kiwanis boys' potato club for Wells County. Each Kiwanian and will sponsor boy potato raiser assist him in procuring seed for a. quarter of an acre patch. calf club also to be organized.

7. February 25, 1928 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, February 25, 1928

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MAN, WOMAN HELD NOT GUILTY AT BLUFFTON BLUFFTON, Ind., Feb. 25.-M. W. Walbert, sitting as special Judge in the case against George Snow and Yolanda Perry of Chester Township, who were charged with contributing to the delinquency of a minor girl as the result of an auto party sometime ago, found the defendants not guilty. Judge Walbert in passing judgment in the case, said the evidence of the girl, who testified for the state, was insufficient to warrant convinction. TAKES OATH AS RECEIVER. BLUFFTON, Ind., Feb. ris E. Stults, former cashier of the Citizens Bank, which suspended business here Wednesday, has taken the oath of office as receiver for the Studebaker Bank to which position he was appointed by Judge A. W. Hamilton following resignation of the Citizens Bank as receiver Mr. Stults furnished bond in the sum of $50,000. The court named the Wells County Bank as the depository for the receivership.

8. January 24, 1929 Garrett Clipper Garrett, IN
Article from Garrett Clipper, January 24, 1929

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BLUFFTON BANK RECEIVER TO PAY PREFERRED CLAIMS Bluffton, Ind., Jan. 21.-Judge A. W. Hamilton has granted the petition of Morris E. Stultz, receiver for the Studebaker bank, to pay preferred claims in receivership totaling $33,236.92. The receiver had on hand $150,000 to pay claims at the time the petition was filed. He declared that every effort will be made to liquidate the assets of the defunct bank speedily and that expectations are 10 percent of common claims can be paid by spring. About 150 depositors will receive payments on the preferred claims.

9. March 1, 1929 The Star Press Muncie, IN
Article from The Star Press, March 1, 1929

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CREDITORS PAID TEN PER CENT Studebaker Bank, Bluffton, in Distribution. Bluffton, Ind., Feb. 28.-Morris E. Stults, receiver of the Studebaker Bank, this afternoon was authorized by Judge A. W. Hamilton to make 10 per cent distribution to general creditors of the bank, totaling $112.521.29. The checks were placed in the mail this evening, ready for delivery to creditors in the morning. There are about 3,000 general claimants to share in the distribution, the first that has been made to general creditors since the bank suspended business March 26. 1927. Accompanying the checks there was sent to each general creditor letter in which Receiver Stults detailed the work that has been performed in the receivership. This included the statement that the receiver had to collect and pay to banks approximately $350,000 loans. also to collect funds to pay preferred claims amounting to approximately $80,000 before he began make any accumulations towards payment of any funds to general creditors. In addition he had to pay expenses accruing that totaled about $40,000. A total of about $85 000 was settled by allowance of set-offs. The receiver shows that there remains in his custody unliquidated assets that include personal and mortgage notes totaling $435,000. also 1867 acres of land, six city properties. thirteen vacant lots and $2,500 worth of farm personal property No estimate was given as to what per cent of the remaining assets are thought collectable. Conscience Money With Interest. Fred Carnall. farmer living southeast of Bluffton. today received an anonymous letter by special delivery. in which was enclosed $25 in currency. $20 and $5 bill. with the statement that the writer desires to make restitution for keeping $15 which Mr. Carnall lost and the writer found at an unstated date. Mr. Carnall recalls that he lost $15 about nineteen years ago and had carried lingering suspicion that it had been stolen. The anonymous letter reads as follows: "Dear Mr. Carnall: Please accept this $25 for the $15 I found once. with interest. Am so sorry I did it. Please forgive me. realize if everything is not made right here, it will be too late over there Ossian Power Meeting Set. The Ossian town board today gave notice by publication that there will be a meeting of the board on March 15 to give further consideration to an ordinance contract with the Ossian Water Company for installation of a power waterworks system at Ossian early the coming summer. Tentative action was taken on February 26th for such contract. The board also gives notice of purpose to issue bonds in the sum of $11,000 to pay for stock subscribed in the water company The tentative contract calls for installation of eighteen fire hydrants at $80 each per year. with similar cost for each additional hydrant. except for one that is to be installed free of rental charge. The maximum rate to commercial users of water is to be 40 cents per 1,000 gallons. To Improve Highway. Arthur Glass, superintendent of the Bluffton- Wayne division of state road No. 3, stated today that the entire road between the two cities is to be treated the coming season with resurfacing material. The work will not be started for several weeks. Couple to Wed March 2. Announcement has been made at Ossian that the marriage of Miss Arlene Vananda. teacher in the Ossian schools. daughter of Mr. and Mrs. Fred Vananda. and Ralph Archbold will take place Saturday. March 2. at Ossian. Both are graduates of the Ossian High School and the groom has made his home with an William The couple will re- side in Fort Wayne, in which city Mr. Archbold is employed as an electrician. Bluffton Short Notes. The funeral of Lewis Hardin. who died while on a visit at Virgil, Kan., will be held at the First Baptist Church in this city, at 2 o'clock Friday afternoon. and burial will be in Elm Grove Cemetery. The city fire department was called at noon today to the residence of Perry Thompson, on East Wiley avenue, to extinguish a roof fire started by a spark from chimney. The damage was nominal. Coach Louis Means of the Bluffton High School, has issued call for applicants for a new high school honorary athletic fraternity. Prescribed athletic records in high school activities are qualifications for membership. Mrs. Ellen Kahn. living in the south part of the city, was sentenced by Judge A. W. Hamilton to tenday term in the county jail upon being found guilty of contributing to the delinquency of her minor children.

10. August 20, 1929 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, August 20, 1929

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BLUFFTON, Ind., Aug. 20.-(U.P) -For six years James R. Crosbie, 73, toiled faithfully without pay to satisfy the debt of another man. Now he is again on a payroll, having satisfied a $12,000 debt for which he went as security. This remarkable example of honesty was revealed when M. E. Stultz, receiver for the Studebaker bank, gave Crosbie a check for his work during the past month as caretaker of one of the farms owned by the defunet bank, and now in charge of the receiver. Crosbie suffered a business misfortune which turned him from affluence to poverty. Then a friend whose note he had signed for $12,000 also "went under" and creditors came to him for the money.

11. August 28, 1929 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 28, 1929

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BOND JUDGMENT GIVEN Receives Administrator Bluffton Award of $7,137. Award of $9,137.85 to Frank W. Gordon, Bluffton, administrator of the John Gordon estate, for Liberty bonds deposited in the defunct Studebaker bank, Bluffton, was approved today by the appellate court. The ecase was appealed from the Wells circuit court by Morris E. Stultz, bank receiver. The bonds deposited with the bank by John Gordon totaled $8,700 and were sold by the bank for $7,748. The judgment includes the value of the bonds and interest.