Article Text
Leads in Attica Citizens' Action W. Harrison, president of the Harrison there by 300 depositors AtFarmers and Merchants State bank. He member the advisory committee three the bank receiver.
Farmers & Merchants Bank (Attica, IN)
Episode Information
- Episode UID
71041471540- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
7104147routing - Routing Number
71-0414- Start Date
- April 1, 1928*
- Location
- Attica, Indiana (40.294, -87.249)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
850c07acd2d435be
Response Measures
None
Description
Bank was closed by the State banking department and placed in receivership; later receiver made dividend distributions.
Events (3)
1.
April 1, 1928*
Suspension
- Cause
- Government Action
- Cause Details
- Closed by the State banking department in April 1928 due to frozen assets.
- Newspaper Excerpt
- The Farmers-Merchants State Bank of Attica ... was closed by the State banking department in April. Frozen assets were blamed.
- Source
- newspapers
2.
July 19, 1928
Receivership
- Newspaper Excerpt
- Dan R. Young, Attica farmer ... was appointed receiver. (article notes receiver and reference to closure in April.)
- Source
- newspapers
3.
September 27, 1929
Other
- Newspaper Excerpt
- Young, receiver of the Farmers Merchants state bank ... is ready to pay the second 10 percent dividend to depositors, who may get their checks by calling at the bank.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
ZIEGLER GIVES LAND TO COVER ATTICA DEBTS Signs Over Property to Make Up $50,000 for Loan Association. Acceptance of a mortgage on real estate owned by Charles Ziegler, State highway commissioner, to cover his indebtedness of approximately $50,000 to the Attica Building and Loan Association, of which he was president, tentatively was agreed to by the association's directors in conference with Thomas D. Barr, deputy State bank commissioner, here Wednesday. Attempts at secrecy surrounding the meeting were a disappointment to Barr, who called the session, and to A. L. Gutheil, chief clerk of the building and loan division of the State banking department, who plainly was perturbed that word of the meeting had "leaked out." Bank Closed in April The Farmers-Merchants State Bank of Attica, of which Ziegler was president, was closed by the State banking department in April. Frozen assets were blamed. Because management of the bank and of the building and loan association were interlocked closely, the bank's failure was reflected in the association's financial status. Upon reorganization, stockholders of the association voluntarily consented to a 15 per cent sacrifice. Old officers were displaced; George Williams made president; W. W. Haworth, secretary, and W. B. Reed, treasurer. Dan R. Young, Attica farmer whose father had been one of the principal stockholders and a director in the Farmers-Merchants bank, was appointed receiver. Depositors losses are expected to approximate 20 per cent. Depositors Blame Ziegler Attica depositors roundly criticised Ziegler for his management and have held the opinion the State banking department should have closed the bank sooner. Association directors came to Barr's office determined to retrieve as much of the 15 per cent loss as possible. Ziegler's home and personal property alone are outside the mortgage submitted to the directors. It covers, said C. W. Dice, Ziegler's attorney, farm lands in Warren County and in South Dakota, business property in Attica and real estate in Indianapolis and Wichita, Kas. Dice estimated the property to be worth from $75,000 to $100,000. Turns in Store Accounts Ziegler, said the attorney, already has turned in a $65,000 store at Lafayette, $6,000 in bills payable and $2,000 in cash to meet his joint indebtedness to the two firms of which he was head. Agreement has been reached by association directors to accept a mortage from J. Shannon Nave, who was director in both companies, covering his indebtedness. Mortgages from the two former officials will reduce the loss of building and loan association stockholders to 8 per cent or less, it is said.
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Article Text
ASSIGNS PROPERTY Zeigler Effects Settlement of $60,000 in Bank Case. [Special to The Indianapolis News] COVINGTON, Ind., July Charles W. Zeigler, former president of the defunct Farmers and Merchants Bank at Attica, effected a settlement with the bank's receiver and the Attica Building and Loan Association before Judge Omar B. Ratpier cliffe, of the Fountain circuit court here. Zeigler assigned real estate valued at $100,000 together with personal property of $18,000 estimated value to cover accounts amounting to approximately $60,000, which it has been serted Zeigler owed the two concerns.
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Article Text
DIVIDEND PAID ON ATTICA BANK Receiver Offers Another 10 Percent-Wedding Announced-Steps on Nail. ATTICA, Ind., Sept. 27.-(SpeR. Young, receiver of the Farmers. Merchants ate bank of this city, is ready to pay the second 10 dividend to depositors, who may get their checks by calling at the bank. After few days, checks not called for will be mailed. FARM IS BOUGHT. Edgar Jaynes has purchased the 40-acre farm near Riverside known us the Margaret Muncon farm, the Central National bank and Trust company of this city Mr. Jaynes sold his house and three-acre tract of land east of Attica the first of the week to Mrs. Ida Lutz this city. Mrs. Lutz and daughter, Mrs. Pearl Wilson, will move to the latter place when is vacated by Mr. Jaynes and family. COMPLETE TRIP. Mr. and Mrs. Lee Yocom and Mr. and Mrs. Frank Bartlett of this city, have returned from an 11-day auto trip, having visited Cleveland, Niagara Falls, Toronto, Canada, Buffalo, Baltimore, Gettysburg, Washington, D. and other places of interest along the route. They spent three days in Washington They saw Mr. and Mrs. Will McMaster, former Attica residents, at Lorain, O. Mrs. McMaster before her marriage was Miss Alma Jarrett. They also called on Miss Abble Derr of this city, who is making her home with relatives at Munci. They covered a distance of 1,875 miles, all of which they made without any trouble of any kind and with puncture. MOOSE INITIATION. On Tuesday evening the Moose initiated another class inder their open charter, 25 new members coming into the "defending circle" in two months. RETURNS HOME. Mrs. Elmer Doty of this city who motored to Riverside, Calif., with her son. Lieut. Parient, has returned home. They stopped at Globe, Ariz., for visit with one night at Phoeniz, Ariz., as guests of Edward Smith, formerly of this city. After spending several days in California, Mrs. Doty returned by rail, stopping off in Chicago visit couple of days. Lieut. Parient remained in Callfornia where he is stationed at March field HAMBLEN-WATKINS. Mr. and Mrs. Jesse Hamblen of Warren county announce the marriage of their daughter, Opal Lucile, to Beverly Watkins, on Wednesday, at Laporte. young couple drove to Laporte, Wednesday morning, and were married by Rev. Stovall, of Attica, who is there attending the Methodist church conference. The double ring ceremony was used. The bride is the eldest daughter of Mr. and Mrs. Jesse Hamblen. She has grown to womanhood in the vicinity of Attica, and was graduated from the Attics high school in the class of 1927 The groom is the of Mrs. Arnett Watkins, Williamsport. He is promising young farmer of Warren county After short wedding trip Mr and Mrs. Wat kins will go to housekeeping on Mr. Watkins' STEPS ON NAIL. D. F. Alkire of Shawnee township, stepped on rusty nail Thursday at his home. The nail penetrated his foot and inflicted painful wound. Mr. and Mrs. Whlter Wood and family left Wednesday for their home in Kansas Ctiy, Mo., after a two-weeks' visit with Mr. Wood's sister, Mrs. Sandy Brown and family BONE IN THROAT Mrs. William Landon returned Thursday from the Lake View hospital in Danville, where she was taken Tuesday evening. Mrs. Landon while eating supper had a sliver of bone lodge in her throat, and was taken to the hospital to have it B. E. Carr and son, W. B. Carr, went to Anderson, Thursday, to attend the funeral of the former's brother Clyde Right. Mr. Right, who chief engineer for an packing house, was burned to death in an accident Tuesday night. Artie Stump of Boswell, was a business visitor in Attica Wednesday Albert Shupp, of Shawnee township, transacted business in Attica Wednesday John G. Heischman of Independence and Arthur McGahan of Green Hill, were Attica visitors, Wednesday W. C. Dysert and son Enos of Warren county, was looking after business in Attica Wednesday William Farmer of Winthrop, William Crames of Rainsville and J. W. Royal of Newtown were in Attica Wednesday. Charles Baker of Winthrop underwent surgical operation in the Home hospital in Lafayette Wednesday Lee Whitehall, Dan R. Young, B. S. Orr and W. B. Reed were transacting business in Covington Wednesday. Peter Keodam has just finished painting houses for Theodore Young, Sam Abolt and Mrs. Fred Oteham. Mr. and Mrs. W. Poston and daughter, Peggy, returned home Tuesday from motor trip through North Carolina and Ray Leak, trustee of Prairie township, Warren county, who has been surgical patient in Lake View hospital, Danville, has returned home. Mrs. O. A. Nedley, who is a sur- gical patient in St. Elizabeth hospital Lafayette, is making a very satisfactory recovery. Frank Wagner and wife, Mr. and Mrs. Henry Weigle and Freemont Hoagland of Davis township, were Attica visitors Wednesday Isaac Myers of Tab was transacting business in Attica WedMr. and Mrs. E. E. Anderson of near Boswell, were shopping in Attica Wednesday. Jason D. Bowlus of Warren county and Ashley Snyder of the Odell neighborhood were looking after business in Attica Wednesday. Orian Harper of Lafayette, visited in Attica Wednesday. Mrs. Jessie Carlson and daughters, Bernice and Lucille of Vine, and their guest, Irene Campbell, of near Stone Bluff, were shopping in Attica Wednesday Henry Brutus, Mr. and Mrs. John Vester, Mr. and Mrs. Walter Brutus and Mr. and Mrs. Crane of near Independence were shopping in Attica Wednesday T.J. Brown, postmaster of New. town, was in town Wednesday. George McDermond has had the interior of his store room OCcupied by Barney Tibbetts, papered and repainted.