gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
54375ff5f39e2f82
Response Measures
None
Description
Closed by board due to frozen credits and poor real-estate loan quality; receiver appointed.
Events (2)
1.March 14, 1927Suspension
Cause
Bank Specific Adverse Info
Cause Details
Ill-advised/extended real-estate loans and frozen credits left the bank with dwindling cash; board closed institution pending reorganization
Newspaper Excerpt
Closed by order of the Board of Directors, pending an effort to reorganize ... While there was no run the margin of available cash had been dwindling for some time
Source
newspapers
2.March 26, 1927Receivership
Newspaper Excerpt
application ... petition for receivership the Angola Bank and Trust Company granted today. Mack Pogue ... appointed receiver. The bank closed its doors several days when reported frozen credits had ... the affairs of the bank.
INDIANA BANK CLOSES.
Real Estate Loans Are Held Responsible
SPECIAL ENQUIREE Indianapolis. Ind., March nouncement today the closing of the Angola and Trust Company Angola, was by ment Luther State Bank Commissioner and Thomas Barr. Chief that there cause for the general Indiana good The Angola they was unable respond the banking had made the the One the difficulties, they vised extended real estate loans. They attributed part the the institution deprefarm Barr will go to Angola make of the bank ordered learned. closed the institution voluntarily. This the fourth bank the state within month. Barr Bunker this afterinvestigation the The closing followed the suicide the
INDIANA BANK CLOSES
Ill Advised Real Estate Loans Are
Held Responsible today closing the Bank and Trust Company at by ment by State Bank and Barr for state that the The Angola they unable respond the banking had made for the welfare the One the vised and real part of the in the to Barr go the The bank was not but was the This the bank the last Bunker Hill this Barr further of of bank The closing followed the suicide of the
3.March 15, 1927Chronicle TribuneMarion, IN
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SEES CLOSING OF SMALL BANK HEALTHFUL SIGN
State Commissioner Says Field Has Been Too Crowded
By ROBERT* W. GINSBURG The closing of the Angola Bank and Trust Co., of Angola yesterdaythe ninth since January 1-and the balance of the institutions is a healthful sign, Luther, F. Symons, state bank commissioner, said today.
Symons said the banking field had been too crowded during the last 10 years. There is one bank to every 2,500 population, the commissioner This situation is different in the east, Symons said. There, one bank is chartered for each 10,000 population, he explained, and there is more wealth per capita in the east than in Indiana. "The closing of these banks is merely a weeding out process." Symons said. "I wouldn't be surprised if there were more in the near future. A contributing factor, Symons said, was the crop failures and poor crops of the past season. The bank commissioner pointed out that more than $2,000,000 was lost to the Indiana farmers because of the hog cholera in the last year To this set back, the rains of last fall and late summer, rumed wheat, oats and corn crops for the farmer. "In addition," Symons continued, "the price of mint last year was $27 ton. just noticed a quotation the other day where it had dropped to $4.15." During the peak of war prices, small towns that previously only had one bank acquired another, Symons said. These email banks struggled along. While prices were inflated they made money. When the period of deflation set in, Symons continued, the smaller banks found they were not making money. Instead of struggling arong and finally crashing, ruining depositors, these banks have been sefling out to their competitors, the commissioner said. Of the nine banks closed so far, Symons said he expected seven of
4.March 16, 1927Steuben RepublicanAngola, IN
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ANGOLA BANK CLOSED MONDAY
HALF MILLION DOLLARS IN DEPOSITS AFFECTED
State Bank Examiner in Definite Statement Withheld
Pending Audit of Accounts
State Bank Examiner Barr will file today an application in the Steuben circuit court rereiver handle the affairs the Angola Bank Trust company The doors the bank be open Thursday to people wish to their safety deposit boxes.
The Angola Bank Trust Steuben county's oldest financial closed Its doors on order of the board of Monday the following notice:
Closed by order of the Board of Directors, pending an effort reorganize The which distinct surprise to the was taken after meeting of the board called Monday morning to consider the status of the After review of the audit of the bank taken by Frank former state bank examiner, and now presIdent of bank at dur Saturday afternoon and the directors unanimously reached the conclusion that the of the depositors and stockholders quired that such action be ately taken. While there was no run the bank the margin of available cash had been dwindling for some time, and the time of closing there hand less than The officers at once notified the state of the and Tuesday deputy state bank Thomas Barr and his assistants and took charge They now appraisthe value of the securities and until this work is completed no accurate statement can be made to the prospect loss the stockholders or the There was little excitement attending the circulation of the news that bank had closed. and no easiness felt concerning money in As soon as the news circulated over country of was came from some largest the counthe the First National Bank and to Steuben State unlimited cash to tide dering emergency. but not for these banks to necessary the offer. The Federal themselves of Reserve Bank of ContinenBank of Chital and National Bank of the Fort among those the The state bank the local banks the cash dence in hand the Angola bank to the First National Bank and certificate of deposit for Big Assets Frozen
The situation which forced the closing of the bank had been some The bank had for several heavy borrowers who were able to of loans available cash and liquid less with the creasing demands upon the bank About days bank notified the state that its loans must called and this situation remedied longer delay An appraisal of the credits the bank decided to determine funds could realized paper and actual situation determined Mr. called for this and with and Frank the was made, with result that was decided the bank could not longer continue until some restoration of the capital assets effected. Examiner Commends Action state examiner. commended the action of the officers
5.March 16, 1927Steuben RepublicanAngola, IN
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BANK COMMISSIONER'S STATEMENT
Thomas Barr. deputy bank declined make any positive statement to conditions in the trust company. cept to that the holders probably be heavy and that would great care to preserve the integrity of deposits. This does not mean anything like total to be paid in said may Barr expressed satisfaction that the other banks in the well provided with funds and absolutely worthy of public confidence. the stating that was the only thing that could been done under the when that the money the depositors was in jeopardy vet to make statement the except that holders be heavy are not only for the full of their capital stock but for additional ment to like amount to replace any loss to the depositors
Over Half Million Deposits The of bank Dec capital plus of The total deposits given There also of bills other and of undivided profits shown Against these liabilities there loans government cash over and due from other banks over The bank also listed over real estate aside from the fixtures the real estate comprises lands taken in liquidation loans listed while the total itles, exclusive of capital stock, plus and undivided allowing room for shrinkage of nearly before the would be obliged meet assessment of another as
Oldest Bank in County The Angola Bank Trust company succeeded different known as the Angola Bank the first established in the early seventies by Robert Pow and was the first business institution the Central block Mr. Pow failed bank Willthe tred Austin and Jesse as the Angola Bank Upon the death of George bank taken over William and his Wickwire and many years known the enjoyed wide safe and banking After death the by his until failing health him from and the Angola Bank Trust comorganized under the pany company law. with president and Dodge manager Upon death of Mr Wickwire in R. Best elected president of the institution and served that capacity until about six weeks when his condition of health made that more active man should be placed in and Frank was elected president For the past ten years or more Claude Douglass been clerk of the company The bank enjoyed widespread patronage. and in Its location used by the business men the There general of hope that bank be and continue the field of has long served.
6.March 16, 1927Steuben RepublicanAngola, IN
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STATE BANK EXAMINER STATEMENT closing the Angola Bank Trust Monday the ninth since and the balance of the institutions healthful sign. Luther state bank commissioner today. Symons said the banking field had been the last 10 There bank every population, the commissioner This situation is different the Symons said one bank for each populahe and there capita in the east than in Indiana.
Weeding Out "The closing of these banks meraly out be surprised there were more in the near fu. contributing factor, Symons said, the crop failures and poor crops of season. The bank pointed that more than to the Indiana because of the hog the last this back. the rains of last fall and late ruined wheat, corn crops the farmer. price of mint last year was $27 pound other day where it had dropped During the peak of war small only had another, Symons said. These small banks along. prices were inflated they made Protect Depositors The period of deflation has set the smaller found were money. Instead of struggling along and fin ally ruining these banks been out their competitors, the Of the nine banks closed so Symons expected seven them to liquidate The other he was not sure about.
7.March 24, 1927Tri-State AlliancePioneer, OH
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Angola Bank Closed Last Week
Million Dollars in Deposit Affected. State Bank Examiner in Charge
The Angola Bank Trust company, Steuben county's oldest financial stitution, closed its doors by order the board of directors on Monday last week posting the notice, "Closed by order of the Board of Directors, pending an effort to reorganThe action, which distinct surprise to the was taken after meeting of the board called early morning to the of the business. review the audit of the bank taken Frank by Brandon, former state bank aminer, the directors reached the conclusion that the terests of the depositors and stockholders required that such action taken While there was no run the bank the margin available cash had been dwindling for some time and at the time on hand less than closing officers once notified the state banking of the situation, on Tuesday deputy state examiner Thomas Barr and his assist. ants arrived and took charge. They are now at work with appraisers value of the securities hand, until this work completed statement can made to the to the The published or prospect the depositors. of loss statement of the bank on Dec. 31, 1926 showed the total resources as while total were Thomas Barr, deputy bank misisoner, to make any statement as to the the trust except to say loss the would be heavy and that would require great preserve the integrity of posits. mean total depositors. They be may paid in full, said Mr. Barr. There general expression of hope that the bank be may ized and continue in the field of fulness has long served.
8.March 26, 1927The Star PressMuncie, IN
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CHARTER NEW BANK FOR CONNERSVILLE
Indianapolis, March charter board today chartered the Central State Bank of with of according to articles filed in office of Frederick Schortemeier, secretary of state, by Luther Simons, state bank commissioner. Principal stockholders in the enterprise Bryson, McKennon and Joseph R. Mountain.
BANK RECEIVER NAMED.
Angola, Ind., March application Thomas D. Barr, of the state bank department, petition for receivership the Angola Bank and Trust Company granted today. Mack Pogue, formerly with the state board of appointed receiver. The bank closed its doors several days when reported frozen credits had with the of the bank.
9.March 28, 1927The Indianapolis TimesIndianapolis, IN
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TRANSFER FUNDS State Bank Examiner Luther Symonds was at Angola, Ind., today supervising the transfer of the Angola Bank and Trust Company to Receiver Mack Page. The bank has been closed for some time.
10.March 30, 1927Steuben RepublicanAngola, IN
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MACK POGUE BANK RECEIVER
FOR AFFAIRS OF ANGOLA BANK TRUST COMPANY
Creditors Given Notice to File Expected by Middle of May
Judge Carlin granted application of the state partment for receiver for the gola Bank Trust company last day after showing that bank was insolvent far the integrity capital stock cerned least. and Mack Pogue, Pleasant township former examiner the board of appointed receiver The ment of Pogue with approval and alike who have his capacity administer the fairs of bank with as little pense and loss creditors possible Wood has been pointed for the Pogue make any statement as of affairs than that he effort to possible He making an of the situathe and and opening made will have their claims dividends made Creditors come the bank may April bringing their evidences of credit like of deposit and books file their claims without and the receiver providing the
11.March 30, 1927Steuben RepublicanAngola, IN
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FORMER ANGOLA RESIDENT DEAD
Mrs Emma Louise Gillis, wife John died home KenMarch following weeks from diseases maiden name Emma Louise born July the daughter of Mr and Mrs Henry She there October 1878 with John Gillis their and resided Angola until years Three born this drews. preceded mother death years Mrs member Methochurch Friendly the Sunday and with Rebekah Lodge A1and kind numbered her by her acquaintances She mother put forth her efforts bringing happito the FranMrs of Oak Park Ruth of Mrs. Park Hatha and of three KatherEloise and Mary Frances Anof Kendallville Funeral services were held SaturMarch 19. o'clock from the late home, Summit Rev Fort assisted Interment in Lakeview cemetery.
CIRCUIT COURT
Mack Pogue appointed receiver Angola Bank Trust Co., and bond fixed Angola Bank Trust Co Alfred Potter judgment for for plaintiff The Pollak Brothers Co VS Julia judgment plaintiff for favor of Fred Burns for favor of John Matfor Sale of personal property ordered Harrod Martha Harsale of property ordered Forest Chamberlain Edward judgment for Carl Casebeer Ivan King, disTillotson, receiver First State Bank of Geo. Reed. judgment for plaintiff for $800 for on eight shares of stock Booth Edgar Kelso. judgment for for Miles Waterman Virl Pike judgment for for Homer adm estate Henry Lash, of real estate Frank Tuttle for approved.
HOME ECONOMICS CLUB NEWS
The leaders of the township clubs Tuesday, March for an all day meeting at the church basement with project Purdue. The local women were represented the first and second leaders follows: Russ Hershey and Mrs. Iva Hutchins. Carl Stroh and Mrs. Chas Hall. Clyde DeLancey and Mrs. Colliver, Bert Brown and Mrs. Clinesmith Albert Shields and Mrs. Viola Woods Steuben- Bernice Brooks and Miss Gladys Huffman. Fred Mott and Mrs Robert Warring. Clare Dally and Mrs. Edna Taylor and Eula Sanxter. Two townships were not represented County executive officers election results: County chairman, Mrs. Maurice secretary and press Carl Stroh: treasurer, Mrs. Albert Shields.
12.January 11, 1928Steuben RepublicanAngola, IN
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ASK DIRECTORS FOR $200,000
FILED BY ANGOLA
BANK
Negligence in Handling Alleges Business of Bank. Causing Fall- ure and Loss to Depositors
Pogne, receiver of the An filed gola Bank Trust Company suit Monday Steuben Circuit Coart through his attorneys Wood Redmond directors of officers and Bank Trust the asking for looking after ages for negligence the affairs of the bank caused the that negligence close its bank to become and cause the positors The complaint which names Rest as president Claude secretary (with the exception of the period December 1923 December from and the following Josie Fred Mast Ray John Mast and William director to about four The complaint Frank alleging that attended defendant the of meetings and assumed the rector with the of members of the although himself not an elected Institution The acts of fendants during period of the years attacked in the plaint and alleged that carelessness existed negligence and the part of the board that period eventually causing the bank close its The acts of negligence out in nineteen The first paragraph alleges that for years each the more than seven defendants negligently failed to perform their defendant failed and that the duties by him. in that the board did hold monthly meetings as required by law suffered the business go by defautlt and by such neglect the bank became insolvent The second paragraph alleges that prior December 1925 Douglass was secretary of the board and that that day the on of the state dered of directors to charge Douglass as secretary with which orders the board agreed comply and accordance which Douglass submitted resig secretary alleges that the board failed elect to Douglass but permitted him operate and manage the bank for over year without any and that in December 1926 the board re-elected Douglass and him to in that capacity until the insticlosed doors alleges that board knew that he was making large loans to irresponsible parties, and continuing to operthe affairs of the bank in an in manner The third paragraph alleges that board not require Douglass give bond. and large sums were lost fourth paragraph alleges that directors failed to appoint committee but permitted the president and secretary make loans as they desired and that were made to irsolvent The fifth paragraph alleges that the permitted the president to unsalable realestate and sustained loss there- sixth paragraph alleges that the board Douglass to appropriate to his own use sums aggregating seventh paragraph alleges that the board ordered dividends paid annually for the past seven years when there were no net profits and the bank was paying interest on borrowed funds. The eighth paragraph alleges that defendants permitted the secretary to compute interests and credit assets bank on large sums worthless paper on which the interest had not been paid for years. The ninth paragraph alleges that the defendants carelessly declared dividends when the losses exceeded profits. had they charged off of paper which they knew The tenth paragraph alleges that the officers carried good paper notes which should have been charged of as worthless. thus ceiving the public as to the solvency of the bank eleventh paragraph alleges that directors allowed H Douglass borrow for himself many hundreds of dollars and erecute therefor his own papers without security. which notes are now worthless. The twelfth paragraph alleges the defendants permitted Dougto large sums to his and carelessly and negligently permitted him to sign names different to promissory notes deposited to cover the same. which notes were signed without the consent or knowledge of the names The thirteenth paragraph alleges that Best and negligently loaned $7,000 to personal friends and relatives without curity.
13.January 16, 1928The Indianapolis TimesIndianapolis, IN
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SUES IN BANK CLOSING Receiver Asks $200,000 at AngolaAccuses Officers. Bu Times Special ANGOLA, Ind., Jan 16.-Officers of the closed Angola Bank Trust Company here are defendants in a $200,000 suit filed in Steuben Circuit Court by Mack Pogue, receiver. Negligence in attending to the bank's officers caused the closing, the receiver alleges. Officers named defendants are D. R. Best, president; C. H. Douglas, secretary, and J. M. Wickwire, Fred Mast, Frank Knisely, Ray Woodhull, W. H. Waller, John Mast and C. A. Yotter, directors.
14.January 16, 1928The Indianapolis TimesIndianapolis, IN
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SUES IN BANK CLOSING
Receiver Asks $200,000 at AngolaAccuses Officers. ANGOLA, Ind., Jan of the closed Angola Bank Trust Company are defendants in Steuben Circuit Court by Mack Pogue, reNegligence in attending to the bank's the closing, the named are Best, H. Douglas, and Fred Mast, Ray H. Waller, John Mast and Yotter, directors.
15.November 23, 1928Angola HeraldAngola, IN
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Mack Pogue, receiver Angola Bank Trust Co. Bachelor Brick Tile judgment for plaintiff for Thos Riddle vs. Henry D. SarJohn Parsell and Thos, Teegardin appointed jury commissioners 1929 returned by grand jury against Charles O. Arch, WilAnna Dir. Garn Ella M. Carpenfor plaintiff for First State Bank of Royal Oak Mich Straub. judgment for and sale of property dered. Emily G Dygert vs. Andrew Les inszki, judgment for $122 Mrs. Agnes McConnell appointed member of library heard for Pleasant State Charles placed under bond $50. Wm. Hovarter Catherine sale of real estate to OsBuss for ápproved. State Lester Caldwell, dismissed against Morris Brown. dismissed Seiberling Rubber Harcourt Sheets. judgment for Berton Spring Clara H. dismissed Kratz. receiver authorized charge mortgage of $2500 executed defendant been paid prior appointment of receiver.
16.November 25, 1931The Indianapolis StarIndianapolis, IN
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THANKSGIVING PROGRAM OF BIBLE CLUB TONIGHT The Thanksgiving program of the Bible Investigation Club of the Young Men's Christian Association tonight will include an address by the Rev. O. Trinkle, pastor of the Englewood Christian Church, on the subject, "Thankful? For What The Dormitory Mills, M. D. Barrick, H. T. Wells and W. C. Caldwell, will sing and H. Wells will play the guitar. fellowship supper beginning at 6:20 o'clock will precede the address.
Stockholders Must Pay in Bank Failure, Ruling The Indiana Supreme court reaffirmed its position that stockholders of defunct banks are liable for assessment of an amount equal to their stock holdings, in an opinion issued yesterday. The case involved the liability of Frank B. Rowley, former president and stockholder of the Angola Bank Trust Company, who held $1,000 of the bank's The receiver, Mack Pogue, filed suit to collect $1,000 assessment against Rowley under the "double liability" section of the state's bank The Steuben Circuit court ruled with the receiver. The bank bank official appealed the case to the Appellate court The case was transferred to the Supreme court. Rowley contended that when he bought the stock the institution was insolvent, but that officers had represented it as sound. He purchased ten shares of stock conditionally with the right to disaffirm the contract of purchase if investigation disclosed the bank to be insolvent. He contended that when he learned of the bank's unsound condition he disaffirmed purchase of the stock, but in the meantime he had been elected director and president and served month.
Joseph Kentucky Ave. copper and sheet iron work.
17.November 25, 1931Steuben RepublicanAngola, IN
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BOLD HOLD-UP MANAGER To
THREE MASKED BANDITS TAKE ONE HI NDRED DOLLARS
Henry Indersen in His Garage
Suspected masked bandits, one armed revolver held up Henry An manager the in he drove into garage his East street home shortly after midnight Satur day and took $112 of his personal money from Mr An did not have the store funds person, and the robbers did realize much expected from their hold effort drove into noticed men with the lower part their faces standing against the side and similarly masked other them and stepped from the one the the north him to Andersen promptly complied with the and repeated order to Well you want other pounced upon him and threw him and searched him the monty They then from the garage man the gun threatening Andersen other two made good Andersen returned to town the officers the robband being heard short while before but young lady in house tremely about nothing about also parked the furth east about the time of the Earlier Saturday evening tough Initered around the Maple Grove filling one mile east of the proprietor suspected that they would attempt to hold but they left later without any attack
PREME HOLDS KHOLDERS LIABLE
The Indiana supreme court has held that of defunct banks liable to the face value of their holdings decisions recently One handed week the Mack Pogue ceiver Angola Bank Trust Company Frank Rowley and the fendant held liable for In this defense by Mr Rowley that had purchased stock the bank weeks before closed on the that the bank was being ex pressly understood. he claimed. the business did not prove represented could surrender stock within year Soon after the purchase state depart applied for receiver, and according the agreement desired surrender stock by the that he had become officer the bank upon the of the held liable for assessment the owner of the stock
18.October 28, 1932Angola HeraldAngola, IN
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JUDGE HARMON HEARS PLEAS FOR WALTER
Arguments Will Be Heard Next Tuesday — Many Divorces Granted
Special Judge James L. Harmon, of Elkhart, on Wednesday received from the attorneys for Rollo N. Walter, under indictment for embezzlement while secretary of the LaGrange Trust Company, motions for plea in abatement on the indictment on which the trial is to be heard on a change of venue from LaGrange county. The basis of the plea was that one of the grand jurors, Charles Minnich, was a stockholder in the defunct institution and was not eligible to sit on the grand jury. A motion to quash the indictment was also made on the grounds that it was not specific, and also that the statute of limitations would be a bar against an indictment on the offense alleged. Judge Harmon set next Tuesday, Nov. 1, for the hearing of the argument, which will be defended by Prosecutor Wood. It is thought the same pleas will be entered against the other indictments against Rollo Walter and Burrit Walter if they are upheld in this case.
Judge Carlin on Tuesday sentenced two youths, Henney, aged 17, and Harter, aged 18, to the state reformatory for a period of one to ten years for breaking in the Wall store at Metz. The sentences were suspended as Henney has one more year in the high school, and this was Harter's first appearance in court. The former is obliged to report to Trustee Floyd Fireovid and the latter to acting probation officer Aileen Gaskill monthly.
The supreme court has returned to the local court its affirmation of the finding of the local court holding F. B. Rowley liable for assessment on $1000 of stock of the Angola Bank Trust Company, under which he was acting as a director and officer of the bank at the time it was closed. In the finding of facts it was shown that Rowley had purchased the stock conditionally, that he was not to pay for it unless he was satisfied with the condition of the bank after six months investigation, and that the stock was never transferred to him on the books of the bank although it had been transferred to the bank by the owner, Mrs. Wickwire. The court held that assuming the duties of a director placed him in a position of responsibility for the stock.
In the case of state vs. Anna Foster, for assault and battery with Mrs. Bert Peppers as prosecuting witness, the jury decided for the defendant.
Ellsworth Forrester was tried before the court on a charge of incest, the complaining witness being his step-daughter, and was sentenced to the state penal farm for a term of six months.
19.August 28, 1935Steuben RepublicanAngola, IN
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SUPREME COURT MANDATES JUDGE
To Nominate Change of Venue List for Selection of Claim Hearing Judge
A writ of the supreme court was served upon Judge Clyde C. Carlin, of the Steuben circuit court, last Saturday requiring him to appoint three competent attorneys from which a special judge should be selected to hear the claim of Attorney A. C. Wood for services in connection with the liquidation of the former Angola Bank Trust Company, or to appear on Sept. 9, in Indianapolis and show reason why this is not done. The petition for the writ is accompanied by an itemized statement for 1300 hours of services rendered, and a personal expense account and statement of automobile mileage. The claim is for $13,000, on which a credit of $5,656 already paid is acknowledged.
The present action arose after the attorney and the receiver, Mack Pogue, could not agree upon the amount due for legal services. Judge Carlin refused to approve the claim of the attorney, and he filed a motion for a change of venue, which the court denied, holding that the receivership was an administrative function of the court and not subject to change of venue proceedings. The attorney then appealed to the supreme court for mandatory action upon the judge.
Receivership for the Angola Bank Trust Company was established in March, 1927, and Mack Pogue was named receiver and A. C. Wood attorney. Mr. Wood served a period of three years and seven months until he was elected judge of the appellate court of Indiana. The bank receiver by collections, assessments and receipt of damage, has paid out a total of ninety percent. of the depositors' claims, and he has on hand a sum equal to two per cent. more which is subject to the adjustment of the present claim.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
