Trust & Savings Bank (Rensselaer, IN)

Episode Information

Episode UID
71044371572
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
7104437 routing
Routing Number
71-0443
Start Date
December 16, 1930
Location
Rensselaer, Indiana (40.937, -87.151)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7339068d30e63e25

Response Measures

None

Description

Bank was closed Dec 1930, receiver appointed Jan 1931, then reorganized and reopened Apr 25, 1931; later liquidation proceedings appear in 1932.

Events (5)
1. December 16, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Gradual persistent shrinking of deposits tied to frozen farm loans/weak assets and loss of public confidence; an incipient run occurred after word examiners had arrived.
Newspaper Excerpt
there was something of a run on the bank Tuesday
Source
newspapers
2. December 16, 1930 Suspension
Cause
Government Action
Cause Details
Closed by order of directors and placed in hands of the State Banking Department as precautionary/protective measure.
Newspaper Excerpt
Bank closed by Order of Directors. In hands of State Banking Department.
Source
newspapers
3. January 26, 1931 Receivership
Newspaper Excerpt
George A. Williams appointed Attorney D. D. Dean as receiver of the Trust and Savings bank, Saturday.
Source
newspapers
4. April 25, 1931 Reopening
Newspaper Excerpt
The Trust-Savings bank opened its doors today after being closed since December 16. The bank was completely reorganized with a capital of $7,500.
Source
newspapers
5. May 7, 1932 Receivership
Newspaper Excerpt
petition for the appointment of receiver of the defunct Trust Savings bank has been filed the circuit court ... petition the appointment of liquidating agent has been signed by the necessary 80 percent of the depositors and be filed the department.
Source
newspapers

Newspaper Articles (9)
1. December 17, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 17, 1930

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Article Text

RENSSEL'ER BANK FORCED TO QUIT Rensselaer Trust and Savings Bank Closes Its Doors. The Rensselaer community was struck stunning blow at 3 o'clock Tuesday afternoon when the following announcement suddenly loomed up on the front door of the Rensselaer Trust and Savings Bank "Bank closed by Order of Directors. In hands, of State Banking Department. J. C. Meyer, State Bank The institution was closed follow. ing a meeting of the board of directors. According to reports received here, there was something of a run on the bank Tuesday A telephone call to Rensselaer by the Journal this morning brought the information that no official statement had been made by Mr. Mever. It was thought he probably would have something to give out before evening. The impression prevailed in Rensselaer that the action was taken to protect depositors Rumor likewise ascribed the difficulties in which the bank was immersed to frozen assets in the form of farm loans, together with the nervous condition of the public temperament at this time The bank was capitalized at loans $770.000 and undivided profits $10,000 Several years ago the institution consolidated with the First National Bank The officer personnel was as follows E. J. Randle, president: Judson J Hunt, VICE president: Charles H. Mills, cashier; Judson J. Hunt, Frank J. Donnelly, Charles H. Mills and Edward Ranton. directors The closing of the institution leaves Rensselaer with two banks, which IS ample to care for 2 city of the size.

2. December 18, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 18, 1930

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Article Text

BANK IN INDIANA CLOSES DOORS Trust and Savings at Rensselaer Had $830,000 Deposits. INDIANAPOLIS (AP)—The closing of the Trust and Savings bank at Rensselaer was announced Wednesday by the state banking department. The bank was closed as a precautionary measure. The institution was capitalized at $100,000, with deposits of $830,000, loans of $770,000 and undivided profits of $10,000. Bank of Sturgis, Ky. Closes. STURGIS, KY. (AP)—The Bank of Sturgis failed to open Wednesday. A notice on the door stated it had been taken over by the state banking department. The last statement of the bank showed capital of $15,000, resources of $468,838.94 and deposits of $386,514. Four in North Carolina. RALEIGH, N. C. (AP)—The Citizens bank of Burnsville, N. C., with capital and surplus of $112,000, was forced to close its doors Tuesday, the state banking department was notified Wednesday. The last statement showed deposits of $391,872 and resources of $507,608. The Scotland County Savings bank, a small institution of which Congressman Hinton James is president, also failed to open. Its deposits totaled $217,000. The Bank of Weldon and the Weldon Bank and Trust company announced payments had been "temporarily suspended," the banking department said. Their combined deposits totaled slightly more than $509,000. Blame Bond Depreciation. NEW STRAITSVILLE, O. (AP)—The Martin State bank, the only bank here, failed to open Wednesday. Depreciation of bonds was responsible for the closing. The bank was capitalized at $25,000, and its last statement showed resources of $205,000.

3. December 18, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 18, 1930

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Article Text

STEADY LOSS OF DEPOSITS CLOSED RENSSEL'ER BANK Only $480,000 Deposits, Instead of $800,000, First Reported. NO HYSTERIA The public reaction in Rensselaer to the closing of the Rensselaer Trust and Savings Bank has been very admirable, according to the Evening Republican of that city "True," says the newspaper, "the disaster has had a disquieting effect but there has been no hysteria shown and the depositors and public generally have accepted the crash in philosophical manner After urging the people not to tighten up financially, but to keep their money circulating in 1 normal way, the Republican continues: "The city has had financial reverses in the past and recovered from them It will recover from this one if everyone will exercise good judgment and accept the situation philosophic allv Instead of $830,000 deposits, as stated in press dispatches, the de funct bank had deposits of only $489,610 The former amount evidently was taken from an old published statement, since which time the deposits have shrunk great deal. The last public statement of the bank in October showed deposits of $486,610.73; bills payable $100,000; undivided profits $7,492.10; surplus $25,000 capital stock $100,000 Total liabilities being $723,819.11. Offsetting the above amount were the following resources Loans and $4,785.20; advances to estates, $162.94; U. S. Bonds, $3,000; other bonds, $13,128.78 furniture and fixtures, $9,000;real estate, $47,700; banking house, $28,000; due from banks and trust companies and cash on hand, $32,150.31, and cash items. $469.32. The total resources were $723,819.11. Hunt's Statement The representatives of the state banking department have made no statement, but J. J. Hunt, secretary treasurer of the bank, said that 'the gradual, but persistent, shrinking of deposits and accounts reduced our cash and reserve faster than loans could be reduced and resulted in the decision to close the bank." Mr. Hunt attributed the bank's condition a good bit to lack of public confidence. Many people, he said, knew there were assets of former bank, with which the Trust and Savings Bank consolidated in 1926, still unliquidated. Others knew the bank had real estate holdings. This knowledge on the part of the public," Mr. Hunt went on, "weakened the confidence of the people in the stability of the bank so much that there has been a persistcnt shrinkage of deposits. The institution needed new blood in the way of deposits. "The decline in deposits has made it impossible for us to make as many loans as we should, and the fact that we were not able to realize fast enough on our loans, reduced our cash and reserve, which necessitated borrowing money We ultimately came to the conclusion we would not be able to reduce our loans fast enough to carry on the bank in safe manner.' Mr. Hunt said there was an incipient run on the bank soon after word was spread around Tuesday that examiners had arrived. He believes the institution will pay in full if given sufficient time to complete its liquidation. Mr. and Mrs. James Magee and John Griffin were in Winamac Wednesday where they attended the funcral of Mrs. Rena Miller. Mr. and Mrs. Harry Pingry were in Winamac Tuesday evening, called there by her death. Mrs. 1. W Jenkins who has been quite ill at her home on North IIIInois street remains about the same

4. January 26, 1931 Journal and Courier Lafayette, IN

Article Text

Rensselaer Bank Receiver Named RENSSELAER, Ind., Jan. 26.(Special) George A. Williams appointed Attorney D. D. Dean as receiver of the Trust and Savings bank, Saturday. Mr. Dean was instructed by the judge to begin work at once, but that if the plan for of the institution should be carried out, he should in no way interfere. The receivership will function immediately to take care of some matters that need immediate attention. Mr. and Mrs. James Shindler and Miss Virginia Shindler spent the week end in Chicago with Mr. and Mrs. Melvin Burns. Mr. and Mrs. Gerald Gifford and daughter of Hammond, spent the week-end with Mrs. Agnes Morlan. WOMEN ENTERTAINED. Ladies of the Hazelden Golf club were entertained at luncheon at Fowler, Saturday by Fowler members of the club. B. CLINIC. The tuberculosis clinic will be held at the court house Wednesday, January 28, at the office of the county nurse. Mrs. Gale Smith and children went to Veedersburg, Saturday for short visit. Edward Kanne returned to his home in Monticello, Saturday The Ladies Industrial society of the M. E. church will hold cafeteria dinner at the church Wednesday evening. Mr. and Mrs. Walter White of Indianapolis, and Norman Cloud of Minneapolis, spent the week end with Mr. and Mrs. Charles Halleck.

5. January 28, 1931 The Indianapolis Star Indianapolis, IN

Article Text

NAMES BANK RECEIVER. RENSSELAER Ind., Jan. D. Dean, Rensselaer has been appointed for the Trust and Savings bank Judge George Williams the Jasper Circuit court here. It has been provided that if the plan for of the institution carried out, the receiver will not interfere.

6. February 20, 1931 The Indianapolis Times Indianapolis, IN

Article Text

WORK STARTED BY PLANTS IN INDIANA CITIES Connersville Reports Every Unit of Industry Has Resumed Activity. PORTLAND SHOWS GAINS One Factory Alone Giving Steady Employment to 300 Persons. BY CHARLES STONE State Editor. The Outstanding in survey of Indiana business and industry for the week ended today, is marked improvement of conditions in a number of cities, Connersville and Portland. As further indication improvement, the number of bank failures has decreased marked extent An Connersville it there are no idle and ed has made dispensing of free 300 350 persons working steadily in the Jay Garment plant Ninety in three shifts by the Sheller ComFull-time operations, with 110 employed. are reported by the Portland Forge and Foundry Company. Operations will be resumed the Creamery Package Company. Radio Plant Busy Steady operation for the remainder February and through March forecast for the United States Radio and Television Corporation at Marion, which is em1,024 persons. About April curtailment is expected due to The General Parts Corporation that has taken over the of service for Moon Motor Car Company Louis, an crease in its working though the Moon has there are about of the cars still in use, providing market for parts. The American Sheet and Plate Company's plant at Gary placed capacity production basis next week. Officials refuse to state how long this will continue, declaring operations are being conducted on week week The oxide department of the Grasselli Chemical Company East Chicago has resumed operations, leading to that entire plant soon be working. Damaged Factory to Work Resumption of operations by Monday by the Ricke Metal Products Corporation, whose plant suffered damages $20,000 fire this week. The corporation has large including for 960,000 pieces and another for 300,000. In banking. the principal developments for the week included the assets of the Citizens Bank Clinton, Vermilion county, to the First National bank, which will give the buyer total assets of more than $1,800,000. Bank to Be Opened At Rensselaer, sufficient stock has been to reopen the Trust and Savings bank, which closed 16, and it is expected to resume by March to purchase of the Rush County the South eastern Indiana Power acquired about ninety miles of line serving ten Efforts are being made by the Chamber of Mt. Verto obtain lessee for the Van Camp Packing Company plant, folthe that operations for the this are not but ing consent for leasing

7. April 25, 1931 Journal and Courier Lafayette, IN

Article Text

Bank Re-opened At Rensselaer RENSSELAER, Ind., April 25. — (Special) — The Trust-Savings bank opened its doors today after being closed since December 16. The bank was completely reorganized with a capital of $7,500. The officers chosen by the directors are President George O. Bales; vice-president Thomas Callanan; secretary John E. Grable; assistant secretary, Ed. Ranton; second assistant, Eva Maines. The receiver, D. D. Dean, has given a complete report to the court and has been discharged. 81, BREAKS HIP. Mrs. A. J. Keeney fell at her home west of town Friday, fracturing her left hip bone. Mrs. Keeney is 81 years of age. MEDICS MEET. The Jasper-Newton Medical society met at the Hotel Makeever, Friday, with Dr. E. C. English as host. The speaker was Dr. D. O. Bearby, who spoke on "Sinus Infection". Miss Gladys Price went to Muncie, Friday, where she will be instructor in the Ball Teachers college for the summer term. Mr. and Mrs. I. N. Warren and daughter went to Muncie today where Miss Warren will enroll as a student at the Ball Teacher college. 4,000 TREES SET OUT. Amzie Schultz has just finished planting 4,000 pine trees on his farm north of Rensselaer. The trees include red, white, Scotch, Jack and Western yellow varieties. Mr. Schultz has several thousand trees growing that he has set out before. The trees were set out under the supervision of Prof. Denuyl of Purdue, who brought along his class of students to assist in the planting. It is probable that this tract will be used as a demonstration plot by the state forestry department.

8. May 7, 1932 Journal and Courier Lafayette, IN

Article Text

Rensselaer Bank Receiver Is Asked RENSSELAER, May 7.-(Spefor the of receiver the defunct Trust Savings bank has been filed the circuit court State of Indiana ex rel Luther by Symons, state banking commissioner. understood that petition the appointment of liquidating agent has been signed by the necessary 80 cent the depositors and be filed the department. Charles Postill has received notice that he was awarded second prize contest sponsored by Baby Chick Poultry service. The contest con sisted of letters written on the subject "Why Plan to Raise Hatchery Chicks This Year." The prize chicks brooder valued $275. ENOS MAXWELL DIES Enos passed at his home shortly after noon Friday ing stroke paralysis which he during the night. Mr. Maxwell was born Miami county, Ohio, on Oct. 1854, had been resident Jasper since 1875. He en. gaged in farming until his retirement fifteen years ago when he came to Rensselaer He is survived by his widow children, Wilford of dianapolis, and Mrs. Jesse Purdum of Frankfort Funeral services will be held Sunday afternoon at o'clock from the Christian church with the Rev. Doyle Mullen in charge. Burial will be Weston cemetery. Russell James Chapman, Rensselaer students at Indiana university, have been selected among 50 musicians picked from the band to make up band which play at the Indiana state fair next fall. The dwelling on farm owned by Dr. Emil Besser, county commissioner, in Milroy township, was burned the ground Thursday Elmer Brown and family occupied some the contents their home. Both home and furnishings were only partially covered insurance. The fire department was called the home of Gurney Jessen Fri. day afternoon during severe electric storm small blaze caused by fuse out lightning. Only small damage was done.

9. May 29, 1933 Journal and Courier Lafayette, IN

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News Notes of Pulaski County WINAMAC, May (Special) The jury was dismissed in the Moncel damage case, when members reported hopelessly deadlocked, after 24 hours deliberation. Arlo Paul Norris, son of Mr. and Mrs. James Norris, of Jefferson township. has been ordered admitted to the Riley hospital for treatment Adam H. Bartell vs. Frank Miller. The defendant and was granted change of venue and the case was sent to Fulton county. Frank Long was appointed guardian of his William C. board of physicians declared him incomGrace Vonn Dilts vs. James Dilts, divorce. Mr. Dilts failed to appear and the case was referred the prosecuting attorney. William A. Carter vs. Mary E. Graffis, foreclosure. The defendant failed to perfect change of venue and the case will be set for trial later. Mrs. Marie Wilson, of Winamac, was ordered admitted to the Logansport State hospital upon petition of her brother, Russell Moore Lafayette Loan & Trust Co., as trustee, was awarded judgment $5,469 and foreclosure on Francesville property in its suit against William Myers and others. Verna M. Wagner, who is suing George J. Wagner for divorce. asked the court to order the defendant to pay attorney fees and support money pending the suit. The account suit of U. S. N. A. Corp. vs. George D. Wayne was decided in favor of the defendant when it was shown that he been discharged in bankruptcy. George W. Scott, receiver Trust and Savings Bank of Rensselaer vs. James Edward Parkinson and others, on note. The plaintiff was judgment $1,926. In a similar suit against Floyd Ams ler. and Mary Carpenter. the defendants asked for jury trial. ESTATES, GUARDIANSHIPS George Klampo was named AS administrator of the James PenThe inventory of Clara M. Pin" as administratrix of the