gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8af2c88ad5890e9a
Response Measures
None
Description
Closure followed discovery of a large embezzlement and the cashier's suicide; bank placed in receivership.
Events (4)
1.July 6, 1920Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Oscar M. Kirlin looted the bank (roughly $100,000 shortage) and then committed suicide, leading to suspension of business.
Newspaper Excerpt
The bank did not open for business this morning. ... The bank did not open its doors on July 6
Source
newspapers
2.July 7, 1920Receivership
Newspaper Excerpt
Claude Kitterman ... has been appointed receiver, following close upon the suicide of Oscar M. Kerlin.
Source
newspapers
3.November 26, 1920Other
Newspaper Excerpt
Bank at Milton to Pay 50 Cents on Dollar ... receiver for the Farmers' Bank at Milton, will make a settlement with the depositors approximating 50 per cent of proved claims.
Source
newspapers
4.July 22, 1921Other
Newspaper Excerpt
Defunct bank pays dividend ... Creditors of the Farmers Bank at Milton ... will receive a further dividend of 5 per cent, according to an order issued by Judge William A. Bond.
Source
newspapers
Newspaper Articles (21)
1.July 7, 1920South Bend News-TimesSouth Bend, IN
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Article Text
INDIANA BANKER STEALS $100,000 Bank of Milton Farmers' Closes Doors-Cashier Commits Suicide. By Associated Press: RICHMOND, Ind., July 6.-Oscar M. Kirlin, cashier of the Farmers bank of Milton, Ind., looted the bank to the extent of $100,000, according to charges made in a suit for receivership filed in circuit court here Tuesday. Kirlin committed suicide July 1. The bank did not open for business this morning. The suit was filed by the stockholders of the bank and names the banking company and J. L. Harmeir, former partner of Kirlin and administrator of his estate. The complaint alleges that the books of the bank have not been properly kept for more than three months and that at this time P is impossible to tell just what is the actual condition. It is stated that there were notes with a face value of $90,000 in the bank. which are believed to be worthless, and that there is a shortage of several thou sand dollars in the cash account of the bank. Kirlin's estate contains a large number of shares of 01. stock, and other stocks of no value, and the complaint alleges that he converted large sums to his own uses. The deposits of the bank are $100,000. and the capital stock $25.000. The liabilities are placed at $150,000.
2.July 7, 1920Indiana Daily TimesIndianapolis, IN
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Article Text
Milton Bank Closed Following Suicide RICHMOND, Ind.) July 76 The doors of the Farmers' bank of MIIton are closed and Claude Kittersman, a banker of Cambridge City, has been appointed receiver, follow. ing close upon the suicide of Oscar M. Kerlin. The receiver was appointed on the application of the board of directors and stockholders in an action filed in Judge Bond's court.
3.July 30, 1920Indiana Daily TimesIndianapolis, IN
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ORDERS ISSUED IN BANK TANGLE Accountant to Aid Receiver at Milton. Special to The Times. RICHMOND. Ind., July 30. Orders is. sued by Judge William A. Bond of the Wayne circuit court, acting on petitions submitted by Claude Kitterman. receiver for the Farmers' bank of Milton, which suspended business July 6. following the suicide of the cashier. Oscar Kirlin, show that the affairs of the bank are in a state of confusion. One of the orders from Judge Bond's court authorized the appointment of an expert accountant to assist the receiver in untangling the banks' affairs. Another order directs the surrender of original notes held by George J. Klemme for $3,000 and by Ed Wilson for $1,700 upon payment of copy notes. each in the form of a renewal and held by the First National bank of Connersville, which were executed by Kirlin without authority. This order further authorizes the receiver to treat all. similar circumstances in the same way. A third order directs that $1,000 of the $2,000 in cash, found in the bank when It suspended business, be paid over to the First National bank. of Cornersville to be applied to note for $4,500 taken out with the Farmers' bank Dy Edgar R. Beeson It is alleged in the petition that on April 2, Beeson executed the note which was then transferred to the First National bank of Connersville. which was the reserve banks for the Milton bank. It is claimed that on May 10 Beeson paid Kirlin $1,000 to be paid on the note, but Kirlin kept the monêy at his own bank, while Beeson held a receipt to show that he had made payment of $1,000 on the note.
4.August 10, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
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PROBE AT MILTON BANK NEARING END Investigation of the affairs of the Farmers' bank of Milton, Ind., which went into the hands of a receiver a few weeks ago, is now being brought to a close and, it is said, the receiver may be able to submit his report to Judge Bond of the circuit court within the next week or 10 days. There is no indication as to what the report will reveal. Patrons of the bank are anxiously awaiting this report, for they are hopeful that a settlement of claims will be made very soon after the received concludes his work. A large number of the depositors of the Farmers' bank have been financially embarrassed by the closing of the institution owing to the fact that it will not be possible to withdraw their money until the receiver is ready to make a settlement of the claims.
5.August 20, 1920Indiana Daily TimesIndianapolis, IN
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Milton Bank Receiver Finds Many Tangles Special to The Times. MILTON, Ind., Aug. 20.-Claude S. Kitterman of Cambridge City, receiver of the Farmers bank here, has found the affairs of the bank to be more deeply involved than was at first suspected. Forged notes, bad loans and other worthless paper has been found hidden in the bank. Willard E. Williams, a farmer here, is found named as surety on a note said to have been forged by Oscar M. Kirlin, who was cashier of the bank and who committed suicide recently. Williams was also placed as surety on a note drawn by Robert DuGranut for more than $5,000. Depositors of the bank are said to
6.September 2, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
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Article Text
MILTON BANK REPORT MADE First report made by Claude Kitterman on his receivership of the Farmers' bank of Milton, Ind., which institution was closed July 6 following the suicide of Oscar M. Kirlin, the cashier, July 1, was submitted to Judge William A. Bond, Thursday afternoon. The report was brief and listed the assets of the bank but gave no figures on the liabilities of the institution. The total assets were fixed at $245,541.99. Can't Give Exact Liabilities In the report the receiver stated that he was not able to give the exact liabilities of the bank at this time as all the claims against the institution have not been filed with the receiver. Included among the assets of the bank is an item of $66,968.12 for overdrawn accounts of customers. The receiver, in his report, expresses the opinion that not all the notes and overdrawn customers accounts will be collectable for the reason that "some of the parties of said notes and overdrawn customers accounts are insolvent." The assets of the bank are listed by the receiver as follows: Total notes receivable $339,785.54 Less notes rediscounted 171,919.60
7.September 18, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
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Article Text
JUDGE WILL DEMAND SETTLEMENT IN BANK CLAIMS; JURY CALLED It was learned Saturday that Judge William A. Bond had notified an attorney representing Claude S. Kitterman, receiver for the Farmers' Bank of Milton, Ind., that he would expect the receiver to call upon the stockholders of the bank to make a prompt settlement of all bona fide claims of the bank depositors. It is stated that the court takes the position the question of whether the alleged bondsmen of Oscar M. Kirlin, cashier of the bank up to the time he committed suicide last July, or the stockholders shall assume the bank shortage was a dispute in which only the alleged bondsmen and the stockholders were interested, and that inasmuch as this dispute might be in the courts for months, even years, it would be manifestly unfair to delay a settlement with such depositors of the Farmers' Bank who had bona fide claims, until the question of who was to assume the bank shortage should be definitely determined. Grand Jury is Called Announcement was also made Satfurday that the court would issue a call for a session of the Wayne county grand jury the first Monday in October, at which time the grand jury would be asked to investigate all criminal cases and to determine whether any acts of a criminal nature had entered into the failure of the Farmers' bank of Milton, other than the alleged speculations of its former cashier, Oscar M. Kirlin. It is expected that the investigation of the Milton bank case will be one of the first activities of the grand jury. It is understood that Prosecutor Gath Freeman is already making inquiries into the Milton bank case for the purpose of collecting evidence for presentation to the grand jury. Hardship on Depositors The closing of the Milton bank, over two months ago, has worked a great hardship on a large number of residents of southwestern Wayne county who had- on deposit in that bank practically all their funds and whose claims are known to be legitimate. With the closing of the bank, all withdrawals of deposits were suspended. In many instances patrons of the bank have had to negotiate loans elsewhere for the purpose of providing for actual living expenses.
8.September 25, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
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WILL REQUEST RECEIVER FOR MILTON FIRM Stockholder of DoddridgeBeck Company To File Petition Monday, His Attorney Says in Announcement. KIRLIN WAS AN OFFICER Petition for the appointment of a receiver for the Doddridge-Beck company, of Milton, manufacturers of grave decorations, capitalized for $125,000, will be filed Monday by Carlof a holder ton Chaney, in the Connersville, stockcompany, in Wayne circuit court, according to a statement made Saturday by Frank T. Strayer, one of Chaney's attorneys. The petition for a receivership for the Milton concern was originally filed late Friday afternoon, but was withdrawn shortly afterward before any summons had been issued. It was stated Saturday the petition was to be refiled Monday in more amplified form. No Statement Today It was not possible to obtain a statement Saturday in regard to the financial status of the DoddridgeBeck company, as to its assets and liabilities. At the time of his death last July, Oscar M. Kirlin, former cashier of the defunct Farmers' bank of that place, who committed suicide following discovery of the chaotic condition of the bank's affairs, was secretary-treasurer of the Doddridge-Beck company, a position he had held for over two years. Ask if he had any knowledge of mismanagement of the affairs of the Doddridge-Beck company on the part of Kirlin, Mr. Strayer replied that sensational disclosures would be made in the petition to be filed asking for the appointment of a receiver for the company. Deposited in Bank Last July James Daddridge, a stockholder in the grave decorating company, which is Milton's largest industry and its only factory, stated that the company intended to employ an expert accountant to go over the company's books. The company conducted its banking business at the Farmers' bank, and, it is stated, the failure of the bank has a direct bearing on the present financial condition of the Doddridge-Beck company. When an inventory and appraisement of the estate of the late Oscar M. Kirlin was filed in probate court a few weeks ago it was shown that the estate held stock in the DoddridgeBeck company of a par value of $4200. The value of the stock as appraised was $1,290.
9.September 27, 1920The Richmond Palladium and Sun-TelegramRichmond, IN
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# Judge Bond Fixes Nov. 26
# As Limit For Milton Claims
Judge Bond in circuit court issued an order Monday fixing Nov. 26, 1920, as the last day for the filing of claims against the Farmers Bank of Milton, Ind., now in the hands of a receiver.
The order provides that upon default of any creditor or claimant in so fil-ing his claim on or before November 26 without sufficient legal excuse, that all such claimants be barred from thereafter filing such claims and from participating in the distribution of the bank's assets.
No effort will be made to make a distribution of funds to claimants until after Nov. 26.
10.November 26, 1920Indiana Daily TimesIndianapolis, IN
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Bank at Milton to Pay 50 Cents on Dollar Special to The Times. RICHMOND, Ind., Nov. 26.-Announcement is made here that Claude S. Kitermar. receiver for the Farmers' Bank it Milton, will make a settlement with he depositors and other creditors of hembank approximating 50 per cent of proved claims. Legitimate claims eventually will be settled dollar for dollar, for there has een any question as to the sound finandal standing of the stockholders of the nstitution. It is said. It is understood claims which have been filed against the Farmers' bank totaled approximately $250,000, while the assets if the bank that can be applied Immediately total $125,000. Assets available for distribution represent. it is stated, collections that have been made on notes and overdraft. When the bank failed last July, following the suicide of Oscar M. Kirlin, the cashier, there was only a small amount of cash in the institution.
11.January 24, 1921Indiana Daily TimesIndianapolis, IN
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# Claims Disallowed
# in Milton Bank Case
Special to The Times
RICHMOND, Ind., Jan. 24.-Claim of Claude Kitterman, receiver of the Farmers' Bank of Milton, for $100,000, against the estate of Oscar Kirlin, cashier, who ended his life when a shortage of $125,000 was discovered, has been disallowed by the Probate Court.
A claim of $100,000 against Emma H. Beeson, administratrix of the estate of Lycurgus Beeson, her husband, who was a bondsman of Kirlin, also has been disallowed and transferred to the civil docket.
12.March 8, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
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Circuit Court , Claims of John Coyne and C. W. Caldwell against Claude S. Kitterman, receiver for the Farmers' Bank of Milton, Ind., were stricken from the docket Tuesday morning on motion by the claimants at the costs of the receiver. Robert L. Hungerford was granted a divorce from Lillian B. Hungerford by Judge Bond in Wayne circuit court Tuesday on the grounds of cruel and inhuman treatment.
13.March 21, 1921Indiana Daily TimesIndianapolis, IN
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Milton Man Sues Bank Receiver Special to The Times. RICHMOND, Ind., March 21.-William Hicks of Milton has filed suit against Claude S. Kitterman of Cambridge City, receiver for the defunct Farmers Bank at Milton, to collect a $500 Liberty loan bond, interests and costs. Hicks alleges that partners in the Milton Bank knew that Oscar M. Kirlin, deceased cashier, was dishonest and unreliable two years previous to the time that he took his own life.
14.April 2, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
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# Circuit Court Docket
# Called Next Tuesday
Calling of the circuit court docket will be held next Tuesday, the second day of the April term of court, according to an announcement made by Judge Bond Saturday. The new court calendar for the April term has 297 civil cases listed. Fifty-nine divorces are in this number. Forty-six cases are still pending against Claude S. Kitterman, receiver for the Farmers bank of Milton.
15.April 11, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
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SEVEN DIVORCE SUITS DISMISSED MONDAY Seven suits for divorce were dismissed in Wayne circuit court Monday These were as follows: morning. Mattie Vertrees vs. Thomas W. Vertrees; Sadie J. Gard vs. Clarence D. Gard: Hazel Gertrude Reece VS. Ernest Reece; Jessie Slusher vs. Murial Slusher; Anna Morton vs. James H. Morton and Lavon G. Zook VS. Russell Zook. Other cases dismissed were Milton Booster club vs. Claude S. Kitterman, receiver for the Farmers' bank of Milton; Daniel J. Nolte vs. Daisy Foster to foreclose a chattel mortgage of $657.76: and Silas W. Bricker VS. Noble G. McKinley to foreclose a mechanics lien of $72.55
16.May 6, 1921Indiana Daily TimesIndianapolis, IN
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SUES FOR $100 LIBERTY BOND. RICHMOND, Ind., May 6.-Permission to sue Claude S. Kitterman, receiver for the defunct Farmers' Bank at Milton, has been granted Dr. Edward C. Denney, of Milton. Following the decision suit was filed to collect $100 which is alleged to be due the plaintiff for a Liberty bond which was never delivered, according to the complaint.
17.July 22, 1921Indiana Daily TimesIndianapolis, IN
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Right DEFUNCT BANK PAYS DIVIDEND Farmers at Milton to Disburse 5 Per Cent. Special to The Times. RICHMOND, Ind., July 22.-Creditors of the Farmers Bank at Milton, Ind., will receive a further dividend of 5 per cent, according to an order issued by Judge William A. Bond, of Wayne Circuit Court, yesterday. The order was issued after the acceptance of a partial report of Claude S. Kitterman, Cambridge City, receiver for the defunct institution. The bank was closed after the cashier, Oscar M. Kirlin, took his own life last summer just before a considerable shortage was found in the furds of the bank. Claims amounting to $287,946.89 for certificates, checking accounts and Christmas savings accounts have been filed with the receiver. Of this amount obligations for just and valid claims that have been allowed amount to $226,234.68. There is now $38,414.14 to be distributed among the creditors of the institution.
18.August 27, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
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MILTON BANK FAILURE RESULTS IN FILING OF 84 ACTIONS IN WAYNE CIRCUIT COURT Eighty-four cases have been filed holders in the bank, which was a private institution. Two direct suits to Wayne circuit court in connection collect from the receiver on money with the failure of the Farmers' bank deposited with the bank have been of Milton. Several more will probstarted. ably be added to this list soon, as Start 23 Actions. depositors are now starting action diDuring the past two months 23 acrectly against the stockholders to coltions have been started. Efforts to lect their money. collect money deposited in the bank The first case against the bank was directly from the stockholders has filed on July 6, 1920. This was two been made in 12 cases now before the days following the suicide of Oscar M. court. Kirlin, cashier of the bank. The bank The First National bank of Connersdid not open its doors on July 6 and ville has brought action in 11 inaction was started by George C. stances against executors of notes and Florea et al vs. Farmers' bank of Milthe receiver for the Milton bank, to ton and Irvin J. Harmeier, adminiscollect sums due it on notes sold betrator of the estate of Oscar M. fore the bank failed. Kirlin. The reports filed by the receiver at Appoint Receiver different times during the past year Immediate appointment of a receivare volumnous. These have lists of er was asked and Claude S. Kitterman all claims allowed and disallowed, toof Cambridge City was appointed to gether with settlements made thus take over the affairs of the defunct far.
19.August 27, 1921The Richmond Palladium and Sun-TelegramRichmond, IN
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Eighty-four cases have been filed in Wayne circuit court in connection with the failure of the Farmers' bank of Milton. Several more will probably be added to this list soon, as depositors are now starting action directly against the stockholders to collect their money. The first case against the bank was filed on July 6, 1920. This was two days following the suicide of Oscar M. Kirlin, cashier of the bank. The bank did not open its doors on July 6 and action was started by George C. Florea et al vs. Farmers' bank of Milton and Irvin J. Harmeier, administrator of the estate of Oscar M. Kirlin. Appoint Receiver Immediate appointment of a receiver was asked and Claude S. Kitterman of Cambridge City was appointed to take over the affairs of the defunct institution. It was estimated at that time that the bocks of the bank would show a shortage of $125,000. In trying to untangle the affairs of the institution the receiver has had considerable difficulty in selecting between claims. Fifty suits have been brought against the bank through the receiver to establish valid claims. Question Execution The execution of several notes has been questioned. Signatures on some of the paper held by the bank have been declared forged, by interested parties. Claude S. Kitterman, receiver, has brought seven suits to collect on notes held by the bank. One suit charging conversion was filed against the stock-
20.January 25, 1922The Richmond Palladium and Sun-TelegramRichmond, IN
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Circuit Court
BANK TRIAL VENUED.
Trial of the suit of the First National Bank of Connersville, against John T. Connell and Claude Kitterman, receiver for the Farmers' Bank at Milton, will be held in the Fayette circuit court as a result of action taken by Judge W. A. Bond, Wednesday.
Petition for change of venue to that court was granted by the judge. The suit is on a note for $600.
21.July 25, 1922The Richmond Palladium and Sun-TelegramRichmond, IN
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MILTON BANK PAYS AMOUNT DUE COUNTY The last installment of county money due the county treasurer from the Farmer's bank of Milton, which had been deposited with that institution when it closed its doors nearly two years ago. was paid to the county with interest, Tuesday. It amounted to $21,848.01. A check for the amount was received by Treasurer Thomas Ahl from Claude Kitterman, receiver. When the bank closed, the county had on deposit there $24,041.26, of which $14,041.26 was on a checking account and the remainder in certificates of deposit. Small payments had been made on this on Jan. 6, 1921, and July 28, 1921, until a balance of $20,663.68 and interest remained. The treasurer's office also received $3,812.77 of common school revenue, from the state Tuesday. This money had been sent to Indianapolis with a $25,000 certificate of deposit, to enable the state office to check over the amount on deposit to this account in Wayne county. A total of $28,812.77 is now on deposit to the credit of the common school fund.
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