Citizens National Bank (Brazil, IN)

View Charter #8620 on SPMC View balance sheet

Episode Information

Episode UID
862001599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
86200 national
Charter Number
8620
Start Date
March 1, 1933*
Location
Brazil, Indiana (39.524, -87.125)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6fac19c1bff8a9a2

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-02
Date receivership terminated
1937-07-24
Share of assets assessed as good
25.3%
Share of assets assessed as doubtful
69.8%
Share of assets assessed as worthless
4.9%

Description

Bank failed to reopen after the March 1933 banking holiday and was placed in receivership.

Events (5)
1. March 30, 1907 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Failed to reopen following the federal/state banking holiday in spring 1933.
Newspaper Excerpt
The bank failed to reopen after the banking holiday last spring
Source
newspapers
3. October 2, 1933 Receivership
Source
historical_nic
4. October 2, 1933 Receivership
Newspaper Excerpt
J. Harold Bassett ... was appointed receiver for the Citizens National Bank of Brazil (receiver remains Oct. 3 item).
Source
newspapers
5. September 20, 1934 Other
Newspaper Excerpt
The Citizens' National bank ... today began payment of an additional 28 per cent. to depositors, bringing the total to 78 per cent.
Source
newspapers

Newspaper Articles (6)
1. January 6, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 6, 1934

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Article Text

FINDS BRAZIL BANKERS GUILTY IN BOND CASE John Brown and William Snyder to Be Sentenced Jan. 13. John F. Brown and William J. Snyder, president and vice-president of the Citizens National bank of Brazil, yesterday afternoon were found guilty by Federal Judge Robert C. Baltzell of abstraction of funds. Sentence will be imposed Jan. 13. The maximum penalty is five years in prison and $5,000 fine. The bank failed to reopen after the banking holiday last spring and the bank receiver charged disappearance of $10,500 in road bonds reported to have been included among the bank's assets previously.

2. January 6, 1934 The Indianapolis Times Indianapolis, IN

Article Text

FINDS BRAZIL BANKERS GUILTY IN BOND CASE John Brown and William Snyder to Be Sentenced Jan. 13. John F. Brown and William J. Snyder, president and vice-president of the Citizens National bank of Brazil, yesterday afternoon were found guilty by Federal Judge Robert C. Baltzell of abstraction of funds. Sentence will be imposed Jan. 13. The maximum penalty is five years in prison and $5,000 fine. The bank failed to reopen after the banking holiday last spring and the bank receiver charged disappearance of $10,500 in road bonds reported to have been included among the bank's assets previously. OFFICIAL WILL SPEAK Purchasing Agents Book Harry McClain, Insurance Commissioner. Principal speaker at the Indianapolis Purchasing Agents' Association in the Washington Tuesday will be Harry E. McClain, state insurance commissioner. President S. M. Raymond will preside, and R. R. Katterhenry will direct the program.

3. September 20, 1934 The Indianapolis News Indianapolis, IN

Article Text

BRAZIL BANK DEPOSITORS GET $110,000 DIVIDEND BRAZIL, Ind., September 20 (Spl.)—The Citizens' National bank, with J. Harold Bassett, of Lebanon, as receiver, today began payment of an additional 28 per cent. to depositors, bringing the total to 78 per cent. for the year. The payment is expected to put $110,000 into circulation. Subsequent dividends will be slower, Bassett says, because they depend largely on sales of real estate and settlement of litigation. Suit has been filed in federal court at Terre Haute against the bank and receiver by Otis and Delpha Moseman, of Vigo county, for the collection of $10,000 in Liberty bonds and interest. The plaintiffs charge that these bonds were in the bank and that they received interest on them up to October 1932, but have not since been paid. The bonds in question were not found by the receiver nor the conservator that preceded him. Liberty Bank Pays $41,000. NEW ALBANY, Ind., September 20 (Spl.)—The Liberty State bank today began the distribution of a $41,000 dividend among depositors, under the direction of the state as liquidating agent. A balance of $50,000 is still owing the depositors. The bank was closed in 1931.

4. October 3, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, October 3, 1934

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Article Text

WILL REMAIN AS RECEIVER By United Press BRAZIL, IND., Oct. 3.-J. Harold Bassett, Lebanon, who was appointed receiver for the Citizens National Bank and Trust Company of Terre Haute Saturday, has been notified that he also will remain as receiver for the Citizens National Bank of Brazil. The local bank has paid depositors 78 per cent in dividends under Mr. Bassett's jurisdiction.

5. June 1, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 1, 1935

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Article Text

Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.

6. June 1, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 1, 1935

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Article Text

Money Ignored By Times Special BRAZIL, June 1.-J. Harold Bassett, receiver of the Citizens' National Bank, is of the opinion that many persons here do not want money even when it is waiting for them. More than a week ago he announced a payment of a 12 per cent dividend to depositors of the closed bank, and yet today many of the dividend checks remained uncalled for at the bank.