Citizens Bank (Jonesboro, IN)

Episode Information

Episode UID
9261188191569
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
926118819 hash
Start Date
September 13, 1930
Location
Jonesboro, Indiana (40.480, -85.628)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
323726c8f526c7cf

Response Measures

None

Description

State banking commissioner petitioned for receivership citing insolvency; receiver appointed and bank remained in receivership with subsequent litigation.

Events (5)

1. September 13, 1930 Suspension
Cause
Government Action
Cause Details
State banking commissioner petitioned the court to place the bank in receivership because it was 'failing and insolvent.'
Newspaper Excerpt
Receivership for the Citizens bank of Jonesboro is asked in a Grant circuit court petition filed by Luther F. Symons, state banking commissioner. The application sets forth that the bank is in a failing and insolvent condition.
Source
newspapers
2. September 23, 1930 Receivership
Newspaper Excerpt
M. Hundley ... appointed by Judge O. D. Clawson of the Grant Circuit court, receiver for Citizens Bank Jonesboro. Hundley posted bond of $15,000. ... examination showed that the institutions were insolvent; Jonesboro Bank Receiver Named appointment reported Sept. 23, 1930 in local papers.
Source
newspapers
3. May 30, 1931 Other
Newspaper Excerpt
SUICIDE BLAME FIXED ... blames the closing of the Citizens bank of Jonesboro, which resulted in suicide of its president, Edward Block ... A judgment of $7,663.93 is sought ... against cashier Watson D. Jay and his surety company.
Source
newspapers
4. February 26, 1932 Other
Newspaper Excerpt
Receiver for Jonesboro Institution Asks $20,975 Judgment; Cashier and Surety Are Sued. Frank M. Hundley, receiver of the Citizens Bank of Jonesboro, hopes to recover ... from Watson D. Jay and the American Surety Co.
Source
newspapers
5. December 11, 1934 Other
Newspaper Excerpt
Court dockets list Frank Hundley as receiver of the Citizens Bank, Jonesboro, in various receivership matters and suits.
Source
newspapers

Newspaper Articles (9)

Article from The Indianapolis Times, September 13, 1930

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Article Text

STATE WANTS RECEIVER Action Taken at Marion Seeks Agent for Jonesboro Bank. Bu Times Special MARION, Ind., Sept. 13.-Receivership for the Citizens bank of Jonesboro is asked in a Grant circuit court petition filed by Luther F. Symons, state banking commissioner. The application sets forth that the bank is "in a failing and insolvent condition.' Edward Bloch, president of the Jonesboro bank, the Gas City State bank, also in the hands of the state department, and owner of several clothing stores, committed suicide in Muncie last week, believed the result of financial reverses.


Article from Chronicle Tribune, September 16, 1930

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Article Text

DELAY NAMING BANK RECEIVER question the legal qualifications delayed today the pointment of receiver for the Citizens Bank of The issue raised by John Linn, Gas City attorney, ing creditors of the bank, after petition was presented court ing the appointment of David Harris, Jonesboro, Linn objected the appointment Harris, asserting he was debof the Jonesboro bank and got into the court record that Harris indebted to the bank $3,000 note. The attorney declared that interested party could not be appointed receiver. The hearing attracted many citiJonesboro, chiefly deposittors the bank. Thomas Barr, deputy banking commissioner, first witness, testi-


Article from The Indianapolis Star, September 23, 1930

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Article Text

DOUBLE BANK CRASH TIES UP CITY FUNDS [Special to Indianapolis M. Hundley of Summitville today appointed by Judge O. D. Clawson of the Grant Circuit court, receiver for Citizens Bank Jonesboro. the Bank Trust Company and cashier of the ton bank He posted bond of $15,000. Assets the bank are said to total Luther Symons, state banking attended hearing today that public the Citizens bank the Gas City State would be listed as preferred The has approximately in Gas City bank while the civil city has about deposited Construction work on the Gas City city hall, which is to cost $19,000, has been suspended because of the certain situation existant at the Gas City State bank for both banks were requested by Mr. after an examination showed that the institutions were insolvent


Article from Leader-Tribune, September 23, 1930

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Article Text

Jonesboro Bank Receiver Named Frank M. Hundley, secretary of the Summitville Bank Trust and cashier of the Fowlerton bank, yesterday was appointed receiver the Cititizens Bank of Jonesboro. The by Judge Clawson, of the cuit court. Hundley posted $15,000 bond. Luther F. Symons, state banking attended hearing before Judge Clawson, intimated that public funds both the City and Jonesboro banks would be listed as preferred claims. The school city of Gas City had about in the Gas City State bank at the time took charge while the civil city struction the Gas City was cost $19,000, has pended, pending outcome of bank


Article from The Indianapolis Times, May 30, 1931

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Article Text

SUICIDE BLAME FIXED Cashier of Closed Jonesboro Bank Believed in Block Tragedy. By United Press MARION, Ind., May 30-A suit on file in Grant Circuit court here today blames. the closing of the Citizens bank of Jonesboro, which resulted in suicide of its president, Edward Block, on Watson D. Jay, cashier of the defunct institution. The suit was brought by Frank M. Hundley, receiver, and the state of Indiana against Jay and the American Surety company, surety as Jay's bond. A judgment of $7,663.93 is sought Jay's bond was for $10,000 but the company paid $2,336.07, the amount of a note Jay is alleged to have signed and made out to himself to cover indebtedness.


Article Text

FILE 2 APPEAL BONDS IN CASES Appeal bonds were filed Saturday in two claims filed by Harry L. Connelly, former county clerk, against receivers for the Gas City State Bank and The Citizens Bank of Jonesboro. Sitting as a joint court, Judge O. D. Clawson and Judge Oren W. Dickey, heard evidence on the two claims. The courts held that the claims should be entered as general claims. The claims represented certificates of deposit totalling $2,500 in each of the banks less payment made by the receivers. Notice of an appeal to the appellate court was given by attorneys for Connelly and bonds were fixed at $100 in each case.


Article Text

FILE NEW SUIT IN BANK ACTION Receiver for Jonesboro Institution Asks $20,975 Judgment; Cashier and Surety Are Sued. Court action by which Frank M. Hundey, receiver of the Citizens Bank of Jonesboro, hopes to recover for the institution's depositors the sum of $20,975 from Watson D. Jay, former cashier, and his bonding company, the American Surety Co., was renewed yesterday with the filing of an amended complaint in the case. Legal skirmishes for the last several months resulted in issues of the case being determined and the new complaint filed. The document alleges that Jay, contrary to law, made certain loans to Edward Bloch, at that time president of the bank. It also sets forth details of a note of the General Cable Corp. for $10,000 which was marked paid although there were no funds for payment in the bank. check for $2,025.65 drawn by Bloch and Jay and carried in cash items of the bank for two months prior to its closing is also referred to in a paragraph the complaint which states this procedure was contrary to law. three-room apartment here in Boston, which I have estimated at a low rate of $40 a month, a family could have private home with six rooms, an outdoor balcony, flower gardens and tennis courts, and this for two months for the monthly price of crowded apartment in Boston. A servant will gladly wash, scrub and cook for a family for $1.75 a week." He lives the friendly companionship between professor and student in American colleges. "It is comfortable feeling, he said, "to know that professor takes a personal interest in each student and his problems. At home we never talked over troubles with our professors, and never went outside the conventional bounds of tipping our hats and murmuring good day, sir' when we met them on the street or within the college grounds.


Article Text

JURY TO HEAR SUIT ON NOTES the funct Citizens Bank of Jonesboro scheduled for an airing in the Grant circuit court in suit brought by Frank M. Hundley receiver for the bank against David E. Harris to collect two notes totalling $3,045.18. Trial of the case today before jury and Circuit Judge O. D. Clawson. The against Harris charges has failed to pay notes by the receiver, for dated April and each bearing interest the rate of were to mature and three The answer leged he for the and bearing date of April 1930, which given Edward Bloch, president of the bank. The authority and the signature being questioned by the plaintiff Many prospective jurors cused the attorneys the plaintiff and defendant questioned them during morning session Judge Robert M. Van Atta of Condo, Van and Batton and Walter resenting depositors' plaintiff Harris by John Browne and Gemmill and appointed for the and following death of Bloch was president of both


Article Text

Court Minutes Circuit Court Malinda Pence vs. Ova Renbarger et al. Injunction. Affidavit and motion for change of venue from judge by defendants filed. American National Bank at Indianapolis vs. Estate of J. W. Stephenson, deceased. Appearance of Gemmill, Browne & Campbell for plaintiffs withdrawn. Amendment to amended claim filed by claimant. Notice ordered to J. F. Charles at al., returnable Dec. 26, 1934. In the receivership of the Grant Trust and Savings Co. Petition for order canceling and rescinding former orders authorizing execution of deed to Mabel Johnson and rescinding the approval by the court of said deed and ordering the receiver to destroy said deed by receiver filed, submitted and granted as prayed. In the matter the trust created by Lydia F. Seegar for the benefit of Virginia Heavilin Joint final report of George W. Rauch as receiver of the First National Bank ings Co., and petition ment of substitute trustee filed, submitted and joint final report approved and First National Bank in Marion now appointed substitute trustee. Written acceptance of trust filed and upon showing that balance of funds has been turned over to substitute trustee said original trustees are now discharged. John Walters vs. Sadie Ellen McGuire et al. Partition. Answer in general denial filed. Also crosscomplaint by defendants filed. Merrill Edwards vs. Carl F. Barney et al. Petition for recount. The recount commissioners having filed in the clerk's office their certificate showing the number of votes that each candidate received for the office of mayor of the city of Marion, today, Dec. 10, 1934, as shown by recount, and which candidate as shown by such recount received the highest number of votes and showing what his majority or plurality was, the court now orders the clerk to record said certificate in the order books of this court. The court now fixes Dec. 28, 1934, as date for hearing. Claude H. Allegar vs. Orla H. Sinclair et al. Petition for recount. The recount commissioners having today, Dec. 10. filed in the clerk's office their certificate showing the number of votes that each candidate received for the office of councilman-at-large for the city of Marion, as shown by recount, and which candidates as shown by said recount received the highest number of votes and showing their respective majorities or pluralities, the court now orders the clerk to record said certificate in the order books of the court and fixes Dec. 28. 1934, as date for hearing. SUPERIOR COURT Civil Docket Rome T. Calender as receiver of the Gas City State Bank, and Frank Hundley as receiver of the Citizens Bank, Jonesboro, vs. Seneca W Winder as administrator with the will annexed of the estate of Edward Bloch, deceased, et al. Answer of Willis S. Ellis as executor of Jane Davis, deceased, filed. Marjorie Cross vs. Minard Cross. Divorce. Defendant ordered released from jail until further order of court. Dorothy Jean White VS. Daniel J. White. Divorce. Hearing on attachment had and defendant is discharged on condition that he keep and not dispose or encumber the 26 vending machines now in his possession. In the receivership of the Gas City State Bank. Petition by receiver to settle compromise mortgage indebtedness and accept Home Owners' Loan Corp. bonds and recovery real estate to Meriam F. Jay filed, submitted and granted and ordered as prayed. Petition by receiver for authority to compromise and settle mortgage indebtedness of Berete Spurgeon filed, submitted and ordered. Lilburn M. Keese vs. Florence E. Keese. Application for suit money submitted and plaintiff is ordered to pay to clerk $25 on or before Jan. 20, 1935, for use of defendant with which to pay her attorney Florence E. Keese vs. Lilburn M. Keese. Divorce. The court on its own motion orders this cause submitted with the cause entitled Lilburn M. Keese vs. Florence E. Keese, and this cause is ordered off the docket. Mary Hacker vs. William Hacker. Divorce. Hearing on application for suit money submitted and defendant is ordered to pay to clerk $25 on or before Jan. 15, 1935, for use of plaintiff with which to pay attorney. Elma M. Nelson vs. Roy Nelson. Divorce. Application by plaintiff for suit money filed. Hearing set for Dec. 17, 1934, at 9 a. m. Notice ordered. William Spath VS. Mayme R. Shawle, Jacob H. Huffman. Partition. Death of John W. Duffey, receiver, suggested to court and H. McConnell is appointed receiver. Bond is filed at $100. Charles E. Milner VS. Harry Miller. Foreclosure mechanic's lien. Cause submitted, evidence heard, argument heard and same taken under advisement. Criminal Docket State of Indiana vs. Emory Wilson, Ed Raymond. Petit larceny. Defendants arraigned in open court and each now enters plea of guilty and upon such plea the court finds each defendant guilty as charged, that the true age of Emory Wilson is 38 years, that the true age of Ed Raymond is 77 years, and court fixes their punishment that each be fined $50 and costs and that each be imprisoned in Indiana state farm for nine months. Judgment on finding, and the sheriff is charged with the execution of the judgment. State of Indiana vs. Devonna McCall. Voluntary manslaughter. On motion of prosecuting attorney, the court orders that clerk and jury commissioners draw special venire of 25 names for jurors and summon said jurors to appear on Dec. 17, 1934, for trial of this cause.