Links to the Past: Michiana History - Record Detail
Employees of American Trust Company Bank
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||Businesses - American Trust Company
||Private Collection - American Trust Company
||Employees pose for a picture in front of the American Trust Company bank building located at the corner of Washington and Michigan streets in South Bend, Indiana.
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||American Trust Company
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||The article below was written during the Depression when many banks had to close their doors due to financial losses.
Report Profits for Depositors of Closed Bank, American Trust Elects Officers; Reports on Liquidation
"Eugene H. Miller was reelected president of the American Trust Co. at the annual meeting of the bank Monday afternoon, which was featured by a report to the stockholders showing that the institution had made a profit, for the ultimate benefit of depositors in excess of $32,000 during the past three months while the banking house has been closed.
During the seven months since the bank was closed the bank has liquidated $1,544,558.60 of the institution's assets.
The bank issued a statement Tuesday reviewing the condition of the bank on the basis of the financial report which was approved by the stockholders, Monday. It said: A report of the liquidation covering the three months ending Dec. 1931, was submitted. A review of the report indicates assests in excess of $1,500,000 have been liquidated since the bank closed June 15. All prior or preferred claims, including bills payable, have been paid and present collections are being accumulated for payment to depositors. There is now $92,000 on hand, which amount is being increased daily.
Since Oct. 1 earnings have been sufficient to pay all liquidation costs and the expenses for the proceeding four months' period, during which time efforts were being made to reopen the bank, leaving a profit in excess of $32,000 for the three months.
Besides the election of Mr. Miller as president, other officers named include J. B. Haberle, vice president; A.A. Fulk, vice president; J.D. Emmons, vice president and treasurer; V.M. Royer, secretary; L.O. Titus, assistant treasurer and assistant secretary, and C.J. Aumack, auditor.
The board of directors includes Mr. Miller, Mr. Haberle, Mr. Fulk, V.G. Jones, W.K. Lamport, Alexis Coquillard, H.L. Sharlock, Max Adler and Arthur C. Rerick. The stockholders' committee includes H. M. Sanders, G.A. Happop, and L.B. Slaughter."
Article from South Bend News-Times, 1/12/32
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