Kankakee Valley Post, Volume 19, Number 10, DeMotte, Jasper County, 4 February 1949 — FBI Hunts Car Dealer In Dyer Bank Shortage [ARTICLE]

FBI Hunts Car Dealer In Dyer Bank Shortage

Institution To Be Liquidated; Deposits To Be Sent To Gary A fugitive Illinois used car dealer was named yesterday as the second suspect in a Dyer (Ind.) bank embezzlement which the FBI said may involve more than $200,000. Meanwhile, the Federal Deposit Insurance Corporation announced plans for the liquidation of the Dyer bank as a result. But the FDIC emphasized depositors are “fully protected.” Harvey G. Foster, special agent in charge of the Indiana FBI office, identified the dealer as Elmer Roland Hedges, 36 years old, Chicago Heights. Federal agents are on his trail, Foster said. Hedges is charged with conspiring with William J. Gettler, 45, cashier of the First National Bank at Dyer in the operation of a bogus check scheme to obtain funds for the purchase of automobiles. Gettler was arrested Friday after a day-long examination of bank records revealed an initial shortage of $125,533.34. Foster asked anyone with information on the whereabouts of Hedges to notify the nearest FBI OfficeHedges was described as 5 feet inches tall, 204 pounds in weight with a stocky build. His hair is black, combed straight back and worn with long and slightly graying sideburns. He has a small mustache, and is fond of large automobiles and diamonds. At Washington, Maple T. Harl, FDIC chairman, said his agency has arranged to have “all deposits” of the Dyer bank taken over by the Gary National Bank. Depositors will be notified of the change, Harl said. FDIC has authorized an initial advance of $1,000,000 to facilitate the absorption, he said. Resources of the Dyer bank were placed at $4,000,000; of the Gary bank, $75,000,000.