Peoples National Bank (Jackson, MI)

View Charter #1533 on SPMC View balance sheet

Episode Information

Episode UID
153301598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
15330 national
Charter Number
1533
Start Date
February 14, 1933
Location
Jackson, Michigan (42.246, -84.401)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eba99ea523bc4cc3

Response Measures

None

Receivership Details

Depositor recovery rate
50.0%
Date receivership started
1933-08-24
Share of assets assessed as good
39.2%
Share of assets assessed as doubtful
53.3%
Share of assets assessed as worthless
7.5%

Description

Bank was subject to state-wide 8-day moratorium Feb 1933 and later closed (conservator/receiver appointed; receivership date in records Aug 24, 1933).

Events (7)
1. August 21, 1865 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Governor Comstock closing all Michigan banks and trust companies.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
3. February 23, 1933 Reopening
Newspaper Excerpt
JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS ... Little Excitement Noted as Institutions Resume on 5 Per Cent Basis. Officials heartened. Comply With Comstock Order in All Particulars; No Change Anticipated.
Source
newspapers
4. March 19, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Individual bank closure of Union and People's National Bank on March 19, 1933 (institution-specific insolvency/closure rather than a mere holiday).
Newspaper Excerpt
This bank was closed March 19 of this year.
Source
newspapers
5. July 14, 1933 Other
Newspaper Excerpt
BOMHOFF IS NEW CONSERVATOR ... With conservator charge of the affairs the Union National bank ... Bomhoff ... took over his duties Friday; arranging steps to bring about opening the new institution ... the Union Peoples expected to open in future.
Source
newspapers
6. August 24, 1933 Receivership
Source
historical_nic
7. August 24, 1933 Receivership
Newspaper Excerpt
Jackson, Aug. 25.-(U. P.)Reuben H. Rossman ... has been appointed receiver of the Union & People's National bank. He succeeded L. Fred Bomhoff, conservator since July 14.
Source
newspapers

Newspaper Articles (22)
1. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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Article Text

BY LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.—Every bank and financial institu- tion in Michigan was closed today under a sweeping, eight- day suspension order issued in the early hours of the morning by Governor William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was created, Governor Comstock declared, by a crisis in the

2. February 14, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 14, 1933

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Article Text

By LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.-Every bank and financial institution in the state of Michigan was closed today under a sweeping, eight day suspension order issued in the early hours of the morning by Gov. William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was crelated, Comstock declared, by a crisis in the affairs of the Union Guardian Trust company of Detroit. He said he understood the trust company would have had to close its doors. Emergency measures were started by Michigan banking department officials to provide the necessary cash to tide the state over the holiday. Plans, under which small and necessary bank withdrawals could be made were considered by R. E. Reichert, state banking commissioner. A possibility that the eight day banking holiday "might be modified in a day or so after the (Continued On Page 6)

3. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

4. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now?

5. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a serip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

6. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM Vs. Runs The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar SO that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

7. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs. which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it. the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now

8. February 15, 1933 Daily News New York, NY

Article Text

THE MICHIGAN MORATORIUM Shutdowns Vs. Runs The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now ?

9. February 16, 1933 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 16, 1933

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Article Text

# Holiday It was a vigorous and drastic step which Governor Comstock took to curb a prospective run on Michigan's banks but one which time probably will prove to have been beneficial. To close every bank in a state means to put an immediate halt to business. Without the services of these important institutions the holiday becomes one in fact as well as in name. But it is a good deal better to have an eight-day respite throughout the entire state than disaster in many communities with banks permanently closed. Probably all of those banks will be able to pull through if properly supported. Eight days will give the banks ample time to liquify some of their resources but, more important, it will give the public a chance to think it over and cool down. Sometimes a holiday is a wonderful thing.

10. February 23, 1933 Jackson Citizen Patriot Jackson, MI

Article Text

JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS Little Excitement Noted as Institutions Resume on 5 Per Cent Basis. OFFICIALS HEARTENED Comply With Comstock Order in All Particulars; No Change Anticipated. Jackson's banks opened Thursday morning there rush of depositors seeking their Officials of the Union & Peoples National Jackson Bank stated gratified at the of excitement. Under decisions announced separately the banks, nesday savings and commercial deposits permitted. There no indication Thursday morning be changed the future the Comissued during holiday which opened must those sued cepted during holiday Statement Issued. The statement issued by the Jackson City Trust pany Wednesday afternoon folin that the banks should open in their business manner. ply with the intent the lamation pay only cent (Turn to No. on Page 2.)

11. February 23, 1933 Belleville Daily Advocate Belleville, IL

Article Text

MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.

12. February 24, 1933 Star Tribune Minneapolis, MN

Article Text

NEWS Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2. Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17. MARKETE Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page

13. July 14, 1933 Jackson Citizen Patriot Jackson, MI

Article Text

BOMHOFF IS NEW CONSERVATOR Succeeds Stuart M. Schram as Director of Affairs of Union Bank. With conservator charge of the affairs the Union National bank recting the steps the forBank mation drive bring about the opening the new institution the possible speed, Friday Stuart the Union PeoThursday afternoon, immediately after president Bank Jackson, which to the closed few hours the appointment Bomhoff servator Bomhoff O'Connor, comptroller the curThe conservator took over his duties Friday former official the Products company city the Peoples Work Contract. The the opening the arranging National Jackson taining approval the Union Peoples bank providing taking assets by its sucUnion on this Friday this step has been completed, the deposits released the ples expected the comptroller's office and the Reconstruction Finance corporation, spent Thursday directors National returned their Thursday They took them the artiof the bank which must final Officers the NaJackson willing Friday forecast when its doors opened for business, although the opening virtually in future. The the Union Peoples expected.

14. July 16, 1933 Detroit Free Press Detroit, MI

Article Text

PayoffIs Assured for Jackson Bank Contract for Assets Purchase Signed An order approving the contract into between the conservator the Union and People's Na tional Bank and the new National Bank was signed Federal Judge Edward Moinet Saturday The contract already had been approved by the Comptroller of the Currency Under the terms the agreement. the Union and People's Na tional Bank permitted to sell certain of its consisting cash, and National bonds and notes to National for The money will be for an ate payoff depositors of the Union People's Bank This bank was closed March 19 of this year. The new bank the contract states, has the right to return the assets within months for cash the old bank has the take back the assets, should so desire The agreement signed Thurs day between Fred servator for the Union and People's National Bank and M. Schram and Clark, president and cashier respectively, of the Na tional Bank

15. August 25, 1933 Battle Creek Moon-Journal Battle Creek, MI

Article Text

JACKSON ATTORNEY IS BANK RECEIVER Jackson, Aug. 25.-(U. P.)Reuben H. Rossman, Jackson attorney, and chairman of the Jackson county Democratic committee. has been appointed receiver of the Union & People's National bank. it was learned today. He succeeded L. Fred Bomhoff, conservator since July 14.

16. August 25, 1933 Jackson Citizen Patriot Jackson, MI

Article Text

ROSSMAN RECEIVERSHIP Jackson Attorney, Democratic Leader to Direct Liquidation of Bank. BOMHOFF ORDERED OUT Comptroller of Currency Notifies Conservator to Quit Job at Once. The appointment of Reuben H. Jackson attorney, ceiver for Union Peoples telegrams to afternoon O'Connor, comptroller the currency. Rossman succeeds L. Fred Bomhoff, closed since Mr. Rossman over his duwith the that does not intend to make changes personnel the office although entire working time of the Union Peoples National will continue maintain his ofin Dwight building. headed meeting Friday no issued its conclusion. committee will take no action for the Bomhoff Notified. Mr. Bomhoff the folfrom O'Connor the commission Union Peoples National bank, terminated Reuben H. receiver, effective date of instructed to take trust Take detailed receipt triplicate for delivered Mr. Bomhoff's last official act of schedFriday fixed the last day for depositors, Saturday allotted to the Dividends "J" depositors be available While announcement to the of legal advisor was ing Thursday afternoon, generally believed that Elmer Kirkby, will be appointed. Rossman of the Democratic mittee and has active in the for many years. Mr. Kirkby prominent Democrat and candidate in the Committee to Meet. Before his succeed Stuart M. president tional Jackson, Mr. Bomwas member the Union depositors' final were made for the 35 cent payoff now in progress.

17. October 19, 1933 Jackson Citizen Patriot Jackson, MI

Article Text

ATTORNEY IS OFF FOR CAPITAL Bank Receiver Also Takes Trip, but Mr. Miner Delays Journey. City Attorney Brower and R. H. Rossman, receiver for the Union Peoples National bank left Wednesday afternoon for Washington, they on arrangements the release percentage of city's balance in the Mr. Brower intended to conwith federal public works cials on city's sewage disposal plant there some would expend deal on this problem. John W. member of the Michigan advisory committee of the Reconstruction Finance corporation. was lied city attorney aiding the drive speedier tion on the disposal plant applicadid make trip to Washington. Mr. Miner stated Thursday that he go to the national capital later on R. F. business

18. March 27, 1935 Jackson Citizen Patriot Jackson, MI

Article Text

BANK RECEIVERS DISCUSS RFC LOANS R. H. Rossman Preparing Application for Union & Peoples of Jackson. With a new RFC loan application nearing completion, R. H. Rossman, receiver for the Union & Peoples National bank, has been conferring with receivers of other Michigan banks who have directed preparation of similar applications, it was learned Wednesday. Mr. Rossman spent Tuesday in Grand Rapids in conference with David E. Uhl, receiver for the Grand Rapids National bank. Mr. Uhl has supervised the drawing up of one RFC loan application and is now directing the preparation of another. The Jackson receiver also stopped in Lansing to consult briefly with officials of the Capitol National bank receivership. The Union & Peoples application will be ready for forwarding to Washington within a short time, according to Mr. Rossman. The loan will be used to finance another payoff to depositors.

19. June 5, 1935 The Flint Journal Flint, MI

Article Text

Assessment Paid To Bank Receiver Schram Gets $5,040,000 Compromise Fund Detroit, June 5.—(AP)—The compromise assessment against stockholders of the Guardian National Bank of Commerce and its five outstate subsidiaries, was paid over to B. C. Schram, receiver of the Guardian National today by representatives of the Guardian Depositors corporation which will take over the assets of the closed concerns and liquidate them for the larger depositors. The compromise assessment amounted to $5,040,000 and was placed literally on a barrel head in Schram's office. On the barrel head also were placed the contracts for transferring the compromise assessments. Within a week the $76,914,341.19 in assets will be transferred to the corporation, headed by William R. Catton, as president. The assets to be transferred come from $92,794,455.68 of proved and allowed claims. Claims of $1,000 and less have been paid. The stock assessment against the Guardian National Bank of Detroit originally was $10,000,000 and this was compromised at $4,000,000. The levies against the out-state subsidiaries was $2,600,000, which was compromised at $1,040,000. The subsidiaries and their compromise assessments are: Capitol National Bank of Lansing, $240,000. Grand Rapids National bank, Grand Rapids, $400,000. Union and Peoples National Bank of Jackson, $280,000. National Bank of Ionia, $60,000. City National Bank & Trust company, Niles, Mich., $60,000.

20. August 29, 1935 Jackson Citizen Patriot Jackson, MI

Article Text

Closed Bank Still Paying Depositors Depositors in the closed Union and Peoples National bank still are being paid their 10 per cent dividend checks from the lobby of the National Bank of Jackson, it was announced Wednesday by Receiver R. H. Rossman of the defunct institution. The distribution is to be continued from the new bank for the balance of the week and starting next week will be transferred to the ground floor quarters of the closed bank, the receiver said. He has asked all who have not received their dividend checks to come to the bank for them without delay in order that the accounts may be brought up to date.

21. February 23, 1942 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, February 23, 1942

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Article Text

FINAL PAYMENT PLANNED Jackson, Feb. 23-Depositors of the defunct Union and Peoples National Bank will receive a final payment of approximately $475,000 beginning April 1, and the receiver. ship, begun in August, 1933, will terminate by June 1. Total payments to depositers are estimated at slightly less than 60 cents on the dollar.

22. May 29, 1942 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, May 29, 1942

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Article Text

CHECKS TURNED over Jackson, Mich., May 29-The comptroller of currency in Washington received five thousand checks. most of them for small amounts and unclaimed by depositors in the closed Union and People's National Bank. Receiver Reuben H. Rossman said Thursday that depositors had received 60 per cent of their deposits.