5749. Peoples State Bank (Hammond, IN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 4, 1931
Location: Hammond, Indiana (41.583, -87.500)

Metadata

Model: gpt-5-mini
Short Digest: 0185ff1e

Response Measures

None

Description

No run is described in the articles. The Peoples State Bank discontinued operations (suspended) and its deposits and accounts were taken over by Hammond National Bank & Trust (April 4, 1931). Receivers for the defunct Peoples State Bank are later mentioned (Sept 1931) as liquidating the institution and issuing dividends. Cause of suspension is internal insolvency/capital inability (bank-specific adverse information).

Events (3)

1. April 4, 1931 Other

Newspaper Excerpt: Hammond National Bank and Trust company today acquired all of the deposits of the new Peoples State bank of Hammond ... all of the accounts of the new Peoples State bank, together with sufficient of its liquid assets to secure deposit liabilities, turned over to the Hammond National Bank and Trust company Monday morning. They likewise made arrangements to honor checks drawn against accounts of the Peoples bank. New pass books and check books will be furnished these depositors by the Hammond National. NO CHANGES in the status of the old Peoples Co-Operative bank, in receivership. It involves only the new Peoples State bank, which is acting receiver for the old Co-Operative institution. (arrangement/assumption of deposits by Hammond National).
Source: newspapers

2. April 4, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Officers determined inability to make satisfactory arrangements to complete the bank's capital structure and discontinued operations; accounts and sufficient liquid assets turned over to Hammond National to secure deposit liabilities.
Newspaper Excerpt: Peoples DISCONTINUES ... officers and directors of the Peoples State bank that inability on their part to make satisfactory arrangement for the completion their capital structure made it advisable to discontinue operations.
Source: newspapers

3. September 30, 1931 Receivership

Newspaper Excerpt: We commend the complete report submitted recently by Harry E. Folk and Orville O. Carpenter, receivers for the defunct Peoples State bank of Hammond, showing in detail the financial condition of the receivership. ... the receivers are doing everything in their power to liquidate assets rapidly. (report on receivership and liquidation).
Source: newspapers

Newspaper Articles (10)

1. October 7, 1930 The Times Hammond, IN

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OFFICERS, DIRECTORS SELECTED LAST NIGHT Judge Cleveland Designates New Bank as Receiver for Peoples' Co-Op. The newly organized Peoples Bank of Hammond elected officers and directors last night, and after being appointed receiver, or liquidating agent, for the Peoples State Bank. are preparing to take over the assets of that defunct institution and ultimately pay off all the depositors. The new bank is expected to open Friday or Saturday prominent mond lawyer of the of Ibach, Gavit Stinson Cody. elected president the Peoples State last Judge formerly the president of the Peoples Co-Operative, elected chairman of board of directors: Robert H. Harrington. former president board of public elected first vice-president Fred Lisius, Crown Point capitalist, chosen second and Donald E. SEVEN DIRECTORS The directors tion elected by the Mr. Stinson, Judge Ibach. Mr. rington. Mr Lisius Frank Mull and Reichers. Irville Carpenter, Newcastle, Ind., will the duties of sistant the the Barr. the chief deputy state bank commissioner Judge Clyde Cleveland yesterday afternoon designated the Peoples State bank the for defunct Peoples State bank on consent of Deputy Attorney General E. Burke Walker and Judge Ibach, and for an indefinite period the bank will receive the protection the court its duties and obligations the liquidating The Peoples State immediately takes the assets of the Peoples Co-Operative, will liquiand pay out the as made the other ligations to the Peoples CoOperative In this manner, of 100 percent on deposits will be made, although will necessarily require time pending completion of liquidation and protection of the cash reserve of the Peoples President told The Times this morning that he that would be possible to the an and the bank assums the full deposit liability of the old institution.

2. November 15, 1930 The Times Hammond, IN

Article from The Times, November 15, 1930

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4,000 SHARE IN CHRISTMAS SAVINGS PLAN Hammond Will Get $175,000 From Funds of Christmas Savings Over 4,000 Hammond citizens will receive go $175,000 funds of Christsavings on in four local banks or 1st, survey by the Times revealed this morning. Although great deal of this total expected find its way the hands of Hammond merchants purchase of Christ- the gifts, appears to be quite likely the major will be expended for luxuries or will be set for future reference during the winter season. However, the of this large the to stimulate increase purchasing erally alleviate the stress of the winter. All Hammond banks report great withdrawals Christmas clubs during the well number accounts which payment had only been partially completed. time particularly cut into the aid coupled other it estimated that the Christclub about $50,from the which peared when the clubs began year Adding to decrease the total the Hammond banks, all of which are in the hands are unable to make full payments of Christmas savings funds this time. The Peoples bank, the receiver the Peoples State bank, said this morning that its Christmas savings funds would be treated the same other which means that they be disbursed gradually. Peoples State has already made to depositors the bank, and average the individual Christmas savings account remained during 1930 during years, which proximately $43. The ranged and $500. The Hammond National Bank and Trust company announced today that its Christmas savings checks would be mailed to depositors by three other banks place checks mails The savings the four the five which will them as follows: First and 76,000 Hammond National 70,000 American Trust Savings 15,000 State Bank of Hammond 12,000 Total $173,000 The First Trust had 1,870 Christmas savings accounts, The Hammond bank 1,700, the Trust the State bank 250.

3. November 15, 1930 The Times Hammond, IN

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4,000 SHARE IN CHRISTMAS SAVINGS PLAN Hammond Will Get $175,000 From Funds of Christmas Savings Over 4,000 Hammond citizens will receive total $175,000 the funds Christclubs deposit in four local banks or before December 1st, survey by the Times revealed morning. Although great deal of this total expected find its into the hands of Hammond merchants for purchase of Christmas gifts, appears be quite likely the major portion expended for necessities luxuries be set for future reference the winter However, the of this large sum from the to purchasing generally alleviate the stress of the winter. All Hammond banks report great number of withdrawals from Christmas clubs during well number accounts in which payment only partially completed. Tax-paying time into coupled other that the Christclub dropped about $50,000 from the prospect which peared when the clubs began year Adding decrease in the total three mond banks, of which the hands of unable to full of Christmas savings funds this time. The Peoples State bank, the receiver for the Peoples State bank, said this morning that its Christmas savings funds would be treated the same other which means they be The Peoples State already one to positors of the bank, and average of the individual Christmas savings account remained the during 1930 during which proximately The accounts ranged between and $500 The Hammond National Bank and Trust company announced today that Christmas checks would mailed to depositors by the three other banks will place checks the 1st. The approximate savings the four of the five banks which will disburse follows: First Trust and 76,000 Hammond National 70,000 American Trust and Savings 15,000 State Bank Hammond 12,000 Total $173,000 The First Trust had 1,870 Christmas savings accounts, The Hammond bank Trust 350, and the State bank 250.

4. April 4, 1931 The Times Hammond, IN

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Institutions Consummated Today Providing stronger banking foundation for Hammond, the Hammond National Bank and Trust company today aquired all of the deposits of the new Peoples State bank of Hammond thus boosted the deposits of the Hammond National $3,000,000. The arrangement between two institutions consummated this morning agreements had been signed by the officers and directors both The Hammond National bank now becomes one of the strongest institutions in this part of the state also is listed the largest bank North PEOPLES DISCONTINUES of the plan the end of about ago when was determined by the officers and directors of the Peoples State that inability their part make satisfactory rangement the their capital structure made It visable to discontinue operations. plan of action was agreed upon and hours today, all of the accounts of the new Peoples State bank, together with sufficient of its liquid assets secure deposit liabilities, turned the Hammond National officers National Bank and Trust will positors of the Peoples bank. They likewise made rangements to honor checks drawn against accounts the Peoples bank. books and check be NO CO-OPER the status the old Peoples tive State bank, now receivership involves only the new ples State bank, which is acting receiver the old Co-Operative The Peoples State which is now absorbed by the Hammond tional, to do and at receiver for the Peoples Co-Operative State arrangement that bank be charged as receiver that Judge Clyde appoint new ceiver Monday carry out the liquidation of the of the Peoples Co-Operative NEW RECEIVE MONDAY A receiver, be the final report the Peoples liquidation from October 14, to the present time, be filed H. executive ident Bank and Trust this said: officers and directors of the Hammond Bank and Trust are always eager to be public and to been of help in this "Customers of the Peoples bank may be assured of cordial welcome and to their but considerable augmented facilities at their disposal. "These are times of mergers and tn the interest of public quite much for the benefit of business itself. We to the Peoples State happy bank 'family' join our family at this Donald E. Gayit, cashier of the Peoples State believe which have been made with Hammond National Bank and Trust are not only for the interests of the depositors of the Peoples bank, the interest of the community whole. directors of the Peoples State bank the confidence their in ring the deposit accounts to the Hammond National Bank and Trust company will meet with the proval the entire Officers of the Peoples State bank, who will relinquish their positions the transfer today, are J. D. Stinson, president; Frank Mull, viceW. F. presiand E. cashier. No of employes from the Peoples the National bank is involved in the ment.

5. April 4, 1931 The Times Hammond, IN

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BOOSTS HAMMOND BANK & TRUST BUSINESS ACQUIRES Hammond Unemployment Body Swarms Before Trustee DEPOSITS ALLEGED Will R. Wood Continues to Stick By Lake County OF PEOPLES TEMPERATURE RED HELD Rockne Air Enthusiast READS OF BODY DEPOSITORS' HOPES HINGE FOR REGION POPULAR STATE BANK Temperature today Hammond 36 FOUND IN LAKE; at BY POLICE at ON BANK DECISION MONDAY noon. Weather 5:28 LAWMAKER PROVES HUSBAND YESTERDAY County Commisioner Investigates the Case of John Hopkins Frank Hammond police and held placed yesterday by Trustee Myrtle 24 years of applied township Lund dispose new sedan for Ando refused to The said have angered him to alleged wife, also have according to Mrs. Ando arrested he uttered inflammatory statements the He has been of this years and citizen. Meeting at 121 State street, Hammond, to voice their complaints against the office of North Township Trustee Myrtle Meara, about 85 members of the Unemployment Council of Hammond yesterday aired alleged grievances for several hours. of the chief John 26 street, the township relief case fully gated Commissioner Baran's InvestiHopkins receives township for himself, and the rate of every ten His daughter, live with his township the When the tertaining his two IT DOING In words, the aid to the Mr. Hopkins comthat he butter, which he termed too salty. at the meeting yesterday, list of grievances for edification the UnMrs. Meara out this mornthat Hopkins and his family, his and daugh(Continued from Page Seven) Arrangements Between Two Institutions Consummated Today Providing a stronger banking foundation for Hammond, the Hammond National Bank and Trust company today aquired all of the deposits of the Peoples State bank of Ham mond and thus boosted the de posits of the Hammond Na tional to approximately $3, 000,000. The arrangement between the this morning after agreements had been signed by the officers and rectors both banks. The Hammond National bank now becomes one of the strongest tutions in this part of the state. the largest bank township PEOPLES of the plan the end of begun abou week when was by the officers and directors of Peoples State bank that inability their part make satisfactory rangement for the completion structure made it discontinue operations. A plan of action was and after hours today all of th Peoples bank, with sufficient its liquid secure deposit liabilities, turned over to the Hammond Na tional Bank and Trust Monday morning, officers of Hammond Bank and company will welcome former positors of Peoples Stat bank. They likewise made rangements to honor draw against State books check will furnished depositor at National NO This th status of old Peoples State bank, receiver ship: It involves only the new Per ples State bank, which acting receiver the old Co-Operativ The Peoples State which absorbed by the Na tional, and to do 11, 193 and at the receiver for the Peoples tive State bank. The arrangement require that the Peoples State bank be dis charged as and that Judg Clyde Cleveland appoint new Monday carry the liquidation of the assets of th Peoples Co-Operative NEW RECEIVER A be Monday the final report of Peoples covering receivershi from October 14, 193 to the present time, be file then. J. H. Sharpe, executive vice-pres ident of the National Bank and Trust company this morn ing said: and directors of Hammond Bank and Trus are public and are to have been of some help in "Customers of the Peoples bank may be assured of welcome here and to their banking but considerable augmented facilities their disposal. "These are times of mergers in the of public much benefit of happy to the Peoples Stat bank join our family at Donald E. Gavit, cashier Peoples State bank, said: "We believe that arrangement which made with Hammond National Bank and Trus company only for the interests of the depositors Peoples also for best interest of the as whole. directors of the State bank the dence ring deposit to Hammond National Bank and will meet with the proval of the community. Officers the Peoples who will relinquish their position with the transfer today, Stinson, Frank Mull, president: W. dent, and No transfer of from Peoples the bank involved in arranges ment.

6. April 4, 1931 The Times Hammond, IN

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BOOSTS HAMMOND BANK & TRUST BUSINESS ACQUIRES Hammond Unemployment Body Swarms Before Trustee DEPOSITS ALLEGED Will R. Wood Continues to Stick By Lake County OF PEOPLES TEMPERATURE RED HELD Rockne Air Enthusiast DEPOSITORS' HOPES HINGE READS OF BODY FOR REGION POPULAR STATE BANK FOUND IN LAKE; BY POLICE ON BANK DECISION MONDAY LAWMAKER YESTERDAY County Commisioner Investigates the Case of John Hopkins Frank alleged by Trustee Myrtle last Lund for This Ando refused have angered alleged parents of Ando's wife, been Meara's fice. arrested yesterday after he Inflammathe Unemployment been resident this country only seven years and citizen. Meeting at 121 State street, Hammond, to voice their complaints against the office of North Township Trustee Myrtle Meara, about 85 members of Council of Hammond yesterday aired alleged grievances for several hours. One the chief complainants John Hopkins, 26 Douglas street, Hammond, the whose township poor relief case fully investigated this week Charles Gary. According Mr. Baran's investiHopkins receives township aid for himself, his wife, and an adopted at the rate His and daughter, who live with him and his wife, receive township aid at the Mr. Baran investigated the this tertaining and the latter's two from Detroit. IT DOING In other words, the township to two families living at the and was feeding Hopkins' relatives from Detroit. Mr. Baran asked Hopkins had against the relief, replied that he satisfied the butter, which he termed salty. And at the meeting yesterday, Hopkins voiced long list of grievances for the edification of the Unemployment Mrs. Meara pointed out this mornthat Hopkins and his family, including his and daugh(Continued from Puge Seven) Arrangements Between Two Institutions Consummated Today Providing stronger banking foundation Hammond, the Hammond National Bank and Trust company today aquired all the deposits of the new Peoples State bank of Hammond and thus boosted the deposits of the Hammond National approximately $3,000,000. The between two Institutions this morning after agreements had signed by the officers and directors both banks. The Hammond National bank now becomes one of the strongest institutions in this part of the state. listed the largest bank in township. PEOPLES DISCONTINUES marks the end begun about by the officers and directors of the Peoples State bank that inability their part to make satisfactory rangement for the completion their capital structure made It advisable to discontinue operations. A plan action then was agreed and after hours today, all the of the Peoples bank, sufficient its liquid assets to secure deposit liabilities, turned to the Hammond National Bank Trust company morning, officers the Hammond National Bank and will positors of the new Peoples State bank. They likewise have made rangements to honor checks drawn against accounts Peoples State pass books and check books will be these at once by the Hammond National. NO in changes the status of the Peoples Co-Operative State bank, ship. It involves only the new Peoples State bank, which acting receiver the old Co-Operative institution. The Peoples State bank, which is now by National, and to do on 11, 1930, and receiver the Peoples Co-OperaState The arrangement requires that the Peoples State bank be charged as and that Clyde appoint ceiver Monday morning carry the liquidation of the assets of the Peoples Co-Operative State bank. NEW RECEIVER MONDAY A receiver, is the report the Peoples State bank, liquidation from October 14, 1930, the present time, will be filed then. H. Sharpe, executive ident the Hammond National Bank and Trust company this morning said: "The officers directors of the Hammond National and Trust company public pleased to been of some help in this "Customers of the Peoples State bank be cordial interruption to their but with considerable augmented facilities at their "These times of mergers and consolidations in interest of the public quite much as for the benefit of business itself. We happy Peoples 'family' join family at this time." Donald Gavit, cashier the Peoples "We believe arrangements which made with the Hammond National Bank and Trust company only the best interests the depositors of the Peoples State bank, but for the best of the community as whole. "The directors of the Peoples State bank have utmost confithat their action in ring the deposit to the National Bank Trust company will meet with the approval of the Officers the Peoples State bank, will relinquish their positions the transfer today, are Stinson, Frank Mull, vicepresident; Ryan, vice president, and Donald E. Gavit, cashier. No transfer of employes from the Peoples the Hammond bank involved in the ment.

7. April 4, 1931 The Times Hammond, IN

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8. April 4, 1931 The Times Hammond, IN

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ACQUIRES DEPOSITS OF PEOPLES STATE BANK Arrangements Between Two Institutions Consummated Today Providing stronger banking foundation for Hammond, the Hammond National Bank and Trust company today aquired all of the deposits of the Peoples State bank of Hammond and thus boosted the de. posits of the Hammond National to approximately $3,000,000. The arrangement between two institutions consummated this morning had the officers and die both The Hammond National bank the strongest Institutions in this part of the also listed the largest bank North township. PEOPLES DISCONTINUES of the plan marks the end of negotiations about week when it was determined by the officers and directors of the Peoples State bank that inability their part for the completion their made visable to discontinue operations. of action then agreed hours today, all of the accounts of new Peoples State bank, together sufficient of liquid assets deposit liabilities, turned over to the Hammond National Bank and Trust company. Monday morning. officers the Hammond National Bank and Trust company will welcome former positors State bank. to honor against in Peoples State bank. books check these at by the National. NO CHANGES This move wise changes the status of the old Peoples Co-Operative bank, ship. It involves only the new Peoples bank, which acting receiver the old Co-Operative The Peoples State bank, which absorbed by the tional, and to do 11, 1930. and the receiver the Peoples Co-OperaState bank. The arrangement requires that Peoples State bank charged receiver and that Judge Clyde appoint new ceiver Monday morning to carry out the liquidation of the assets of Peoples Co-Operative NEW RECEIVER MONDAY A receiver, pected be Monday the final report the Peoples the liquidation October the present time, will be filed H. Sharpe, executive vice-president Hammond National Bank and Trust company morning said: "The officers and directors of the Hammond National Bank and Trust company are always eager be public and they pleased been some help in this instance. "Customers of the Peoples State bank be of cordial may to their but considerable augmented facilities their disposal. times of mergers and consolidations in the public quite as much for benefit of business itself. We happy to have the Peoples State family at this bank time." Donald E. Gavit, cashier of the Peoples State said: which made with the Hammond National Bank and company not the interests of the depositors of Peoples State bank, but also for the best interest of the community as whole. directors the Peoples State the utmost confidence that their action in transferthe deposit accounts to the ring Hammond Bank Trust company will meet proval the Officers of the bank, the transfer today, are Stinson, Frank Mull, vicepresident: Ryan presicashier. No from the Peoples to the Hammond National bank is involved in the arrange-

9. September 17, 1931 The Times Hammond, IN

Article from The Times, September 17, 1931

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scriber The Times, asks that his from publication, declares that this practice strictly observed Illinois This letter hundreds of others received by per an epidemic of failstruck the region. Each of the appeals for detailed reports from receivers, that depositors rapidly liquidation taking place. The latest letter contained clipping Chicago paper in which full reports of various in the area published. "Don't you the writer seems to they will make payment much they Peoples State bank of Hammond The ceivers this institution paid cent dividend about year not know when they publishing about would be their stands and the ceivers are spending the money they collect." writer of the letters signs (Continued on Page Seventeen)

10. September 30, 1931 The Times Hammond, IN

Article from The Times, September 30, 1931

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TIMELY REPORTS We commend the complete report submitted recently by Harry E. Folk and Orville O. Carpenter, receivers for the defunct Peoples State bank of Hammond, showing in detail the financial condition of the receivership. This shows their a tendency on to part cooperate with the vast majority of depositors who are clamoring for detailed statements of condition. More bank receivers in the Calumet district should follow their Then example. the need for criticism closed banks against would be eliminated. While the depositors are justified in asking for complete statements of condition, they should not that the task of forget liquidating defunct banks now is difficult an unusually one, partly because of the frozen nature of the bank assets and partly because of the severity of the depression. All of the receivers are doing everything in their power to liquidate assets rapidly. They find it advantageous to do in order to relieve so some of the that is being to pressure brought bear upon them for on early cash dividend. little more cooperation from everybody concerned and less blind and partisan fault finding will expedite matters considerably. THE BEER RUMOR AGAIN Our old friend, the rumor that President Hoover is about to declare for the legalization of beer, is back with us again, as and as strong stupid as ever. As the story this time, goes Mr. Hoover's cabinet is wet by seven to three and the beer movement advanced by wet republican leaders of the east has the backing of a formidable group of administration officials. So, to believe your ears and perhaps your favorite newspaper, Mr. Hoover is all set to order beer, to emancipate the G. O. from the league and cut wet support out from under democrats. All of which is balderdash. The fact is that Mr. Hoover and the responsible leaders of the republican party have consistently stuck with the drys, sticking with them still and plan are to stick with them through 1932. There is not the slightest sign that their includes program beer, repeal or modification, either by executive proposal or platform plank. There is nothing to indicate that it includes any attitude on prohibition save humble kowtows to the you

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Events (3)

Newspaper Articles (10)

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