Peoples State Bank (Maywood, IL)

Episode Information

Episode UID
70027171562
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7002717 routing
Routing Number
70-0271
Start Date
February 1, 1930*
Location
Maywood, Illinois (41.879, -87.843)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b20d0bb06d1f1bd3

Response Measures

None

Events (2)
1. February 1, 1930* Receivership
Newspaper Excerpt
Closed Feb. ... PEOPLES STATE OF MAYWOOD. [Closed Feb. Cash hand Total conversion of assets ... Receiver's expenses ... Balance due ... ] (report on closed state banks and receivers' statements).
Source
newspapers
2. February 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after discovery of alleged misuse of funds, falsified statements and overdrafts involving president Elmer Langguth and cashier Laverne Lindgren
Newspaper Excerpt
the closed People's State Bank of Maywood ... closed by the state auditor's office
Source
newspapers

Newspaper Articles (7)
1. February 15, 1930 The Shreveport Journal Shreveport, LA
Article from The Shreveport Journal, February 15, 1930

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Article Text

CASHIER HELD FOR Missing Official Surrenders to Police of Chicago Suburb. (By the Associated Feb. 20, Miss Laverne Lindgren was ing kitchen appliances; today, 25 year old of the closed People's State Bank of Maywood, she awaited grand jury action under bonds $10,000 in charges ceiving deposits while the bank insolvent. Elmer Langguth, 35 year old president bank under bonds $100,000 on the same charges. He is under family surveillance in sanitarium suffering The pretty cashier, missing since the bank was closed by the state auditor's office nine ago, surrendered to authorities in Maywood, suburb, last night. Simultaneously, Patrick Roche, investigator for the state's attorney's office, disclosed the results of his inquiry into the bank's affairs. In 1925, Langguth was elected tax collector for township: soon afterward the People's Bank was organized. Roche said Langguth purchased 500 shares of stock in the bank $110 each, and more $130 each; this later voted to make himself president. Roche said Langguth told him he had used township funds to purchase the bank and later money from the bank to repay the county. Soon after the bank opened, Miss Lindgren was given position stenographer; within short time she made cashier. Later. Roche was told, she built $35,000 home in living there with her mother. This, Roche said, was built with money furnished by Langguth. He added that bank chased two cars for the cashier. During the four years he was tax Langguth's fees earned him approximately $100,000; today, he said to be penniless.

2. February 19, 1930 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, February 19, 1930

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Article Text

BANKERS ARRESTED Three More Employes Held in Maywood, III., Affair. lapse of the People's State bank that revealed spendthrift mance between Egmer P. Langguth, president, and Miss Laverne Lindgren, the twenty-five year old waitress who catapulted to the

3. February 19, 1930 Times Union Brooklyn, NY
Article from Times Union, February 19, 1930

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Article Text

EUROPE FAVORS FARM LOANS Club, to British agriculture. TRUMBULL LIMPS PUBLISHERS IN POLITICS 19 with aid newspaper Trumbull joined England's address the other publisher, proposals County Foreman's Club party which an at Newark, airport Monday. politicians crisis of Great Britain's national exisCOOLIDGE JOINS CLUB ANGELES, 19 his left plate ham eggs Angeles rite is part of the ritual ROBINS IN WEST CHICAGO, of warmer home the Middle and West to-day. Weather that have stood years were broken. At Kansas City the mercury rose to degrees. 3 MORE IN BANK CASE MAYWOOD, III., Feb. Collapse of the People's Bank. which Elmer and the old cashier, and in charges of against about the arrest of three other bank to-day. AINT IN BURIAL ERROR CHICAGO, Feb. 19 a widows fainted military funerals country towns 600 miles apart caskets of grasped hope teleexplained an error in shipments. DINE AT RUN ON BANK FORT WORTH, Feb. a the the National Bank of this city. served and to stood lines to withdraw approximately $300,000 during scare. ASK POLICE PROBE BOSTON, 19 gation of the Police Department has by jury The Massachuof the of Oliver B. Garrett, head of the police liquor squad. 1,929 BORN IN 1929 EVANSTON, III., Feb. (U Dr. John W. H. Pollard, health missioner, does not have to refer records to tell how born here in 1929. There were 1,929. AUBURN MEN DOOMED N. Feb. 19 Claude Udwine, William Force and Thomas, Auburn Prison convicts, who last week were found guilty of the murder of Henry Sullivan, were sentenced to die in the electric chair at Sing Sing during the week of March $1,250,000 ALIMONY DETROIT, Feb. 19 Tuttle, the Kresge Co., to-day was under court to 250,000 settlement on his Tuttle, her divorce on the ground of cruelty. RAID HITS BUSINESS PHILADELPHIA, Feb. 19 threat to transfer convention Atlantic City because of the possibility police hotels the Philadelphia Hotel to against "endangering the city's CHICAGO FUND DRIVE Feb. 19 millionaire minute rallied today at Chicago's for volunteers to raise DE RIVERA TIME Feb. of Spain, not return for at to-day. ments in Madrid. FINN LOAN CONFIRMED Feb. -Officials the reports loan French banks Finnish Codeclaring that this the re-esfinancial situation. POLITICS IN ROMANCE Feb. 19 Politics may have ruined what was once glowing marPrincess Charlotte, ter of Prince Louis, who the Monaco, and her Pierre. RUSSIA MOSCOW, Feb. 19 a of private trade and and the complete Russia, coupled with abolition religious forms, which the Soviets rushing this nation, leaders said to-day. REPAIRS FOR ST. PAUL'S Paul's edifice crowning Ludgate Hill, saved the nation. Repairs, Canon Alexander announced to-day, can begin at once. FIGHT ENDS SESSION SOFIA Bulgaria, Violent fighting between and deputies, brought the session of the National Assembly. LOYALISTS ROUT REBELS LONDON (U Loyalist a heavy defeat on rebels trying to take Nanking, China, Hongkong dispatch. The battle resulted in rebel loss of 1,000 men and 2,000 rifles. BERLIN CAB STRIKE ENDS Feb. 19 strike of taxicab public for nearly and in clashes the police, was ended to-day through official CHAUTEMPS IN CRASH (U Chautemps. radical leader, suggested as the likely first choice President Doumergue for the Premiership, narrowly escaped injury in an automobile accident.

4. February 19, 1930 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, February 19, 1930

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Article Text

MORE BANKERS ARRESTED Three More Employes Held in Maywood, Ill., MAYWOOD lapse of the People's State bank that revealed spendthrift mance between Egmer Langguth, president, and Miss Laverne Lindgren, the twenty-five year old waitress who catapulted the

5. July 23, 1931 Chicago Tribune Chicago, IL

Article Text

$2,824,268 PAID TO DEPOSITORS IN 10 CLOSED BANKS State Auditor Reports on 30 Receiverships. Depositors banks placed in total deposits 268 paid by made day by State ent had resources of far the sixteen of were closed paid nothing on the $154,909 Paid to Receivers. refor the banks thus far been of $154,909 for received in fees. The report does cover in the cases of banks, nor of atter neys' of the banks These are yet to state auditor paid for expenses incurred in the of the This amount has been paid into the state So far the receivers for the thirty banks have grand of total from of the closed and they disbursed of disin Mr. included the payments mentioned above and in expenditures for hire, accounts such as and depositor claims. Dividends of Ten Banks. Total largest amount paid was Abel Davis in the of the City State bank, it closed, deposits Roy Massen, attorney received amount paid to of the at torneys to This has paid & dividend per $25,000 to Chicago Trust Company. The the amount as Citizens and bank Kirkland, Green attorneys the the of View State which the salary the fees There is $47,656 for clerks' hire. the thirty in Mr. there are state banks in the table below shows ten which paid dividends depositors. The of the are Common claims Citizens Trust City 763,922 State Savings. 14,576 Exchange 95,879 Garard Trust and 21,721 Lake Millard State 214,987 Peoples State of Maywood Progressive State. West Central 125,923

6. April 21, 1932 Chicago Tribune Chicago, IL

Article Text

BANK CASE JURY GETS 2 PICTURES OF MISS LINDGREN Defense Calls Her Victim of Elmer Langguth. CRIMINAL COURT. Frank Novak and Arthur Matusick, robbery, sentenced to 20 years each in Pontiac Ennis Fair and Barnard Turner, robbery, sentenced year to life each in the penitentiary by Judge Philip L. Sullivan. A jury, which was selected in Judge Prystalski's court yesterday after noon, alternately heard Miss Lavernge Lindgren, former cashier of the Peo ples State bank of Maywood, described by the prosecution as a deliberate bank wrecker and by the defense as the innocent victim of Elmer P. Langguth, president of the bank who is now serving term of to 10 years in the penitentiary. The opening state ments were made by Assistant State's Attorney Charles J. Lounsbury for the state and by Attorneys Benedict Short and Joseph Z. Wilmer for the defense. Miss Lindgren is being tried on of making false state. to bank examiners. The jury was completed fter nearly two days of questioning by the attorneys. The state pledged the jurors "not to allow the charm or good looks of the defendant to them in their verdict. They are mostly married men. The defense attorneys asked the jurors not to visit the wrath of the for the many bank failures on the head of the defend. ant. Will Prove Statement False. Prosecutor Lounsbury said the state would prove that the statement as made to the bank examiners just before the bank closed two years ago was false in many Overdrafts not listed, and the statement of assets was also falsified, the said. We will prove that Miss Lindgren went into the bookkeeping department and told the bank employés that the bank are coming and It is necessary to pull some sheets from the ledger to make the books balance said the prosecutor. Attorney Short told the jurors that his client was educated to be teacher of household economy and that she had no banking experience or knowledge when Langguth gave her job in the bank and after four years' of service promoted her to cashier. She knew nothing, he said, of Langguth's overdrafts or of the juggling of the books. Will Take the Stand. She is going to take the witness stand and tell you all about it, said the defense attorney. She left the bank a. good deal poorer than she was when she entered its employ The state called several bank examiners as before court adjourned in the evening after an overtime Judge Prystalski drew a laugh from the crowded courtroom when the last juror accepted Max Wolff, 11239 Longwood drive, came hatless and coatless into the jury box. He told the judge he had left his hat and coat on & bench You'd better get them." said the judge. "We are not responsible for anything here. The judge indicated that he would sustain the defense contention that any social relationship between Langguth and Miss Lindgren was not material in the present trial. Prosecutor Charles J. Mueller said he would argue the question later.

7. January 27, 1933 Chicago Tribune Chicago, IL

Article Text

NELSON MAKES REPORT ON 20 CLOSED BANKS Their Condition Shown in Receivers' Statements. Figures showing the financial condition of twenty closed state banks in Cook county were made public yes terday by former State Auditor Oscar Nelson. They were taken from the reports of the bank receivers to Nelson on Dec. 31, 1932. which he in turn his successor, State Au ditor Edward J. Barrett. Following are summaries of the reports: PEOPLES STATE OF MAYWOOD. [Closed Feb. Cash hand Total conversion of assets 42,451 claims Paid per Balance due 438,534 Receiver's expenses 7,257 Clerical hire Legal expenses and attorneys' fees PHILLIP STATE BANK AND TRUST [Closed June Cash Total resources Losses on conversion of assete Preferred claims 146,660 Balance due and Clerical Legal and fees 10,020 Miscellaneous 4,518 PINKERT STATE BANK [Closed 23. 1932. Cash hand of assets Preferred claims paid 5,210 Balance due 378,811 Clerical Legal expenses and fees 4,352 STATE BANK. [Closed 27. 1929.) Cash hand 27,722 293,245 of 54,244 claims paid 3,937 10 creditors 160 per cent] 145,168 and expenses. and attorneys' fees 31.343 PROVISO STATE BANK [Closed Dec. 17. 6,087 conversion of assets. 78,047 claims paid 9,589 creditors 377,675 and expenses. 4,000 attorneys' 167 3,304 STATE SAVINGS BANK. [Closed June 18, conversion of assets due creditors 4,232 fees 2,655 5,204