Peoples State Bank (Crown Point, IN)

Episode Information

Episode UID
71043471584
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7104347 routing
Routing Number
71-0434
Start Date
December 22, 1931
Location
Crown Point, Indiana (41.417, -87.365)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
67cf721cd58205fe

Response Measures

None

Description

Closure tied to apparent insolvency and alleged embezzlement by the president.

Events (3)
1. December 22, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed Dec. 21–22, 1931 amid insolvency concerns and later allegations of embezzlement by the bank president
Newspaper Excerpt
the closing of Peoples State bank, of Crown Point, yesterday
Source
newspapers
2. January 27, 1932 Other
Newspaper Excerpt
Jacob Steeb, president of the closed Peoples State bank, of Crown Point... was indicted by the Lake criminal grand jury yesterday afternoon on charges of embezzling bonds valued at $82,000.
Source
newspapers
3. June 21, 1932 Receivership
Newspaper Excerpt
A detailed report of the condition of the Peoples State bank of Crown Point at the time of its closing, Dec. 22, 1931, and the present status of the defunct banking institution has been made by the receiver, Edward J. Eder, to Judge E. Miles Norton this week.
Source
newspapers

Newspaper Articles (21)
1. December 23, 1931 The Times Hammond, IN

Article Text

PAYROLL NOT AFFECTED [SPECIAL TO THE TIMES) CROWN POINT, Dec. The usual December payroll for county employes affected by the closing of Peoples State bank, of Crown Point, yesterday, the office of County Auditor William today. had feared in quartthat the county be the payroll the of this month because the 000 county funds which were on deposit the closed bank. The auditor's office put this fear at rest the deposit in other banks of Lake on county to the 31 payroll. Checks for this payroll will signed by the county week.

2. December 23, 1931 The Times Hammond, IN

Article Text

DEC. PAYROLL NOT AFFECTED [SPECIAL TO THE TIMES) CROWN POINT, Ind., Dec. The usual December employes be the closing of the Peoples State bank, Crown the office of County William today. had feared in quartthat county not be payroll the last day of this month because of the $294,000 in funds which were on deposit the closed bank. The auditor's office put this fear at rest with the that the county sufficient money on deposit in other banks Lake county to the December payChecks for this payroll will be signed county

3. December 23, 1931 The Times Hammond, IN

Article Text

PAYROLL NOT AFFECTED [SPECIAL TO THE TIMES) CROWN Ind., Dec. December payroll for The employes the closing of the Peoples State by the County William today. had feared some quartthat county would not be the the this month the $294,of in county funds which were closed bank. The auditor's office put this fear at rest with the that has in other banks of Lake on deposit to the December paycounty for this payroll will be Checks signed by the county commissioners

4. December 23, 1931 The Times Hammond, IN

Article Text

DEC. PAYROLL NOT AFFECTED [SPECIAL TO THE TIMES) CROWN usual December payroll for not by the closing of the Peoples bank, Crown yesterday, the office of County Auditor William today. It had feared quartthat the not be ers county meet the payroll the last day of this month of the county funds were on deposit closed office put this fear The auditor's with the that at rest deposit in banks of Lake on county to the December 31 payChecks this payroll will be for signed week.

5. January 27, 1932 The Times Hammond, IN

Article Text

INDICTED BANKER GIVES BOND TODAY Steeb Bondsmen Include Former Secretary of the State, Otto G. Fifield [SPECIAL TO THE TIMES] CROWN POINT, Ind., Jan. 27.—Five men and two women, some of them prominent in the political life of Lake county, this morning signed the $25,000 release bond for Jacob Steeb, president of the closed Peoples State bank, of Crown Point. Mr. Steeb was indicted by the Lake criminal grand jury yesterday afternoon on charges of embezzling bonds valued at $82,000. The bonds belonged to Mrs. G. D. Clark, wealthy Crown Point widow. After purchasing them, she left them in Mr. Steeb's care and he filed them as assets of the bank. The bondsmen who appeared in the Lake criminal court this morning to file schedules for Steeb's release, are: County Auditor William Whitaker and his wife, Farrol; former Secretary of State Otto G. Fifield, of (Continued on Page Thirteen)

6. January 27, 1932 The Times Hammond, IN

Article Text

INDICTED BANKER GIVES BOND TODAY Steeb Bondsmen Include Former Secretary of the State, Otto G. Fifield [SPECIAL TO THE TIMES] CROWN POINT, Ind., Jan. 27.—Five men and two women, some of them prominent in the political life of Lake county, this morning signed the $25,000 release bond for Jacob Steeb, president of the closed Peoples State bank, of Crown Point. Mr. Steeb was indicted by the Lake criminal grand jury yesterday afternoon on charges of embezzling bonds valued at $82,000. The bonds belonged to Mrs. G. D. Clark, wealthy Crown Point widow. After purchasing them, she left them in Mr. Steeb's care and he filed them as assets of the bank. The bondsmen who appeared in the Lake criminal court this morning to file schedules for Steeb's release, are: County Auditor William Whitaker and his wife, Farrol; former Secretary of State Otto G. Fifield, of (Continued on Page Thirteen)

7. March 15, 1932 The Times Hammond, IN

Article Text

KERR GOT CONTRACT LAST YEAR [SPECIAL TO THE TIMES] CROWN POINT, Ind., March 16.—Milton E. Kerr, cashier of the defunct Peoples State Bank, of Crown Point, received the contract last year for furnishing tax ownership books to collection agents throughout the country. It was stated in The Times last night that Dan Kreitzman, chief deputy under former County Treasurer Hazel K. Groves, had furnished these books last year. Mr. Kreitzman furnished the books prior to 1931, but when the fee system was eliminated last year, the county commissioners awarded the 1931 contract to Mr. Kerr at a salary of $2,750. The grand jury went into session this morning, presumably with the intention of investigating the preparation of these books. The prosecutor's office stated, however, that neither Mr. Groves nor Mr. Kreitzman is under investigation. The attache refused to say whether or not Mr. Kerr is under investigation. Mr. Kerr received a subpoena to appear before the jurors. Four former employes of the office also were subpoenaed. They are Mrs. Clara McCarthy, Miss Ruth Barr, Miss Violet Hanniford and Miss Marcella Wehner.

8. June 21, 1932 The Times Hammond, IN

Article Text

REPORT OF RECEIVER IS MADE Condition in Detail of the Peoples State Bank at Time of Closing [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 21.—A detailed report of the condition of the Peoples State bank of Crown Point at the time of its closing, Dec. 22, 1931, and the present status of the defunct banking institution has been made by the receiver, Edward J. Eder, to Judge E. Miles Norton this week. The bank examiner's report shows: RESOURCES—Dec. 21, 1931 Loans and discounts.....$746,848.58 Stocks and bonds....... 64,142.47 Banking house f........ 60,000.00 Other real estate....... 17,198.21 Real estate coupons..... 4,128.25 Continental Ill. Bank & Trust Co. ............. 191.03 Indiana National Bank, Indianapolis .......... 247.27 First National bank, Gary 53.38 First National bank, Joliet 142.32 J. F. Wild & Co., Indianapolis ............... 6,197.60 Interest paid .......... 18,237.66 Expense ................ 16,686.09 Cash ................... 19,884.85 _____________________________________ Total .................$953,958.01 LIABILITIES—Dec. 21, 1931 Capital ............... $ 60,000.00 Surplus ............... 40,000.00 Undivided profits ...... 4,964.29 Individual deposits .... 462,512.29 Savings deposits ...... 243,949.17 Certificate of deposit..... 69,554.24 First mtg. real est. bond. 1,000.00 (Continued on Page Twelve)

9. June 21, 1932 The Times Hammond, IN

Article Text

REPORT OF RECEIVER IS MADE Condition in Detail of the Peoples State Bank at Time of Closing [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 21.—A detailed report of the condition of the Peoples State bank of Crown Point at the time of its closing, Dec. 22, 1931, and the present status of the defunct banking institution has been made by the receiver, Edward J. Eder, to Judge E. Miles Norton this week. The bank examiner's report shows: RESOURCES—Dec. 21, 1931 Loans and discounts.....$746,848.58 Stocks and bonds....... 64,142.47 Banking house ....... 60,000.00 Other real estate....... 17,198.21 Real estate coupons...... 4,128.25 Continental Ill. Bank & Trust Co. ............ 191.03 Indiana National Bank, Indianapolis ........ 247.27 First National bank, Gary 53.38 First National bank, Joliet 142.32 J. F. Wild & Co., Indianapolis ............ 6,197.60 Interest paid ........... 18,237.66 Expense ............... 16,686.09 Cash .................. 19,884.85 _______________________________ Total ...............$953,958.01 LIABILITIES—Dec. 21, 1931 Capital ...............$ 60,000.00 Surplus ............... 40,000.00 Undivided profits ....... 4,964.29 Individual deposits .... 462,512.29 Savings deposits ....... 243,949.17 Certificate of deposit..... 69,554.24 First mtg. real est. bond. 1,000.00 (Continued on Page Twelve)

10. June 21, 1932 The Times Hammond, IN

Article Text

REPORT OF RECEIVER IS MADE Condition in Detail of the Peoples State Bank at Time of Closing [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 21.—A detailed report of the condition of the Peoples State bank of Crown Point at the time of its closing, Dec. 22, 1931, and the present status of the defunct banking institution has been made by the receiver, Edward J. Eder, to Judge E. Miles Norton this week. The bank examiner's report shows: RESOURCES—Dec. 21, 1931 Loans and discounts.....$746,848.58 Stocks and bonds....... 64,142.47 Banking house ......... 60,000.00 Other real estate....... 17,198.21 Real estate coupons..... 4,128.25 Continental Ill. Bank & Trust Co. ............. 191.03 Indiana National Bank, Indianapolis .......... 247.27 First National bank, Gary 53.38 First National bank, Joliet 142.32 J. F. Wild & Co., Indianapolis ............... 6,197.60 Interest paid .......... 18,237.66 Expense ................ 16,686.09 Cash ................... 19,884.85 ----------------------------------- Total .................$953,958.01 LIABILITIES—Dec. 21, 1931 Capital ...............$ 60,000.00 Surplus ............... 40,000.00 Undivided profits ..... 4,964.29 Individual deposits .... 462,512.29 Savings deposits ...... 243,949.17 Certificate of deposit..... 69,554.24 First mtg. real est. bond. 1,000.00 (Continued on Page Twelve)

11. June 21, 1932 The Times Hammond, IN

Article Text

REPORT OF RECEIVER IS MADE Condition in Detail of the Peoples State Bank at Time of Closing [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 21.—A detailed report of the condition of the Peoples State bank of Crown Point at the time of its closing, Dec. 22, 1931, and the present status of the defunct banking institution has been made by the receiver, Edward J. Eder, to Judge E. Miles Norton this week. The bank examiner's report shows: RESOURCES—Dec. 21, 1931 Loans and discounts.....$746,848.58 Stocks and bonds....... 64,142.47 Banking house ......... 60,000.00 Other real estate....... 17,198.21 Real estate coupons..... 4,128.25 Continental Ill. Bank & Trust Co. ............ 191.03 Indiana National Bank, Indianapolis ......... 247.27 First National bank, Gary 53.38 First National bank, Joliet 142.32 J. F. Wild & Co., Indianapolis ............ 6,197.60 Interest paid ......... 18,237.66 Expense ............... 16,686.09 Cash .................. 19,884.85 Total .................$953,958.01 LIABILITIES—Dec. 21, 1931 Capital ............... $ 60,000.00 Surplus ............... 40,000.00 Undivided profits ..... 4,964.29 Individual deposits .... 462,512.29 Savings deposits ...... 243,949.17 Certificate of deposit..... 69,554.24 First mtg. real est. bond. 1,000.00 (Continued on Page Twelve)

12. September 12, 1932 The Times Hammond, IN

Article Text

RESUME FIGHT IN BOND CASE WEDNESDAY Woman Alleges $82,000 of Her Bonds Turned in As Bank Assets [SPECIAL TO THE TIMES] CROWN POINT, Ind., Sept. 12.—After introducing 388 different exhibits in contention of their claim that bonds totaling $82,000, that were held in trust for Mrs. Leonora M. Clark of Crown Point by the People's State bank, prior to its closing in Dec. 22, and turned into the bank examiners as assets of the bank, Attorneys Pattee and McMahon of Crown Point and Frederick Crumpacker, of Hammond, rested their case, which is being heard by Special Judge Virgil Reiter of Hammond. Evidence so far introduced by bank books, deposit slips receipts, bank ledger sheets and other exhibits show interest paid on the bonds, to Mrs. Clark and credited to her account. However Attorneys Barr and Letsinger are attempting to prove that other bonds and notes, not these in question were the property of Mrs. Clark. This she denies and refuses to accept them. Hearing will be resumed on next Wednesday as Judge Reiter will be busy in the Superior court on Monday and Tuesday. Several more days will be consumed in the evidence and arguments as the case is being bitterly contested.

13. September 12, 1932 The Times Hammond, IN

Article Text

RESUME FIGHT IN BOND CASE WEDNESDAY Woman Alleges $82,000 of Her Bonds Turned in As Bank Assets [SPECIAL TO THE TIMES] CROWN POINT, Ind., Sept. 12.—After introducing 388 different exhibits in contention of their claim that bonds totaling $82,000, that were held in trust for Mrs. Leonora M. Clark of Crown Point by the People's State bank, prior to its closing in Dec. 22, and turned into the bank examiners as assets of the bank, Attorneys Pattee and McMahon of Crown Point and Frederick Crumpacker, of Hammond, rested their case, which is being heard by Special Judge Virgil Reiter of Hammond. Evidence so far introduced by bank books, deposit slips receipts, bank ledger sheets and other exhibits show interest paid on the bonds, to Mrs. Clark and credited to her account. However Attorneys Barr and Letsinger are attempting to prove that other bonds and notes, not these in question were the property of Mrs. Clark. This she denies and refuses to accept them. Hearing will be resumed on next Wednesday as Judge Reiter will be busy in the Superior court on Monday and Tuesday. Several more days will be consumed in the evidence and arguments as the case is being bitterly contested.

14. September 12, 1932 The Times Hammond, IN

Article Text

RESUME FIGHT IN BOND CASE WEDNESDAY Woman Alleges $82,000 of Her Bonds Turned in As Bank Assets [SPECIAL TO THE TIMES] CROWN POINT, Ind., Sept. 12.—After introducing 388 different exhibits in contention of their claim that bonds totaling $82,000, that were held in trust for Mrs. Leonora M. Clark of Crown Point by the People's State bank, prior to its closing in Dec. 22, and turned into the bank examiners as assets of the bank, Attorneys Pattee and McMahon of Crown Point and Frederick Crumpacker, of Hammond, rested their case, which is being heard by Special Judge Virgil Reiter of Hammond. Evidence so far introduced by bank books, deposit slips receipts, bank ledger sheets and other exhibits show interest paid on the bonds, to Mrs. Clark and credited to her account. However Attorneys Barr and Letsinger are attempting to prove that other bonds and notes, not these in question were the property of Mrs. Clark. This she denies and refuses to accept them. Hearing will be resumed on next Wednesday as Judge Reiter will be busy in the Superior court on Monday and Tuesday. Several more days will be consumed in the evidence and arguments as the case is being bitterly contested.

15. September 12, 1932 The Times Hammond, IN

Article Text

RESUME FIGHT IN BOND CASE WEDNESDAY Woman Alleges $82,000 of Her Bonds Turned in As Bank Assets [SPECIAL TO THE TIMES] CROWN POINT, Ind., Sept. 12.—After introducing 388 different exhibits in contention of their claim that bonds totaling $82,000, that were held in trust for Mrs. Leonora M. Clark of Crown Point by the People's State bank, prior to its closing in Dec. 22, and turned into the bank examiners as assets of the bank, Attorneys Pattee and McMahon of Crown Point and Frederick Crumpacker, of Hammond, rested their case, which is being heard by Special Judge Virgil Reiter of Hammond. Evidence so far introduced by bank books, deposit slips receipts, bank ledger sheets and other exhibits show interest paid on the bonds, to Mrs. Clark and credited to her account. However Attorneys Barr and Letsinger are attempting to prove that other bonds and notes, not these in question were the property of Mrs. Clark. This she denies and refuses to accept them. Hearing will be resumed on next Wednesday as Judge Reiter will be busy in the Superior court on Monday and Tuesday. Several more days will be consumed in the evidence and arguments as the case is being bitterly contested.

16. December 13, 1932 The Times Hammond, IN

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BOARD MAY ACCEPT THE EDER OFFER [SPECIAL TO THE TIMES] CROWN POINT, Ind., Dec. 13. — Lake county commissioners yesterday indicated they looked favorably on the offer of Edward J. Eder, receiver of the People's State bank of Crown Point, to turn the bank building over to the county in lieu of the county funds which were deposited in the bank when it closed last December 21. The building, a two-story stone structure, is valued at $60,000. The county had $295,000 deposited in the bank when it closed. Receiver Eder expressed the belief that the bank will be able to pay only about 20 per cent and the building would represent practically that proportion of the bank's liability to the county. It was understood that acceptance of the bank would not be considered as payment in full of the depository liability. The county gives up none of its rights to further payments, should the bank realize more than now expected on its assets. The county would also reserve the right to continue prosecution of recovery suits against signers of the depository bonds.

17. April 28, 1933 The Times Hammond, IN

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PEOPLES' STOCKHOLDERS SUED [SPECIAL THE TIMES) CROWN POINT, Ind., April Attorneys Barr this filed action in the Circuit against the stockholders of the Peoples' State Bank for Eder, the which closed, Dec. 1931. Mr. on behalf of all depositors alleging there no assets with which to pay creditors and depositors. The assets are in the of $100,000 debts, liabilities alleges that If an amount equal the capital stock of bank which was $60,000 by the stockholders, amount would greatly receiver liquidation. Among stockholders Roy G. Fagen, Mr. Mrs. Pattee, Schroeder, Mrs. Louisa Laws, Mrs. Clark, Sleeb, Peter G. Fagen, Roy Fagen, Miss Lillian Schmidt, Henry Schmidt, Mrs. Elizabeth Schmal, John Claussen, Otto Fifield, Otto Fraas, Frank Hack, George Keiser, Rev. Guethoff, Mrs. Stella Meeker, Emma Sherman, Frances Beerk, Charles Krohn, Elizabeth Letz, Leslie H. Grant Anna Wilson, Clara Sherman, Mrs. Rose Robinson and Milton Kerr.

18. April 28, 1933 The Times Hammond, IN

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PEOPLES' STOCKHOLDERS SUED [SPECIAL TO THE TIMES) CROWN POINT, Ind., April Attorneys Norton, Barr and Norton of this filed action in the Lake Circuit court week, against the stockholders of Peoples' State Edward Eder, receiver the defunct closed, Dec. 21, 1931. Mr. Eder the on behalf of all which pay and are deficient the $100,000 pay debts, obligations. I.e alleges that if amount equal the stock of the bank which was were paid by the amount would greatly aid the bank receiver liquidation. Among heaviest stockholders John H. Roy G. Fagen, Mr. and Mrs. Pattee, Meyer, John Schroeder, Louisa Laws, D. Clark, Sleeb, Peter G. Roy Fagen, Wilson, Miss Lillian Henry Mrs. John Claussen, Fifield, Otto Fraas, Frank Hack, Keiser, Rev. Guethoff, Meeker, Emma Sherman, Beerk, Charles Krohn, Elizabeth Letz, Leslie H. Grant Anna Wilson, Clara Sherman, Mrs. Rose Robinson and Milton Kerr.

19. April 28, 1933 The Times Hammond, IN

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PEOPLES' STOCKHOLDERS SUED (SPECIAL TO THE TIMES) CROWN POINT, Ind., April Attorneys Norton, Barr and Norton city filed action in the Lake Circuit court this week, against the stockholders of the Peoples' State Bank Edward Eder, receiver the defunct bank, which closed, Dec. 1931. Mr. Eder brings the on behalf of all alleging there no assets which pay creditors and The are deficient the $100,000 pay debts, obligations He alleges that equal to the of the bank which were paid by the stockholders, amount would greatly aid the bank receiver liquidation. Among stockholders John H. Roy Fagen, and Mrs. Pattee, Otte Meyer. John Schroeder, Mrs. Louisa Laws, D. Clark, Peter G. Fagen, Roy Fagen, Miss Wilson, Lillian Schmidt, Henry Mrs. Elizabeth ClausOtto Fifield Otto Fraas, Frank Hack, George Keiser, Rev. Guethoff, Stella Meeker, Miss Emma Sherman, Frances Beerk, Charles Krohn, Elizabeth Letz, Leslle H. Grant Wilson, Clara Sherman, Mrs. Rose Robinson and Milton Kerr.

20. April 28, 1933 The Times Hammond, IN

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PEOPLES' STOCKHOLDERS ISPECIAL TO THE TIMES) CROWN POINT, April Attorneys Norton, Barr and this city filed an action in the Lake Circuit this against the stockholders of the Peoples' State Bank Eder, receiver the defunct which closed, Dec. 21, 1931. Mr. Eder the on behalf of all depositors alleging that there assets with which to pay creditors and depositors. The assets are deficient in the sum of $100,000 pay debts, liabilities and obligations alleges that an amount equal the capital stock of bank which by would greatly aid the bank in liquidation. Among stockholders Roy G. Mr. and Pattee, Meyer, John Schroeder, Mrs. Louisa Laws, Mrs. Clark, Sleeb, Peter G. Fagen, Roy Fagen, Miss Margaret Wilson, Miss Lillian Schmidt, Henry Schmidt, Elizabeth Schmal, John Otto Fifield, Otto Fraas, Frank George F. Keiser, Rev. P. Guethoff, Mrs. Stella Meeker, Miss Emma Sherman, Frances Beerk, Charles Krohn, Elizabeth Letz, Leslie H. Grant Anna Wilson, Clara Sherman, Mrs. Rose Robinson and Milton Kerr.

21. April 28, 1933 The Times Hammond, IN

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PEOPLES' STOCKHOLDERS SUED [SPECIAL TO THE TIMES) CROWN POINT. Ind., April Attorneys Norton. Barr Norton this city filed action in Lake Circuit court this against the stockholders of the Peoples' State Bank for Eder, receiver of the defunct bank. which closed, Dec. 1931. Mr. Eder brings the behalf of all depositors alleging that there assets with which to pay creditors depositors. The assets deficient in sum of $100,000 debts, obligations. alleges that an equal to the of bank which was by the greatly aid the bank receiver liquidation. Among the heaviest stockholders John Roy Fagen, and Pattee, Otto Meyer, John Schroeder, Mrs. Louisa Laws, Mrs D. Clark, Sleeb, Peter G. Fagen, Roy Fagen, Miss Margaret Wilson, Miss Lillian Schmidt, Henry G. Schmidt, Mrs. Elizabeth Schmal, John Claussen, Otto G. Fifield, Otto Fraas, Frank George Keiser, Rev. Guethoff, Mrs. Meeker, Emma Sherman, Frances Beerk, Charles Elizabeth Letz, Leslie H. Grant Wilson, Clara Sherman, Mrs. Rose Robinson Milton Kerr.