Peoples Trust & Savings Bank (Clinton, IA)

Episode Information

Episode UID
72004871582
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
7200487 routing
Routing Number
72-0048
Start Date
October 1, 1931
Location
Clinton, Iowa (41.844, -90.189)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
17d28d9fec113328

Response Measures

None

Description

Bank closed voluntarily amid heavy withdrawals and soon entered receivership; state banking department displayed takeover notice.

Events (3)
1. October 1, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals caused by rumors the bank was closed and that a large Davenport bank had required notice of withdrawals.
Measures
Directors decided to require the days' notice of withdrawals permitted by law (60-day rule) to halt withdrawals.
Newspaper Excerpt
Their action followed the bank, which had been in progress in mild form for several days, and which reached crisis shortly after o'clock afternoon when scores of depositors the bank to draw their
Source
newspapers
2. October 1, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Voluntary closing by board of directors after a heavy run driven by rumors; state banking department displayed takeover notice.
Newspaper Excerpt
Trust and Savings bank failed to open its doors this morning, and its assets have been taken over the the state banking department notice this effect
Source
newspapers
3. October 7, 1931 Receivership
Newspaper Excerpt
Claussen appointed attorney for the receivership the Peoples Trust bank closed doors last Judge Scott district court made the appointment.
Source
newspapers

Newspaper Articles (12)
1. October 1, 1931 Quad-City Times Davenport, IA

Article Text

AT CLINTON IS State Takes Over Institution Heavy Run. Clinton, Oct. Trust and Savings bank failed to open its doors this morning, and its assets have been taken over the the state banking department notice this effect signed Charles Bosier was displayed the bank window o'clock Mr. Bosier said no further inforcould be given out at this time. An optimistic feeling vails about the city, however, in connection with the closed bank, and depositors and the Clinton public have strong hopes that It eventually pay out. The closing was voluntary action decided upon Wednesday night at meeting of the board directors. Their action followed the bank, which had been in progress in mild form for several days, and which reached crisis shortly after o'clock afternoon when scores of depositors the bank to draw their At that hour the bank officials issued withdrawal notice to halt the The following statement given out late yesterday: The Statement. The following statement was sued late account of heavy withdraw. als by depositors of the Peoples Trust Savings bank, caused by rumors the bank was closed and that one of the large Daven port banks has required notice of withdrawals of deposits, the directors of the Peoples Trust Savings bank have decided quire days notice of withdrawals permitted by law in order protect depositors to the fullest possible extent in the circumcumstances. "For some time, negotiations looking to merger of the Peoples bank with the City National bank have been in progress but interrupted by the necessity of immediate action, which did not time for the of slow and non-liquid assets, consisting of real estate and real estate loans. these will continue and hoped that reasonable time there will be worked out some plan by which the City National can assume at least part of the Peoples bank deposit liability and make available to Peoples bank depositors considerable portion of their deposits in cash. Of course at the present time there is no positive assurance of such program. City National exceptionally liquid condition and desires every safe means its disposto of service the community and individual depositors." City Bank City National bank, Clinton's largest banking institution, today reacted to public disquiet caused closing of the Peoples bank, waiving the 60 days withdrawal notice privilege, and paying out ings and checking deposits as fast depositors came. A sign displayed in the bank reads: your bank will be open each business day from to your accommodation, and not require any no tice of withdrawal on savings counts." When the bank opened this morn ing at o'clock crowd was sembled on the sidewalk. The was crowded soon afterward, and withdrawals were unusually heavy. Crowds Depositors! The crowd continued to assemble the bank and withdrawals heavy. The crowd soon discovered, however, that line equally as long the line demanding money composed of depositors. As they saw citizens give this visible evidence of their faith in the in stitution they wavered and many of them dropped out of the line fore they reached the teller's cage. Officers of the bank yes terday that deposits for the day had totaled $120,000. Streets of the city are crowded. The attracting larger crowds than the actual bank business contributing to the distorted picture of bank crisis, At the Iowa State Savings and ClinNational bank there was natural increase crowds but institutions business as usual and officers said the situation was not alarming and evidence in the bank by continuing payments.

2. October 1, 1931 The Rock Island Argus Rock Island, IL

Article Text

CONFIDENCE BANKING SITUATION REFLECTED AS EXCITEMENT PASSES Hysteria of Yesterday Gives Way Quickly in Rock Island as Public Shows Desire to Preserve Business Structure of Community. RUN ON DAVENPORT BANK BEGINS TO EBB Deere Co. Issues Statement of Confidence in Peoples Savings Bank Trust Company; Moline State Bank Applies Notice Rule. Hysteria and excitement which created turbulent day in quad-city banking history yesterday had disappeared in Rock Island today and was dwindling in Davenport. In Moline the 60-day rule was imposed by the Moline State Trust & Savings bank. Those persons in Davenport who could not be dissuaded from withdráwing their deposits at the Union Savings bank, Davenport, transacted their business to strains of lively music by an orchestra stationed in the bank. Business men, churchmen and civic leaders talked to the crowds and urged a calm view of the situation, and assured skeptical depositors that there was no occasion for alarm. In Rock Island the examination of the Central Trust & Savings bank, occasioned by the voluntary closing yesterday to protect all depositors, was begun under the direction of Jaeger, examiner in charge representing Oscar Nelson, state auditor public accounts. Normal activities in progress at the three other Rock Island banks which yesterday imposed the 60-day notice rule for withdrawal of savings deposits, the Rock Island Savings bank, the State Bank of Rock Island and the Manufacturers Trust & Savings bank. None of the excitement of yesterday was in evidence. Deere Co. Statement. At Peoples Savings Bank Trust company, Moline, persons who entered the banking house handed copy of statement signed President Wiman Deere Co. The statement presses the confídence of Deere Co. the soundness the Peoples Savings Bank Trust announces that Deere the extent of its power and ability, with the cooperation othdepositors, will aid and support the bank." Nearby Iowa communities felt the effect of banking velopments of the last week, when the Peoples Trust Savings bank Clinton, DeWitt Savings bank DeWitt, and the Union Savings bank of Wilton, Iowa, closed, and the bank nounced would require 60-day notice deposit withdrawThe First National bank of business usual. The City bank of Clinton revoked the requirement for 60-day notice of it ready to pay all depositors. Statement by Hallgren. the Trust and bank held ference late after the close of for the day, lowing which Carl issued formal statement follows: Manufacturers Trust and bank in for the purpose of taking over the deposit liabilities bank that had been closed, and for the tection the that Every depositor paid in full. sound carried on its business servative and businesslike "Unusual which vailed yesterday the height of the the closone Rock Island bank quired careful analysis and sideration. directors agement the Trust Savings bank felt that necessary carefully measeffect the developments of the day, in order determine whether further restrictions were necessary full protection of depositors and best interthe community. happy to announce that after the careful and thorough analysis situation, judgment that there no reaany further measure than the requirement the 60-day tice as provided by the state banking for withdrawal savings Manufacturers Trust and Savings bank in position to tinue normal activities, and will continue to serve its customers usual. are gratified by the general expressions confidence and believe that that the public has given calm thought to the will realize that there occasion fear alarm, that measures which have taken for the protection best interests of the depositors the community. "No depositor has ever lost penny of in Rock Island bank in the entire history of the Rock Island depositors who called to sign the notices were shunted from the main banking rooms to private established the They were greeted of the bank talked the situation calmly with them. Very notice of of the amount of deposits. Most of those signed did arrange meeting current and limited the notice to sums estimated actually needed for such purposes. deposits were to the volume greater. Officials reported number of new accounts opened with substantial deposits. Explain Banking Process. handling this situation the best judgment have the welfare of depositors and bank officials told savings account depositors. shall endeavor to impose no hardships there any way avoid them. The banks sound depositors need have no alarm, but bank immediately cash the full amount of its posits. All money deposited us not kept in the vaults. has been loaned perfectly sound security the ordinary course business. The people who borrowed from the banks agreed pay and but they have not many cases tracted to back they rowed in days in six months. Ordinary cash requirements always met, but every depositor be paid full amount deposit 60 because loans made sound can not be collected that In almost all instances the planation the fundamental proof banking the assurance bank officers that depositors need worry ness the banks. resulted in limitation notices normal needs. Those who withdrawal few number. houses accepting savings account checks in Rock (Continued on Page Nine.)

3. October 7, 1931 Quad-City Times Davenport, IA

Article Text

CLAUSSEN ATTORNEY FOR BANK RECEIVER Clinton. Oct. Claussen appointed attorney for the the receivership the Peoples Trust bank closed doors last Judge Scott district court made the appointment. Marriage License. license filed this morning Ernest Glahn and Adeline Passig, both of Clinton.

4. March 15, 1932 The Times Hammond, IN

Article Text

BANDITS GET $100,000 FROM BANK BULLETIN CLINTON, Ia., March 15.—(U.P.)—Four men, suspected of robbing the City National Bank of Clinton of approximately $106,000, were captured today three hours after the raid. More than $100,000 of the loot was removed. CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor. A committee of vigilantes immediately swung into action to aid police and sheriff's forces in tracing the bandit gang. Latest reports were that the gang had roared along a highway near Camanche, Ia., heading south. A description of their car was not immediately available. WICHITA, Kan., March 15.—(U.P.)—Three bandits today seized the night watchman of Sedgwick, small town east of here, cut all telephone wires, forced a bank cashier to assist in opening a vault, and escaped with $2,500. The men forced Ray Wiley, the watchman, to accompany them to the home of Tom Grinwood, cashier of the Bank of Sedgwick. Grinwood was then to the bank and forced to open the outer door. The vault was blown open with explosives.

5. March 15, 1932 The Times Hammond, IN

Article Text

BANDITS GET $100,000 FROM BANK BULLETIN CLINTON, Ia., March 15.—(U.P.)—Four men, suspected of robbing the City National Bank of Clinton of approximately $106,000, were captured today three hours after the raid. More than $100,000 of the loot was removed. CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor. A committee of vigilantes immediately swung into action to aid police and sheriff's forces in tracing the bandit gang. Latest reports were that the gang had roared along a highway near Camanche, Ia., heading south. A description of their car was not immediately available. WICHITA, Kan., March 15.—(U.P.)—Three bandits today seized the night watchman of Sedgwick, small town east of here, cut all telephone wires, forced a bank cashier to assist in opening a vault, and escaped with $2,500. The men forced Ray Wiley, the watchman, to accompany them to the home of Tom Grinwood, cashier of the Bank of Sedgwick. Grinwood was then to the bank and forced to open the outer door. The vault was blown open with explosives.

6. March 15, 1932 The Times Hammond, IN

Article Text

BANDITS GET $100,000 FROM BANK CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor. A committee of vigilantes immediately swung into action to aid police and sheriff's forces in tracing the bandit gang. Latest reports were that the gang had roared along a highway near Camanche, Ia., heading south. A description of their car was not immediately available. WICHITA, Kan., March 15.—(U.P.)—Three bandits today seized the night watchman of Sedgwick, small town east of here, cut all telephone wires, forced a bank cashier to assist in opening a vault, and escaped with $2,500. The men forced Ray Wiley, the watchman, to accompany them to the home of Tom Grinwood, cashier of the Bank of Sedgwick. Grinwood was then to the bank and forced to open the outer door. The vault was blown open with explosives.

7. March 15, 1932 The Times Hammond, IN

Article Text

BANDITS GET $100,000 FROM BANK CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor. A committee of vigilantes immediately swung into action to aid police and sheriff's forces in tracing the bandit gang. Latest reports were that the gang had roared along a highway near Camanche, Ia., heading south. A description of their car was not immediately available. WICHITA, Kan., March 15.—(U.P.)—Three bandits today seized the night watchman of Sedgwick, small town east of here, cut all telephone wires, forced a bank cashier to assist in opening a vault, and escaped with $2,500. The men forced Ray Wiley, the watchman, to accompany them to the home of Tom Grinwood, cashier of the Bank of Sedgwick. Grinwood was then to the bank and forced to open the outer door. The vault was blown open with explosives.

8. March 15, 1932 The Times Hammond, IN

Article Text

BANDITS GET $100,000 FROM BANK CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor.

9. March 15, 1932 The Times Hammond, IN

Article Text

CLINTON, Ia., March 15.—(I.N.S.)—Seven bandits forced their way into the City National bank just before opening time today, held up employes, and escaped with $100,000. The bank yesterday announced it was ready to pay $1,620,000 to depositors of the defunct Peoples Trust and Savings bank after taking over 50 per cent of the assets of the closed institution. Ed Benedict, a messenger boy, notified police of the robbery. Trying to deliver a message at the bank, he discovered several employes bound with ropes and struggling helplessly on the floor. A committee of vigilantes immediately swung into action to aid police and sheriff's forces in tracing the bandit gang. Latest reports were that the gang had roared along a highway near Camanche, Ia., heading south. A description of their car was not immediately available. WICHITA, Kan., March 15.—(U.P.)—Three bandits today seized the night watchman of Sedgwick, small town east of here, cut all telephone wires, forced a bank cashier to assist in opening a vault, and escaped with $2,500. The men forced Ray Wiley, the watchman, to accompany them to the home of Tom Grinwood, cashier of the Bank of Sedgwick. Grinwood was then to the bank and forced to open the outer door. The vault was blown open with explosives.

10. March 15, 1932 The Grand Island Independent Grand Island, NE

Article Text

Bulletin Clinton, Ia., Mar. 15. (AP)—Four men believed by police to have participated in the $100,000 robbery of the City National bank early today, have been placed under arrest. The men are Leo Stanley, J. D. Morse, Earl Shearief, and Cliff Edwards. Edwards was captured near Shafton, where previously it had been reported the bandits were cornered in the woods. The others were taken into custody at Princeton, Ia., and at Bettendorf. Clinton county officers said the men were taken immediately to Davenport, but did not say for what purpose. A search for these four men was begun a few hours after the robbery. They had been seen frequently in the last few days driving about Clinton in a car answering the description of the one used by the robbers. Edwards, who is said to be from Lexington, Ky., had been visiting at the home of an aunt here. Clinton, Ia., Mar. 15. (AP)—The money stolen from the City National bank at Clinton this morning by five holdup men was recovered on a farm a mile and a half west of Camanche at 11:30 by John and Arvid Flood, farmers. The bandits are believed to have stopped at the farm, changed their clothes, thrown away their guns and left the money. The currency was returned to Clinton where it is now being counted. No arrests have been made. Clinton, Ia., Mar. 15. (AP)—After binding 38 employes and customers in a rear room, five men today robbed the City National bank of an amount estimated at $100,000. Wearing black masks, the five met Clyde Willetts, the bank janitor, when he opened a barred rear door preparatory to firing the building furnace at 6:30 a. m. Willetts was forced at the point of guns and his hands were tied with fish line. Subsequently he was released and set at work around the office to allay suspicion of passersby. In cutting Willetts' bonds one of the bandits cut himself in the leg, police were told. One of the gang stationed himself behind a front door shortly after 7 a. m., and as each employe entered he was ordered to stick up his hands and was passed to other members of the gang in the rear. Their hands tied, employes then were held in a directors' room. At 8:30 a. m., when the time lock was released on the bank vault the bandits untied the hands of Assistant Cashiers O. P. Petty, John Nissen and H. E. Kramer, forcing the men to unlock the inside doors on the vault. The money, all in currency, was stuffed in a pillow case, and the men departed through a rear door. Police were told they entered a parked roadster believed to have carried a Kentucky license. The three assistant cashiers who were free assisted in liberating the other employes and in sounding the alarm. Descriptions of the five were lacking. The loss was said by bank officials to be fully covered by insurance. Because the institution was expecting additional funds in connection with its acquisition of the assets of the closed People's Trust and Savings bank the loss in the robbery is not expected to hamper business today. ASCH RITES Cedar Rapids, Neb., Mar. 15. (Special)—Mr. Ed Asch was called to Pilger by the death of his brother, Henry whose death followed an auto accident. Funeral services were held Sunday afternoon at Pilger.

11. July 22, 1932 Quad-City Times Davenport, IA

Article Text

BANK RECEIVER GETS JUDGMENT Clinton, Ia., July 22.-Judgment ment for $8,473.30 is given L. A. Andrew. receiver of the Peoples Trust & Savings bank, against Fred A. and Alma Petersen and C. A. Wolfe in a verdict entered in district court yesterday, on a note and mortgage. The case of Charles Kracht VS. H. B. Bruner has been dismissed.

12. June 27, 1933 Quad-City Times Davenport, IA

Article Text

FINAL REPORT OF BANK RECEIVER TO BE HEARD JULY 1 Clinton, Ia., June report of the receiver of the Peoples Trust & Savings of Clinton was filed in district court today and hearing set for 10 m. July The receiver asks his discharge and sets forth the expense of receivership as $414,974. ployed by the relief commission on city street projects are working eight hours daily this week instead of the usual six in order to complete several pieces of construction before the end of the month.