Peoples American State Bank (Saginaw, MI)

Episode Information

Episode UID
74002771598
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7400277 routing
Routing Number
74-0027
Start Date
February 14, 1933
Location
Saginaw, Michigan (43.419, -83.951)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d3cbd79e0a51139e

Response Measures

None

Description

The bank suspended during the Michigan state holiday and later entered conservatorship (receivership) for reorganization/liquidation.

Events (2)
1. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Michigan state banking holiday declared by Governor Comstock.
Newspaper Excerpt
during the period of bank holidays recently declared by Governor Comstock
Source
newspapers
2. March 28, 1933 Receivership
Newspaper Excerpt
Frank W. Merrick... Tuesday was named conservator for Saginaw's two state banks-the Bank of Saginaw and the Peoples American State bank
Source
newspapers

Newspaper Articles (3)
1. February 15, 1933 The Saginaw News Saginaw, MI

Article Text

Banks' Announcement The Saginaw Clearing House association Wednesday announced the following regulations. designed to render possible ance and to the people Saginaw during the period of bank holidays recently declared by Governor Comstock: banks and their branches will immediately open their banking rooms maintain facilities for making change. Safe deposit departments be opened and held accessible to regular Safe keeping will be open during usual hours the having securities and other documents left the bank for Pay roll checks. issued by corporations other business which furnish the bank currency sufficient cover total amount shall be promptly is expected that this provision will prove very helpful to Saginaw laboring men and merchants. Dated Feb. 15. 1933. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

2. February 16, 1933 The Saginaw News Saginaw, MI

Article Text

Banks' Announcement All Saginaw banks and their branches open their banking and maintain facilities for change. Safe deposit will be opened and held accessible to during regular hours. Safe keeping departments will be kept open during usual hours having securities and other documents left with the bank for safe keeping. Pay roll checks. issued by corporations or other business firms which furnish the bank sufficient amount shall be expected that this provision will prove very helpful to Saginaw laboring men and merchants. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

3. March 28, 1933 The Saginaw News Saginaw, MI

Article Text

MOVE TO SAFEGUARD DEPOSITOR INTERESTS Frank W. Merrick Appointed to Take Charge of Assets on Application of Bank of Saginaw and Peoples American Institutions Have Figured Prominently in Development of Homes, Industries Here. Frank W. Merrick, state banking commissioner from 1915 until 1921 and a former banker in Pigeon, Mich., Tuesday was named conservator for Saginaw's two state banks-the Bank of Saginaw and the Peoples American State bank-by Rudolph E. Reichert, state banking commissioner. Mr. Merrick was empowered immediately to take charge of the assets of both banks and it is expected normal banking functions of both institutions will be resumed as soon as Mr. Merrick has had an opportunity to survey their assets. Appointment of a conservator for the two state banks is expected to bring steps leading toward their ultimate reorganization and an orderly liquidation of the frozen assets each now holds. The lack of an available market for these time assets was in large measure responsible for the action by the boards of each bank in applying for conservator.