Peoples State Bank (Imlay City, MI)

Episode Information

Episode UID
74043971586
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7404397 routing
Routing Number
74-0439
Start Date
February 19, 1932
Location
Imlay City, Michigan (43.025, -83.078)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6c47cc7f17abaa49

Response Measures

None

Description

Initial press reported an expected reopening under depositor agreement, but later coverage shows the bank in receivership and payoffs were made.

Events (4)
1. February 19, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations on Feb. 19, 1932 (likely due to financial difficulty leading to suspension)
Newspaper Excerpt
The Peoples State bank, which suspended business Feb. 19
Source
newspapers
2. March 30, 1932 Reopening
Newspaper Excerpt
is expected to reopen within a few days under a five-year agreement signed by 90 percent of the depositors not to withdraw their money.
Source
newspapers
3. June 3, 1933 Receivership
Newspaper Excerpt
Milton Moyer, 52 years old, receiver of the Peoples State bank at Imlay City for the last year, ... died at p.m. today at Imlay City hospital
Source
newspapers
4. October 27, 1935 Other
Newspaper Excerpt
The Lapeer County Savings and the Peoples State bank will be able to make their payoffs Monday as previously announced, as the bank examiners approved the books of the two banks Friday.
Source
newspapers

Newspaper Articles (8)
1. March 30, 1932 Battle Creek Moon-Journal Battle Creek, MI

Article Text

STATE BRIEFS Vassar, March 30.-(U. P.)-The State Savings bank, which closed here Monday, is expected to effect an early reopening Manistee, March 30.-(U. With goal of only $2,185. the low est mark on record, the Manistee board of commerce resort drive has opened. Grand Rapids, March 30 U. )-Doris McCoy, 11. of Kellogsville, was killed last night when she was struck by an automobile while crossing US-131 near her torneys today were to complete the selection of jury to try Max Waldfogel. suspended Detroit detective lieutenant accused of perjury in connection with the Buckley murder investigation. Detroit, March 30. (U. Army Day will be observed April 6, by all Michigan towns and cities, the executive committee meeting here has decided A proclamation by Governor Wilber M. Brucker will be read in all schools. Victor D. Sprague of Cheboygan is to pass sentence Im ay City March The Peoples State bank, which suspended business Feb. 19. is expected to reopen within a few days under a five-year agreement signed by 90 per cent of the depositors not to withdraw their money. Petoskey, March 30.-(U. P.)Delegates to the national conven tion will be selected at the Republican eleventh district convention to be held at Sault Ste. Marie, April 18. County committee members met here yesterday to complete arrangements for the district St. Ignace. March 30.-(U. A life sentence is expected to be given today to Leonard Minor, 25, who pleaded guilty to the murders of Howard Martindale 25, a for mer chum, and Lennie Selby, 14. year-old girl friend. Circuit Judge Detroit March 30.-By a vote of to the Hamtramck city council decided to pay its resigned mayor, Dr. Rudolph G. Tenerowicz. $70 salary for the period March 24. when he resigned, until April when his term ended. The mayor was sentenced to 31-2 years in prison for vice conspiracy. Detroit, March 30 (U. After an investigation Deputy Coroner Elijah Eby decided that the deaths of Oliver Stewart, 43. his wife, Mary. 38. and their chil dren, Mamie, 4, and Tommie, 2. had been caused Tuesday by asphyxiation from oil fumes and not the explosion and fire which razed their three-room home in Lincoln Park. Detroit. March P.)-The Jeffersonian club of Detroit recom mended by unanimous vote that the state Democrats draft William A. Comstock as gubernatorial can didate in the coming fall election. Coming after Mayor Frank Murphy's reiteration that he would not be candidate for governor. this was regarded here as a final action on that matter.

2. March 30, 1932 The Flint Journal Flint, MI

Article Text

IMLAY CITY TO REOPEN BANK UNDER NEW PLAN Imlay City, March 30. — (By UP)—The Peoples State bank, which suspended business Feb. 19, is expected to reopen within a few days under a five-year agreement signed by 90 percent of the depositors not to withdraw their money.

3. March 30, 1932 Marshall Evening Chronicle Marshall, MI

Article Text

Michigan IMLAY CITY Peoples State bank, which suspended ness February 19, expected reopen within few days under five year agreement signed by cent the depositors not withdraw their money.

4. March 30, 1932 Battle Creek Enquirer Battle Creek, MI

Article Text

Looking Over the Day's News A highly concentrated liver solution that may be used instead of a blood transfusion for extremely weak patients, and which is a remedy for pernicious anemia, has been developed by Dr. William Murphy of the Harvard university medical school faculty. it was announced Tuesday. The solution is 17 times as powerful as liver. Andrew W. Mellon. new ambassador to the court of St. James, paid his farewell to President Hoover late Tuesday prior to sailing for London Friday on the S. S. Majestic. Gen. Miguel Acosta, secretary of communications and public works. is perfecting a 10-year plan of highway building in Mexico. calling for an expenditure of $50,000,000 While independent bakers Tuesday maintained their refusal to cut prices, a third chain store organization in Detroit announced plans to sell a pound loaf of bread for four cents. A bill providing a reserve force of 100,000 civilian aviators within five years was introduced in the senate Tuesday by Senator Bingham of Connecticut. It would authorize the war department to use municipal airports in instructing civilians as pilots. Former King Alfonso's six children were willed 1,000,000 pesetas each (about $75,500) by Marquis Valdecilla, philanthropist who died Sunday, it was revealed Tuesday Alfonso's two daughters, the Infantas Maria Christina and Beatriz, traveled second class recently in making a trip to Ireland. saying they could not afford first class. Examiner R. H. Hyde. of the federal radio commission. Tuesday recommended that the application of T. F. Zemla. E. Leroy Pelletier and Harold T. Coughlan for permit to construct new 500-watt station at Pontiac, Mich. be denied. Public need for the proposed station was not shown by the petitions, he stated. Physicians and surgeons will gather at the University of Michigan April 21-22 for the 50th anniversary of the founding of Nu Sigma Nu. professional medical fraternity. The Peoples State bank of Imlay City will reopen soon under a fiveyear agreement signed by 90 percent of the depositors and recommended by the state banking department. The bank suspended business February 19 A meeting of the depositors held Tuesday was largely attended. There is no difficulty expected in securing the necessary 95 percent to complete reorganization. Everything is in readiness for the annual migration of Crystal lake smelt up Cold creek at Beulah. Under the supervision of Palmer Landon, of the conservation department. guard fences have been erected. the stream cleaned of all obstructions and overhead lights placed in position. An extra operator has arrived at the telegraph office to handle the messages incident to the run. The official dipping time has been set for 11 o'clock in the evening and 4 in the morning. The pageantry surrounding the convening Tuesday of the extraordinary session of the legislature had one touch of sadness A certain mechanical note entered into the final applause from the department heads and stenographers They had just heard the sad news slash of the payroll 15 percent Demands that taxpayers be given preference in municipal employment. and for reductions in salaries ranging from 10 to 25 percent were made in resolution presented to the city council by representatives of several civic groups. The resolution also recommends that no married woman with an employed husband be given a job. Filippo Turati, arch foe of Premier Musolini and former socialist deputy and leader in the Italian parliament, died last night of pneumont in Paris He was 74 years old. Turati was exiled from Italy in 1927 following his attacks upon Mussolini and Fascism. He was the chieftain of the Italian political emigres in Paris. Billy Larson may be lacking as dramatic critic, but he qualifies as demon chaperone He sitting in the bald headed row in Lansing theater while his father played the piano in the orchestra. When an actress started giving father the glad eye young Larson countered with barrage of peanuts. The bouncer put the boy out, but not before he had routed the flirting feminine crooner who was led off stage by her male companion. Emily Hahn of Chicago, has arrived at Dar-es-Salaam. East Africa, after having crossed Africa She began her adventure at Matabi and spent several months in the Ituri forest region. home of Pigmy tribes, visiting places no white woman ever saw before. House and senate conferees on the agricultural appropriation bill agreed Tuesday to the appropriation of $1,000.000 for federal participation in the Chicago world's fair next year.

5. June 4, 1933 The Flint Journal Flint, MI

Article Text

BANK RECEIVER IS DEAD Imlay City, June 3.-(Special) Milton Moyer, 52 years old, receiver of the Peoples State bank at Imlay City for the last year, and connected with the Lapeer County bank at Imlay City for 27 years previously, died at p.m. today at Imlay City hospital, where he underwent an operation. He had been at the hospital since Monday. Mr. Moyer was born at Kingston, Mich. He leaves his widow, Mrs. Etta Moyer; three daughters, Bernice of Detroit; Mrs. Robert Christie of Sarnia, Ont., Frances Moyer, student at Ypsilanti; three sisters, Electa Warner of Almont; Mrs. Richard Haskins Flint, and Mrs. T. J. Waite of Seattle Wash. and one brother, Alfred Moyer of Kingston, Mich. He member the masonic lodge and the Congregational church.

6. June 6, 1933 The Flint Journal Flint, MI

Article Text

Imlay City Masons AUTOPSY REVEALS To Conduct Funeral For Bank Receiver UNIDENTIFIED MAN Imlay City, June Funeral services for Milton Moyer, 52 years old, receiver of the Peoples State bank at Imlay City, who died SatFOUL PLAY VICTIM urday, were to be held at 2:30 this afternoon the Caulkins street residence. The rites were to be Lapeer Coroner Says He Was sonic lodge charge of Arthur Fox of Almont The Rev. B. A Slain Before Body Was Warren was to officiate The bearers chosen are Irvine Cardwell Put in Cistern. Lapeer, June autopsy Russell McNally. Stores and busiconducted by Lapeer county au- ness places to close during the hour of the thorities on the body of the unidentified man found in the cistern at the Hamilton Johnson TRUCK CRASH FATAL farm seven miles north of Lapeer Sunday by children playing at the farm, disclosed according to Coroner H. L. Baird, that the TO SHIAWASSEE MAN man met with foul play and the body was disposed of in the cistern. The autopsy three skull fractures. and that the vic23 years old. son of Mr. and tim apparently was strangled with Austin New the rope which formed noose died late yesterday about his neck, the coroner said. the Pontiac hospital of injuries Various knife wounds about the suffered yesterday morning near head, and body bruises indicated Pontiac in truck collision He that the man had been dead bewas to the hospital, believed fore his body was disposed of in to be suffering from a fracthe cistern, Mr. Baird said. The ture of one leg. Later in the day Lapeer authorities and state poit was learned he was injured inare continuing their investiternally. The body will be brought gation to determine when and by here today. whom the body was placed in the Carl Hanifan. son of Mr. and Mrs. Dan Hanifan, also of New Detroit and Royal Oak relatives and young Spitof missing came to La ler left at yesterday last night in an effort to idenHanifan's truck for Detroit with tify the man, and many queries load of calves for the Detroit marhave been received over the tele- ket. When they Pontiac phone from relatives of persons Hanifan's truck crashed into anreported missing other truck. Hanifan, who John Millard tenant on the held for questioning by authorities farm, told officers yesterday that is said to have stated that he fell he and his family had spent two asleep. days in Romeo, May and 22. The body of Spitler will be the time the body is believed to brought here today been disposed of the cisFLUSHING SCHOOL YEAR tern the being established by newspaper of May 21. found ENDS WITH RECEPTION near the body Officers cleaned out the cis- Flushing. June The high tern afternoon and dis- school gymnasium was transform ed into veritable garden scene covered an empty milk bottle. for bearing the Detroit creamery label which outstanding closing and seven inch spring harrow social of the tooth.

7. December 5, 1933 The Flint Journal Flint, MI

Article Text

IMLAY CITY BANK RECEIVER PROMOTED Lapeer, Dec. Ronald Rhead of has been ceiver the City banks, the Peoples State and the Lapeer county bank. to succeed Harry Olmstead, who has been appointed executive vice president of the loan division of the Federal Land bank of St. Paul, was to in position and Mr Olmstead recommended by district, state and national authorities Kramer field representa tive in this territory for the bank St Paul, also has been promoted his duties in this territory will by Paul Bretz of Almont and Ross Davis of

8. October 27, 1935 The Flint Journal Flint, MI

Article Text

Imlay City Banks to Make Payoffs as Announced Imlay City—The Lapeer County Savings and the Peoples State bank will be able to make their payoffs Monday as previously announced, as the bank examiners approved the books of the two banks Friday. The total payoff will amount to $92,000, according to Ronald Rhead, bank receiver. The Lapeer County bank will release 10 per cent or $71,000 and the Peoples bank 5 per cent or $21,000. At the time the Lapeer County bank went into receivership, July 5, 1932, it had borrowed $55,000 from the Federal Reserve bank. This has been paid since Mr. Rhead became receiver, along with the 70 per cent or $502,434, total amount collected during the receivership of the Lapeer County bank. The Peoples State bank had borrowed $63,773.65 from the Federal Reserve bank which has been paid, also a dividend of 35 per cent, which includes the payoff to start Monday, totaling $145,236.