Peoples State Bank (Sheridan, MI)

Episode Information

Episode UID
74083371590
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7408337 routing
Routing Number
74-0833
Start Date
June 2, 1932
Location
Sheridan, Michigan (43.212, -85.074)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6a33946450f50b03

Response Measures

None

Description

Corrected minor OCR errors in article 1 (e.g., 'Sheritreasurer' -> Sheridan).

Events (3)
1. June 2, 1932 Receivership
Newspaper Excerpt
the bank placed receivership
Source
newspapers
2. June 2, 1932 Suspension
Cause Details
Article notes improper withdrawals and legal action; exact cause of suspension not specified.
Newspaper Excerpt
closed Peoples State bank Sheridan
Source
newspapers
3. October 6, 1933 Other
Newspaper Excerpt
receivers of five closed Montcalm county banks...the Peoples State bank of Sheridan
Source
newspapers

Newspaper Articles (2)
1. June 2, 1932 Lansing State Journal Lansing, MI

Article Text

President of Closed Institution at Sheridan Also Defendant in Action SEEK TO RECOVER $5,000 Plaintiffs Claim Money Was Withdrawn Improperly From Institution STANTON, Mich., June John Hudson, president of the closed Peoples State bank Sheritreasurer the Gleaners, made defendant with the Gleaners instituted in behalf the bank cover alleged have been withdrawn improperly from the institution suit, which filed in circuit here charged that the and other Gleaners was by Hudson although other limited small withdrawals the bank placed receivership. Another filed. naming Bower. Montcalm county treasdefendant. Bower alleged have taken $1,000 county funds violation of the drawal rule.

2. October 6, 1933 The Grand Rapids Press Grand Rapids, MI

Article Text

PLANS TEST CASE ON ESCHEATS LAW O'Brien Says Enforcement of Act Cannot Be Prevented. constitutional holds that the enforcement of the law cannot be prevented because bank depositors neglect to file claim for their deposit in closed bank. By this answer, prepared jointly by the attorney general and Maxwell L. Black, state public administrator, the burden of proof of the unconstitution of the law is thrown upon the receivers of five closed Montcalm county banks. They are opposing the demand of Black that they turn certain funds over to the state. The under the new law, has the right to seize unclaimed and abandoned deposits in bank, Receivers say that many depositors neglected to file claims for their deposits within the allotted period. Receivers represent the Edmore State bank, the Peoples State bank of Sheridan, the Peoples State bank of Butternut, the Trufant State bank and the Farmers and Merchants State bank of Carson City. Intention to make a test case over the issue in Montcalm circuit court before Judge Royal A. Hawley is indicated by the attorney general and the public administrator The receivers are represented by D. Hale Brake, Morris K. Davis and Frank A. Miller, all of Stanton.