Peoples Bank (Walled Lake, MI)

Episode Information

Episode UID
74108771569
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
7410877 routing
Routing Number
74-1087
Start Date
September 27, 1930
Location
Walled Lake, Michigan (42.538, -83.481)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
771213eab11aeaae

Response Measures

None

Description

Trustees petitioned for a court-appointed receiver after the cashier's suicide; later court actions show a receiver handled the bank's liabilities.

Events (2)
1. September 27, 1930 Suspension
Cause
Government Action
Cause Details
Trustees petitioned the court to appoint a receiver to continue operations after the cashier's suicide and fear of a run.
Newspaper Excerpt
Because of the death of Clarence A. Chafy, cashier, who shot and killed himself in the bank vault Wednesday night, the trustees, although satisfied the bank is solvent, fear there might be run on the bank ... they ask that the First National Bank and Trust company of Pontiac be appointed receiver and be authorized to continue the operations of the bank.
Source
newspapers
2. December 20, 1933 Receivership
Newspaper Excerpt
Supreme court affirmed Tuesday a decree of $70,000 for the First National Bank & Trust Co. of Pontiac, receiver for the Peoples bank of Walled Lake. The judgment is against Benjamin E. Storms and others ... and is to meet liabilities of the bank. (Grand Rapids Press, 1933-12-20). ,
Source
newspapers

Newspaper Articles (6)
1. September 27, 1930 Lansing State Journal Lansing, MI
Article from Lansing State Journal, September 27, 1930

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Article Text

ASK RECEIVER FOR WALLED LAKE BANK Trustees File Request after Cashier Ends His Life Wednesday PONTIAC. Mich., Sept. 27 (P)-Appointment of receiver of the Peoples bank of Walled Lake, unincorporated, was asked in circuit court Saturday in a petition filed by four of the trustens, Ira S. Carnes, Glen Buffmyer, William R. Hoyt, and Fred Ward. The petition states the bank was organized November 14, 1921. and has deposits of $100,000 and resources and liabiliof $125,000. Because of the death of Clarence A. Chafy, cashier, who shot and killed himself in the bank vault Wednesday night, the trustees. although satisfied the bank is solvent. fear there might be run on the bank because of the depressed business conditions. For this reason they ask that the First National Bank and Trust company of Pontise be appointed receiver and be authorized to continue the operations of the bank.

2. September 27, 1930 The Times Herald Port Huron, MI
Article from The Times Herald, September 27, 1930

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Article Text

Ask Receiver For Walled Lake Bank (By Press) Pontiac of receiver of the Peoples bank of Walled Lake in in petition filed by of the Ira Carnes, Glen Buffmyer William R Hoyt and Fred The tion the bank was organized Nov 14, 1921 and has deposits of and and of Because of the death of Cashier Chafy shot and killed himself in the bank night the trustees though satisfied the bank vent fear there be run on the bank because of the depressed this that tional Bank Trust of tiac be appointed and be to continue the tions of the bank Heavy Run On Havana Banks The of operations of the Bank of Commerce decided upon an all night session of the board of today quite heavy run on other banks in bank with capital of Cu ban shut doors this morning for reasons not There also a heavy run on the Banco the police keeping patrons in Other banks are having some difficulty

3. September 28, 1930 The Flint Journal Flint, MI
Article from The Flint Journal, September 28, 1930

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Article Text

BANK'S TRUSTEES REQUEST RECEIVER Sept. Appointment of receiver of the Peoples Bank of Walled Lake, was asked in circuit petition filed by court today in four of the trustees, Ira Carnes, Buffmyer, William R. Hoyt Glenn and Fred Ward. The petition states the bank organized Nov. 14. 1921 and has deposits of $100,000 and resources and liabilities of Because of the death of Cashier Clarence Chafy who shot and killed himself in the bank vault Wednesday night, the trustees though satisfied the bank is solvent fear there might be a run the bank because of the depressed business conditions. For this reason they ask that the First National Bank & Trust Co. of Ponbe appointed receiver and authorized to continue the operation of the bank

4. September 28, 1930 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, September 28, 1930

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Article Text

BANKERS FORESEE RUN. AND ASK RECEIVERSHIP Pontiac, Sept. 27 Appointment of a receiver of the Peoples bank of Walled lake, unincorporated. was asked in circuit court today in a petition filed by four of the trustees. Ira S. Carnes Glen Buffmyer William R. Hoyt and Fred Ward The states the bank was organized November 14. 1921, and has deposits of $100.000 and re- killed himself in the bank vault Wednesday night the trustees. although satisfied the bank is solvent, said they feared there might be a run on the bank For this reason they asked that the First National Bank and Trust company of Pontiac be appointed receiver and authorized to continue the opsrations of the bank The presidential salute of 21 guns fired to salute heads of foreign coming to the United CLASSIFIEDS FOR RESULTS

5. September 28, 1930 The Ludington Daily News Ludington, MI
Article from The Ludington Daily News, September 28, 1930

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Article Text

TRUSTEES ASK RECEIVER FOR WALLED LAKE BANK PONTIAC, Mich., Sept. (P)-Appointment of receiver makes of the Peoples Bank of Walled Lake, unincorporated. was asked in circuit court today in ment petition filed by four of the traits. trustees, Ira S. Carnes. Glen Buffmyer, William R. Hoyt and Fred Ward. The petition states the bank was organized Nov. 14, 1921, and deposits of havior and respurces and liado bilities of $125,000. Because of the death of Cashier Clarence Chafy. who time and killed himself in the bank vault Wednesday night, the trustees although satisfied the bank is solvent, said they feared there might be run on Many

6. December 20, 1933 The Grand Rapids Press Grand Rapids, MI

Article Text

Walled Lake Bank Receiver Wins Suit preme court affirmed Tuesday a decree of $70,000 for the First National Bank & Trust Co. of Pontiac, receiver for the Peoples bank of Walled Lake The judgment is against Benjamin E. Storms and others who were members of the association that conducted the private bank and is to meet liabilities of the bank. The court remanded to circuit court for modification decree abating alleged nuisances caused by the Peerless Oil Co. refinery in Carrollton township, Saginaw county. The supreme court affirmed a ruling by the Muskegon county circuit court that although the Rouddiman No. drain in Norton township was in fact a sewer, and not a drain, property owners may not recover assessments suit was not tarted within 30 days of the