Peoples State Bank (Grand Island, NE)

Episode Information

Episode UID
76122971582
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7612297 routing
Routing Number
76-1229
Start Date
October 1, 1931*
Location
Grand Island, Nebraska (40.925, -98.342)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3d38589b63d87beb

Response Measures

None

Description

Bank was suspended in Oct 1931 and placed in receivership with assets being liquidated by March 1932.

Events (3)
1. October 1, 1931* Suspension
Cause
Government Action
Cause Details
Bank turned over its affairs to the state commerce department and suspended operations in October 1931.
Newspaper Excerpt
The People's State Bank at Grand Island turned over its affairs to the state commerce department because of its condition.
Source
newspapers
2. March 10, 1932 Other
Newspaper Excerpt
Saturday announced payment of an initial 40 per cent dividend of by the failed People's State bank of Grand Island. The bank suspended October 1931.
Source
newspapers
3. March 11, 1932 Receivership
Newspaper Excerpt
the receiver of the above-named bank has filed his application to sell the remaining assets of said bank... pursuant to an order duly made and entered on the 11th day of March, 1932... E. K. LUIKART, Receiver of the Peoples State Bank, Grand Island, Nebraska.
Source
newspapers

Newspaper Articles (4)
1. October 12, 1931 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, October 12, 1931

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Article Text

BANKS CONTINUE TO CLOSE DOWN OMAHA, Neb. (By Mail).-The Ravenna State Bank and the Fordyce State Bank of this state suspended business October 1 according to the state banking examiner. The Ravenna State Bank deposits totalled $190,000 and the Fordyce Bank deposits were placed at $300,000. The Cedar County State Bank at Hartington was closed with deposits of $195,000. The People's State Bank at Grand Island turned over its affairs to the state commerce department because of its condition. Deposits decreased in six years from $600,000 to $230,000. A worker correspondent of the Daily Worker writes: "People in that part of the state are panic-stricken and I have a letter to that effect (from a republican) right here before me. Hartington, Neb. has only one bank now where it had three regular banks and a savings bank in October, 1928. Confidence in banks is certainly sinking fast all over the state."

2. November 30, 1931 The Columbus Telegram Columbus, NE

Article Text

TRY Grand Island, Nov. for up liquidation the People's bank here submitted to The known ership,' was decided upon cent of the committee as being worth try. The plan will be put into effect agreed to by 95 per cent of the Under the proposed system liquidation the depositors' committee would appoint its own receivor liquidating agent who would responsible the committee The committee would then be titled to bid on the remaining sets the bank when fered for sale. It is argued that the proposed plan would speed up liquidation and probably result in salvage of greater cent of the assets the institution than would otherwise result. It is believed the plan would tend to reduce costs of liquidation in The plan has previously been used in several other banks in the state its proponents state Included among the number is the bank Cedar Rapids.

3. March 10, 1932 The Gibbon Reporter Gibbon, NE

Article Text

Cornhusker State Current Events Happenings Gleaned From Around Our State By The Reporter Hundreds of western Nebraska farmers, who otherwise would be unable to plant crops this year, are being financed through the federal seed loan plan and will be able to begin spring planting during the next two weeks. Approximately seed loan money will be unloosed Nebraska by the government's plan of putting the grain and potato farmer on his feet. Several hundred applications for federal seed loans have been received by committees in counties of the Nebraska Panhandle. Plans are being made for the annual Feeders' day at the University of Nebraska college of agriculture campus April 15, according to Prof. Gramlich of the animal husbandry department. Results of various experiments conducted at the college the past year will be disclosed at the annual meeting of Nebraska stockmen. The tests have dealt with hogs, cattle and sheep. Jack Maybie of Kearney, garage attendant, was found dead in his room Saturday noon. He shot himself sometime Friday night and left note blaming ill health and despondency. He was about 63 and leaves two daughters and son whom officials are endeavoring to locate. Fremont's 1932 grasshopper crop already on the jump. Mrs. John Diedrich and Mrs. Frank Donegan have reported young grasshoppers in their homes during the past few days. They account for the insects' presence by the fact that they dug up from their lawns last soil in which to pot plants for winter. It is from this soil, they think the hoppers have hatched. Richard Wearne, 10, oldest son of Mr. and Mrs. Dewey Wearne, of Bloomfield, while delirious during an attack of influenza, escaped from his bed and from his home. Mrs. Wearne had left her few moments, so, barefooted and clad only in his pajamas, the boy climbed through window, ran through the muddy street toward the business section of town. After running several blocks, lad was picked up and taken into oil station for identification and then taken home. When questioned, said some one was chasing him. No trace has been found of Edwin Korab, Holt county farmer and world veteran, who was last seen when he left his farm home Thursday afternoon. He was suffering from shell shock and was carrying revolver at the time he left home. Friends say he was brooding over financial troubles. Saturday announced payment of an initial 40 per cent dividend of by the failed People's State bank of Grand Island. The bank suspended October 1931. Food inspectors in the Nebraska department of agriculture were vested Friday with authority to open and interstate shipments of foodstuffs. At the request of Felton, deputy state secretary of agriculture, authority to make these inspections was given by W. Dunlap, acting secretary of the federal agricultural department. Felton said the authority was needed to permit the seisure of spoiled goods without delay of first appealing to federal officials at Kansas City or Denver. Under the new arrangement, he said, state inspectors will be permitted to spoiled or damaged foods and Felton will be able to file charges through the attorney. Four Richardson county churches Friday began loading a car of hay, corn and oats for the St. Mark congregation at Bloomfield in the drouth sector. The churches joining the project are the St. Paul Lutheran of Fall City, and the St. Mark of Verdon. The car will leave Falls City, Monday. Nebraska produced less wool last year, says the division of agricultural statistics. There slight increase in the United States. Nebraska produced 2,786,000 pounds of wool last year as compared with pounds in 1930 and pounds in 1929. The for production the United States pounds against pounds in 1930 and pounds in 1929. (Continued on last page)

4. March 14, 1932 The Grand Island Independent Grand Island, NE

Article Text

Sheriff's Sale Notice is hereby given that by virtue of an order of sale issued out of the office of the Clerk of the District Court of Hall County, Nebraska, in an action wherein The Equitable Building & Loan Association, was Plaintiff, and Mary A. Fleisher, et al., were Defendants, and to me directed and delivered as Sheriff of said county, I will on Friday, the 8th day of April, 1932, at 2:00 o'clock p. m., of said day, at the north door of the Court House, in the city of Grand Island, Hall county, Nebraska, sell at public auction to the highest bidder for cash, the following described premises, to-wit: Lots number Three and Five (3 & 5) in Block Ten (10) in College Addition to West Lawn, an addition in Grand Island, Nebraska. Given under my hand this 7th day of March, A. D., 1932. DANIEL SANDERS, Sheriff 7-14-21-28-4 Notice to Depositors, Directors, Stockholders, Claimants and Creditors of the Peoples State Bank, Grand Island, Nebraska You and each of you are hereby notified that the receiver of the above-named bank has filed his application to sell the remaining assets of said bank with the Clerk of the District Court of Hall County, Nebraska; that you are further notified that pursuant to an order duly made and entered on the 11th day of March, 1932, by the Honorable Ralph R. Horth, Judge of the District Court of the Eleventh Judicial District of Nebraska, notice of said application to sell remaining assets of said bank is given to all creditors of said bank that they may show cause on or before the 28th day of March, 1932, why an order to sell said remaining assets should not be granted. Objections to said order of sale of remaining assets of said bank must be filed with the Clerk of the District Court of Hall County, Nebraska, on or before the 28th day of March, 1932. E. K. LUIKART, Receiver of the Peoples State Bank, Grand Island, Nebraska. 14&21