Peoples Bank (Springfield, TN)

Episode Information

Episode UID
87016871495
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8701687 routing
Routing Number
87-0168
Start Date
July 1, 1924*
Location
Springfield, Tennessee (36.494, -86.872)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d8d57d5f55c53b3f

Response Measures

None

Description

Articles use both People's and Peoples' variants; receivership ordered July 18, 1924.

Events (2)
1. July 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed at directors' request due to insolvency; institution described as insolvent and unable to proceed in regular business.
Newspaper Excerpt
the closing of the bank a few days ago at the request of the directors
Source
newspapers
2. July 18, 1924 Receivership
Newspaper Excerpt
Chancellor J. W. Stout tonight granted the petition of State Bank Superintendent S. S. McConnell to take over the People's Bank as receiver and liquidate its assets.
Source
newspapers

Newspaper Articles (2)
1. July 19, 1924 The Tennessean Nashville, TN
Article from The Tennessean, July 19, 1924

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Article Text

PEOPLE'S BANK OF SPRINGFIELD IN RECEIVER'S HANDS S. S. McConnell Named to Take Charge of Institution. (Special to The Tennessean.) Springfield, Tenn., July 18.—Chancellor J. W. Stout tonight granted the petition of State Bank Superintendent S. S. McConnell to take over the People's Bank as receiver and liquidate its assets. The petition set out that the bank is in an insolvent condition and unable to proceed in the regular course of business. This action followed the closing of the bank a few days ago at the request of the directors. The receivership does not prevent the bank's being taken over by another organization or reorganizing on a sound business basis, it is said. A. E. Potter, president of the Commerce-Union Bank of Nashville has shown considerable interest in the bank, and it is believed that he may make an offer to take it over. It is reported that there are over a million dollars on deposit in the bank. There has been some talk of the depositors' forming an organization to take the bank over, but at present nothing concrete is in sight.

2. July 19, 1924 The Leaf-Chronicle Clarksville, TN
Article from The Leaf-Chronicle, July 19, 1924

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Article Text

PEOPLES' BANK RECEIVER NAMED McCONNELL WILL TAKE OVER INSTITUTION AT SPRINGFIELD—MERGER STILL HINTED. Springfield, Tenn., July 19.—Chancellor J. W. Stout Friday night granted the petition of State Bank Superintendent S. S. McConnel to take over the Peoples' Bank as receiver and liquidate its assets. The petition set out that the bank is in an insolvent condition and unable to proceed in the regular course of business. This action followed the closing of the bank a few days ago at the request of the directors. The receivership does not prevent the bank's being taken over by another organization or reorganizing on a sound business basis, it is said. A. E. Potter, president of the Commerce-Union Bank of Nashville, has shown considerable interest in the bank, and it is believed that he may make an offer to take it over. It is reported that there are over a million dollars on deposit in the bank There has been some talk of the depositors forming an organization to take the bank over, but at present nothing concrete is in sight.