Peoples Bank - Memphis, MO

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: October 8, 1928
Location: Memphis, Missouri (40.458, -92.171)

Metadata

Model: gpt-5-mini
Short Digest: 89970060

Response Measures

Capital injected, Full suspension, Books examined

Other: Directors closed the bank and state deputy finance commissioners (Martin and Shelby) made an inventory; organizers planned a new 'Bank of Memphis' to act as liquidating agent (capital subscription underway).

Description

Multiple articles (published 1928-10-11) report a run/heavy withdrawals that led the board to close the Peoples Bank (closed by directors Monday morning). State deputy finance commissioners are taking inventory and a plan to form a new 'Bank of Memphis' to act as liquidating agent is described. The bank was closed by directors and will be liquidated/reorganized, so this is a run leading to a suspension/closure (permanent closure/liquidation). OCR errors in the articles corrected (e.g., 'Shelby'/'Selby', sentence fragments).

Events (3)

1. October 8, 1928 Run

Cause: Rumor Or Misinformation
Cause Details: Circulating rumors detrimental to the bank led customers to withdraw funds; article notes Rumors have been circulation and heavy withdrawals by regular customers.
Measures: Directors closed the bank to protect depositors; called State Finance Department; deputy finance commissioners made an inventory; directors and local interests proposed organizing a new 'Bank of Memphis' to act as liquidating agent.
Newspaper Excerpt: few of the regular customers of the bank withdrew their accounts. Had this run been allowed continue, the ready cash of bank would undoubtedly have been exhausted
Source: newspapers

2. October 8, 1928 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors closed the bank after a run and circulating rumors; closure was by order of the board to protect depositors while state finance officials inventoried assets and reorganization/liquidation was arranged.
Newspaper Excerpt: The Peoples Bank of Memphis, was closed by order of the board of directors and the Finance Commissioner notified
Source: newspapers

3. October 11, 1928 Other

Newspaper Excerpt: The directors of the Peoples Bank ... decided to make attempt to organize new bank to act the liquidating agent of the Peoples Bank. ... In this way proposed to open the new bank capital of $25,000 ... the new bank will probably open for business shortly . . . called the 'Bank of Memphis.' (reorganization/liquidation plan).
Source: newspapers

Newspaper Articles (5)

1. October 11, 1928 The Memphis Democrat Memphis, MO

Article from The Memphis Democrat, October 11, 1928

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Article Text

MOVEMENT MADE TO ORGANIZE NEW BANK The directors of the Peoples Bank, which was closed Monday morning after run was started the bank, met the bank day evening in conference with Selby, of Maryville, Mo., uty fiance commissioner, to what, if anything can be done, ward re-organization to protect the depositors of the bank. After some discussion, and formation given the directors Selby, decided to make attempt to organize new bank to act the liquidating agent of the Peoples Bank. In this way tremendous expense will be saved the depositors. It costs money and lots of it for the Finance partment to liquidate bank, whereas new bank be can ganized can liquidate the bank with very little expense. The directors of the Peoples Bank have shown their good faith and interest in satisfactory liquidation of that bank by stock in the bank, and the depositors use able amount and disregard some the street rumors which are always afloat after bank closes, believe their own interests assist all concerned satisfactory adjustment of an unfortunate affair. proposed to call the bank the "Bank of Memphis.". directors and officers will be elected by the share holders. The new bank will start with clean slate. There will slow notes or real loans estate its hands. The plan to sell 250 shares value of $100. The shares being for at $120. to capital stock surplus. In this way proposed to open the new bank capital of $25,000 and Much of this stock was vesterday. now looks balance will be subscribed few days, and the will new bank probably open for business shortly. Martin and Mr. Deputy Finance Commissioners making an inventory the Peoples Bank. and that finished those have personal effects at the bank call and them. may get The directors the Peoples Bank met night again with Shelby. During the day 200 shares stock the new bank had been subscribed. leaving than 50 shares be sold there seems to be doubt no present but that the new bank will ready to in few days

2. October 11, 1928 The Memphis Democrat Memphis, MO

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DANCE ONE OF BEST CONCESSIONS The Chevrolet dance, which held at the salesroom of the Morris Bros. south of the garage, turned out be one of square, the best concessions the carnival committee had during the week. Morris Brothers, early in the week donated the use of their room the Festival Committee for the dance and donated all the proceeds to the Festival committee to help defray expenses of the carnival provided the committee furnish music. The room was very decorated with Chevrolet baloons hanging clusters from each of the electric light tures and Chevrolet pennants hang from every available the ceiling. In the rear of salesroom at the double doors, ing this room with the workroom of the small both garage, built and attractively In this booth the Chev one new rolet sedans was placed and above the booth were colored lights ing down on the car making pleasing sight and one which attracted considerable attention among the dancers, and among itors to the during the garage three days of the Festival. At the northeast of corner the salesroom was booth where gar ments could be checked. This booth was conducted Miss by va Cox, an employee of Morris Brothers garage assisted by Miss June Watkins. As the garments checked of Chevrolet literature was placed in them. Everything considered it was an excellent advertising stunt for Morris Brothers and they, with the new Chevrolet representative, for this Jennings, hard make profitable affair for Chevrolet well pleasant one for the dancers. Jennings made regular trip Memphis few days but ago learning of the plans last week, returned Memphis assisted materially in preparations and conducting the dance. The first night there were paid on Thursday night and Friday night 132. attracted hundreds of spectators during the evening, lined sidewalks in front of the The Greyhound Orchestra were well treated while in Memphis, shown the which they fore they Memphis at three o'clock: Orchestra wish thank Scott and the MorBrothers and the whole Memphis, Mo., for the treatment and favors shown durthe Fall Festival. and must were never treated better lives, and always glad back to Memphis The letter signed by Ed Wood Smith, Trombone: Russell Jackson, trumpet: Stiner Jackson, and clarinet; Patrick Jackson, banjo and drums Hugh (Gatemouth) bass. Peoples Bank Customers Martin and Shelby, Deputy Finance Commissioners, taking inventory the Peoples Bank. Just as soon they have finished doors the bank will that all those who can get their boxes other personal effects from the vault.

3. October 11, 1928 The Memphis Democrat Memphis, MO

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Article Text

BANK CLOSED MONDAY BY DIRECTORS Monday morning about ten o'clock The Peoples Bank of Memphis, was closed by order of the board of directors and the Finance Commissioner notified was by gram. There appeared to be the bank, shortly after the bank opened for business Monday morn when few of the regular customers of the bank withdrew their accounts. Had this run been allowed continue, the ready cash of bank would undoubtedly have been exhausted and other customof the bank would be the ferers, therefore deemed visable by the board to close the bank order to protect, much possible, those depositors not participating in the Rumors have been circulation which have been detrimental the bank and naturally these have hindered the bank in the regular business. The bank, like many others, had some slow paper, owing to the general depression, and an effort been made this get paper in better shape, but following two failures, this has been ficult task. The directors had hoped with the of prospect good this these conditions year, could be improved. Several conferences have held with representatives of the State Finance Department, but definite agreement had been reach prior Monday when the bank closed by the directors, The directors of the bank Alfred Vaught, Adams, Hammond Bumbarger. The officers Alfred are Vaught, President, ident, Woodsmall, Smith, Assistant Cashier The bank was organized in Mr. Woodsmall and Mr. Smith and has always had good busiOutside of the slow paper confident the bank found good as Mr. Woodsmall and Mr. Smith are men and men of bank borrowed the directors have no borrowed from the bank. before the closed, had hand in cash and assets, while only requires banks to carry 15%. The last published statement made on the call of August shows: Girls Win from Gorin The Memphis high school girls their fifth consecutive basketball game Tuesday night when they defeated Gorin by the large score of to the high school grounds Memphis. The Memphis girls have won two games this from year Granger, one from Luray, one from Wyaconda and the last one from Gorin. The game Tuesday night started with the Memphis girls little bit uneasy, as they only defeated Gorin last year by one point and they into the Tuesday with the game intention of giving them harder game, which they certainly did. the Those girls took part one time or another ing the evening Anna Smith, Maudie Cox, Dorothy Fogle Mary Keethler, Janice Harding, Mable Winters, Ferol Eierman, Kathleen Horn, Mary Belle Watthe kins, Anne Smoot, Ida Mae Branstetter, Betty Keathler and Josephine Newman. Resources Loans $112,057.94 Overdrafts Government Bonds 7,269.06 Federal Land Bank bonds Banking House and 8,300.00 Real estate hand 6,604.50 from other banks Local checks 202.01 Total Liabilities Capital stock at $25,000.00 Surplus Fund profits 150.16 Individual deposits 74,301.14 Deposits secured pledge Certificates of Deposit Savings deposits 83,910.23 Total $197,295.73

4. October 11, 1928 The Memphis Reveille Memphis, MO

Article from The Memphis Reveille, October 11, 1928

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Article Text

PEOPLES BANK CUSTOMERS Martin and Shelby, deputy finance comissioners now making an inventory at the Peoples Bank. Just as soon they have finished the inventory the doors the bank will be opened that all those who wish to do so can their boxes other personal effects from the vault. Program and pie supper at White school Friday, October 19, 1928. come. Daisy Dean Rader, Teacher. Mrs. Edward Kiedaisch and Mrs. Bence drove up from Keokuk today (Thursday) and visited few hours with friends. Gold Crown flour at Our Store, sack. Sold under the per lowing the entire sack and not satisfied the best flour ever used, return the empty sack and your money will cheerfully refunded. Born Mr. and Mrs. Tony DriPeoria, Illinois, Wednesday an eight pound Mary Louise. The mother was Mable Huston and the lady was born at the home her Mr. and Mrs. Paul town. Keethler was in attendance.

5. October 11, 1928 The Memphis Reveille Memphis, MO

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PEOPLES BANK CLOSED Following what appeared on the Peoples Monday. the directors closed the bank and called the state finance directors were trying to rid of real estate and had parently made arrangements for disposal such, when obstacle an encountered. As noted elsewhere re-organization under way and practically consummated. This organization will be called the Bank of Memphis and will liquidate the accounts of the Peoples Bank.