Peoples Bank - Summit, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 17, 1912
Location: Summit, Mississippi (31.284, -90.468)

Metadata

Model: gpt-5-mini
Short Digest: 44ccafea

Response Measures

None

Description

The People's/Peoples Bank of Summit is repeatedly described as defunct, in liquidation, and in the hands of a receiver (receiver M. T. Gracey). Articles allege long-term insolvency (since c.1895) and embezzlement by officers; there is no contemporaneous description of a depositor run or temporary suspension/reopening. The institution remained closed and its officers were prosecuted—fits suspension leading to permanent closure (receivership). OCR corrected People's/Peoples variant; used provided bank name. Dates for receivership/liquidation are taken from newspaper references in 1912–1913.

Events (4)

1. January 17, 1912 Receivership

Newspaper Excerpt: Included in the total cash balance is $143.94 on deposit to the credit of the state in the Merchants and Planter's Bank, of Silver Creek, and $70.44 in the hands of receivers of the Peoples Bank Summit. Both the above institutions are in the hands of receivers.
Source: newspapers

2. February 21, 1912 Other

Newspaper Excerpt: According to the allegations of a bill filed in the chancery court here by Price & Price, the attorneys for M. T. Gracey, receiver for the Peoples Bank of Summit, now in liquidation, that bank has been insolvent for more than ten years.
Source: newspapers

3. February 21, 1912 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged long-term insolvency (insolvent since c.1895) and large-scale embezzlement/illegal loans by officers and directors.
Newspaper Excerpt: receiver for the Peoples Bank of Summit, now in liquidation
Source: newspapers

4. January 28, 1913 Other

Newspaper Excerpt: The mandate of the supreme court affirming the seven-year penitentiary sentence of Woodson Atkinson, defaulting cashier of the defunct People's bank of Summit, was sent to the sheriff of Pike county today...
Source: newspapers

Newspaper Articles (6)

1. January 17, 1912 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, January 17, 1912

Click image to open full size in new tab

Article Text

NEW TREASURER RECEIVES FUNDS Three-Quarters Of A Million Dollars Turned Over By Treasurer Edwards. Jackson, Miss., Jan. 17.-The state treasury was vacated Monday, former Treasurer George R. Edwards turning over the cash amounting to $756,200 to P. S. Stovall, who hereafter assumed the responsible position. The delivery was made after.a double check of the books was made by Duncan L. Thompson, state auditor, and Myrant Adams, deputy revenue agent. The books and cash balanced to the penny, and Treasurer Edwards left the office with the satisfaction of knowing that his successor will have no trouble in keeping up with the work. The state has inthevariousdepositories the sum of $755,123.47, at the close of the business day, Monday. There is on deposit in the Merchants Bank and Trust Company, to the credit of the treasurer, the sum of $1,077.43. The actual cash in the hands of the treasurer amounted to $409.41. Included in the total cash balance is $143.94 on deposit to the credit of the state in the Merchants and Planter's Bank, of Silver Creek, and $70.44 in the hands of receivers of the Peoples Bank Summit. Both the above institutions are in the hands of receivers. Asked if he had named his office staff Treasurer Stovail explained that he would make the official announcement Tuesday. It is understood, however, that he will have his daughter, Miss Becky Stovall, as his chief office assistant.

2. February 22, 1912 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, February 22, 1912

Click image to open full size in new tab

Article Text

BANK INSOLVENT FOR MORE THAN TEN YEARS Magnolia, Miss., Feb. 21.-According to the allegiations of a bill filed in the chancery court here by Price & Price, the attorneys for M. T. Gracey, receiver for the Peoples Bank of Summit, now in liquidation, that bank has been insolvent for more than ten years. The suit is brought against E. S. Atkinson, Woodson Atkinson, J. N. Atkinson, Wallace Atkinson, J. R. Sample, A. N. Cunningham and Leon Moyse, directors, Julius Moyse and Alphonse Moyse, now of New York. The petition asks that a master in chancery be appointed to state an account, and asks the court to direct that the defendants be required to place the sum of $168,992.47 with interest at 6 per cent from January, 1895, to the credit of the defunct bank. The capital stock of the bank was $25,000, and in 1909 some of the defendants sold

3. February 24, 1912 The Semi-Weekly Leader Brookhaven, MS

Article from The Semi-Weekly Leader, February 24, 1912

Click image to open full size in new tab

Article Text

Say Bank Failed Ten Years Ago Magnolia, Miss., Feb. 20.-According to the allegations of a bill filed in the Chancery Court here today by Price & Price, attorneys for M. T. Gracey, receiver for the People's Bank of Summit, now in liquidation, that bank has been insolvent for more than ten years. The suit is brought against E. S. Atkinson, Woodson Atkinson, J N. Atkinson, Wallace Atkinson, J. R Sample, A. N. Cunningham and Leon Moyse, directors, and Julius Moyse and Alphonse Moyse. now of New York. The petitioner asks that a master in chancery be appointed to state an account, and asks the court to direct that the defendants be required to place the sum of $168,992 47, with interest at 6 per cent from January, 1885, to the credit of the defunct bank. The capital stock of the bank was $25,000. In 1909 some of the defendants, it is alleged, sold tifty shares of stock to the bank at $160 per share, when they knew the bank was insolvent. The bill charges that large dividends were paid yearly to stockholders when none was earned and the bank insolvent. The suit alleges negligence of the directors and officers. The second week of the Pike county Circuit Court began this morning, with Judge D. M Miller presiding and all the court officers present. The following were sworn in as petit jurors for the week: Solomon Lewis, Jesse Simmons, D. L. Harvey, Fayette Magee, J. L. May, E. C. Lea, Wm. Guyton, M G. Dunaway, C. R. Ellzey, D. M. Boyd, S. W. Dunaway, H. H. Burch, Elihu Sims, G. B. Williams, B K. Knight, G. T. Pigott, E. A. Johnson, E L. Gatlin, L. A. Baley, W. L. Martin, Alex Applewhite, A.S. Smith, Henry Smith and Claude Johnson. The week will be devoted to the trial of cases on the criminal docket.

4. January 28, 1913 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, January 28, 1913

Click image to open full size in new tab

Article Text

BANK'S FAILURE CAUSED A PROFOUND SURPRISE Cashier Who Was Member of Prominent Family Convicted of Embezzlement of $21,000-Brother, Under Similar Indictment, Will Be Tried Soon. Special to The News. Jackson, Miss., Jan. 28.-The mandate of the supreme court affirming the seven-year penitentiary sentence of Woodson Atkinson, defaulting cashier of the defunct People's bank of Summit, was sent to the sheriff of Pike county today, and it is expected that the prisoner will be delivered at the Rankin convict farm within the next day or so, the supreme court decision being clear cut and equivocal. The affirmation of Atkinson's sentence gives the penitentiary two bank cashiers, R. S. Jones, embezzling cashier of the Bank of Woodville, having been received several weeks ago to serve a two-year sentence. The Atkinson family has been for many years one of the most prominent in South Mississippi, enjoying high standing both in social and financial circles, and the failure of the People's bank at Summit, and the exposures that afterwards followed showing how it had been systematically pilfered for several years, created a profound surprise. E.S. Atkinson, president of the bank and a brother of Woodson Atkinson, was also indicted on the charge of embezzlement, and is now at liberty .under a $20,000 bond, awaiting the next term of circuit court in Pike county. He has been living in Jackson since the closing of the bank, His case will come up for trial at the term of court to be convened in Magnolia on the second Monday in February. The indictments against the two brothers were almost identical in wording, and the prosecution claims that the conviction of E. S. Atkinson will be as easily accomplished as that of Woodson Atkinson, it having been shown in the latter's case that he embezzled the sum of $21,871.22. Incidentally, the supreme court decision cuts off a favorite form of defense offered by defaulting bank officials. Atkinson admitted that he was due the bank the amount claimed, but sought to justify himself by showing that he had given notes and due bills for the sum, charging it against himself on the books. The supreme court specifically holds that this is not a valid defense or exoneration; that Atkinson unlawfully took advantage of his position of responsibility in the bank, and was guilty of embezzlement. Notable among the bank failures soon to be aired in the criminal courts is that of the Merchants & Farmers' bank of Newton, which went to the wall last summer, and receivers of which have not yet succeeded in straightening out the financial tangle. Several of the officers are socially prominent, among them being Vice President W. B. Sively and son, Hamilton Sively, of this city, who are under bond to answer to several indictments. All of the directors are also held to answer criminal charges, and when the cases are called for hearing on the third Monday in March the trial will attract state-wide attention.

5. September 20, 1913 The Semi-Weekly Leader Brookhaven, MS

Article from The Semi-Weekly Leader, September 20, 1913

Click image to open full size in new tab

Article Text

GETS A LIFE SENTENCE "Red" Simmons, Tried Third Time for Assault on Daughter, is Again Convicted. On Thursday morning the jury in the J. E. Simmons case, after coming out of their room three times for rendering averdict only to be sent back by the court, to carrect the form of their verdict, finally brought in the following verdict: "We, the Jury, find the defendant guilty as charged, but fail to agree upon the punishment." Under such a verdict the law directs the court, to impose a penalty of life imprisonment in the State penitentiary. In a former trial of this case, the same verdict was returned. It is already announced by the defendant's attorneys that they will again appeal the case. The case of E. S. Atkinson, charged with embezzling the funds of the People's Bank of Summit, is now being tried, the case being here on a change of venue from Pike county. Mr. M. T. Gracey, the present receiver of the Bank, is the only witness so far examined by the State. A large number of books and records were before the jury that testified about the witness. A large number of Pike county people, some of whom lost their savings in the failure of this bank, are attending the trial. The Grand Jury reconvened Wednesday. From the witnesses known to have been before the jury it may be expected that some surprising developments will result. It is rumored that the negro Willie Williams, recently captured in McComb. will state all he knows about certain burglaries that have been so frequent in this and other counties in the past few months. From what can be learned it is supposed there is an organized band of these burglars and that some Brookhaven white men are connected with them. The Grand Jury was expected to make its final report yesterday afternoon. County Attorney H. McK. Fulgham is authority for the statement that this will be one of the most expensive terms of court, as well as lengthy ones, held in years, due to the fact of severel special venires summoned and to be summoned, and the length of many cases that are being tried. Curtis Cotton vs Dan Perkins e al. Order transferring case (o Chancery Court. Mrs. Arcola Winslow by next friend vs. Mississippi Central R R. Co. Compromised some time ago and order now entered dismissing case from docket. R. N. Miller, of Hazlehurst; Clem V. Ratcliff, of Shreveport; Hooker McGehee and J. B. Holden, of Summit; J. M. Alford, of Tylertown; Luther Whittington, of Meadville, and W. R. Cutrer, of Magnolia, are out-of-town attorneys attending court.

6. November 3, 1913 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, November 3, 1913

Click image to open full size in new tab

Article Text

WOULD HOLD BANK DIRECTORS LIABLE RECEIVER OF DEFUNCT SUMMIT BANK HAS FILED SUITS TO RECOVER. Jackson, Nov. 3.-Receiver Gracey, of the defunct People's Bank of Summit, whose president and cashier are now serving terms in the penitentiary, has filed suits against J. L. Meyes, Leon Moyse, Wallace Atkinson, A. P. Cunningham, and Dr. J. R. Sample, directors of the bank, seeking to have them declareed liable for loans made by the institution, aggregating more than $100,000. E. S. Atkinson, president of the bank, commenced his two year penal term several days ago, and Woods Atkinson, cashier, has been in the penitentiary for several months. The suits filed against the directors alleges that they personally knew that President Atkinson was "loaning money to himself," in violation of law, it being through this method that the institution was wrecked.