Peoples National Bank & Trust Company (Chicago, IL)

View Charter #13311 on SPMC View balance sheet

Episode Information

Episode UID
1331101590
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
133110 national
Charter Number
13311
Start Date
June 1, 1932*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eea4a62c178e9fcc

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
63.0%
Date receivership started
1932-06-27
Share of assets assessed as good
6.6%
Share of assets assessed as doubtful
92.4%
Share of assets assessed as worthless
1.0%

Description

Article 1 names a 'Peoples Bank and Trust' at 1542 W. 47th; likely the same institution named here.

Events (5)
1. April 13, 1929 Chartered
Source
historical_nic
2. June 1, 1932* Run
Cause
Rumor Or Misinformation
Cause Details
Widespread anonymous/communistic propaganda and whispering campaigns triggered simultaneous runs on Chicago banks in June 1932.
Measures
None mentioned beyond directors' and examiners' responses in press reports.
Newspaper Excerpt
the runs which threatened every bank in Chicago last month
Source
newspapers
3. June 22, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals following the June runs and loss of depositor confidence tied to the reported propaganda campaign prompted directors and the national bank examiner to close the bank.
Newspaper Excerpt
Two national banks were closed yesterday. One was the Peoples Bank and Trust 1542 West 47th street. The board of directors asked A. P. Leyburn, national bank examiner, to close the doors of the bank.
Source
newspapers
4. June 27, 1932 Receivership
Source
historical_nic
5. June 8, 1934 Receivership
Newspaper Excerpt
the Peoples National Bank and Trust, according to W. W. Pearson, receiver, has started distribution of a 30 per cent dividend to depositors.
Source
newspapers

Newspaper Articles (11)
1. June 22, 1932 Chicago Tribune Chicago, IL
Article from Chicago Tribune, June 22, 1932

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Article Text

PHILLIP STATE BANK IN ROGERS PARK IS CLOSED Two National Banks of Chicago Shut Doors. The Phillip State Bank and Trust company, 7001 North Clark street, was closed by the auditor yesterday at the request of the board of directors. The bank was capitalized at $500,000 and its surplus and un. divided profit account was carried $285,000. Its deposits at the time of closing were $2,100,000. There had been heavy withdrawals in recent weeks. Trust Company Taken Over. The bank on June 2 acquired the Cook County Trust from Moe Rosenberg, side Democrat politician, through the purchase of $200,000 of preferred stock and 10,000 shares of stock. A year in July 1931, the bank assumed the liabilities of the Illinois State bank, which closed owing $385,000. The Illinois State bank was neighboring bank and the assumption of its debts was declared by Phillip bank officials to be contribution to the of Rogers Park." C. A. Beutel was president of the Phillip bank and Barnet L. Rossett was chairman of the board. Two National Banks Closed. Two national banks were closed yes. terday. One was the Peoples Bank and Trust 1542 West 47th street. The board of directors asked A. P. Leyburn, national bank examiner, to close the doors of the bank. It had deposits of $3,007,000, capital of $1,000,000, surplus of $250, 000 and undivided profits of $110,000. The bank had deposits of $12,000,000 in June, 1930. The Standard National bank of Chi. cago, 7921 South Ashland avenue, was closed. This bank had capital of $300,000, surplus of $25,000 and deposits of $300,000.

2. July 28, 1932 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, July 28, 1932

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Article Text

FOSTER DENIES REDS BACKING BANK ATTACK CHICAGO, July 28.-(P)-Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly blamed the communist party for systematized attack on the Integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by sovlet Russia. William Z. Foster. communist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac. or that man known as George Rowland. in whose room seditious letters found. was member of the party. Illinois' drastic sedition law. providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means," was eyed as the handlest weapon should any radicals be caught (Continued on Page Two)

3. July 28, 1932 The Merrill Daily Herald Merrill, WI
Article from The Merrill Daily Herald, July 28, 1932

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Article Text

BLAMED CAMPAIGN Melvin Head, Believes Plot found were sought today by the everywhere directors against the confidence Chicago officials Michigan police blamed the Communist party for attack the integrity financial institutions in many large cities, particularly the runs which every bank Chicago last month It said by prosecuting attorney Pontiac, have been backed by Soviet Russia William Foster. Communist candidate for president, denied organization had sponsored whisagainst the First pering campaign National bank Pontiac, that man known George ist whose room seditious was member of the party. 'Rowland,' believed today to be really George E. once candidate for president Queens Borough New York City and with record for criminal Michigan since last in August. Illinois' drastic sedition law. 20 years imprisonment and directed against "anyone who advocates the violence or any other ernment by unlawful means, was eyed as the should any radihandiest weapon caught and connected be the Pontiac more than the caused ing two in citadels soundest store upwards of order to meet cash on hand in mands of longer The situation definitely acute, appeared the Pontiac let references from Chicago, advising sent "much that there and progress on jugs in president of Melvin National bank and the First American Bankers head of the association, er blamed the 'radicals, "plot to be he believed the he said that he had and cities that ports from many used in frightenilar system was teledepositors by anonymous ing messages. bankers told how Other Chicago 300 400 bank radicals opened withdrew them accounts and en spreading news simultaneously, the

4. July 28, 1932 Finger Lakes Times Geneva, NY
Article from Finger Lakes Times, July 28, 1932

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Article Text

Begun for Authors of Red Propaganda Chicago Bankers, Government Officials and Michigan Police Unhesitatingly Blame Communist Party for Systematized Attack on Integrity of Financial Institutions in Many Large Cities Chicago, July communistic propaganda found Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere the directors of campaign against the confidence bank depositors. Chicago bankers, government ficials and Michigan police unhesitatingly blamed the communist party systematized attack the integrity financial institutions in many large cities, particthe runs which threatened every bank Chicago month. said by Smith, prosecuting attorney Pontiac, have been backed by Soviet RusWilliam Foster, communist candidate for president, denied his organization had sponsored whispering campaign against the first national bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member the party. "Rowland," was believed today really to be George Powers, once candidate for president Queens borough in York City with record for criminal syndicalism in Michigan since last August. He escaped police trap his raided hotel room and became object national dragnet. Illinois' drastic sedition viding 20 years imprisonment and directed against "anyone advocates reformation of ment by violence any lawful means," eyed the handiest weapon should any radicaught and connected with the Pontiac literature For letters signed "Yours for the revolution," and some discussed bringing about the unrest which will lead Chicago's June bank runs closed more than 40 includtwo in the loop, and caused city's citato store upwards of $100,000,000 in cash hand in order meet demands of depositors. The situation here. no longer acute, appeared definitely linked with in the Pontiac letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs jugs in Melvin Traylor, president of the First Bank formhead the American Bankers Association, blamed the "radicals He said believed the "plot and that he had reports from many cities that similar system was used frightening depositors by anonymous telephone messages. Rowland's letters told of plan, discussed but abandoned, simultaneous many key cities. Other Chicago bankers radicals opened 400 bank accounts and then withdrew them simultaneously, spreading news of the The American vigilant intellifederation identified rade H. Rowland's Cleveland correspondent, Harry Gannes, director agitation and propaganda for the New They said he in Chicaduring 1931 when bank runs first became serious. Rowland's Chicago formant, they said, Herbert Newton, alias Gilmer Brady, with offices communist headquarters in West Madison St indicted in Atlanta for criminal syndicalism and studying sociology the Univerof Chicago. The federal seditious conspiracy makes force essential to prosecution for attempts to overthrow the government. Federal the service has jurisdiction over rumors against banks but that most state laws make them crimes.

5. July 28, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, July 28, 1932

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Article Text

BANK PLOTTERS SOUGHT. Widespread Search Made for Men Traced to Pontiac, Mich. CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.

6. July 28, 1932 Los Angeles Evening Citizen News Hollywood, CA
Article from Los Angeles Evening Citizen News, July 28, 1932

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Article Text

NET SPREAD RED BANK PLOT CHICAGO July 28 Authors of Communistic propaganda found sought today by the secret service and detactives everywhere as directors nationwide campaign against the confidence of bank depositors. Chicago bankers government of ficials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions many large cities. particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, pros ecuting attorney at Pontiac to have been backed by Soviet Rus William Z. Foster Communist candidate for President, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row ters were found. was member of the party Illinois' drastic sedition law provides 20 years imprisonment for "anyone who advocates reformation of the government by violence or any other unlawful means." Chicago's June bank rons closed more than 40 institutions and caused the city's soundest financial citadels to store upwards of $100.000,000 in cash on hand in order to meet demands of depositors. The situation here. no longer acute, appeared definitely linked with references in the Pontiac let ters sent from Chicago, advising 'Rowland' that there was "much progress here" and runs on jugs in loop."

7. July 28, 1932 The Evansville Journal Evansville, IN
Article from The Evansville Journal, July 28, 1932

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Article Text

BANK BREAKERS ARE SOUGHT BY U. S. AND STATE COMMUNIST INFLUENCE IS OPENLY H ARGED AS RING IS EXPOSED CHICAGO, July 28-(AP) of communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials, and Michigan police unhesitatingly blamed the communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. Smith. prosecuting attorney at Pontiac, have been backed by soviet Russia. Foster Denies Connection William z. Foster, cominunist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member of the party "Rowland, was believed today to be really George E. Powers, once candidate for president of Queens borough in New York City and with record for criminal syndicalism Michigan since last August. He escaped police trap 20 Year Penalty Illinois' drastic sedition law, providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means,' was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature Chicago's June bank runs closed more than 40 institutions, including two in the Loop, and caused the city's soundest financial citadels to store upwards of $100,000,000 in cash on hand in order to meet demands of depositors.

8. July 28, 1932 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, July 28, 1932

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Article Text

Leader of Ring Sought by Police Agitators in Michigan, Ohio and Illinois Said to Be Supervised by Man Named in Writ [By The Associated Press.] PONTIAC, MICH., July plot against banks the described by State police officer who "bold scheme structure major circulating false rumors, was here today coincident with order for the arrest of the ected its activities George Rowland. said be the rector of ring seeking to failure banks by runs resulting from rumors that they were in unsound condition. the object of the search. Captain Ira Marmon of the police raided his hotel and letters and the methods of operation of the ring, described of radicals seeking revolution Smith prosecuting Oakland County declared the plot was by Commungroups the United States and backed Soviets in Russia Directed Activities States. Marmon Rowland the and director of tation for Ohio, and Illinois the ring was the First Bank which cently depositors to support the bank after assuring them was sound Letters Rowland's room seized Captain Marmon revealed the ring were active CleveChicago reported Letters written Rowland the operati in those two cities for the the campaign and asked for president the National Bank Chicago, that city that refrom practically every city country similar campaigns rumors have been directed banks advices the spreadof such rumors banks the attention the United States Service. Secret Service agents already number Moran. chief the said, and every found that the stories untrue the were financial Close operation with State officials cases was promised Letters Rowland's room told the activities of Rowland's agents in Cleveland against the Union Trust Company and Cleveland Trust Company and the "Big Five" Chicago, the Bank and other there Practically the letters contained the "Yours for the revolution. One. written by Comrade HG, referring the circulation the false did not have trouble in convincing the agitation bureau that this important work the sooner strip petty bourgeois the white-collar his faith banks will about the unrest that will lead to the Another written by Rowland "Comrade plans of the to about run many parts the country apparently was considered this program simultaneous against institutions and other key institutions through the country and Continued on Page Five. Harmonious Conference Between the Candidate and Bay State Chief Assures Formal Stand Cermak Claims Entire Midwest Mass. Executive to Give Statement After Nominee's Speech Saturday [By The Associated Press NEW YORK July last Smith leaders was over Roosevelt cause today Smith in the Middle reported in and own set for August Ohio. Governor who remained the one "happy warrior's' chieftains on record favor the New York spent two and half hours with Roosevelt the executive manAlbany When the session was over. was evident from the conferees replies queries, that harmonious agreement had been reached. whereby Ely will statement and will the fight for the ticket Cermas Claims Midwest. Mayor Cermak Chicago on his here that quick Democratic plank and his master of fiying Chicago ringing speech had him support throughout Middle At Democratic headquarters would opening gun campaign Ohio, August before Demofrom parts the State The gathering will be under the auspices Democratic State and will come President Hoover delivered his acceptspeech. has gone Republican in the last the States the Roosevelt said determined When placed Smith came "place meeting with the party was asked will you support Roosevelt?" "I'll tell about that statement to issued Monday then he from the which deal with the Democratic platEly the radio talk would have This was mean assure Democrats talk that the declaration repeal the Eight eenth not ordinated other and that Ely would then come out dorsement the basis of such declaration Outcome is Surprise The outcome which had been hailed peace in quarthe presibeen his James trip for that presence he had said the Bay after talking Ely had said nothing When he the executive mansion Albany today, he was "Do you expect the people Massachusetts he said, without Mayor who stopped New York for few on his way from his had nothing but predictions make about Democracy's chances in his section the country "Illinois will Democratic vember by vast said Iowa will be column. We are all amazed the Roose- Continued on Page Five

9. July 29, 1932 Henryetta Daily Free-Lance Henryetta, OK
Article from Henryetta Daily Free-Lance, July 29, 1932

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Article Text

NATION SCOURED FOR AUTHORS OF BANK RUN PLOT CHICAGO, July 20.--Authors of ommunistic propaganda found in a Pontiac, Mich., hotel are being sought by the secret service and detectives everywher as the directors of a nation-wide campaign against the confednce of bank depositors. Chicago bankers, government officials and Mi higan police unhesitatingly blamed the Communist party for systematized attack on the intgrity of finan instituions in many large cities. parti ularly the runs which threatened every bank in Chicago last month. It was said by C.L. Smith, prosecuting attorney at Pontiac to have been backed by Soviet Russia. Norman Z. Foster, communist candidate for president. denied his organiaztion had sponsored a whispering campaign against the First National bank of Pontiac. or that a man known as George Rowland, in whose room seditious letters were found, was member of the party Illinois's drastic sedition law. providing 20 years imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means, was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature. For the letters were signed "yours for the revolution.' and some disussed "bringing about the unrest which will lead to the revolution." Chicago's June bank runs closed more than 40 institutions, including two in the Loop. and caused the city's soundest financial citadels to store upward of $100,000,000 in cash on hand in order to meet demands of The situation here, no longer acute, appeared definitely linked with ref erences in the Pontia: letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs on jugs in Loop." Rowland's letters told of a plan. discussed but abandoned, of starting simultaneous runs in many key cities.

10. June 8, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 8, 1934

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Article Text

PEOPLES BANK TO PAY 30 PER CENT DIVIDEND Suit Against Six Indemnity Companies Pressed by Receiver. By Times Special CHICAGO, June 8.-The Peoples National Bank and Trust, according to W. W. Pearson, receiver, has started distribution of a 30 per cent dividend to depositors. The total payment is estimated to be about $1,000,000. Suits against six indemnity companies for $185,000 allegedly misappropriated by the former vicepresident of the bank is being pressed by Mr. Pearson. The former vice-president was convicted of this charge a short time ago and was sent to prison. Notices will be sent to the depositors by the bank informing them when they can call for their funds. Mr. Pearson stated that the prospects for further distributions would depend entirely upon the real estate market.

11. June 9, 1934 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 9, 1934

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Article Text

PEOPLES BANK TO PAY 30 PER CENT DIVIDEND Suit Against Six Indemnity Companies Pressed by Receiver. By Times Special CHICAGO, June 9.-The Peaples National Bank and Trust, according to W. W. Pearson, receiver, has started distribution of a 30 per cent dividend to depositors. The total payment is estimated to be about $1,000,000. Suits against six indemnity companies for $185,000 allegedly misappropriated by the former vicepresident of the bank is being pressed by Mr. Pearson. The former vice-president was convicted of this charge a short time ago and was sent to prison. Notices will be sent to the depositors by the bank informing them when they can call for their funds. Mr. Pearson stated that the prospects for further distributions would depend entirely upon the real estate market.