17471. Peoples Bank (Frazeysburg, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 14, 1926
Location
Frazeysburg, Ohio (40.117, -82.119)

Metadata

Model
gpt-5-mini
Short Digest
6ae32e81

Response Measures

Full suspension, Books examined

Other: Bank was later taken for liquidation and replaced by a new chartered bank in town.

Description

Cashier James L. Browning died (Dec 14, 1926), prompting rumors and steady withdrawals. The bank was suspended and taken into custody by the Ohio superintendent of banks in early January 1927 for examination. By mid-February 1927 the institution had been taken over for liquidation and a new chartered bank (Ohio State Bank) was organized to replace it. Classification: run caused suspension and eventual permanent closure/liquidation.

Events (3)
1. December 14, 1926 Run
Cause
Bank Specific Adverse Info
Cause Details
Tragic death of cashier James L. Browning; rumors (some alleging suicide and missing bonds) led depositors to withdraw funds.
Measures
State examiners investigated; superintendent later took custody of the bank.
Newspaper Excerpt
Consistent Run Since Tragic Death of James L. Browning, Cashier
Source
newspapers
2. January 1, 1927 Suspension
Cause
Government Action
Cause Details
State superintendent of banks officially took custody and suspended business pending a thorough audit and examination.
Newspaper Excerpt
At the close of business Friday, the People's Bank Co., of Frazeysburg, suspended and was taken over by the state of banks to remain closed until a complete audit of its accounts can be made.
Source
newspapers
3. February 16, 1927 Receivership
Newspaper Excerpt
The decision of the local men form new bank was made following People's bank of Frazeysburg had been taken over for liquidation by H. Scott, state bank examiner.
Source
newspapers

Newspaper Articles (6)
1. January 1, 1927 The Times Recorder Zanesville, OH
Article from The Times Recorder, January 1, 1927

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Article Text

SUPT. OF BANKS IS IN CHARGE INSTITUTION Thorough Audit Of Books Will Be Made By Experts HOPE EXPRESSED BANK WILL RESUME Consistent Run Since Tragic Death of James L. Browning, Cashier At the close of business Friday, the People's Bank Co., of Frazeysburg, suspended and was taken over by the state of banks to remain closed until a complete audit of its accounts can be The bank's date from the recent tragic death of James Browning. cashier, which event precipitated run of the bank which has not been checked. the present status of the bank H. Scott, superintendent of banks said People's Bank company is and will be in the custody and of the of banks of the state of Ohio and said bank will be closed and its business pending examination by the department of banks. At the present time it is impossible say whether the bank has sustainany serious loss and this will be by a thorough audit and hope of the department, the bank will re-open for Hope Reopen Baker, president of the bank the board of directors have and the superintendent of to take charge the bank and its affairs, and as soon as the by the departof banks is and the true of the bank determinis their hope and intention reopen the bank and resume its busi-

2. January 2, 1927 The Tribune Coshocton, OH
Article from The Tribune, January 2, 1927

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Article Text

Doors Are Is Struck Earth Tremors Imperial Valley by Closed by GENERAL ASSEMBLY Joy and Tragedy Usher in 1927 DAMAGE IN TWO as America Celebrates Holiday Examiner WILL OPEN MONDAY ST. Jan. exceptionally TOWNS ENORMOUS celebrants of the the Taxation, Highways, Election Reform and Law Enforcement Are Main Problems Confronting Ohio zation Session Tomorrow Will Be to Preside in Senate Until Bloom Is Sworn in BY HADDOX Every thing was in readiness tonight the opening of the 87th general assembly Ohio here at 10 o'clock, Eastern standard time, Monday morning. The arduous task of attempting solve problems of taxation, gov. ernmental highway provement, election reform and law enforcement confronts the 173 legislators of the Buckeye state. Monday's session. expected be brief, will be devoted to the routine work organizing the two legislative branches, including swearing in of election of appointment various employes and selection of joint committee to notify Governor Vic Donahey that the solons are in session and ready do business. The organization work includes official announcement of the per sonnel the 42 standing committees in the senate and 36 committees in the house. After short session Tuesday, the legislators, probably will cess until the following Monday when brief inaugural service. marking induction of Governor Donahey into his third term Ohio's chief executive, will held, and the oath office administered to Lieut. Earl D. Bloom, Democrat, Bowling (Continued on Page Four) State Banking Department Making Audit; President Says Condition Is Sound DEPOSITS WITHDRAWN Rumors that Death Was Not Accidental, as Coroner Found, Leads to Closing The People's bank at Frazeysburg has been closed indefinitely as a result of "run" of depositors who withdrew their savings following the tragic death James L. Browning, cashie of the bank, who was found dead in vault. Browning either shot himor, as the coroner, Grimes of Zanesville, said, was accidentally shot when he knocked revolver from its hanger in the bank vault, its fall discharging it, the bullet entering his head. Rumors have persisted Frazeysburg since the death of the banker,- that the wound might have been self inflicted, despite statements of President W. Baker and others that the condition of the bank was sound. Altho there is no apparent reason to doubt the coroner's verdict, these led to steady withdrawal of funds. and a demand that the state take hand. FUNDS BELIEVED SAFE State examiners been working at the bank for several days. according to reports from Frazeysburg. At the close of business Friday, business was suspended. H. Scott, state superintendent of banks, officially took charge. He issued the following state ment: "The People's Bank Company and will be in the custody and control of the superintendent banks of the state of Ohio and said bank will be closed and its business suspended pending further examination by the department of banks. the present time It Impossible to say whether the bank has sustained any serious loss and this will be determined by thoro audit and examination. is the hope of the department that, upon completion of the examination. the bank will for business." Following meeting of the board of directors of the bank, the president, W. Baker, issued the following statement: board of directors have and have requested the superintendent of banks to take charge the banks and its affairs and soon as the examination by the department of banks completed and the condition of the determined. their hope and intention to re-open the bank resume

3. January 4, 1927 The Coshocton Tribune Coshocton, OH
Article from The Coshocton Tribune, January 4, 1927

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Article Text

Verdict of Accidental Death Is Not Accepted Man Who Claimed Liberty Bonds Were Missing from Safety Deposit Box Called on Banker with Attorney Shortly Before Shot Was Declares $3,200 of Her Bonds on Bank Funds Accept Grimes' Verdict The air in Frazeysburg is charged with excitement as bank examiners prepare to audit the books of the People's bank, the only financial institution in the village. In nearly every store, pool room or barber shop in town, one may hear a group discussing the bank and its late cashier, James L. Browning, who was killed in the bank vault on December 14 when a revolver was discharged. Facts tend to show that the death of Browning occurred by suicide. Most of the people of Frazeysburg and vicinity are yet to be convinced that it was anything but case of self-destruction. They have no reason to believe otherwise, except that Grimes, MuskingumCO coroner, pronounced death due to accident. A Tribune reporter who visited the village yesterday and interviewed numerous depositors, holders of safety deposit boxes, bank officials, and residents of the village, uncovered the following facts: At least two persons declare bonds in their posit boxes to be missing. One of these visited Browning with an attorney and had called the cashier back room for ference few minutes before Browning went to the vault and was shot. The explanation of Browning's accidental death not plausible. stated the revolver fell from discharged on the floor, the bullet striking and setting burglar alarm, then glancing from the alarm and striking Browning above the left reporter denied permission visit the vault determine to how there could the walls the vault, and whether bullet had struck the burglar alarm at all, or In such to It off. manner set Depositors and residents generally refuse to accept the coroner's verdict accident, and the run on the bank continues. Nearly everyone in the village not connected in any way with the believes the coroner's verdict. incorrect. The coroner's explanation that was "possible" that the revolcould have been knocked from hook nall in the wall of the vault and accidentally discharged. the bullet striking Browning the head, satisfactory to the people of Frazeysburg. The bullet struck just above the left eye and passed completethru the head. emerging at the back of the skull. When by 'phone on the day the tragedy. Coroner Grimes declared he could not tell where the bullet entered or left the head. He declined give other information concerning the shooting. BANK OFFICIALS VAGUE Tribune reporter talked with president, vice president and employes of the bank. of the one bank examiners. and with number of business men and residents of the village yesterday. Those not connected with the bank talked the directors and employes not willingly They reluctant to discuss the affair. and what answers they gave brief and decidedly None would defiany nite statement concerning the death of Browning the time Browning was the burglar alarm in the bank was turned Rumor has that started the alarm to deadthe sound of the shot. Ethel Gardner. the only employe bank the time. declares. that alarm did not start until the shot She the bullet of the alarm such glanced and struck buttons alarm nail inside could steel. Clarbank. Jereme the opinion the bank any good and The wanted the nail. which the revolver hung. where the bullet of the and

4. January 4, 1927 The Tribune Coshocton, OH
Article from The Tribune, January 4, 1927

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Article Text

Verdict of Accidental Death Is Not Accepted Man Who Claimed Liberty Bonds Were Missing from Safety Deposit Box Called on Banker with Attorney Shortly Before Shot Declares $3,200 of Her Bonds on Bank Funds Accept Grimes' Verdict The air in Frazeysburg is charged with excitement as bank examiners to audit the books of the prepare People's bank, the only financial institution in the village. In nearly every store, pool room or barber shop in town, one may hear a group discussing the bank and its late cashier, James L. Browning, who was killed in the bank vault on December 14 when a revolver was discharged. Facts tend to show that the death of Browning occurred by suicide. Most of the people of Frazeysburg and vicinity are yet to be convinced that it was anything but case of self-destruction. They have no reason to believe otherwise, except that E. Grimes, MuskingumCO coroner, pronounced death due to accident. A Tribune reporter who visited the village yesterday and interviewed numerous depositors, holders of safety deposit boxes, bank officials, and residents of the village, uncovered the following facts: At least two persons declare bonds in their deposit boxes to be missing. One of these visited Browning with an attor. ney and had called cashier back room for ference few minutes before Browning went to the vault and was shot. The explanation of Browning's accidental death plausible stated the revolver fell from nall, was discharged on the floor, the bullet striking and setting burglar alarm, then glancing from the alarm and striking Browning above the reporter eye. denied permission visit the vault to determine how there could in the steel walls of the vault, whether bullet had struck the burglar alarm at all, or such manner to set Depositors and residents generally refuse accept the coroner's verdict and the run on the bank continues. Nearly everyone in the village connected in any way with the bank. believes the coroner's The coroner's explanation that "possible" that the revolcould have been knocked from hook nall in the wall of the vault and accidentally discharged. the bullet striking Browning the not satisfactory to the people of Frazeysburg. The bullet struck just above the left eye and passed completethru the head. emerging the back the skull. When interviewed by 'phone the day of the tragedy. Coroner Grimes declared he could tell not where the bullet entered or left the head. He declined give other information concerning the shooting BANK OFFICIALS VAGUE Tribune reporter talked with the president, vice president and employes the one the bank and with num ber business men and residents the village yesterday Those not connected with the bank talked the directors and employes not willingly They were reluctant to discuss and what answers they were brief and decidedly None would give any nite statement concerning the death of Browning the time Browning killthe burglar alarm in the bank turned Rumor that he started the alarm to the sound the shot. Miss Ethel the only employe the bank the the alarm did start until after the shot was She believes the bullet struck the mechanism such manner start then glanced and struck the head buttons starting alarm. Gardner been declared revolver nail inside rumored Frazeys burg that place vault nall could driven. being The asked fused privilege, first employe the next vice again by Jerome president. They the opinion wouldn't do the bank any good and cause reporter wanted to see which the revolver hung. shown where the bullet struck the wiring the alarm and sounded

5. February 16, 1927 The Coshocton Tribune Coshocton, OH
Article from The Coshocton Tribune, February 16, 1927

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Article Text

BANK OPENED FRAZEYSBURG Officers of Coshocton National File with State Application for Charter "OHIO STATE BANK" Capital Is $25,000, with $5,000 Surplus Paid in; Incorporators Are Local Men In response to an appeal of the citizens of Frazeysburg and community, the officers of the Coshocton National bank today are filing with the secretary of state for charter to start a new bank in The incorporators are M. Baker, Montgomery, O. Selby, Carson W. Buker and R. Baker, all of Coshocton. The title applied for is Ohio State Bank, Frazeysburg, Ohio." The bank will start with capital of $25,000, with the required surplus, paid in. Altho bank is given the privilege of earnthe required 20 per cent surplus over a period of years, the incorporators paid in this amount at the start. Frazeysburg is in good community, and being somewhat 180lated from any banking center. the people of the community feel that the village must have bank. The decision of the local men form new bank was made following People's bank of Frazeysburg had been taken over for liquidation by H. Scott. state bank examiner. The former bank was virtually ruined by the tragic death of its cashier, W. Browning, several months ago. run on the bank followed closcly the death of Browning. and another. run threatened when it was announced the bank was about to re-open.

6. February 16, 1927 The Tribune Coshocton, OH
Article from The Tribune, February 16, 1927

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Article Text

BANK OPENED FRAZEYSBURG Officers of Coshocton National File Application with State for Charter NAME "OHIO STATE BANK" Capital Is $25,000, with $5,000 Surplus Paid in; Incorporators Are Local Men In response to an appeal of the citizens of Frazeysburg and community, the officers of the Coshocton National bank are today filing with the secretary of state for charter to start a new bank in Frazeysburg. The incorporators are M. Baker, Montgomery, O. Selby, Carson W Buker and R. Baker, all of Coshocton. The title applied for Ohio State Bank, Frazeysburg, Ohio." The bank will start with capital of $25,000, with the required surplus, paid in. Altho bank given the privilege of earnthe required 20 per cent surplus over a period of years, the incorporators paid in this amount at the start. Frazeysburg in good community. and being somewhat 1solated from any banking center. the people of the community feel that the village must have bank The decision the local men form new bank was made following announcement that People's bank of Frazeysburg had been taken over for liquidation by Scott, state bank examiner. The former bank was virtually ruined by the tragic death of its cashier, Browning. several months ago. run on the bank followed closely the death Browning. and another run threatened when was announced the bank was about to re-open.