Peoples Savings & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: December 23, 1932
Location: Duryea, Pennsylvania (41.344, -75.739)

Metadata

Model: gpt-5-mini
Short Digest: f64fd618

Response Measures

None

Description

Article (Dec 23, 1932) reports that the business of Peoples Savings & Trust Co. of Duryea is being run from Liberty Trust Co. quarters along with several other closed banks, and that the Duryea and Plains bank buildings are kept open only for collection of notes. This indicates the bank had suspended normal operations and its business was consolidated for liquidation under banking authorities, implying a permanent closure/receivership rather than a temporary run-only event.

Events (1)

1. December 23, 1932 Suspension

Cause: Government Action
Cause Details: Deputy in charge of banks announced consolidation of business to Liberty Trust quarters to facilitate liquidation; bank operations taken over by banking authorities.
Newspaper Excerpt: All the business of the three closed banks in this city, The Dime, Liberty and Heights Deposit, is being run from the Liberty bank quarters as is the business of People's Savings & Trust Co. of Duryea ... except that the buildings of those two banks are being kept open, for the present, for the collection of notes.
Source: newspapers

Newspaper Articles (1)

1. December 23, 1932 The Times Leader Wilkes-Barre, PA

Article from The Times Leader, December 23, 1932

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Article Text

Dime Bank Affairs Run at Liberty's Quarters Today Business of the closed Dime Bank Title & Trust Co., WilkesBarre will be sylvania Liberty Trust Co. 16-18 North Main street, beginning today, Walter Oliver, deputy in charge of banks and vicinity, announced last night. All the business of the three closed banks in this city, The Dime, Liberty and Heights Deposit, is being run from the Liberty bank quarters as is the business of People's Savings & Trust Co. of Duryea and Plains State Bank of Plains, except that the buildings of those two banks are being kept open, for the present, for the collection of notes. Mr. Oliver said the consolidation of the activities of the five banks will facilltate liquidation and lessen the cost.