19732. Peoples Bank (Milwaukee, WI)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
August 1, 1859*
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
cc2faa96d4cb7bfc

Response Measures

None

Description

Contemporary newspapers (Aug 1859) list 'Peoples' Bank, Milwaukee' among banks 'now winding up' in Wisconsin with securities assigned to the State Treasurer for redemption of circulation. This indicates the bank was closing/liquidating (suspension leading to permanent closure). No run or depositor panic is mentioned in the articles. OCR of the name in some copies appears as 'People's Bank' or 'Peoples' Bank' โ€” corrected to Peoples' Bank here.

Events (1)

1. August 1, 1859* Suspension
Cause
Voluntary Liquidation
Cause Details
Listed by the Bank Comptroller as 'now winding up' with securities assigned in trust to the State Treasurer for redemption of outstanding circulation, indicating orderly winding up/liquidation.
Newspaper Excerpt
Peoples' Bank, Milwaukee ... are now winding up in this State
Source
newspapers

Newspaper Articles (2)

Article from The Weekly Pioneer and Democrat, August 12, 1859

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Article Text

According to the report of the Bank Comptroller, SQUIRES, the following Banks care now winding up in Wisconsin : Badger Stat Bank, Janesville ; Bank of the City of La Crosse ; Farmer's Bank, Hudson ; Germania Bank, Milwaukee: Globe Bank Milwankee ; Janesville City Bank, Janes. ville; Kanakee Bank, Black River Falls; Marathon County Bank, Eagle River ; Merchants' Bank, Milwaukee ; Northern Wisconsin, Aurora ; Oshkosh City Bank, Oshkosh : People's Bank, Milwaukee ; Pro. ducer's Bank, Janesville : State Security Bank. Gemekon; Union Bank, Milwaukee Wiscomsin Bank, Mineral Point. For the redemption of the outstanding circulation of these Banks, securities have been assigned in trust, to the State Treasurer, amounting in the aggregate to $870,760. The Chicago Press and Tribune, of a late date has the following article upon the future aspects of-business affairs We stated in a paragraph, the other day. that the imports at New York. from January 1st to July 31st, 1859, were $156,450,000. In the same time, the exports, including $43,248,000 in specie, were $80,409,000. The diffierence between the sums is the amount-$76,041,000-that the country has run in debt since the beginning of the year. This will absorb three-fourths of the cotton now growing, and if the same course of trade is continned until January 1860, all the cotton and all the current receipts of Califor nia gold will disappear in the yortex which these enormous importations of gimeracks and gewgaws have created, leaving our merchants heels-overhead in debt and unable to pay, even though they drain the banks of bullion and coin, and inaugurate a new panic, in trying. It has been hoped that importations would fall off as soon as the season advanced, and that some: thing would be done toward the restoration of a commercial equilibrium: but the tide is swelling in force and volume. instead of decreasing. See what was done in July: .. -- ----


Article from The Lansing State Republican, August 23, 1859

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Article Text

WSCONSIN BANKS WINDING Ur.-According to the report of Bank Comptroller Squires, the following banks are now winding up in this State: Badger State Bank, Janesville. Bank of the City of La Crosse: Farmers' Bark, Hudson: Germania Bank, Milwankee; Globe Bank, Milwaukee; Janesville City Bank; Kankakee Bank, Black River Falls; Marathon County Bank, Eagle River; Merchants' Bank, Milwaukee; Northern Wisconsin, Aurora; Oshkosh City Bank; Peoples' Bank, Milwaukee; Producers' Badk, Janesville; State Security Bank, Gemekon; Union Bank, Milwaukee; Wisconsin Bank, Mineral Point. For the redemption of the outstanding circulation of these banks, secuaities have been assigned in trust to the State Treasurer, amounting in the aggregate to $870,760.-Milwaukee Sentinel.