19826. Peoples Savings Bank (Woonsocket, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
May 12, 1911
Location
Woonsocket, Rhode Island (42.003, -71.515)

Metadata

Model
gpt-5-mini
Short Digest
46cbb255

Response Measures

None

Description

By order of the bank commissioner the People's/Peoples Savings Bank suspended payments after its teller admitted a ~$25,000 shortage. The bank was to be consolidated/absorbed by the Woonsocket Institution for Savings and depositors were to be paid through that institution — indicating a permanent closure/absorption rather than a mere temporary suspension. No run is reported in the articles.

Events (1)
1. May 12, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged shortage of about $25,000 in accounts of teller H. (Hermengilde/Hermenglide) Bessette who reportedly confessed; trustees arranged partial restitution and a consolidation with Woonsocket Institution for Savings.
Newspaper Excerpt
By order of the bank commissioner the People's Savings bank has suspended the payment of money to depositors.
Source
newspapers

Newspaper Articles (6)
1. May 13, 1911 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, May 13, 1911

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Article Text

RHODE ISLAND SAVINGS BANK ROBBED BY TELLER Amount Is Only $25,000, but the Institu. tion Has Temporarily Suspended Payment. WOONSOCKET. R. I., May 12.-An alleged shortage of about $25,000 in the accounts of H. Besette, teller of the People's Savings bank of this city, was reported today. Its is said by the police that Besette has made a confession. By order of the bank commissioners the People's Savings bank has suspended the payment of money to depositors. It is expected that in ten days depositors can withdraw their accounts, If they desire, by applying to the Woonsocket Institution for Savings, with which the People's bank is to be consolidated. The People's Savings bank Is one of the oldest financial Institutions in the city, having been incorporated in 1857. It has about 4000 depositors, with deposits aggregating a little more than $2,000,000. George M. Wells Is president of the institution and R. C. Randall is its treasurer. Besette is about 35 years old, has a wife and large family in Slatersville. He has been with the bank for more than fifteen years.

2. May 13, 1911 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, May 13, 1911

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Article Text

RHODE ISLAND BANK CLOSED BY EXAMINERS Woonsocket, R. I., May 12.-By order of the bank commissioner, the People's Savings bank has suspended payment of money. It is expected in ten days depositors may withdraw their accounts by applying to the Woonsocket Institution for Savings, with which the Peaple's bank is to be consolidated. The People's Savings bank was incorporated in 1867. It has about 4,= 000 depositors, with deposits aggregating more than $2,000,000. George M. Wells is president of the institution and R. G. Randall is its treasurer.

3. May 13, 1911 Las Vegas Optic Las Vegas, NM
Article from Las Vegas Optic, May 13, 1911

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Article Text

RHODE ISLAND BANK CLOSED Woonsocket, R. I., May 13.-By order of the bank commissioner, the People's Savings bank has suspended payment of money. It is expected in ten days depositors may withdraw their accounts by applying to the Woonsocket Institution for Savings, with which the People's bank is to ne consolidated. The People's Savings bank was incorporated in 1867. It has about 4,000 depositors, with deposits aggregating more than $2,000,000. George M. Wells is president of the institution and R. G. Randall is its treasurer.

4. May 13, 1911 New-York Tribune New York, NY
Article from New-York Tribune, May 13, 1911

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Article Text

BANK TELLER SHORT $25,000? Merger May Cover Losses at Woonsocket. Woonsocket, R. I., May 12.-Simultaneously with the announcement to-day that the Woonsocket Institution for Savings had absorbed the People's Saving Bank, of Woonsocket, the statement was made by the authority of Bank Commissioner William P. Goodwin and the trustees of the People's Bank that Hermengilde Bessette, teller of the People's Bank for the last ten years, had admitted that he was responsible for a net shortage of approximately $25,000. To-day the People's Bank suspended the payment of money to depositors. It is expected that in about ten days, when the terms of the merger become effective, depositors of the People's Bank who desire their money will be paid by the Woonsocket Institution for Savings. Bessette, whose service at the People's Bank covers a period of twenty-one years and who has a wife and ten children. had received a salary of $1,500 a year. He admitted, according to Bank Commissioner Goodwin. that his discrepancies were caused by unfortunate personal investments. No criminal action has been taken against him.

5. May 13, 1911 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, May 13, 1911

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Article Text

BANK ACCOUNTS $25,000 SHORT Found In Accounts of Woonsocket Bank Teller. Is Solvent, However. Woonsocket, R. 1., May 13.-Simultaneously with the announcement yesterday that the Woonsoeket Institution for savings had absorbed the People's Savings bank of Woonsocket, the statement was made by the authority of Bank Commissioner William P. Goodwin and the trustees of the People's bank that Hermenglide Bessette, teller of the People's bank for the past ten years, had admitted that he was responsible for a net shortage of approximately $25,000. Yesterday the People's bank suspended the payment of money to depositors. It is expected that in about ten days when the terms of the merger become effective depositors of the People's bank who desire their money will be paid by the Woonsocket Institution for savings. Bessette, whose service at the People's bank covers a period of 21 years, had received a salary of $1,500 a year as teller. He lives with his wife and 10 children at Slatersville, a suburb. He admitted, according to Bank Commissioner Goodwin that his discrepancies were caused by unfortunate investments. The trustees of the bank said that partial restitution had been made by Bessette and his friends. No action has been taken against him criminally.

6. May 13, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, May 13, 1911

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Article Text

TELLER CONFESSES TO $25,000 THEFT Woonsocket, R. I., May 12.-An alleged shortage of about $25,000 in the accounts of H. Bessett, teller of the Peoples Savings bank of this city, was reported today. It is said by the police that Bessett has made a confession, By order of the bank commissioner the Peoples bank has suspended the payment of money to depositors, who number 5000. It is said that in 10 days depositors can withdraw their accounts if they desire by applying to the Woonsocket institution. The deposits amount to $2,000,000.