Peoples Bank - Cleveland, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 15, 1928
Location: Cleveland, Tennessee (35.160, -84.877)

Metadata

Model: gpt-5-mini
Short Digest: 32fb2110

Response Measures

None

Description

OCR of the article is poor. It reports that May Jessee loaned $23,000 of bank funds to his businesses without directors' knowledge and that H. Fletcher petitioned to be made receiver of the bank. No run is mentioned; the paper describes steps toward receivership (closure). I corrected obvious OCR errors in names/phrasing when extracting cause details.

Events (2)

1. May 15, 1928 Receivership

Newspaper Excerpt: H. Fletcher ... was named by Russell ... asked Fletcher be made receiver the bank. Mr. ... that case before ... to Federal ... receiver ... November ... assigned a receiver (article discusses petition for receiver).
Source: newspapers

2. May 15, 1928 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Misuse of bank funds: May Jessee loaned about $23,000 to his own concerns before resigning, without directors' knowledge; led to action seeking a receiver.
Newspaper Excerpt: Jessee Loaned $23,000 to His Concerns ... asked Fletcher be made receiver the bank.
Source: newspapers

Newspaper Articles (1)

1. May 15, 1928 Evening Herald Courier Bristol, TN

Article from Evening Herald Courier, May 15, 1928

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Article Text

MISUSE BANK FUND ALLEGED CLEVELAND Jessee Loaned $23,000 to His Concerns Before Resigning, Without Knowledge Directors May Jessee's loaning money he the People's without the consent the the of and the affair will settled within the learned this next morning H. Fletcher of yesterday was named by Russell court over Receiver Secured bank asked Fletcher be made receiver the bank. Mr. this morning that case before to Gap last week to Federal of terfeit the bank were not Mr. and rectors of the Mr. Fletcher that the bank prior to action. had the as much as they cared May Assume Notes other would as. the They were drawn little week and bonded No to Federal for the alleged His Big was Abingdon term of Federal November