4523. Peoples State Bank (Ramsey, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 12, 1931
Location
Ramsey, Illinois (39.144, -89.109)

Metadata

Model
gpt-5-mini
Short Digest
2a36f91206a9af9a

Response Measures

None

Description

Articles indicate the Peoples State Bank of Ramsey was defunct and in receivership (no mention of any depositor run). Former officers were indicted (1931) for alleged frauds and the receiver was distributing dividends (1932). I corrected minor name punctuation (People's vs Peoples). Dates of failure/suspension are not explicitly given in the clippings; receiver activity is documented in 1931–1932.

Events (3)
1. September 12, 1931 Receivership
Newspaper Excerpt
Ruling Sustains Six of the Seven Charges Against Ramsey Pair ... the defunct Peoples State bank Ramsey ... disclosed by Receiver Don ... the bank contends that both ... are classed among assets the Rep. Arthur Roe. representing the (article mentions receiver and indictments).
Source
newspapers
2. June 18, 1932 Receivership
Newspaper Excerpt
Conner, receiver for the People's State Bank of Ramsey ... he had mailed out checks to the depositors of the Ramsey bank for 15 per cent dividend. This brings the total dividend paid up to 45 per cent.
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Former officers indicted for obtaining deposits under false pretenses and related alleged frauds that rendered the bank insolvent.
Newspaper Excerpt
the defunct Peoples State bank Ramsey decision circuit court ... the defunct Peoples State bank
Source
newspapers

Newspaper Articles (2)
1. September 12, 1931 Herald and Review Decatur, IL
Article from Herald and Review, September 12, 1931

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Article Text

UPHOLDS INDICTMENT OF Ruling Sustains Six of the Seven Charges Against Ramsey Pair TRIAL OCTOBER (Special to The Herald) Thomas Jett sustained six the dictments against Robert president. and the defunct Peoples State bank Ramsey decision circuit court Ruling the seventh indictment withheld Trial of the former bank officers set for The had sought have quashed. They are charged with confidence game deposits when aware that the bank solvent and with obtaining personal property under false pretenDecision on the latter ment was withheld Friday by Judge Jett. Another Hearing Sept. 22 Hunt and Smith are to have hearing Sept. connection transaction disclosed by Receiver Don of leged that Robert secured what amounted to loan of $30,000 from his brother. Hunt. in the presidency the bank H. Hunt given valued $30.000 Later the $30,000 cash received from the brother listed deposit and Hunt returned the securities the bank contends that both The the $30,000 deposit and the securities are classed among assets the Rep. Arthur Roe. representing the

2. June 18, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, June 18, 1932

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Article Text

BANK RECEIVER SENDS OUT DIVIDEND CHECKS Vandalia, Ill., June Conner, receiver for the People's State Bank of Ramsey and the Bingham State Bank announced this week that he had mailed out checks to the depositors of the Ramsey bank for 15 per cent dividend. This brings the total dividend paid up to 45 per cent. He also paid 10 cent diviper dend to the stockholders of the Bingham bank. Depositors in the Bingham bank were paid in full without any stock assessment.