5023. Peoples State Bank (Maywood, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1932*
Location
Maywood, Illinois (41.879, -87.843)

Metadata

Model
gpt-5-mini
Short Digest
77d40eb2

Response Measures

None

Description

Articles show Peoples State Bank of Maywood was closed and placed in receivership (receiver reports appear in Dec. 31, 1932 statements). No article describes a depositor run prior to suspension. Closure is permanent (receivers reporting assets, claims, and payments). The exact year of the February closing is not stated explicitly in the OCR snippet; the Jan 27, 1933 article indicates the bank was already closed (likely Feb 1932).

Events (2)

1. February 1, 1932* Suspension
Cause Details
Article reports the bank was closed in February and placed in receivership; no explicit cause (e.g., run, fraud, or correspondent failure) is given in the excerpts.
Newspaper Excerpt
PEOPLES STATE OF MAYWOOD. [Closed Feb. Cash hand Total conversion of assets 42,451 claims Paid per Balance due 438,534 Receiver's expenses 7,257
Source
newspapers
2. December 31, 1932 Receivership
Newspaper Excerpt
Figures showing the financial condition of twenty closed state banks in Cook county were made public ... They were taken from the reports of the bank receivers to Nelson on Dec. 31, 1932. PEOPLES STATE OF MAYWOOD. ... conversion of assets 42,451 ... Balance due 438,534 Receiver's expenses 7,257
Source
newspapers

Newspaper Articles (2)

Article from Chicago Tribune, July 23, 1931

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Article Text

$2,824,268 PAID TO DEPOSITORS IN 10 CLOSED BANKS State Auditor Reports on 30 Receiverships. Depositors banks placed in total deposits 268 paid by made day by State ent had resources of far the sixteen of were closed paid nothing on the $154,909 Paid to Receivers. refor the banks thus far been of $154,909 for received in fees. The report does cover in the cases of banks, nor of atter neys' of the banks These are yet to state auditor paid for expenses incurred in the of the This amount has been paid into the state So far the receivers for the thirty banks have grand of total from of the closed and they disbursed of disin Mr. included the payments mentioned above and in expenditures for hire, accounts such as and depositor claims. Dividends of Ten Banks. Total largest amount paid was Abel Davis in the of the City State bank, it closed, deposits Roy Massen, attorney received amount paid to of the at torneys to This has paid & dividend per $25,000 to Chicago Trust Company. The the amount as Citizens and bank Kirkland, Green attorneys the the of View State which the salary the fees There is $47,656 for clerks' hire. the thirty in Mr. there are state banks in the table below shows ten which paid dividends depositors. The of the are Common claims Citizens Trust City 763,922 State Savings. 14,576 Exchange 95,879 Garard Trust and 21,721 Lake Millard State 214,987 Peoples State of Maywood Progressive State. West Central 125,923


Article from Chicago Tribune, January 27, 1933

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Article Text

NELSON MAKES REPORT ON 20 CLOSED BANKS Their Condition Shown in Receivers' Statements. Figures showing the financial condition of twenty closed state banks in Cook county were made public yes terday by former State Auditor Oscar Nelson. They were taken from the reports of the bank receivers to Nelson on Dec. 31, 1932. which he in turn his successor, State Au ditor Edward J. Barrett. Following are summaries of the reports: PEOPLES STATE OF MAYWOOD. [Closed Feb. Cash hand Total conversion of assets 42,451 claims Paid per Balance due 438,534 Receiver's expenses 7,257 Clerical hire Legal expenses and attorneys' fees PHILLIP STATE BANK AND TRUST [Closed June Cash Total resources Losses on conversion of assete Preferred claims 146,660 Balance due and Clerical Legal and fees 10,020 Miscellaneous 4,518 PINKERT STATE BANK [Closed 23. 1932. Cash hand of assets Preferred claims paid 5,210 Balance due 378,811 Clerical Legal expenses and fees 4,352 STATE BANK. [Closed 27. 1929.) Cash hand 27,722 293,245 of 54,244 claims paid 3,937 10 creditors 160 per cent] 145,168 and expenses. and attorneys' fees 31.343 PROVISO STATE BANK [Closed Dec. 17. 6,087 conversion of assets. 78,047 claims paid 9,589 creditors 377,675 and expenses. 4,000 attorneys' 167 3,304 STATE SAVINGS BANK. [Closed June 18, conversion of assets due creditors 4,232 fees 2,655 5,204