Peoples State Bank - East Chicago, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 22, 1932
Location: East Chicago, Indiana (41.639, -87.455)

Metadata

Model: gpt-5-mini
Short Digest: 192ed7d8

Response Measures

None

Description

Article (Vidette-Messenger of Porter County, 1932-06-22) reports the board of directors decided to suspend the People's/Peoples State Bank of East Chicago; State Bank Commissioner sent an examiner to take charge. No reopening mentioned; examiner/commissioner involvement suggests closure and placement into official control. OCR shows People's in article; bank name provided as Peoples State Bank.

Events (1)

1. June 22, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Board of directors decided to suspend after a lengthy conference; commissioner sent an examiner to take charge, implying financial distress or precautionary suspension by directors/officials.
Newspaper Excerpt: Closing of the People's State Bank of East Chicago, Ind., with deposits of approximately $205.000 was announced here today by State Bank Commissioner Luther F. Symons.
Source: newspapers

Newspaper Articles (1)

1. June 22, 1932 Vidette-Messenger of Porter County Valparaiso, IN

Article from Vidette-Messenger of Porter County, June 22, 1932

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Article Text

EAST CHICAGO BANK SUSPENDS Indianapolis, June 22-(INS)-Closing of the People's State Bank of East Chicago, Ind., with deposits of approximately $205.000 was announced here today by State Bank Commissioner Luther F. Symons. The bank's suspension was decided upon by its board of directors following a lengthy conference last night, Symons said. Notice of the board's decision was telephoned Symons at his home here shortly after midnight. He immediately sent Examiner John E. Myer to take charge of the institution's affairs. "The depositors probably are fairly well protected," Symons said. "The assets of the bank are listed at $369,000 which should preclude losses to depositors.' (Flashes continued on page three)