5587. Peoples State Bank (East Chicago, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 15, 1933
Location
East Chicago, Indiana (41.639, -87.455)

Metadata

Model
gpt-5-mini
Short Digest
dd61b09c

Response Measures

None

Description

Both articles (Nov 15, 1933) list Peoples State Bank of East Chicago among 'closed banks' eligible for RFC reconstruction loans and mention liquidating agents/receivers. No article describes a depositor run; the bank is closed and in liquidation/receivership, so classified as suspension leading to closure.

Events (2)
1. November 15, 1933 Receivership
Newspaper Excerpt
All except State Bank ... are in receivership. The ... being by liquidating agent. ... Loans ... will be used to pay immediate dividends to depositors. Peoples State of East Chicago listed among eligible banks in receivership or closed and liquidating agents invited to meeting (paraphrase of articles).
Source
newspapers
2. November 15, 1933 Suspension
Cause Details
Referenced as one of the closed banks eligible for RFC reconstruction loans and liquidation; article does not state a specific trigger (e.g., run or fraud).
Newspaper Excerpt
Peoples State bank at East Chi... listed among closed banks eligible for R. F. C. loans
Source
newspapers

Newspaper Articles (2)
1. November 15, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, November 15, 1933

Click image to open full size in new tab

Article Text

LOANS FROM RFC RELEASE Payment of Half of Frozen Deposits Planned Before Christmas-City Share Is $1,500,000. Christmas closed companies planned by Seventh Federal Indiana and the state committee is arranging frozen deposits about defunct banks through reconfinance loans. will make possible Christmas gifts by many would have small yuletide cheer It will mean business for and possible payment of debts. Details of the plan be outlined and liquidating agents banks meeting tomorthe Indianapolis Athletic Would Release Nearly Half. At the banking department yesterday it explained that the expected release about half the deposits the closed banks in the Seventh district, which comprises most liquidating agents invited to attend the meeting letters sent out by Robert R. Batton, chairman of the Federal committee and the other four members, all of whom are members the department financial instituFour closed Indianapolis banks eligible the state officials explained. half the deposits in Indianapolis institutions as approximately $1,500,000 free in the The Indianapolis banks and approximate deposits, Farmers Trust $1,Aetna Trust Company, Virginia AveState and Belmont State to Furnish Funds. Mechanics of the plan simply provide for long-term loans to the funct banks, through the receivers liquidating Existing sets are pledged collateral for the loans. funds derived from the reconstruction finance corporation. The assets be liquidated orderly fashion and the loans repaid to the Federal government by the receivers and liquidating agents. This will the flooding markets bank and prevent assets sacrifice figures. period five years the assets be advantage, it explained. Banks eligible the loans include about closed was explained banking department. Banking Department at Helm. Most of the involved be done through the state banking deThe Indiana committee will co-opwith the finance corporation and the deposit liquidation board in making the loans banks through James Leavell of Chicago and Walter W. Smith of the Seventh and Eighth Federal districts The Indiana committee. headed by Mr. Batton of includes Myron H. Gray of Muncie, Harvey Hartsock Indianapolis, Setser Columbus and Oscar Welborn of Indianapolis. one committees of bankers and business men appointed to speed the of more than $3,000,assets closed national and state banks throughout the country. Banks to Make Applications. The receive applications from closed banks for loans from the poration. The committee then will review the application and fix liquidating for the listed assets period of three to five years. The application then will be passed along to the district chairmen with for amount, less the cost determining district chairman will recomaction to the deposit liquidatBanks operating under liquidating agent of the state banking mission receiver to which the notices sent included Citizens Loan and Trust Company of Frankfort, Peoples State bank at East ChiCitizens State bank at NoblesExchange Lyons, Wabash County Loan Trust Company Trust ComIndianapolis, Valley

2. November 15, 1933 The Times Hammond, IN
Article from The Times, November 15, 1933

Click image to open full size in new tab

Article Text

83 Madden Tells How Taxpayers Are Hoodwinked RECEIVERS THE WEATHER Dr. McCulloch Elected to GIRL STILL GARY MAN Chief Engineer Geupel INDIGENT Partly cloudy. quite cold and IN CRITICAL State Central Committe MEET To Outline Disposal Plan Moonrise, EXPLAINS HAMMOND FOR REGION CONDITION today of commission, the state Indianapolis Physician, De- Will Meet Officials of Gary, his successor. for THURSDAY Weather fair noon. refused to have his name unless feated Twice for GoverTAX ISSUES however, and Hammond, East Chicago FAMILIES TO ROTARY How Politicians Are Able to Conceal A City's True Financial Condition How politicians may pull the wool over the eyes of unsuspecting voters on tax issues was explained by M. W. Madden, Gary accountant, in an address before Hammond Rotary club noon in the Chamber of Commerce auditorium. He said accounting of Indiana municipalities is based principle of cash entries are made in nicipal actually hands services politicians to condition BELOW DEBIT And of cording municipal report total expeneach fiscal materially below the actual Mr. Madden the during the fiscal that only $800,000 actually Therefore, the latter amount still is and ment result, politician who to make good for political campaign, report the spent only reduction expenditures under Madden such that the He combatted installing modern such used by corpo- BEST YARDSTICK subject taxaexplained that the by which measure economy total He said tax meaningless unless they combined with assessed valuabecause of the facility with may owing to accounting not total expenditures of the fiscal condition all unpaid bills the annual stateMadden concluded his talk discussion of the $3,300,000,appropriation which congress authoried for public works. He is planning request another next session of gress the make total of five billion dolauthorized for Mr. Madden declared. this that the person no of congress authories another dollars winter. that national debt of among the people that debt be have to pay will in total expenditures sooner later. Representatives to Have Details of Plan For Pledging Assets [SPECIAL THE TIMES) INDIANAPOLIS, Ind., Nov. 15. of the 24 closed banks of county declared eligible for R. F. loans today by Robert R. Batton, of Marion. chairman of the state banking commission. He these will meet those of 76 other banks the morning machinery deposits the 83 eligible The will hear details of plan for assets of their banks SEVEN ELIGIBLE FIRST TRUST SAVINGS BANK, OF PEOPLES STATE OF EAST CHICAGO. OF CROWN STATE BANK OF EAST CHICAGO BANK. AMERICAN INGS BANK. HIGHLAND. All except State Bank mond are in receivership. The ter being by liquidating agent. to the the here mall last according He the proposed is tingent approval of loans largely those in serve district, all of Indiana with the of about 10 western corner the Eligible banks largely those closed uary although all the seven Lake been closed LOAN to be about Batton Long will be made to and pledge existing of banks collateral. Cooperating R. in making the loans be banking of the following Mr. Batton, of Marion: Myron H. Gray, Muncle: Oscar Indianapolis, M. Setser, The will receive for value the consider of amount the liquidation. Loans extend from three five years and will used to pay immediate dividends to depositors.