Article Text
Gary Bank Closes Dec. Peoples State capitalized at was closed today because of heavy was state banking Luther banking could be reachfor statement.
5690. Peoples State Bank (Gary, IN)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- December 26, 1930
- Location
- Gary, Indiana (41.593, -87.346)
Metadata
- Model
- gpt-5-mini
- Short Digest
46692aef
Response Measures
Full suspension
Description
Multiple contemporaneous newspaper accounts (Dec 26, 1930) report heavy withdrawals (a run) forced the Peoples State Bank of Gary to close. Articles state the bank was solvent but closed; they reference earlier Gary bank failures contributing to the panic, so the run appears driven by distress of other local banks. No reopening or receivership is mentioned in these items, so classified as run -> suspension -> closure.
Events (2)
1.
December 26, 1930
Run
- Cause
- Local Banks
- Cause Details
- Heavy withdrawals triggered by prior bank failures and panic in Gary (references to 'Gary's bank crash' and other local bank closings).
- Measures
- Bank closed its doors; directors announced closure (no mention of emergency liquidity measures or suspension terms).
- Newspaper Excerpt
- Heavy withdrawals forced the People's State Bank of Gary to close, although directors said it was solvent
- Source
- newspapers
2.
December 26, 1930
Suspension
- Cause
- Local Banks
- Cause Details
- Suspension/closure was a consequence of heavy withdrawals tied to local bank failures and depositor panic in Gary.
- Newspaper Excerpt
- Gary, Ind., People's State Bank was closed today because heavy withdrawals, was announced by the state banking department.
- Source
- newspapers
Newspaper Articles (6)
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Article Text
EIGHT MISSISSIPPI BANKS CLOSE AFTER HEAVY RUNS TUPELO MISS Dec 26 By U. The People' Bank and Trust Company and affiliated today Deposits in the closed institutions totaled Besides the Nettleton Miss. and Reinzi, Miss. branches of the trust company the following associated banks closed The Bank Guntown Bank of Saltillo Bank of Verona. Bank of Shannon and the Itawamba County Bank of Fulton. Heavy withdrawals were Missouri Bank Closes. JEFFERSON CITY Dec 26 pecial The Bank of Clark RanCounty by its directors today had total resources of $113,133 and deposits of Drouth Closes Three Banks. TOPEKA KAN Dec 26 By U P Three banks in Allen County closed their They the State Bank of Elsmore capital the People's State Bank of Moran, $15,000 deposits $127,000 and the Mildred State Bank capital $10,000 and deposits $49,000 Drouth conditions were blamed for the closings Bank at Gary, Ind., Closes GARY IND 26 N Heavy today forced the People's State Bank of Gary to close, although directors said it was solvent The bank was capitalized at $50,000 and had $355.00 deposits according to its latest statement Bank Closing in Virginia RICHMOND VA. Dec By U. Because of withdraw als. the State Bank of Pamplin Va suspended business today A mass meeting of depositors will be held tomorrow The according to the State Banking Department To Give Christmas Play The Players Methodist Church, Kingshigh way and Washington boulevards, will give Dust of the Road Christmas play by Kenneth Sawyer Goodman at 30 m Sunday in the recreational hall of the church
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Article Text
ANOTHER GARY BANK IS CLOSED The Glen bank located today and tices that had been Heavy had since closing the People's State the bank's condition president the institution. of approximately since Gary's bank crash four Wednesday aftercaused the People's State Gary banking institution close its doors. Attorney Michael Kliott, of the Kliott Hurley, its president declared that the The People's State bank was capitalized and had surplus $30,000. ized after the World the banking the location and Broadway the heart of the Broadway district. John Meyer, state bank the bank books According to officials loss to depositers slight. The People's State bank is the fourth Gary bank steel city's first failure nearly four months the Ameriwhich followed by and the Gary Labor The State bank was The West Fifth reopened the Labor bank, charge of State Bank Thomas Barr. that the People's State bank had been able until early the week. Wednesday the day before Christmas, depositors caused other run and it was necessary close.
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Article Text
WITHDRAWALS HEAVY Ind., People's State Bank Gary was closed today because heavy withdrawals, was nounced by the state banking partment. It had deposits of $531 000.
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Article Text
Bank in Gary Closs Doors GARY. Ind. Dec. 26 (INS)-Heavy today forced the People's State bank of Gary to close. Directors said the institution was solvent. The bank for $50,000 and had $355,000 in deposits, according to the last statement.
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Article Text
Indiana Bank Closes Ind., Dec. withdrawals yesterday forced the Peoples State bank of Gary close. Directors said the institution solvent. bank was italied for had $355,in deposits, according to its statement.