Articles consistently describe the bank as defunct and in receivership; name appears in sources as 'Peoples Co-Operative State bank' (OCR variant).
Events (6)
1.October 31, 1930Receivership
Newspaper Excerpt
first step toward meeting the full obligations to depositors of the defunct Peoples Co-operative State bank of Hammond, the Peoples State bank. today paid $140,000, represent ing ten per cent of each account handled by the insolvent institution.
Source
newspapers
+11 months
2.September 22, 1931Other
Newspaper Excerpt
Depositors of the defunct Peoples Co-Operative State bank of Hammond informed of the nancial condition receivership just statement be prepared publication, Harry the joint anthis Mr. Folk declared he is preparing and to completed
Source
newspapers
+4 months
3.January 25, 1932Other
Newspaper Excerpt
The $200,000,000 fund authorized for loaning purposes to closed banks ... will do little to liquidate defunct banks, Harry E. Folk, receiver for the Peoples Co-Operative State bank, of Hammond, said this morning.
Source
newspapers
+2.4 years
4.June 29, 1934Other
Newspaper Excerpt
RECEIVER SUES BOND COMPANY ... action for $54,000 brought in Hammond Superior court by Harry Folk, receiver of the defunct People's Co-Operative State bank.
Source
newspapers
+4 months
5.October 25, 1934Other
Newspaper Excerpt
To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.
Source
newspapers
+11 months
6.September 27, 1935Other
Newspaper Excerpt
Folk will start distribution of another 5 per cent dividend, totaling $50,000, among depositors of the defunct Peoples Co-Operative State bank, of Hammond, of which he also is receiver.
Source
newspapers
Newspaper Articles (11)
1.October 31, 1930Princeton Daily ClarionPrinceton, IN
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Article Text
BANK DEPOSITORS RECEIVE PAYMENT OF ASSETS ON HAND first step toward meeting the full obligations to depositors of the defunct Peoples Co-operative State bank of Hammond, the Peoples State bank. today paid $140,000, represent ing ten per cent of each account han dled by the insolvent institution. That amount represents the total assets available for distribution at this time, officials They added that as other converted into cash, other payments would be made until depositors have been paid in full.
2.September 22, 1931The TimesHammond, IN
Article Text
PROMISE BANK REPORTS WHEN JUDGE ALLOWS
Depositors of the defunct Peoples Co-Operative State bank of Hammond informed of the nancial condition receivership just statement be prepared publication, Harry the joint anthis Mr. Folk declared he is preparing and to completed Authority from supervising court must be before be released for publication, he said. Similar statements of condition for the funct Northern Trust and Savings bank defunct Maywood Trust bank, both of now being considered David T. Emery, receiver for by institutions. this morning to with Judge Virgil Hammond perior concerning the advisability of releasing statement on both receiverfor publication. These moves being made by Folk Emery in answer valanche demands by depositors detailed statements of conlition. Receivers for the defunct First assumed control of liquidation last February.
3.January 25, 1932The TimesHammond, IN
Article Text
The $200,000,000 fund authorized for loaning purposes to closed banks as a part of the operation of the two-billion-dollar Reconstruction Finance corporation of the federal government, will do little to liquidate defunct banks, Harry E. Folk, receiver for the Peoples Co-Operative State bank, of Hammond, said this morning.
4.January 25, 1932The TimesHammond, IN
Article Text
Between now and March 15 they must notify 139 stockholders of the defunct People's Co-Operative State bank of Hammond to appear in court and make answer to a suit filed against the latter by the bank's receivers, Harry Folk and O. D. Carpenter.
5.January 8, 1934The TimesHammond, IN
Article Text
With the completion of the First Trust appraisal, the R. F. C. men now will turn their attention to assets of the defunct Peoples Co-Operative State bank of Hammond, of which Mr. Folk also is receiver. He is applying for a loan for that bank, too.
Two of the five appraisers will go
6.January 8, 1934The TimesHammond, IN
Article Text
With the completion of the First Trust appraisal, the R. F. C. men now will turn their attention to assets of the defunct Peoples Co-Operative State bank of Hammond, of which Mr. Folk also is receiver. He is applying for a loan for that bank, too.
Two of the five appraisers will go
7.June 29, 1934The TimesHammond, IN
Article Text
RECEIVER SUES BOND COMPANY
Columbia Casualty company and the Fidelity Deposit company of Maryland, are defendants in an action for $54,000 brought in Hammond Superior court by Harry Folk, receiver of the defunct People's Co-Operative State bank.
Receiver Folk seeks damages for alleged "unfaithful performance and wilful misconduct" of Joseph G. Ibach, president, and Alexander Marko, cashier, in their operation of the bank while bonded by the defendant companies.
Numerous uncollectible loans and negligent bond purchases are cited in the lengthy complaint filed by Attorney D. J. Moran.
8.October 25, 1934The TimesHammond, IN
Article Text
Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.
9.October 25, 1934The TimesHammond, IN
Article Text
Judge Harold L. Strickland, today, approved a petition of Harry E. Folk, requesting permission to pay to 9,000 depositors of the First Trust & Savings bank of Hammond an additional five per cent dividend.
This dividend will amount to a cash disbursement to depositors of $160,000 and is made available from cash acquired through the liquidation of various assets of the bank together with funds borrowed from the Reconstruction Finance corporation. This will make a total of 20 per cent in dividends paid to the depositors of the First Trust & Savings bank.
Of this amount, 15 per cent has been paid since Mr. Folk assumed charge of the affairs of the bank in March, 1933. The 20 per cent in dividends amounts to a total payment of cash of $675,824.95. Mr. Folk was ordered to begin payment of the dividend on Oct. 30.
COLLECT AT CALUMET BANK
Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931.
Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.
10.September 27, 1935The TimesHammond, IN
Article Text
1ST TRUST MAILS OUT NOTICE OF DIVIDEND
Closed Bank Receiver Will Pay Out $150,000 in the Next Two Weeks
Approximately 9,000 depositors of the closed First Trust and Savings bank, of Hammond, will receive a 5 per cent dividend, amounting to $150,000, during the next two weeks, Receiver Harry E. Folk announced today.
At the conclusion of this payment, Folk will start distribution of another 5 per cent dividend, totaling $50,000, among depositors of the defunct Peoples Co-Operative State bank, of Hammond, of which he also is receiver.
11.September 27, 1935The TimesHammond, IN
Article Text
1ST TRUST MAILS OUT NOTICE OF DIVIDEND
Closed Bank Receiver Will Pay Out $150,000 in the Next Two Weeks
Approximately 9,000 depositors of the closed First Trust and Savings bank, of Hammond, will receive a 5 per cent dividend, amounting to $150,000, during the next two weeks, Receiver Harry E. Folk announced today.
At the conclusion of this payment, Folk will start distribution of another 5 per cent dividend, totaling $50,000, among depositors of the defunct Peoples Co-Operative State bank, of Hammond, of which he also is receiver.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Peoples Company Operative State Bank · Episode ID 71117771570
