Peoples Company Operative State Bank (Hammond, IN)

Episode Information

Episode UID
71117771570
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7111777 routing
Routing Number
71-1177
Start Date
October 7, 1930
Location
Hammond, Indiana (41.583, -87.500)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b26e11c60104c8c8

Response Measures

None

Events (4)
1. October 7, 1930 Receivership
Newspaper Excerpt
after being appointed receiver, or liquidating agent, for the Peoples Co-Operative State Bank, are preparing to take over the assets of that defunct institution and ultimately pay off all the depositors.
Source
newspapers
2. October 7, 1930 Suspension
Cause
Government Action
Cause Details
Judge Clyde Cleveland designated the newly organized Peoples Bank of Hammond as receiver/liquidating agent for the insolvent Peoples Co-Operative State Bank.
Newspaper Excerpt
Judge Cleveland Designates New Bank as Receiver for People's Co-Op.
Source
newspapers
3. October 31, 1930 Other
Newspaper Excerpt
first step toward meeting the full obligations ... the Peoples Co-operative State bank of Hammond ... paid $140,000, representing ten per cent of each account handled by the insolvent institution.
Source
newspapers
4. April 4, 1931 Other
Newspaper Excerpt
the Hammond National Bank and Trust company today acquired all of the deposits of the new Peoples State bank of Hammond ... Peoples discontinues operations and accounts turned to Hammond National.
Source
newspapers

Newspaper Articles (10)
1. October 7, 1930 The Times Hammond, IN
Article from The Times, October 7, 1930

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Article Text

OFFICERS, DIRECTORS SELECTED LAST NIGHT Judge Cleveland Designates New Bank as Receiver for People's Co-Op. The newly organized Peoples Bank of Hammond elected of. ficers and directors last night, and after being appointed receiver, or liquidating agent, for the Peoples Co-Operative State Bank, are preparing to take over the assets of that defunct institution and ultimately pay off all the depositors. The new bank is expected to open Friday or Saturday. mond lawyer Gavit, Stinson of Peoples State Peoples elected chairman board of directors: Robert H. Harrington, former president the board of public works. elected first vice-president: Fred Lisius, Crown Point was chosen second and Donald E. cashier. SEVEN DIRECTORS The directors of elected by stockholders Mull and August Irville Carpenter, of the of Ind., sistant D. chief deputy state bank comthe Judge Clyde Cleveland Peoples State defunct Peoples Co-Operative bank of Deputy General E. Burke and Judge Ibach, for an period the bank duties tection and the liquidating agent. The Peoples immediately takes the assets of the Peoples Co-Operative, proceed to liquidate them and pay out the gradually as realization is made on the notes and other to the Peoples CoOperative. In this manner, payment 100 on deposits will be of percent made, although will necessarily require time pending of and the of the Peoples President Stinson told Times that he confident morning that it possible to the and the the full deposit liability of the old tution.

2. October 7, 1930 The Times Hammond, IN
Article from The Times, October 7, 1930

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Article Text

OFFICERS, DIRECTORS SELECTED LAST NIGHT Judge Cleveland Designates New Bank as Receiver for People's Co-Op. The newly organized Peoples Bank of Hammond elected officers and directors last night, and after being appointed receiver, or liquidating agent, for the Peoples Co-Operative State Bank, are preparing to take over the assets of that defunct institution and ultimately pay off all the depositors. The new bank is expected to open Fri- day or Saturday. prominent mond Stinson elected of the Peoples State last night. Ibach, formerly the of the Peoples elected chairman of the board directors: Robert Harformer president board works. elected first Fred Crown Point capitalist, chosen second and Donald E. SEVEN DIRECTORS The directors elected by the Mr. Judge Mr. Harrington, Mr. Lisius. Scherer, Frank and will assume duties of sistant to the upon the Thomas D. Barr, the chief deputy state bank comperiod produties obbe completion of the protection of the cash reserve of the Peoples State President Stinson told Times morning that he confident that would possible disearly and the full deposit of the old tution.

3. October 7, 1930 The Times Hammond, IN
Article from The Times, October 7, 1930

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Article Text

OFFICERS, DIRECTORS SELECTED LAST NIGHT Judge Cleveland Designates New Bank as Receiver for People's Co-Op. The newly organized Peoples Bank of Hammond elected officers and directors last night, and after being appointed receiver, or liquidating agent, for the Peoples Co-Operative State Bank. are preparing to take over the assets of that defunct institution and ultimately pay off all the depositors. The new bank is expected to open Fri- day or Saturday. Stinson, prominent Hammond lawyer the Ibach, Gavit, Stinson State last night. Judge formerly the president or elected the board of directors: Robert H. Harformer president the board public elected Crown Point capitalist, chosen second and Donald E. selected cashier. SEVEN DIRECTORS of tion elected Mr. Stinson, Judge Ibach, Mr. rington, Mr. Lisius, Joseph Scherer, Frank Mull August Reichers. Irville Carpenter, Ind., will duties of sistant the president Thomas D. Barr, the chief deputy state bank Judge Clyde Cleveland yesterday afternoon designated the Peoples State the receiver for the defunct Peoples Operative State bank consent of Deputy Attorney General E. Burke Walker and Judge Ibach, and for an indefinite period the bank will receive the tection of the court duties and obligations the liquidating agent. The Peoples State immediately takes assets of the Peoples Co-Operative, will proceed to liquithem pay the gradually made the mortgages, notes and other obligations the Peoples CoOperative. In manner, payment of 100 deposits will be percent on made, although require time pending the completion of liquidation and the of the cash reserve of the protection Peoples President Stinson told The Times this morning that he confident that to disthe and bank assums the full deposit liability of the old institution.

4. October 31, 1930 Princeton Daily Clarion Princeton, IN
Article from Princeton Daily Clarion, October 31, 1930

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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.

5. April 4, 1931 The Times Hammond, IN
Article from The Times, April 4, 1931

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Article Text

Institutions Consummated Today Providing stronger banking foundation for Hammond, the Hammond National Bank and Trust company today aquired all of the deposits of the new Peoples State bank of Hammond thus boosted the deposits of the Hammond National $3,000,000. The arrangement between two institutions consummated this morning agreements had been signed by the officers and directors both The Hammond National bank now becomes one of the strongest institutions in this part of the state also is listed the largest bank North PEOPLES DISCONTINUES of the plan the end of about ago when was determined by the officers and directors of the Peoples State that inability their part make satisfactory rangement the their capital structure made It visable to discontinue operations. plan of action was agreed upon and hours today, all of the accounts of the new Peoples State bank, together with sufficient of its liquid assets secure deposit liabilities, turned the Hammond National officers National Bank and Trust will positors of the Peoples bank. They likewise made rangements to honor checks drawn against accounts the Peoples bank. books and check be NO CO-OPER the status the old Peoples tive State bank, now receivership involves only the new ples State bank, which is acting receiver the old Co-Operative The Peoples State which is now absorbed by the Hammond tional, to do and at receiver for the Peoples Co-Operative State arrangement that bank be charged as receiver that Judge Clyde appoint new ceiver Monday carry out the liquidation of the of the Peoples Co-Operative NEW RECEIVE MONDAY A receiver, be the final report the Peoples liquidation from October 14, to the present time, be filed H. executive ident Bank and Trust this said: officers and directors of the Hammond Bank and Trust are always eager to be public and to been of help in this "Customers of the Peoples bank may be assured of cordial welcome and to their but considerable augmented facilities at their disposal. "These are times of mergers and tn the interest of public quite much for the benefit of business itself. We to the Peoples State happy bank 'family' join our family at this Donald E. Gayit, cashier of the Peoples State believe which have been made with Hammond National Bank and Trust are not only for the interests of the depositors of the Peoples bank, the interest of the community whole. directors of the Peoples State bank the confidence their in ring the deposit accounts to the Hammond National Bank and Trust company will meet with the proval the entire Officers of the Peoples State bank, who will relinquish their positions the transfer today, are J. D. Stinson, president; Frank Mull, viceW. F. presiand E. cashier. No of employes from the Peoples the National bank is involved in the ment.

6. September 22, 1931 The Times Hammond, IN
Article from The Times, September 22, 1931

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Article Text

PROMISE BANK REPORTS WHEN JUDGE ALLOWS Depositors of the defunct Peoples Co-Operative State Hammond be of the flnancial of prepared publication, Harry Folk, joint receivers. announced this morning. Mr. Folk declared is preparing this expects completed within few days. Authority from the supervising obtained before released publication, he said. Similar statements of condition the receiverships for the deTrust Savings bank the Trust Savings bank, both Hammond, now being David Emery, receiver for Mr. Emery explained this morning that is confer with Judge Virgil Reiter, of Hammond Superior court, concerning the advisability releasing statement both receiverfor publication. These are being made by and by detailed statements of conlition. Receivers for the defunct First bank several of consince they assumed control of

7. September 22, 1931 The Times Hammond, IN
Article from The Times, September 22, 1931

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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.

8. October 1, 1931 The Times Hammond, IN
Article from The Times, October 1, 1931

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ON Will Release Half Million in Credit and Cash from Two Banks Plans to release approximately half-million dollars in credit and cash from the defunct First Trust and Savings bank and the defunct Peoples Co-Operative State bank, both of Hammond, were completed yesterday by special commitof Merchants' division of the Hammond Chamber of Commerce. The plan will go effect Oct. the of the tions. Judge Clyde Cleveland, jurist the affairs closed is also reported to favor of It operate follows: Credit assignments be issued to depositors of up their total by mond credit on CASH IN CURRENCY About 17,000 depository accounts, each less than $5, be Receivers the Peoples CoOperative State cash about these small accounts. Thus, credit on large deposits and currency for posits below $5 will be placing about $500,000 in credit cash immediate The of the Chamber of Commerce ing the plan order aid tressed depositors this winter. The same inducing the celvers the court to them. The pay cash all accounts of $5 and has been included in the plan in order to place much possible circulation About of assets of the Peoples bank involved in the small great proportion of the small accounts are of the school savings variety. one of the joint ceivers for the First and (Continued Twenty)

9. October 1, 1931 The Times Hammond, IN
Article from The Times, October 1, 1931

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Article Text

CREDIT PLAN IN EFFECT Will Release Half Million in Credit and Cash from Banks Plans to release approximately half-million dollars in credit and cash from the defunct First Trust and Savings bank and the defunct Peoples Co-Operative State bank, both of were completed by special committee of Merchants' division of the Hammond Chamber of Commerce. plan will go into effect Oct. the the banking institutions. Clyde Cleveland, the affairs of the closed bank, is also reported to be favor of it. It will operate follows: Credit will be issued depositors 10 their deposits. These assignments will accepted by participating merchants of Hammond credit merchandise. CASH CURRENCY About depository than be cashed in bank. Receivers for the Peoples Operative about Thus, credit assignments on large deposits for all posits below $5 be released 000 credit cash into immedicirculation. The Merchants' division of the Chamber of Commerce is Ing the plan in order aid disdepositors The same inducing the ceivers the court to with them. The proposal pay cash all accounts and under has included in the general plan order to place much possible into circulation immediately. About of the Peoples bank are involved in the small great proportion of the small accounts of the school savings variety. of the joint for the First Trust and (Continued on Page Twenty)

10. October 1, 1931 The Times Hammond, IN
Article from The Times, October 1, 1931

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Article Text

EFFECT OCT. Release Half Million in Credit and Cash from Two Banks Plans release approximately half-million dollars in credit and cash from the defunct First Trust and Savings bank and the defunct Peoples Co-Operative State bank, both of were completed yesterday by special committee of Merchants' division of the Hammond Chamber of Commerce. The will go effect Oct. the of the banking institutions. Judge Clyde Cleveland, jurist the affairs of the closed be favor of it. It will operate follows: Credit will issued depositors of the up cent. their total deposits. assignments will be accepted of Hammond credit on merchandise. CASH CURRENCY About accounts, to less be by First Trust and Savings bank. Receivers for the Peoples CoOperative State about of these small Thus, on large deposits posits below $5 be released placing about $500,000 in credit and cash into immediate circulation. The division of the Chamber ing the plan in aid this The same inducing the ceivers and the supervising court to cooperate them. The to pay cash all accounts of and under been included in order place much possicirculation immediately. About of the assets of the Peoples bank are involved in the small great proportion of the small accounts are of school savings variety. Belman, of the joint recelvers for the First Sav(Continued Page Twenty)