Peoples American State Bank (Saginaw, MI)

Episode Information

Episode Type
Suspension → Closure
Start Date
February 15, 1933
Location
Saginaw, Michigan (43.419, -83.951)
Bank Type
state
Routing Number
74-0027
Alt. names
American State Bank; Saginaw State Bank

Metadata

Episode ID
Bank ID
City ID
260636498
Model
gpt-5-mini
Short Digest

Notes

Conservator appointed and article references orderly liquidation of frozen assets, suggesting permanent closure though final disposition not explicitly reported.

Events (2)
1. February 15, 1933 Suspension
Cause
Government Action
Cause Details
State-declared bank holidays by Governor Comstock led to coordinated clearing house regulations and restricted operations.
Newspaper Excerpt
banks and their branches will immediately open their banking rooms maintain facilities for making change. ... BANK OF SAGINAW PEOPLES AMERICAN STATE BANK
Source
newspapers
2. March 28, 1933 Suspension
Cause
Government Action
Cause Details
State banking commissioner appointed a conservator to take charge of assets due to frozen time assets and lack of market, leading toward reorganization and orderly liquidation.
Newspaper Excerpt
Frank W. Merrick ... was named conservator for Saginaw's two state banks - the Bank of Saginaw and the Peoples American State bank ... empowered immediately to take charge of the assets
Source
newspapers

Newspaper Articles (4)
1. February 15, 1933 The Saginaw News Saginaw, MI

Article Text

Banks' Announcement The Saginaw Clearing House association Wednesday announced the following regulations. designed to render possible ance and to the people Saginaw during the period of bank holidays recently declared by Governor Comstock: banks and their branches will immediately open their banking rooms maintain facilities for making change. Safe deposit departments be opened and held accessible to regular Safe keeping will be open during usual hours the having securities and other documents left the bank for Pay roll checks. issued by corporations other business which furnish the bank currency sufficient cover total amount shall be promptly is expected that this provision will prove very helpful to Saginaw laboring men and merchants. Dated Feb. 15. 1933. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

2. February 16, 1933 The Saginaw News Saginaw, MI

Article Text

Banks' Announcement All Saginaw banks and their branches open their banking and maintain facilities for change. Safe deposit will be opened and held accessible to during regular hours. Safe keeping departments will be kept open during usual hours having securities and other documents left with the bank for safe keeping. Pay roll checks. issued by corporations or other business firms which furnish the bank sufficient amount shall be expected that this provision will prove very helpful to Saginaw laboring men and merchants. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

3. March 28, 1933 The Saginaw News Saginaw, MI

Article Text

MOVE TO SAFEGUARD DEPOSITOR INTERESTS Frank W. Merrick Appointed to Take Charge of Assets on Application of Bank of Saginaw and Peoples American Institutions Have Figured Prominently in Development of Homes, Industries Here. Frank W. Merrick, state banking commissioner from 1915 until 1921 and a former banker in Pigeon, Mich., Tuesday was named conservator for Saginaw's two state banks-the Bank of Saginaw and the Peoples American State bank-by Rudolph E. Reichert, state banking commissioner. Mr. Merrick was empowered immediately to take charge of the assets of both banks and it is expected normal banking functions of both institutions will be resumed as soon as Mr. Merrick has had an opportunity to survey their assets. Appointment of a conservator for the two state banks is expected to bring steps leading toward their ultimate reorganization and an orderly liquidation of the frozen assets each now holds. The lack of an available market for these time assets was in large measure responsible for the action by the boards of each bank in applying for conservator.

4. March 28, 1933 The Saginaw News Saginaw, MI

Article Text

Application's Causes, Probable Effect Told Directors of the Peoples American State met special session Tuesday to draft in which the causes and probable effect of the conservator application are discussed. The statement follows: "With the feeling that the citizens of Saginaw our toyal depositors concerning our we to Peoples American State of state banking partment, has applied the department for of act, recently has opened doors through which appears that all banks, the Federal may pass safety order depositors of this act, necessary that tor be appointed. "Constant careful study of the affairs State the possess cient assets return and every depositor cents each for every dollar Bulk in Savings Department. "Operating have been for under state nearly charter practically our quired we invest large proportion these savings posits estate homes, farms and business on located and about properties Only through indediscloses pendent appraisals there remains upon the three the nearly these these mortgages converted they meet the demands money banking force harsh liquidation propose of Cooperation Pledged. have loaned portion funds time force payment obligations, great many these these institutions, while suffer and would perhaps, be forced Were payments, increased immediate distress would be incurred in ourselves "We Saginaw bank exceptions our shares of people- stock owned Saginaw that the officers, directors, shareholders and managers are people whom whom the Our have purpose has been conremain local for welfare of ducted chants and as the humble citizens of as manifested local architects, conthrough (Continued on Page Column