Peoples Savings Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: December 8, 1930
Location: Mansura, Louisiana (31.058, -92.049)

Metadata

Model: gpt-5-mini
Short Digest: e2031d5a

Response Measures

None

Description

Article (Dec 13, 1930) reports a mass meeting of depositors after the Peoples Savings Bank & Trust Company was placed in the charge of the State Banking Department. It describes causes (1927 flood, 1928 crop failure, and the depression) that depressed asset values. No explicit run is described and no reopening is mentioned; the bank is under state control, so I classify as suspension with apparent permanent closure/receivership.

Events (1)

1. December 8, 1930 Suspension

Cause: Government Action
Cause Details: Bank placed in charge of the State Banking Department after asset depreciation following the 1927 flood, 1928 crop failure, and the national depression; committee notes the bank's suspension and state control.
Newspaper Excerpt: Whereas, the Peoples Savings Bank Trust Company and in the charge of the State Banking Department
Source: newspapers

Newspaper Articles (1)

1. December 13, 1930 The Marksville Weekly News Marksville, LA

Article from The Marksville Weekly News, December 13, 1930

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Article Text

Depositors' Meeting Largely Attended Monday School Board Office (By Supt. Laborde) The special meeting of the school board recently canvassed returns of election held Evergreen for new school building and decided returns unfair. In spite of the fact that the number of votes cast in favor of sue 54 and 27 against. The lue property voted against howwas majority and therefore the issue defeated under law governing bond issues. The school people of Evergreen have in dicated their desire to continue high school in their and the of educational ment Parish we tainly that some means adopted in near future which will solve their problem. With the passof the present depression we still believe that the building will be provided early The Board devoted considerable time in study of proposed plan for equalizing school funds in this state. looks like Avoyelles is due and this fund provided by the state gasoline tax. recently adopted, when well tablished and funds realized. Therefore this new method of taxation ad volorem which, in opinion, will be one of the factors restoring prosperity in our parish and returning hand labor to the soil. State Board of Equalization will meet Thursday and Friday this week Baton Rouge and adopt definite plan of equalized funds for the sent session. The School Board structed president and superintendent to attend these meetings the state board and to assist in making an equitable distribution of this fund. Next week probably more definite information to the public this important subject will be given our schools and taxpayers. The schools of the parish are now in full operation with the complete corps of teachers all qualified Three new teachers had to be added to lieve congestion three of our high and the positions were signed three teachers who graduated from teachers training institutions last Friday. These teachers were fortunate in being able step out of training school into class room, and have faith in their ability and discharge. mass meeting of depositors and other interested parties of the Peoples Savings Bank Trust ManMonday December 8th. in the High the purpose of some plan for factory solution of the affairs of said bank the best of the depositors. Mr. Wood, of the State Banking Department. represented Mr. Brock, who unable to be present due to other Lupressing siness. Porterie, local attorof Marksville, acted chairman, and explained briefly both French and English how the bank's alfairs stood. He said that one the great and stumbling blocks the Rexmere plantation, which taken over by present bank when the old Central Bank & Trust Company failed several years ago. Since taking over this bank have experienced the flood of 1927: crop failure in 1928 and the present depressed condition prevailing the nation. of which has caused depreciation property valuations and are some contributing causes for the bank's suspension. detailed statement of the assets compiled by appraisal committee from large black board the chairman. Briefly, the table showed, including loans, stock and bonds. due from banks, a total of of this mount. there classed good: classed slow: classed doubtful and classed total loss. was the concensus of opinion that the depositors interest could best served by appointing committee, composed of 10 of the largest depositors from the four banks There fore, following resolution was offered, duly seconded, and adopted in mass assembly: Whereas, the Peoples Savings Bank Trust Company and in the charge of the State Banking Department and: Whereas, this meeting of the depositors held at the Mansura High School the of December 1930. to which meeting the State Bank Commission has given public invitation to all depositors Be it resolved by this mass meetof depositors assembled that the following depositors chosen by geography and largeness of interest, be hereby and herewith. selected and appointed to act for and in the stead the mass depositors with the view of help cooperation the State Banking Department in procuring settlement of the affairs of the Peoples Savings Bank Trust Go., to the best interest of the depositors. Leonard Guillory, L. T. Guillory, Hessmer; Chas. Bordelon, Mitt D. Merrick, Simmesport; Camile Laborde, Arthur Escude, Mansura; Ben Gremillion, G. Porterie, Marksville. After discussion the resolution was unanimously adopted upon rising vote being asked both for and against. Upon conclusion of the mass meeting, the committee was immediately called together for organization. G. Porterie was chosen as and after discussing steps for the future the committee adjoined to meet Friday, December 12th. at the Peoples Bank Building, Mansura. report the findings the committee will be published next week. Depositors will at all times be kept posted upon what is going on, so don't worry the members of the com mittee. Also must be borne mind that the bank's affairs in the hands of the Banking Department. The committee is to work hand in hand with the State's representatives.