8263. Peoples State Bank (Sheridan, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 1, 1932*
Location
Sheridan, Michigan (43.212, -85.074)

Metadata

Model
gpt-5-mini
Short Digest
4718f0e6d08416a1

Response Measures

None

Description

Articles (June–Dec 1932) state the Peoples State Bank at Sheridan was closed and placed in receivership after a period of limited withdrawals. No article explicitly describes a depositor run; the coverage focuses on the bank being closed/receivership and subsequent litigation over withdrawals by officers. Therefore I classify this as a suspension that resulted in permanent closure/receivership. Dates are taken from the newspaper publication dates; the exact suspension date is not given.

Events (3)
1. June 1, 1932* Suspension
Cause Details
Period of limited withdrawals mentioned in articles but no explicit cause (no clear rumor, correspondent failure, or macro shock described).
Newspaper Excerpt
closed Peoples State bank Sheridan ... the bank placed receivership
Source
newspapers
2. June 2, 1932 Receivership
Newspaper Excerpt
the bank placed receivership ... President of Closed Institution at Sheridan Also Defendant in Action (Lansing State Journal, 1932-06-02).
Source
newspapers
3. December 3, 1932 Other
Newspaper Excerpt
John R. Hudson ... then president the People's State bank Sheridan exceeded rights withdrawing $5,000 ... Judge ... ordered return of the money to the bank's receiver (Lansing State Journal, 1932-12-03).
Source
newspapers

Newspaper Articles (2)
1. June 2, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, June 2, 1932

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Article Text

President of Closed Institution at Sheridan Also Defendant in Action SEEK TO RECOVER $5,000 Plaintiffs Claim Money Was Withdrawn Improperly From Institution STANTON, Mich., June John Hudson, president of the closed Peoples State bank Sheritreasurer the Gleaners, made defendant with the Gleaners instituted in behalf the bank cover alleged have been withdrawn improperly from the institution suit, which filed in circuit here charged that the and other Gleaners was by Hudson although other limited small withdrawals the bank placed receivership. Another filed. naming Bower. Montcalm county treasdefendant. Bower alleged have taken $1,000 county funds violation of the drawal rule.

2. December 3, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 3, 1932

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Article Text

GLEANERS' OFFICIAL MUST RETURN FUNDS Dec. that John R. Hudson, treasurer the Ancient Order Gleaners and then president the People's State bank Eheridan exceeded rights withdrawing $5,000 of Gleaner funds from the bank during period of limited withdrawals, Judge Royal Hawhas ordered return of the money the bank's receiver. Judge in making the ruling. that "noteworthy that Anna was payment her deposit of September 26. the day the Gleaner posit was paid.'