Peoples Exchange Bank (Archer City, TX)

Episode Information

Episode UID
88206571579
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
8820657 routing
Routing Number
88-2065
Start Date
July 13, 1931
Location
Archer City, Texas (33.596, -98.626)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9a3e0bb1e588bf03

Response Measures

None

Description

Closure followed criminal charges against bank officers and large county deposits were tied up.

Events (2)
1. July 13, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bookkeeper, assistant bookkeeper and cashier faced charges; bank closed and county deposits (~$1,000,000) were tied up.
Newspaper Excerpt
Archer City Bank's Employes Face Charges; Institution Closed Today
Source
newspapers
2. July 23, 1931 Receivership
Newspaper Excerpt
Judge appointed federal receiver for the People's Exchange bank, which closed its doors on July 13
Source
newspapers

Newspaper Articles (3)
1. July 13, 1931 Times Record News Wichita Falls, TX
Article from Times Record News, July 13, 1931

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Article Text

Archer City Bank's Employes Face Charges; Institution Closed Today Special to The Record News ARCHER CITY, Texas, July 12. Hays, bookkeeper, and Bernard Hays, assistant bookkeeper of the People's Exchange bank were under $5,000 bonds, and their father, Hays, cashier the bank, faced charges the close of district attorney's investigation Sunday. third person, whose is unknown, also charged. Directors of the institution, depository for all the Archer county funds, Sunday that bank would closed ascertain At the same time inquiry Sunday District Sam Spence continued and results before the Archer county grand jury which convenes on Leon and Bernard Hays perfectbonds after their arrest on charges filed by Wiley, assistant district attorney Sunday. The elder dition Mineral Wells after nervous The private institution established about years held deposit approximately $1,000,000 the county's funds, was reported. The including school funds and highway funds, deposited to draw per cent Members of the county commissioners here Monday methods of carrying on county business while the money is tied up.

2. July 23, 1931 Wichita Falls Times Wichita Falls, TX
Article from Wichita Falls Times, July 23, 1931

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Article Text

JUDGE ASSUMES DUTIES BANK ARCHER CITY, Texas, July 23 Judge appointed federal receiver for the People's Exchange bank, which closed its doors on July 13, in Archer City Thursday checking with H. Taylor, appointed state court, the funct Mr. Taylor will continue act receiver for bondsmen sureties the county deposits of $1,100,000. County officials, partners in the bank and others interested, highly pleased with the appointment Judge Carrigan Mr. Taylor. acceptable because of their acquaintance this section and their long and close connection with business and banking CORONER VERDICT DEATH BY LLANO, Texas, July 23. (P)-A verdict death by undetermined causes by Coroner B. at the into the death suddenly at Hamilton dam today Fellow workers said Swift was working in the water under three electric They heard him scream and rushed aid, but he was dead when they arrived.

3. August 3, 1931 Wichita Falls Times Wichita Falls, TX
Article from Wichita Falls Times, August 3, 1931

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Article Text

Bank Failure COURT INSTRUCTS INQUISITORS ON LAWS RELATING TO COUNTY DEPOSITORY AND OTHER BANKS ARCHER CITY, Texas, Aug. 3.-Several special charges relating to laws the statutes bonds grand jury when here this morning by Judge Allan Montgomery in the 30th district court Judge Montgomery explained to the inquisitors that was demeanor offense county fails to vote the ceptance disapproval of county depository bond. The law also provides that this is grounds for removal from office. In charging the grand jury on the depository state WILL Judge Montgomery the rious ways could He into the making of ROGERS depository bond, was the Archer county, by the filing of nancial statements on the part of says: the sureties. The court discussed the differSANTA MONICA. Calif., Aug. false swearing and Somebody had chance to perjury, explaining that the maksell Germany some wheat and false stateton time. Sure, 'em have all on might under either of they want and take the pay out in these offenses. depending upon good German Then which provision the depository found drinkfollowed ing whisky years. One phase the banking laws erybody had beer upon which the jury charged wanted, they would naturally and making obligatory for against whisky drinker private bank file would help enforce the law against county than him. Then would popuJan 20 each year and to publish Put tax in The and that would care violation of this law misdethe fund bushel meanor. wheat "growler Wusberger" wouldn't bad trade. Judge Montgomery also charged That's about all the ideas got to- the jury on state banking laws which cover the acceptance Yours posits after private bank is insolvent. closing private prima facie that the according to the charge given by the court. The forgery laws and other laws relating private banks charged upon by Judge Montgom- Four officials of the People's Exchange bank face charges deposits after the bank When the bank closed its doors early July there were than $1,000,000 Archer county's funds on deposit in the bank. District Attorney Sam B. Spence Wichita Falls Monday working with the grand