8935. Peoples Savings Bank (Cadillac, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
August 6, 1932
Location
Cadillac, Michigan (44.252, -85.401)

Metadata

Model
gpt-5-mini
Short Digest
3aefe1d3

Response Measures

None

Description

All articles refer to the Peoples Savings Bank of Cadillac as 'defunct' and describe actions by a court-appointed receiver (Leo R. Barnes). No contemporaneous run or attempted withdrawal is described in the provided articles. The bank was in receivership and subject to litigation (stockholder assessments, preferred-claim payment). Therefore this is a suspension that resulted in permanent closure/receivership (suspension_closure).

Events (3)
1. August 6, 1932 Receivership
Newspaper Excerpt
CADILLAC, Aug. 6 (AP) Suit against 11 stockholders of the defunct Peoples Savings bank ... has instituted here by Leo Barnes, receiver.
Source
newspapers
2. December 3, 1932 Other
Newspaper Excerpt
Cadillac, Dec. 3.-Decrees were granted Friday to Leo R. Barnes, receiver of the Peoples Savings bank, circuit court suit to determine statutory liability of several ... Shares computed at par value of $100.
Source
newspapers
3. January 11, 1933 Other
Newspaper Excerpt
Cadillac, Jan. -Receiver Leo R. Barnes of the defunct Peoples Savings bank must pay in full preferred claim the $3,643.77 deposited to the credit of Goldie Ochko ...
Source
newspapers

Newspaper Articles (3)
1. August 6, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, August 6, 1932

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Article Text

BANK RECEIVER SUES ELEVEN STOCKHOLDERS CADILLAC, Aug. 6 (AP) Suit against 11 stockholders of the defunct Peoples Savings bank to compel them pay assessments on their stock has instituted here by Leo Barnes, receiver. The defendants are George Chapman, owner of nearly 50 percent of the bank's stock and its principal stockholder; Harry Chapman, Alfred Chapman, I. Fleming, Carlson, Frank Rau, Mrs. Osine Straight, Edwin Drury Cadillac; W. Johnstone of Harrison, and Ollie G. Chap. and Mrs. G. O'Brien Chapman of Grand Rapids.

2. December 3, 1932 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, December 3, 1932

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Article Text

COURT DECLARES BANK STOCKHOLDERS LIABLE Cadillac, Dec. 3.-Decrees were granted Friday to Leo R. Barnes, receiver of the Peoples Savings bank, circuit court suit to determine statutory liability of several The defendants George Chapman. 456 shares; Alfred Chapman, 40; Hilmer Carl10: Irving Fleming Osine Straight. all of Cadillac: Edwin C. 20:- Mary G. O'Brien, 10. both of Grand Rapids. Mrs. has made partial payments. Shares computed at par value of $100.

3. January 11, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, January 11, 1933

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Article Text

Bank Receiver Ordered to Pay In Full As Preferred Claim Deposit for Disabled Veteran Cadillac, Jan. -Receiver Leo R. Barnes of the defunct Peoples Savings bank must pay in full preferred claim the $3,643.77 deposited to the credit of Goldie Ochko. guar of Steve Severinski, patient in the veterans mental hospital at Camp Custer, because the money had been received in payment of compensation, Monday by Judge Fred S. Lamb The petitioner contended the money belonged to the United States and merely held in trust Attorney the contended that as paid over guardian its character to all the risks shared by other depositors In arriving at his decision Judge the higan Act. 156 of 1929 which sets up certain safeguards the administration of funds for wards of the eran's administration. This act removes the appointment and supervision of guardians of incompetent veterans from the the general laws of the state relating the of the person and property of incompetent sons and minors. Under Act 156 the incompetent veteran is no longer ward of the probate court but of the veteran's administration and received by the guardian remains under the control such governmental agency until it shall have been paid directly to or used behalf of the incompetent or his dependents. In passing upon Judge Lamb said he not had the sistance of decision of supreme court. Citations in similar cases in other states of the decree but none of the other states had specific law governing the administration of Inveterans' compensa-