Peoples Savings Bank - Coopersville, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: November 23, 1934
Location: Coopersville, Michigan (43.064, -85.935)

Metadata

Model: gpt-5-mini
Short Digest: 6b085b1a

Response Measures

None

Description

Article (Lansing State Journal, 1934-11-23) reports the state banking commissioner authorized a 15% dividend for People's Savings Bank and refers to a receiver (A. W. Harty). This indicates the bank was in receivership and permanently closed; no run is mentioned.

Events (1)

1. November 23, 1934 Receivership

Newspaper Excerpt: A 15 percent dividend totalling $44, 000 has been authorized by the state banking commissioner for the People's Savings bank Receiver A. W. Harty announced. All deposits of $5 and under will be paid in full.
Source: newspapers

Newspaper Articles (1)

1. November 23, 1934 Lansing State Journal Lansing, MI

Article from Lansing State Journal, November 23, 1934

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Article Text

DUE BAN AGAINST FORD Shift of Opinion in Ranks of Recovery Forces Forecasts Such Move WASHINGTON, Nov. 23 (UP)-A shift of opinion at NRA seemed to shift of opinion at NRA seemd to forecast Friday early lifting of the ban against government purchases from Henry Ford. The Detroit automobile manufacturer has been unable to bid on government contracts for the past year because he would not sign the auto code or furnish certificate of compliance with it. Several developments within the past 24 hours tended to strengthen the posibility that way has been worked out to met requirements of the President's executive order that compliance certificates shall accompany all bids for purchases to be made with federal funds The new developments are: Northwest Motor company, suburban Ford agency here, was awarded a contract for a half-ton truck by the national park service in interior department, because the company was "low bidder' for fleet of 15 trucks to be delivered as needed. Secretary of Interior Harold F Ickes said the Ford agency had submitted certificate of compliance with the auto retailers' code, but had not offered evidence of the manufacturer's compliance. Northwest Motor officials claim their authority to bid was based on a telegram from Ford Motor company last February an interior department bid. This message stated that Ford was rigidly complying with the law and with the code applicable to his industry At that time, Comptroller General J. R McCarl ruled favorably on the Ford bids, but later reversed the ruling in the light of the executive order Northwest Motor certificates with previous bids had been qualified by statements that the agency refused to be responsible for compliance of the manufacturer and suppliers of parts and raw materials The present certificate was free of any qualifications. PAYOFF ANNOUNCED COOPERSVILLE Nov. 23 (UP)A 15 percent dividend totalling $44, 000 has been authorized by the state banking commissioner for the People's Savings bank Receiver A. W. Harty announced. All deposits of $5 and under will be paid in full.