Peoples National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1533
Charter Number: 1533
Start Date: May 29, 1942
Location: Jackson, Michigan (42.246, -84.401)

Metadata

Model: gpt-5-mini
Short Digest: 55238ce4

Response Measures

None

Receivership Details

Depositor recovery rate: 50.0%
Date receivership started: 1933-08-24
Share of assets assessed as good: 39.2%
Share of assets assessed as doubtful: 53.3%
Share of assets assessed as worthless: 7.5%

Description

Article states the bank was closed and a receiver (Reuben H. Rossman) handled claims; depositors had received partial distributions. No mention of a depositor run in the text. Interpreted as a suspension leading to permanent closure/receivership (government action). OCR corrected People's to Peoples in provided bank name form.

Events (4)

1. August 21, 1865 Chartered

Source: historical_nic

2. August 24, 1933 Receivership

Source: historical_nic

3. May 29, 1942 Receivership

Newspaper Excerpt: Receiver Reuben H. Rossman said Thursday that depositors had received 60 per cent of their deposits. The comptroller of currency in Washington received five thousand checks... unclaimed by depositors in the closed Union and People's National Bank.
Source: newspapers

4. May 29, 1942 Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership; receiver handling unclaimed checks and paying depositors partial distributions.
Newspaper Excerpt: closed Union and People's National Bank. Receiver Reuben H. Rossman said Thursday that depositors had received 60 per cent of their deposits.
Source: newspapers

Newspaper Articles (1)

1. May 29, 1942 The Ypsilanti Daily Press Ypsilanti, MI

Article from The Ypsilanti Daily Press, May 29, 1942

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Article Text

CHECKS TURNED over Jackson, Mich., May 29-The comptroller of currency in Washington received five thousand checks. most of them for small amounts and unclaimed by depositors in the closed Union and People's National Bank. Receiver Reuben H. Rossman said Thursday that depositors had received 60 per cent of their deposits.