9224. Union & Peoples National Bank (Jackson, MI)

View Charter #1533 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1533
Charter Number
1533
Start Date
February 23, 1933
Location
Jackson, Michigan (42.246, -84.401)

Metadata

Model
gpt-5-mini
Short Digest
7ef44f52

Response Measures

None

Description

No run on this bank is indicated (article Feb 23, 1933 notes banks opened with no rush). The Union & Peoples National Bank was closed (suspended) March 19, 1933 and did not resume: a conservator was in place by mid-July and a receiver was appointed Aug 25, 1933. Assets were sold under contract July 16, 1933; final payments to depositors were still being made in 1942. Cause of suspension appears to be government-ordered holiday/official action during the 1933 banking crisis (Comstock proclamation/bank holiday).

Events (6)
1. February 23, 1933 Other
Newspaper Excerpt
JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS ... Officials of the Union & Peoples National Jackson Bank stated gratified at the lack of excitement.
Source
newspapers
2. March 19, 1933 Suspension
Cause
Government Action
Cause Details
Closed March 19, 1933 as part of bank closings during the bank holiday / official actions (Comstock proclamation and related orders).
Newspaper Excerpt
This bank was closed March 19 of this year.
Source
newspapers
3. July 14, 1933 Other
Newspaper Excerpt
L. Fred Bomhoff, conservator since July 14.
Source
newspapers
4. July 16, 1933 Other
Newspaper Excerpt
An order approving the contract ... between the conservator the Union and People's National Bank and the new National Bank was signed ... The contract ... the Union and People's National Bank permitted to sell certain of its assets ... for an ultimate payoff depositors of the Union People's Bank.
Source
newspapers
5. August 25, 1933 Receivership
Newspaper Excerpt
Reuben H. Rossman ... has been appointed receiver of the Union & People's National bank.
Source
newspapers
6. February 23, 1942 Other
Newspaper Excerpt
Depositors of the defunct Union and Peoples National Bank will receive a final payment ... the receivership ... will terminate by June 1.
Source
newspapers

Newspaper Articles (6)
1. February 23, 1933 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, February 23, 1933

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Article Text

JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS Little Excitement Noted as Institutions Resume on 5 Per Cent Basis. OFFICIALS HEARTENED Comply With Comstock Order in All Particulars; No Change Anticipated. Jackson's banks opened Thursday morning there rush of depositors seeking their Officials of the Union & Peoples National Jackson Bank stated gratified at the of excitement. Under decisions announced separately the banks, nesday savings and commercial deposits permitted. There no indication Thursday morning be changed the future the Comissued during holiday which opened must those sued cepted during holiday Statement Issued. The statement issued by the Jackson City Trust pany Wednesday afternoon folin that the banks should open in their business manner. ply with the intent the lamation pay only cent (Turn to No. on Page 2.)

2. July 16, 1933 Detroit Free Press Detroit, MI
Article from Detroit Free Press, July 16, 1933

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Article Text

PayoffIs Assured for Jackson Bank Contract for Assets Purchase Signed An order approving the contract into between the conservator the Union and People's Na tional Bank and the new National Bank was signed Federal Judge Edward Moinet Saturday The contract already had been approved by the Comptroller of the Currency Under the terms the agreement. the Union and People's Na tional Bank permitted to sell certain of its consisting cash, and National bonds and notes to National for The money will be for an ate payoff depositors of the Union People's Bank This bank was closed March 19 of this year. The new bank the contract states, has the right to return the assets within months for cash the old bank has the take back the assets, should so desire The agreement signed Thurs day between Fred servator for the Union and People's National Bank and M. Schram and Clark, president and cashier respectively, of the Na tional Bank

3. August 25, 1933 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, August 25, 1933

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Article Text

JACKSON ATTORNEY IS BANK RECEIVER Jackson, Aug. 25.-(U. P.)Reuben H. Rossman, Jackson attorney, and chairman of the Jackson county Democratic committee. has been appointed receiver of the Union & People's National bank. it was learned today. He succeeded L. Fred Bomhoff, conservator since July 14.

4. August 25, 1933 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, August 25, 1933

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Article Text

NAME BANK RECEIVER ment of Reuben H. Rossman, Jackson attorney and chairman of the county Democratic committee, as receiver for the Union and Peoples National bank was announced here Thursday.

5. June 25, 1934 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, June 25, 1934

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Article Text

'DEATH VICTIM' BANK RECEIVER BELIEVED ALIVE MAKES REPORT Cleaning Shop Employe Positively Identifies Photos of Miss Tufverson. SAW WOMAN THIS MONTH Two Packages of Evidence on Way to New York From Europe. June Miss missing torney has created an those of woman who garments cleansed Boston month was today by Mrs. Ruth previously had the opinion that customer cleansing establishment strongly resembled published shown supplied by missing persons of the New York police promptly identified the picwoman the establishment and June 10. Furtherdress in which Miss Page Union & Peoples Receivership, Conservatorship Costs $145,204. $12,359,749.33 Liabilities Accounted for $9,576,434.95; Collections $5,298,316. Expenses of the and the Union Peopl. National from March 1933. when the was placed under to March 31, totaled according to statement made public Monday by Reuben H. Rossman, the statement the first formal issued by the receiver with instructions from the Treasury Herethe statements will be issued quarterly the next one dated copy the March 31 statethe door of the office and was Uncolle Total the receiver Of this listed as total uncollected assets. includes $700,000 in an stock Liabilities for amount to according to the all made under the March tal as Cash collected from assets stock cash collected interest, premiums rents, trustee tion loans Disbursements. The disbursements during the period from and 31, 1934, taling including the following preferred liabilities paid, dividends paid to unsecured creditors (35 per cent to protection of assets, receiverhands of and comptroller,

6. February 23, 1942 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, February 23, 1942

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Article Text

FINAL PAYMENT PLANNED Jackson, Feb. 23-Depositors of the defunct Union and Peoples National Bank will receive a final payment of approximately $475,000 beginning April 1, and the receiver. ship, begun in August, 1933, will terminate by June 1. Total payments to depositers are estimated at slightly less than 60 cents on the dollar.