9383. Peoples State Bank (Sheridan, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 2, 1932
Location
Sheridan, Michigan (43.212, -85.074)

Metadata

Model
gpt-5-mini
Short Digest
8b1e2d95

Response Measures

None

Description

Newspapers (1932) report the Peoples State Bank at Sheridan was closed and placed in receivership with a period of limited withdrawals; no explicit run is described. Court actions allege the bank president improperly withdrew Gleaner funds during the limited-withdrawal period.

Events (2)
1. June 2, 1932 Receivership
Newspaper Excerpt
the bank placed receivership. ... Plaintiffs Claim Money Was Withdrawn Improperly From Institution ... suit filed in circuit here charged that the president ... had withdrawn improperly from the institution during period of limited withdrawals . . . .
Source
newspapers
2. June 2, 1932 Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in receivership after a period of limited withdrawals (official suspension of payments).
Newspaper Excerpt
President of Closed Institution at Sheridan Also Defendant ... the closed Peoples State bank ... the bank placed receivership.
Source
newspapers

Newspaper Articles (2)
1. June 2, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, June 2, 1932

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Article Text

President of Closed Institution at Sheridan Also Defendant in Action SEEK TO RECOVER $5,000 Plaintiffs Claim Money Was Withdrawn Improperly From Institution STANTON, Mich., June John Hudson, president of the closed Peoples State bank Sheritreasurer the Gleaners, made defendant with the Gleaners instituted in behalf the bank cover alleged have been withdrawn improperly from the institution suit, which filed in circuit here charged that the and other Gleaners was by Hudson although other limited small withdrawals the bank placed receivership. Another filed. naming Bower. Montcalm county treasdefendant. Bower alleged have taken $1,000 county funds violation of the drawal rule.

2. December 3, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 3, 1932

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Article Text

GLEANERS' OFFICIAL MUST RETURN FUNDS Dec. that John R. Hudson, treasurer the Ancient Order Gleaners and then president the People's State bank Eheridan exceeded rights withdrawing $5,000 of Gleaner funds from the bank during period of limited withdrawals, Judge Royal Hawhas ordered return of the money the bank's receiver. Judge in making the ruling. that "noteworthy that Anna was payment her deposit of September 26. the day the Gleaner posit was paid.'