Peoples State Bank - Duluth, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 1, 1927
Location: Duluth, Minnesota (46.783, -92.107)

Metadata

Model: gpt-5-mini
Short Digest: d0034fdf

Response Measures

None

Description

Article (May 1, 1927) describes the bank as 'defunct' and names a special deputy receiver offering bank-owned property for sale. No run or withdrawals are mentioned. Bank name in the provided metadata is 'Peoples State Bank'; the article uses People's State bank — assumed same institution.

Events (3)

1. May 1, 1927 Other

Newspaper Excerpt: Eighteen homes and 44 vacant lots ... owned by the defunct People's State bank are being offered for sale ... The funds procured from these sales will be added to the money which will be diverted back to the depositors.
Source: newspapers

2. May 1, 1927 Receivership

Newspaper Excerpt: D. H. Lewis, special deputy receiver of the institution. Persons or firms wishing to purchase any of the property are to enter bids with the court ... The funds procured from these sales will be added to the money which will be diverted back to the depositors.
Source: newspapers

3. May 1, 1927 Suspension

Cause: Government Action
Cause Details: Bank placed in receivership and ceased operations; closure by government/receiver action.
Newspaper Excerpt: the defunct People's State bank are being offered for sale, the proceeds to be placed with the assets of the institution, it was announced Saturday by D. H. Lewis, special deputy receiver of the institution.
Source: newspapers

Newspaper Articles (1)

1. May 1, 1927 The Duluth News Tribune Duluth, MN

Article from The Duluth News Tribune, May 1, 1927

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Article Text

Bank Receiver Offers Property at Public Sale Eighteen homes and 44 vacant lots in Gary, New Duluth and Duluth proper owned by the defunct People's State bank are being offered for sale, the proceeds to be placed with the assets of the institution, it was announced Saturday by D. H. Lewis, special deputy receiver of the institution. Persons or firms wishing to purchase any of the property are to enter bids with the court and if the offer is approved the home will be sold to the highest bidder. Ten per- cent of the offer must accompany the bid, it was announced. Most of the homes are modern. One of the properties to be sold has a track frontage on the Duluth, Missabe & Northern railway spur. Others offered are two-story structures. while number were built for two families. The funds procured from these sales will be added to the money which will be diverted back to the depositors. Practically all of the lots are improved property.