Thank you for visiting SNEWPapers!
Sign up free
The Milwaukee Leader
Milwaukee, Milwaukee County, Wisconsin
What is this article about?
Chicago's Peoples Trust and Savings Bank, a $25M institution, closes as the fourth in the city due to unprofitability from shrinking deposits (now $17M since March 30) and low interest rates; depositors urged to withdraw funds.
Clipping
OCR Quality
Full Text
CHICAGO (U.P.)—The Peoples Trust and Savings bank, a $25,000,000 institution, is the fourth Chicago bank to quit business and tell depositors to come and take their money away.
Directors of the large downtown bank said they had decided operations were "no longer profitable."
The three other banks in Chicago to take similar action were all small neighborhood concerns.
Banking officers said there had been a constant shrinkage of deposits and that low interest rates prevented profitable operation. Deposits now total about $17,000,000, a shrinkage of more than $5,000,000 since March 30. Total resources at the last available statement were $27,108,437.
The bank announced no deposits would be accepted or loans made from now on and urged depositors to call for their money quickly so that affairs of the institution could be wound up.
What sub-type of article is it?
What keywords are associated?
Where did it happen?
Domestic News Details
Primary Location
Chicago
Outcome
bank closing; no new deposits or loans; depositors urged to withdraw money; deposits shrunk to $17,000,000 from more than $22,000,000 since march 30; total resources $27,108,437.
Event Details
The Peoples Trust and Savings bank, a $25,000,000 institution, is the fourth Chicago bank to quit business. Directors decided operations were no longer profitable due to constant shrinkage of deposits and low interest rates. The bank announced it will wind up affairs.