Known receivership date (1929-05-02) is authoritative; articles document later receiver replacement and criminal charges against the former receiver.
Events (7)
1.December 18, 1923Chartered
Source
historical_nic
+5.4 years
2.May 2, 1929Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership by the comptroller of the currency.
Newspaper Excerpt
receiver for the Reed City National bank, which was closed in May, 1929.
Source
newspapers
same day
3.May 2, 1929Receivership
Newspaper Excerpt
receiver for the Reed City National bank, which was closed in May, 1929.
Source
newspapers
same day
4.May 2, 1929Receivership
Source
historical_nic
+13 months
5.May 31, 1930Receivership
Newspaper Excerpt
Phillp Holman... has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly, of Allegan, as receiver for the Reed City National bank.
Source
newspapers
+5 months
6.November 7, 1930Other
Newspaper Excerpt
Three true bills... returned... against G. Garver Bly, former receiver for the defunct First National bank of Allegan and the Reed City National bank.
Source
newspapers
+5 days
7.November 12, 1930Other
Newspaper Excerpt
Garver Bly... pleaded guilty yesterday in federal court to several of the 14 counts of embezzlement, abstraction and misapplication of funds.
Source
newspapers
Newspaper Articles (10)
1.June 1, 1930The Ludington Daily NewsLudington, MI
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Article Text
HART'S BABY TROUT GO TO PENTWATER, BALDWIN
HART. Mich., May 31.-Fingerling brook trout at the Hart fish hatchery maintained by the state department of conservation are being moved to rearing ponds. Most of the two-inch minnows already have been taken to the feeding stations on the north branch of the Pentwater river and Baldwin, and 150,000 are now being moved to the south branch of the White river near White Cloud where the department maintains one rearing pond. There are still about 75,000 baby trout left in the troughs at the Hart hatchery and the disposition of these has not yet been decided. For the first time in the history of the local plant no trout will be kept here this summer in the ponds in Brooks creek and 'it is probable that the hatchery will be closed entirely, according to Erwin Moody, superintendent of the plant.
Names New Bank Receiver. REED CITY, Mich., May 31 (P)-Phillp Holman, of New Cumberland, W. Va., has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly, of Allegan, as receiver for the Reed City National bank, which was closed in May, 1929. Mr. Bly resigned recently after his automobile had been seized on a writ; of attachment to satisfy a debt he was said to have owed to the bank.
2.June 13, 1930The Flint JournalFlint, MI
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Article Text
BANK RECEIVER ADMITS ALLEGAN FUND SHORTAG
Allegan. Mich., June Garver Bly, former receivfor the First National bank of Allegan and the Reed City National bank, who was arraigned Wednesday in Kalamazoo on a charge of irregularity in handling bank funds, admitted yesterday there is shortage in the Allegan the time he 60 At same that the bank would not suffer because bonding company will cover the loss. the A1"There shortage in legan account which will be made good as soon as the amount is determined his statement said. "Depositors of the defunct bank will lose am bonded in the amount of $75,000." Bly was ousted recently as receiver for both banks.
3.June 13, 1930Lansing State JournalLansing, MI
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Article Text
BANK RECEIVER ADMITS SHORTAGE IN ACCOUNTS
Bonding Company Will Cover At Allegan Institution, Man Explains Court
June 13 Garver former receiver for the First tional bank of Allegan and the Reed City National raigned Kalamazoo irregularity in handling the Allegan bank. same he promised not bondcover the Allemade the the defunct will bonded amount of Bly ousted recently receiver both banks.
4.June 13, 1930The Times HeraldPort Huron, MI
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Article Text
Bonding Firm To Cover Loss Of Bank Receiver
(By The Associated Press)
Allegan, Mich., June 13—J. Garver Bly, former receiver for the First National bank of Allegan and the Reed City National bank, who was arraigned Wednesday in Kalamazoo on a charge of irregularity in handling bank funds, admitted Thursday there is a shortage in the Allegan bank.
At the same time, he promised that the bank would not suffer because a bonding company will cover the loss.
"There is a shortage in the Allegan account which will be made good as soon as the amount is determined" his statement said. "Depositors of the defunct bank will lose nothing, as I am bonded in the amount of $75,000."
Bly was ousted recently as receiver for both banks.
5.June 14, 1930Jackson Citizen PatriotJackson, MI
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Article Text
ACCUSED BANK RECEIVER FACES SECOND WARRANT
Reed City, Mich., June for the Reed City National Bank and the First National Bank of legan, facing charges bank day was second warrant. issuance check. complaint signed Alfred Stevens, has the warrant Bly, under $5,000 left Michigan and now visiting in Indianapolis
6.June 14, 1930The Flint JournalFlint, MI
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Article Text
FORMER BANK RECEIVER FACES NEW CHARGES
Reed June Garver former for the Reed City National bank and National bank of already charges handling bank funds, yesterday was in this of worthless check. complaint signed by Alfred manager hotel has been the under $5,000 bonds, has Michigan now is visiting
7.June 14, 1930Lansing State JournalLansing, MI
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Article Text
BANK RECEIVER FACES BAD CHECK CHARGES
REED CITY, June 14 Garver Bly, former receiver for the Reed City National bank and the First National bank of Allegan, already facing charges of of bank funds, Friday named in second warrant, this one charging issuance of worthless check. The complaint signed by Alfred Stevens, manager of hotel here. It has been impossible to serve the warrant as Bly, under has left Michigan and now visiting in Indianapolis.
8.November 7, 1930The Muskegon ChronicleMuskegon, MI
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Article Text
BANK RECEIVER NAMED IN THREE TRUE BILLS
Grand Rapids, Nov. 7-(P)-Three true bills, embracing 14 charges of embezzlement, abstraction, and misapplication of funds, were returned Thursday by the federal grand jury in true bill against G. Garver Bly, former for the defunct First National bank of Allegan and the Reed City National bank. An aggregate of $10,000 alleged to be involved in the counts.
9.November 12, 1930The Flint JournalFlint, MI
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Article Text
BANK RECEIVER GUILTY IN EMBEZZLING CHARGE
Grand Rapids, Nov. (By Garver Bly. former refor the First National bank of Allegan and the Reed City National bank. pleaded guilty yesterday in federal court to several of 14 counts of embezzlement, abstraction and misapplication of funds. Other counts are to be dismissed. Bly, who previously had pleaded not guilty to all the counts, will be sentenced Thursday.
10.November 12, 1930The Muskegon ChronicleMuskegon, MI
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Article Text
BANK RECEIVER PLEADS GUILTY TO EMBEZZLING
Grand Rapids, Nov. Garver former receiver for the First Allegan and Reed City National bank, pleaded guilty yesterday in Federal court to several of the 14 counts of embezzlement, and misapplication of funds. Other counts are to be dismissed. Bly, previously had pleaded not guilty the counts, be sentenced Thursday.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
