First National Bank (Ypsilanti, MI)

View Charter #155 on SPMC View balance sheet

Episode Information

Episode UID
15501598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1550 national
Charter Number
155
Start Date
February 14, 1933
Location
Ypsilanti, Michigan

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9f15805548c6b9c4

Response Measures

None

Receivership Details

Depositor recovery rate
65.0%
Date receivership started
1933-10-26
Share of assets assessed as good
13.4%
Share of assets assessed as doubtful
62.9%
Share of assets assessed as worthless
23.7%

Description

Receivership referenced in Ypsilanti articles (1940–1942); exact suspension-to-closure timeline between 1933 holiday and formal receivership not fully dated in provided clips.

Events (4)
1. December 14, 1863 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day banking holiday proclaimed by Michigan governor (Feb 14) closing nearly all banks in the lower peninsula.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
3. October 26, 1933 Receivership
Source
historical_nic
4. * Receivership
Newspaper Excerpt
William Ritman, receiver for the First National Bank, states that although he can not estimate the amount or time of the next dividend payment ... Depositors have been paid 70 per cent including the five per cent which was paid at the time of the bank holiday.
Source
newspapers

Newspaper Articles (21)
1. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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Article Text

BY LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.—Every bank and financial institu- tion in Michigan was closed today under a sweeping, eight- day suspension order issued in the early hours of the morning by Governor William A. Comstock. The closing order brought to a standstill the financial affairs of Detroit, the nation's automobile capital, and halted similar activity in scores of farming and industrial communities of the state, which has a population of more than five million. Immediate necessity for the unprecedented moratorium was created, Governor Comstock declared, by a crisis in the

2. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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Article Text

Possibility that the eight-day banking holiday "might be modified in a day or so, after the banks get straightened out," was mentioned by Governor Comstock this morning, as he prepared to return to the capital. Banking officials estimated the holiday paralyzed approximately $1,410,978,629 in banks and $144,407,139 in trust companies. These amounts virtually are "frozen" during the suspension period. # Citizenes Are Bewildered Approxmately 420 state banks and 120 national banks were closed by the Governor's proclamation. Banks will retain skeleton staffs on duty, during the holiday period, to advise as to the credit of those wishing to check on funds on deposits. Reichert, ill with influenza at Ann Arbor, left early today by motor for the state capital against the advice of his physician. Stunned by the suddenness of the Governor's proclamation, citizens everywhere went about customary duties bewildered as to the outcome. Stores generally opened as usual and most announced that they had available funds for today or longer. What will be the outcome toward the end of the week, when pay rolls fall due, was not known. # Money Rushed by Truck Banking department officials were positive in asserting that, despite the legal closing of the banks, arrangements must and would be made to allow small withdrawals for necessary current funds to operate fundamental businesses. The actual plan that will be adopted was to be announced later in the day. Western Union telegraph rushed orders to offices in nearby states to ship currency into Michigan by armored truck. A. A. Burr, Detroit superintendent, said they had available cash for today and would secure funds to cash any and all money orders of the company that might be presented.

3. February 15, 1933 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, February 15, 1933

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BANK RELIEF SEEN IN MICHIGAN CRISIS CONCLUDED FROM PAGE ONE. branches of facilities for making reguhours of safe deposit departAmong the industrial concerns plans meeting pay rolls in cash were the General Motors Corporation, Ford Motor Company and the Chrysler Corporation. Text of Statement. The text of the clearing house statement "The Detroit Clearing House Association today to reguladesigned the ience the bank holithe day by the Governor last night. The arrangements which of considerable benefit the Acting upon the supplemental the Detroit arranged Thursday morning excess depositors, both checking and savings, may withdraw for purposes not in excess per cent the net on the of Feb. Such withdrawals made counter which will be paid in Safe Deposit Vaults Open. "2. All banks branches will maintain facilities for making change deposit departments will be open and will on the regular Arrangements are being made with many the large life insurance companies whereby for premiums will be order that the policies not Not in Bad Shape, View. "Let assure you, the Governor said in statement to the public, "that the banks Michigan, generally speaking, are not in bad The late reterms earlier that are "not as bad they might appear do not think there will the holimuch day as generally the Governor merely an emerthe gency of the banking struc- Period of Feb. 14 to Feb. 23. The closing, the banks was for the period Feb. 14 to Feb. 23. Although all banks in the lower peninsula the proclamation, stitutions in the upper peninsula, which the the Federal Minneapremained The Detroit Stock Exchange closed but were accepting selling orders made on exchanges outside Detroit Trading of any sort in Detroit bank stocks startled populace first order moved this morning when extras issued newspapers in the larger Immediately tion began afford relief to citizens. Plight for Farmers. Milk distributors planned extend credit temporarily but said they didn't know how farmers would get paid "when they can't checks Retail stores main. to cash during the day Groceries held determine and many reported they policy, would extend credit to regular tomers. Many gasoline did likewise Mayor Frank Murphy Detroit citizens to "be calm." and said resources the city government would be thrown into relief work, needed. At first, dazed by suddenness the action, the citizens adopted the main an apathetic Many, dollars' cash their planned message friends outside the funds to be sent in by for until the closing order lifted. companies said Telegraph cash money were orders for any "reasonable amount. Millions in Gold Received. $15,000,000 and Between shipped into the city gold today from the Federal Reserve bank Chicago, consigned to the Detroit Federal reserve bank branch the Accompanied by detail fifteen was transported to the detectives, vaults of Detroit any part the state Banks kept small staff on hand for and officials reported work depositors at any of the financial At resolution praising "courageous statesmanship in proclamation. Prevented Crash, Assertion. State Representative Vernon Brown, Republican, in supporting the resolution, said he convinced that the Governor had not declared there crashes in the history of the coun- The resolution had no legal stand bills were introduced but two the House which would force banks and trust One the during declare banking holidays and that banks and 'shall not trust The other during designates Feb and 21 as legal holidays and in Michigan May Shorten Holiday introduced The measures after some of the messages received by the during the day challenged his authority order holiday said there was The Governor holiday might possibility full cancelled United that Moran agents had eviobtain the spreading relating information arrest therefor responsible Chapin Goes Back to Capital. people of The urged the local the state report secret any fice of the the spreading false Chapin of the Secretary Commerce Department Ballentine Saturday confer on ington returned to the banking being straighten this out possible moment In these the steps the Federal the secretary of the treasury are

4. February 15, 1933 Steuben Republican Angola, IN
Article from Steuben Republican, February 15, 1933

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MICHIGAN BANKS ORDERED CLOSED Proclamation Provides for Eight Day Holiday Nearly 600 banks the lower peninsula state Michigan ordered Governor Comstock Tuesday morning of the ment the Union Guardian Trust Company of which with large of branch banks tions the state Unable their the bank meet steady demands made on Conferences called with state officials leading of including the heads of the General Motors. Chrysler Ford The former companies while the Ford company deposits excess of and claims have supported the bank with exceeding request made Ford company interests to those of smaller depositors and of Finance Corporation which already made loans the bank This port which they had already the bank Fearing bank panic after conference with leading and and state officials holiday decided upon until adjustments could made whereby all banks of the state would prepared withstand demands usually follow such financial upheaval Much citizens over the and particularly the large cities such Detroit denied made Wednesday ing. permitted withdraw per their relief and that perfected many the banks of again full before expiration of the eightday appreciable effect the Indiana cities by the the Michigan banks Banks of this county had with Michigan local bankers state that they amply able to render full their and depositors that he knew the general banking condition good. that the plan adoptwith approval struction Finance Corporation simply calculated to maintain steadiness an unstable financial situation.

5. February 15, 1933 Daily News New York, NY
Article from Daily News, February 15, 1933

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Article Text

THE MICHIGAN MORATORIUM The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?

6. February 17, 1933 Angola Herald Angola, IN
Article from Angola Herald, February 17, 1933

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Michigan Recovering from State Wide Bank Holiday Order Nearly 600 banks in the lower peninsula of the state Michigan ordered closed by proclamation of Governor Comstock Tuesday morning because of the embarrassment of the Union Guardian Trust Company of Detroit which with large of branch banks was one of the largest banking institutions in the state. Unable to convert their the bank was able to meet the steady demands made on its reserve. Conferences were called with state officials and with some of the leading industrialists of Detroit. including the heads of the General Motors. Chrysler and Ford Corporations. The two former companies were depositors. while the Ford company had deposits in excess of and claims to have supported the bank with investments exceeding request was made that the Ford company subordinate their interests to those smaller depositors and of the Reconstruction Finance Corporation. which had already made heavy loans to the bank This the Ford company refused to do in view of the heavy investment support which they had already given the bank Fearing general bank panic after conference with leading financiers and government and state officials the proclamation for an holiday was decided upon until could be made whereby all banks of the state would be prepared to withstand demands usually follow such financial upheaval. Much inconvenience was occasioncitizens over the entire state, and particularly in the large cities such Detroit when banking privileges were denied them. Arrangements were made Wednesday morning. however. whereby depositors were permitted to withdraw five per cent of their deposits as emergency relief. and is predicted that will be perfected whereby many of the banks of the state again be in full operation before the expiration of the eightday holiday. Much cash was poured into Michigan from outside sources on Wednesday and Thursday and it appeared Thursday that would available for circulation in than in the during the boom times Many banks were expecting to resume operations by Friday in limited and reported that in view of the expected recovery from the situation that state banking department would leave at discreation of the banks the matter of reopening before the expiration of the holiday set.

7. February 19, 1933 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, February 19, 1933

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WEEK'S SURPRISE SHOCKS WELL RESISTED BY PRICES IN GENERAL and CHARLES F. SPEARE BY Consolidated Leased Journal. Feb. The episodes in our unexpected business life and with all of their implications, could not have failed to produce certain liquidation securities fact that they did not The create an even greater degree of of this that stocks meaning have The liquidated group of values. other the most reother developments the subtract from what be encouraging appeared had The present average being the lowest since Octhe confitober, dence that has taken place since that time rather than conditions. measuring a The world was unprepared statewide banking moratorium in Michithat greeted it Tuesday morning some months been assured was sound the and that that while might be weaknesses in that will have supported, the crisis in last banking was there was distinct shock in the spectacle an entire one state, the country largest having its banking entirely withdrawn order to prewhose assets the extent of over per cent were invested in real the heart of this situation is of investing large banking portions the those paper that are not marketable and, while profitable fair weather. are liability disturbed public sentiment. realized now in many that the value of their banks little and henceforth is with the of The Michigan incident recalls the credited the Fidirectors that no major trouble would be permitted banking This might be supported the while no institution Detroit deposits over 500 banks and aggregating have been for prescribed period. That there on the part Corporaassist instiand that toward deinflation apparent each Report Scanned This the report of committee to the opinions and where the ing in mat in the past ters some promoted the investitransportation keen for if they the would of in the frank has closely follow Salt Lake City and Louis railroad conagain the position of the the bondhave abused their and up deearly must be accepted There for continuto railroads that handicapped ratio embarrasses such propreasonable financial the for the railroad sitsituations must an the market totheir the Reconstruction Finance Corporation to additional railroad practically defaulted price Firmer Some banking dismarket, with weakness has developed year suggestion fiinapparent exchanges Japan's credit rest quest for greater considerable loans by the the the foreign trade outlook in South republics the inColomCongress Still Lagging during been helpful legisthe fears the would been an institute what are termed and part in the shrinkage now the general not the time to They the betterment of the situinvolved listenrecital of the Insull vandal may have York Stock ago utterly immediate good and distraught people and farm sidetracked Pressuspend congress abruptly Comstock stopped the

8. February 23, 1933 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 23, 1933

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MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.

9. February 24, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, February 24, 1933

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NEWS Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2. Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17. MARKETE Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page

10. February 25, 1933 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, February 25, 1933

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OPEN DEMAND OF MICHIGAN BANKS Mich. Feb. and busimerchants Seventy-five Michiof southwestern ness men the capitol today came state gan Governor William demand Comstock newly ac. to force powers quired bankers open of the normal business governor group require banks, should afteight-day closing an commercial restrictions while continuing checking accounts with around savings safeguards Church Pentecostal 2445 The Pentecostal street holding North Kennedy studies, conducted series of Bible on Sunday Elder Irvin Bradley, by subject bo "What Sin Unto The form an open take study Herman Basore, Mr. and sing the afterBeech noon and evening services. Resigns as Ambassador Feb. Hoover today accepted President Reuben Clark, the resignation Mexico, effective ambassador immediately. The ambassador told days Presithe after he would submit his resignation. Restrict Withdrawals the Lima First American Trust Company meeting night placed restriction withdrawals of effective today resolution, directors limit of two per cent on

11. March 8, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, March 8, 1933

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By CLAUDE J. MARKLE United Press Staff Correspondent (Copyright 1933 by United Press) LANSING, Mich., March 8. (U.P.) -The man who three weeks ago in the dim dawn of early day penned the preface to one of the most crucial chapters in American financial history firmly believes he took the only possible course. "I would do the same thing over again," Governor Wm. A. Comstock said today. At 2 a. m. on February 14, seated in the massive directors' room of the Union Guardian Trust company in Detroit, Governor Comstock signed a drastic eight day holiday proclamation that marked the beginning of the present nationwide period. Governor Comstock believes that the developments of the last 21 days which have seen state after state--and finally the federal govPernment-follow the lead of Michigan into restricting of banking activity will quicken the pulse of economic recovery and will place the nation's financial structure on a firmer foundation. "I faced the most difficuit decision of my life three weeks ago this morning, just before I signed the proclamation which closed Michigan banks during an eightday moratorium," he told the United Press today. "Since then there have been moments when I have flinched at the thought of the results of that act. I have always, however, been able to calm that feeling with the assurance that I was merely an impersonal agent of government. "Consider what would have happened had the moratorium not been declared. One of the large financial houses of Detroit, a part of a powerful group operating throughout the state, would have closed its doors. Foresaw Panic "The rest of the day would have seen bank after bank in Michigan stripped of its cash and liquid reserves by panicky customers and turned into empty shells contain-

12. September 2, 1940 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, September 2, 1940

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NEXT PAYOFF AT BANK TO BE LAST DEPOSITORS RECEIVE 70 PER CENT THUS FAR; CHECKS UNCLAIMED William Ritman, receiver for the First National Bank, states that although he can not estimate the amount or time of the next dividend payment, when it is paid, it will probably be the last. Depositors have been paid 70 per cent including the five per cent which was paid at the time of the bank holiday. Remaining assets are being liq. uidated as rapidly as possible, Mr. Ritman said. but there were still several cases of litigation which will cause delay. Ypsilantians must not be too hard up, the receiver surmised, stating that there were 3,132 dividend checks still unclaimed as of June 30. Most of these are for small amounts and it would be a great help, If they were closed out, he said, as they fill two drawers, which must be taken from the safe in the basement to the sec: ond floor of the National Bank building each morning- that the offices are open, and returned in the evening. If these dividend checks are not claimed before the receivership is closed. they will be sent $0. Washington, and then depositors will be required to write to the Comptroller, Preston Delanozin the capital. Meantime all that is required to claim them is presentation of receiver's certificates properly endorsed. Mr. Ritman has recently completed closing a bank in Wyandotte and states that there depositors were paid 100 per cent with interest. His next task after closing Ypsilanti wll be Royal Oak, he said.

13. November 9, 1940 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, November 9, 1940

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# Banks, Offices Will be # Closed on Armistice Day All banks, federal and state offices will be closed Armistice Day. City Hall offices and city stores will remain open, however. The lobby of the post office will be open from 7 a. m. to 5 p. m. but all windows will be closed. Mail will be dispatched as usual but street box collections will not begin until 1:30 p. m. Michigan State Employment offices will be closed until Tuesday morning. The office of the First National Bank receiver, National Bank of Ypsilanti and the Ypsilanti Savings Bank will close Monday.

14. January 1, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 1, 1941

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(Continued from Page One) mission here. Bishop Frank W. Creighton confers rite of confirma. tion on class of St. Luke Church. Mar. 4-Speakers Olin C. Eckley, T. Fred Older and City Assessor Don Comstock tell Rotarians of advantages of building within the city limits. Mar. 5-Fire in Royal Tavern, E. Michigan Ave., results in loss of about $3,000. Mar. 7-Dr. Benjamin L. D'Ooga, long time professor of classical education in the Normal College, suecumbs in Allentown, Pa. hospital. Mar. 8-Dean J. Milton Hover, of the Normal College, addresses Lincoln Community League members on "Student Aid Funds." Mar. 9-W. S. Whitman, Washington, D. C., becomes new receiver of First National Bank of Ypsilanti, replacing Burt F. Schumacher, Ann Arbor. Mar. 10-The world has too many onlookers, Rev. O. C. Hendrickson, Flint, tells those assembled for Union Lenten service in First Methodist Church. Mar. 11-Villages near here hold annual spring elections. Mar. 12-Largest group in history of Farm Bureau attends annual dinner meeting " Lutheran Church. Mar. 13-Heavy coating of ice makes streets, walks, treacherous. Mar. 15-Ypsilanti Boat Club outlines plans for year at initial meeting in Ypsilanti High School. Mar. 17-Appropriate hymns feature Palm Sunday services in local churches. Mar. 19-American Legion selects Prof. Charles Elliott, head of the special education department of the Normal to receive "outstanding citizen" award. Mar. 20-King Winter makes firm last stand as spring enters. Little Cecil Richards, six, saves blind mother, Mrs. Harold Richards, from burning home. Mar. 21-Van A. Loomis, detective of Michigan State Police, gives final approval of new silent alarm system installed in Ypsilanti Savings Banak. Mar. 24-Worshipers throng local churches for Easter services. Mar. 25-Andrew J. Belanger tells Rotary Club members of benefits of industrial, national censuses. Mar. 27-Ground Hog receives vindication as heavy snows blanket city. Mar. 28-Over 500 members, friends of Washtenaw County American Legion posts attend Citizenship banquet in Ann Arbor, at which mobile unit is presented to sheriff's department, outstanding citizens receive awards and Edward Schneiberling, New York Department Commander, gives address. Mar. 29-Ypsilanti seniors present sparkling comedy, "New Fires" in auditorium before capacity crowd. Mar. 31-Students gather in Ypsilanti High School for county youth conference.

15. July 24, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, July 24, 1941

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First National Bank to Auction Remaining Assets August 15th Remaining assets of the First National Bank of Ypsilanti will be disposed of at a public auction at the receiver's office in the National Bank of Ypsilanti Aug. 15 at 11 a. m. Remaining assets consist of real estate, bills receivable, judgments, overdrafts and other choses in action and chattels. Descriptive list of the remaining assets offered for sale may be inspected by prospective purchasers at the receiver's office and the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest bidder or bidders for cash.

16. August 11, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, August 11, 1941

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Final Sale of Bank Assets to be Friday A variety of notes, judgments, a few securities, overdrafts and uncollected rents will be offered at the First National Bank public auction Friday at 11 a. m. in the receiver's office, National Bank of Ypsilanti. All real estate items have been cleared by the receiver. A descriptive list of the remaining assets may be inspected. by prospective buyers at the receiver's office or at the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest cash bidder or bidders. Within 60 days after the sale the receiver's force expect to have the final dividend payment made to the more than 6,000 creditors of the First National Bank.

17. August 12, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, August 12, 1941

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Lega! Notices RECEIVER'S NOTICE or SALE To Whom it May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. W. 8. Ritman, as Receiver of The First National Bank of Ypsilanti, Michigan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941. at 11:00 o'clock a. m. the remaining assets of the First National Bank of Ypsilanti, Michigan, consisting of (real estate, bills recelvable. judgments, overdrafts, and other choses in action and chattels) less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets 80 offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Recelver of The First National Bank of Ypsilanti on all business days up to and including the date of the said sale between the hours of 9:00 a. m. and 3:00 p. m. According to law, said remainIng assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States. The sale, if approved, will be completed pursuant to general order of Court dated April 19, 1941. (Signed) W. 8, RITMAN. RECEIVER. The First National Bank of Ypsilanti. Michigan. Adv 814S STATE OF MICHIGAN, In the Circuit Court for the County of Washtenaw In Chancery George C. Handy and Lulu P. Handy. his wife, Plaintiffs vs Gabriel Godfroy. Sr., Monique Godfroy, Junathan G. Morton, Eurotas P. Hastings. Allen Buck, William K. Coil. William K. Coyle, David Edwards. Lucia M. Edwards, Nathaniel Phillips. Alva Worden. Charles 8. Worden. S. Gillette & Company. George Foote, Marianne Foote, Lottle O. Murray. or their unknown heirs, devisees, legatees and assigns, Defendants. Suit pending in the Circuit Court for the County of Washtenaw, in the city of Ann Arbor, in said county, on the 4th day of August, 1941. In this cause, It appearing from the affidavit on file that the whereabouts of the Defendants are unknown. except LOTTIE O. MURRAY. who lives in the city of Ypsilanti, Michigan, on motion of JOHN P. KIRK, Attorney for Plantiffs. it is ordered that the appearance of the Defendants, whose whereabouts are unknown. be entered in said cause within three months from the date of this order. George W. Sample, Circuit Judge. Luella M. Smith. Clerk. John P. Kirk, Attorney for Plaintiffs. Business address: Ypsilanti. Michigan. This suit is brought to quiet the title to all those certain pieces or parcels of land. situate in the city of Ypsilanti, county of Washtenaw, and State of Michigan, described as follows: A strip of land three rods wide off the north side of Lot 110. according to the recorded plat to the village, now city of Ypsilanti, except one rod wide across the west end of said parcel of land. The said Plaintilfs also having the right under their deed to pass over and use for the purpose of a lane, 80 long as it shall be used for that purpose. the following strip of land: one rod wide across the west end of said Lot 110 extending from Pearl Street north. George C. Handy Lulu P. Handy Adv. 2-916

18. September 24, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, September 24, 1941

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BANK (Continued from Page One) all of the available fund to the creditors whose claims were proven properly. The litigation mentioned has, therefore, a direct bearing on the amount which can be paid to the creditors of the First National Bank of Ypsilanti in the way of a final dividend since should the State of Michigan be able to sustain its contention, it would be entitled to receive all of the dividends available on these dormant accounts. "It is the purpose of the office of the Comptroller of the Currency to see that a final distribution is made to the creditors of the First National Bank of Ypsilanti as early as possible and your readers may be assured that preparation of final dividend checks will go forward immediately after a decision has been rendered in this pending litigation. It is to be regretted that it is not possible to terminate this receivership immediately by payment of a final dividend but, as indicated hereinabove, it will be impossible to determine the amount of the final dividend until a decision has been rendered in the pending suit."

19. November 4, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, November 4, 1941

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Office Moved First National Bank Receiver's office has been moved from the second floor of the National Bank of Ypsilanti to the first floor. Citizens Union Loan Co. are now occupying the vacated receiver's office.

20. January 19, 1942 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 19, 1942

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First National Plans Pay-Off The First National Bank of Ypsilanti will begin distribution Tuesday of the sixth and final dividend of 6.39 per cent in the receiver's quarters in the National Bank, W. S. Ritman, receiver, announced today. This distribution will amount to approximately $135,0000 and with previous distributions of 65 per cent, makes a total of 71.39 per cent or more than $1,500,000 paid to creditors of this bank. In addition, a five per cent payment was made available to depositors during the banking holiday of 1933. All persons who have proven claims against the bank may call at the receiver's quarters to obtain the final payment and the hours of distribution will be from 9 a. m. to 3 p. m. daily, except on Wednesday when the hours will be from 9 a. m. to 12 noon. Claimants should bring their receiver's certificate with them as they must be surrendered when this final payment is received. Persons unable to call at the receiver's quarters may mail their certificates to the receiver, and the dividend checks will be forwarded to them after receipts have been signed and returned. The final payment has been made possible because of an agreement between the State of Michigan and the Comptroller of Currency which permits Mr. Ritman to proceed with the final dividend payment and termination of this receivership The payment could not be made until a decision had been rendered by the United States Supreme Court in the suit of the State of Michigan vs. B. C. Schram, receiver of First National Bank, Detroit, et al, in which the state was attempting under its escheat laws to reach and draw down dividends on dormant accounts. Mr. Ritman announces that it will be important that creditors call for this final payment promptly as the receivership will be terminated in about four weeks and all undelivered dividend checks will be forwarded to the Comptroller of Currency in Washington. D. C. Then all claimants must correspond with the office of the Comptroller of Currency in order to obtain their checks. Many pe:sons have heretofore filed claims and received only the first or second dividends, failing to call for subsequent dividends. These persons will receive all undelivered checks due them from previous distributions when they call for this sixth final payment, Mr. Ritman announces.

21. January 1, 1943 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 1, 1943

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Jan. 12-Michigan Bell Telephone Company announces transfer of Chester Manning, manager here since 1936. to the company's distriet office in Ann Arbor and the appointment of William Bergman, Ann Arbor, to succeed him here. Jan. 13-United States Navy awards distinguished Navy Cross to Lt. Robert J. Esslinger, son of Mr. and Mrs. A. F. Esslinger, this city. Jan. 14-Duane Chamberlain, scoutmaster of Troop 1, receives Silver Beaver award for "outstand. ing service to boyhood" at the annual meeting of the WashtenawLivingston Boy Scout Council. Jan. 15-Four hundred fifty Boy Scouts, Cubs and their parents attend annual cooperative supper and court of honor in Ypsilanti High School. Jan. 16-Workmen break ground for new $500,000 training school at the Ypsilanti Bomber Plant. Jan. 17-United States Public Roads Administration approves access highway project at the Ypsilanti Bomber Plant costing three million dollars. Jan, 18-Second Lt. Leroy Grindle, former Normal College track star. loses life in Army bomber plane crash in Oregon. Jan, 20-First National Bank of Ypsllanti begins sixth and final dividend payment to creditors. Jan. 21-Works Progress Administration establishes a fund of $26.342 to be used for recreation in the Ypsilanti Bomber Plant area. Jan. 22-Planes land on complet ed runways at airport at Ypsilanti Bomber Plant. Jan. 23-Raymond Foley, state Federal Housing Adm nistration head. tells local group of defense housing needs. Jan, 24-American Legion Post 282 organizes for civilian defense. Jan, 26-Drive for infantile paralysis funds begins here Jan. 27-Ypsilanti Community