gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4a85aac0d1c5f431
Response Measures
None
Description
Dates of suspension are not explicit; receivership is reported by Jan 24, 1933.
Events (3)
1.January 24, 1933Receivership
Newspaper Excerpt
recommendations for the appointments had been ignored by the courts ... for the Citizens Savings bank Clemens. (state banking commissioner declared that his recommendations for the appointments had been ignored by the courts.)
Source
newspapers
2.April 5, 1933Other
Newspaper Excerpt
Investigation of the Detroit Citizens Savings bank revealed ... the state department had on deposit protected by security bonding when the bank suspended business
Source
newspapers
3.*Suspension
Cause
Bank Specific Adverse Info
Cause Details
State funds were unprotected and the bank had to suspend business amid insolvency/mismanagement concerns
Newspaper Excerpt
when the bank suspended business
Source
newspapers
Newspaper Articles (2)
1.January 24, 1933The Niles Daily StarNiles, MI
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Article Text
Bank Commissioner's Right to Name Bank Receivers Is Upheld
LANSING, Jan. attorney general ruled today that the courts cannot Ignore the recommendation of the state banking commission. er in appointment of bank receivers.
The opinion ruled that courte their authority recent ment of receivers at Detroit. Claire State bank and for the Citizens Savings bank Clemens. dolph E. Rechert, state banking commissioner, declared that his mendations for the appointments had been ignored by the courts. An act by the first special session of last year provided that the commissioner the
2.April 5, 1933The Grand Rapids PressGrand Rapids, MI
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Article Text
SAYS ROAD DEPOSIT WAS NOT SECURED
Mt. Clemens Bank Receiver Reports $97,000 Item to Probers.
Mt. Clemens, April 5.-(UP)-Investigation of the Detroit Citizens Savings bank revealed Tuesday the state department had on deposit protected by security bonding when the bank suspended business, it was reported Tuesday Assistant Receiver B. A. Kalahar disclosed the port to Leo F. Moriarty and Frank H. Watson, assistant general. here investigating the bank. "That the state funds were unprotected is contrary to Kalahar said. usual practice for funds to be bonded for the bank to put up security. Records that the practice was not followed in this instance The assistant attorneys general have dicated they would file quest for grand jury investigation when they complete their own
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.
