Union Trust & Savings Bank (Flint, MI)

Episode Information

Episode UID
74005371630
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7400537 routing
Routing Number
74-0053
Start Date
October 1, 1935
Location
Flint, Michigan (43.013, -83.687)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92a166a05c77f456

Response Measures

None

Description

Articles refer to the bank as the closed Union Industrial Trust & Savings Bank (name variant from prompt).

Events (4)
1. October 1, 1935 Receivership
Newspaper Excerpt
Mark Wilson, receiver for the closed bank. The suit alleges that Wilkin bought from the bank ... according to the suit.
Source
newspapers
2. October 1, 1935 Suspension
Cause Details
Bank is described as closed and under a court-appointed receiver; specific trigger not stated in these articles.
Newspaper Excerpt
closed Union Industrial Trust & Savings Bank
Source
newspapers
3. November 2, 1935 Other
Newspaper Excerpt
loan of $3,220,541 to the receiver of the Union Industrial Trust & Savings bank of Flint, Mich. ... to permit a 30 per cent payoff to depositors in the bank's savings department
Source
newspapers
4. November 14, 1935 Other
Newspaper Excerpt
Court approval of a settlement of notes and mortgages owed to the receivership of the Union Industrial Trust & Savings bank by the Michigan Lumber & Fuel company
Source
newspapers

Newspaper Articles (5)
1. October 1, 1935 Battle Creek Moon-Journal Battle Creek, MI

Article Text

BANK'S RECEIVER SUES EX-OFFICIAL Flint, Oct. 1.—Herbert R. Wilkin, former executive vice president of the closed Union Industrial Trust & Savings Bank, and his wife Greta were named defendants in a foreclosure suit filed in circuit court Monday by Mark Wilson, receiver for the closed bank. The suit alleges that Wilkin bought from the bank a $15,000 home in the Woodside subdivision while he was an officer of the bank and failed to make any of the $100-a-month payments or the down payment of $2,500. Sale of the property for as much as it will bring and the balance from Wilkin is requested in the litigation. The overdue payments from October, 1930, amount to $3,514 and unpaid taxes total $564, according to the suit.

2. November 2, 1935 The Saginaw News Saginaw, MI

Article Text

FLINT BANK RECEIVER GETS LOAN FROM RFC WASHINGTON - (INS) - The Reconstruction Finance Corporation has announced authorization of a loan of $3,220,541 to the receiver of the Union Industrial Trust & Savings bank of Flint, Mich. The loan, revealed in the corporation's report for September, was to be used to permit a 30 per cent payoff to depositors in the bank's savings department, it was said. The total for this purpose, however, was reduced to approximately $1,000,000 corporations officials explained by use of $734,000 to repay a previous RFC loan and $625,000 for payment of taxes.

3. November 2, 1935 The Saginaw News Saginaw, MI

Article Text

FLINT BANK RECEIVER GETS LOAN FROM RFC WASHINGTON - (INS) - The Reconstruction Finance Corporation has announced authorization of a loan of $3,220,541 to the receiver of the Union Industrial Trust & Savings bank of Flint, Mich. The loan, revealed in the corporation's report for September, was to be used to permit a 30 per cent payoff to depositors in the bank's savings department, it was said. The total for this purpose, however, was reduced to approximately $1,000,000 corporations officials explained by use of $734,000 to repay a previous RFC loan and $625,000 for payment of taxes.

4. November 14, 1935 The Flint Journal Flint, MI

Article Text

Court Approves Loan Settlement New Lumber Company Notes Given Bank Receiver Court approval of a settlement of notes and mortgages owed to the receivership of the Union Industrial Trust & Savings bank by the Michigan Lumber & Fuel company was granted Wednesday by Circuit Judge Black on petition of Mark A. Wilson, receiver. According to the petition, the amount due on notes and mortgages with accrued interest is $177,713.84. The loans were secured by mortgages on the company plant and several hundred lots in and near Flint. The terms of the settlement follow: The receiver is to discharge a $55,000 mortgage on the plant at 1919 Clifford street and accept a first mortgage of $35,000 payable in 10 years. Company stock is pledged as additional security. The receiver is to receive quit claim deeds on 354 lots in Burton township. A blanket mortgage of $40,000 covering the lots is to be canceled.

5. November 14, 1935 The Flint Journal Flint, MI

Article Text

Court approval of a settlement of notes and mortgages owed to the receivership of the Union Industrial Trust & Savings bank by the Michigan Lumber & Fuel company was granted Wednesday by Circuit Judge Black on petition of Mark A. Wilson, receiver. According to the petition, the amount due on notes and mortgages with accrued interest is $177,713.84. The loans were secured by mortgages on the company plant and several hundred lots in and near Flint. The terms of the settlement follow: The receiver is to discharge a $55,000 mortgage on the plant at 1919 Clifford street and accept a first mortgage of $35,000 payable in 10 years. Company stock is pledged as additional security. The receiver is to receive quit claim deeds on 354 lots in Burton township. A blanket mortgage of $40,000 covering the lots is to be canceled. Quit claim deeds on 69 lots and parts of two other lots in Flint are to be given the receivership. Mortgages covering these properties are to be discharged. The receiver is to receive a full assignment of three mortgages now held as collateral for loans. The properties to be assigned to the receiver have an approximate income of $400 a month. By making the settlement, the bank can save about $15,000, the expense of foreclosure and tax payments. In addition to the property assignments, an unsecured note of Anton L. Olson, president of the company, is to be settled for $2,000 cash. The amount due, including interest, is $3,793.76.