Buchanan State Bank (Buchanan, MI)

Article Text

NAMED RECEIVER

Harry Boyce, prominently known Buchanan real estate and insurance broker and member of the Berrien county board of was today named receiver for Buchanan State bank, which closed three weeks ago. The appointment of Boyce was made by Judge Charles E. White in the county circuit court on petition of Rudolph Reichert, state banking commissioner. His bond will be $25,000.

WEATHER FORECAST for Lower Michigan: Generally fair tonight and Tuesday, except unsettled Tuesday in north portion; somewhat warmer Tuesday except along Lake Michigan and in east portion tonight. recorded at the United States coast guard station: SUNDAY

Midnight, MONDAY

Noon,

Article Text

BUCHANAN STATE RECEIVER IS APPOINTED

Harry Boyce, Buchanan city supervisor, was named temporary receiver of the Buchanan State bank which closed two weeks ago. The appointment made by Circuit Judge Charles E. White WAS filed late Saturday by State Attorney Paul Voorheis and his assistant, Wendell Brown. Supervisor Boyce filed the required $25,000 bond from the Royal Indemnity Co., of New ork.

Article Text

PAID OUT SOON 2ND DIVIDEND

Payment by Buchanan State Bank Authorized by Judge White

The closed Buchanan State bank Buchanan will pay its second 10 per cent dividend within days, was made known today. Authorization of the dividend was contained in an order signed by Judge Charles White and filed in Berrien county circuit court today Petition for the second dividend was filed by Phillip Landsman, behalf of the bank's receivBoyce The asserts will be paid to depositors the second savings depositors and $17,885.94 to commercial depositors. Receiver Boyce paid the first per dividend August the Buchanan bank's latest dividend the second Berien county within the past Worth Bean, receiver for the Berrien County announced Saturday that the Benton Harbor would pay first dividend of 20 per cent Approximately 2,500 depositors will $125,612.

Article Text

White Authorizes Two Closed Banks to Make Postal Fund Payments

Two orders were signed by Judge Charles White in Berrien county circuit court today authorizing payment of postal deposits in two closed banks in Berrien county. This the third order Judge White has signed granting the payments of postal deposits as preferred claims. The orders signed today grant the payment of postal deposits the Benton Harbor State bank to the Benton Harbor postmaster. The tition order were approved Attorney H. Gray, who represents the bank. The second order granted the paythe "Postmaster Money Order Account' in the Buchanan State bank to the postmaster general, petition approved the of Burns Hadsell, which represents the bank receiver. Two months ago the court granted order payment posdeposits in the Stevensville bank.

Article Text

Buchanan Bank Receiver Asks Injunction to Halt Sale of Store Property

An injunction and a receivership is asked in a suit filed in Berrien county circuit court today by Harry Boyce, receiver for the Buchanan State bank, against Louis O. Runner, Charles A. Lutz, Frank Gunther, R. H. Johns and Matt J. Kelling. According to the bill of complaint filed by Attorney Phil Landsman and the law firm of Burns & Hadsell, which represents the bank receiver, Runner, a Buchanan hardware dealer, owes the bank $3,550 and proposes to dispose of the property and give a chattel mortgage on the merchandise. The bank receiver asks that the defendants be restrained by an injunction from disposing of the property and that the court appoint a receiver to protect the creditors.

Article Text

BUCHANAN BANK SIFT BY GRAND JURY IS HINTED

Preliminary Testimony Is Taken from Score of Witnesses

Preliminary testimony in the state's investigation determine whether grand jury will be called to probe the affairs of the closed Buchanan State bank was taken yesterday. Attorney Leo Moriarty from the attorney general's took testimony all yesterday at the Buchanan bank from nearly witnesses, Prosecuting Attorney Harvey Holbrook revealed today. Attorney Moriarty took preliminary statements from Benton township residents are seeking grand jury investigation of township affairs. These statements were taken last night at the Hotel Vincent The assistant attorney general turned to Lansing today. He will turn next week, however, to continue the preliminary investigations which will determine whether grand jury investigation will be made these and other matters, Prosecutor Holbrook intimated today there is likelihood of grand jury investigabeing made the Buchanan State bank affairs. The bank has been closed since October, 1931 Enemies Supervisor James Jakway are pushing their demand for an investigation of Benton township affairs, despite report made by David Peck, from the auditor general's department who audited the township books last year report, made public recently exonerated Supervisor Jakway from any misfeasance malfeasance in office Supervisor Jakway renominated by both the Democratic and Citizens parties in the township caucus held last week Other matters which the attorney general's office intends inquire into in Berrien include the activities of collection agencies Prosecutor Holbrook announced today that collection agencies operating now without filed the proper bond required by law will be without waiting for any possible grand jury investigation

Article Text

RECEIVERS

Salaries, Effective July Announced by White new schedule of salaries for ceivers of closed state banks Berrien was today Judge Charles White in the Berrien circuit court. Letters advising the receivers that their would be reduced on July salaries and fees fixed by the state banking have been mailthe receivers. The new salary schedule for reivers of banks Berrien' county follows: Worth receiver for the Berrien County bank, reduced from $3,600 to $2,500. Harry Boyce, Buchanan State bank, reduced from 2,000. Herbert Roe, receiver of the New Buffalo State bank, reduced from $1,500. Gore, an State bank, reduced from $3,000 $1,800. This the second reduction in ceivers' salaries which has made through the court and state banking department since the receivers were first some the cuts now more than per cent. case of Bean of the Berrien County bank the first placed and now to the been made in the salaries bank the of the state banking depart-

Article Text

BUCHANAN BANKERS NAMED IN WARRANTS

Buchanan. June directors the Buchan State bank charged with accepting deposits after they the bank rants issued yesterday the Peace Thomas The bank has been closed 1931. Those named in the warrants Charles Landis. Jesse William George Richards and Herbert Roe Roe the cashier of the bank well director. He charged with embezzlement in additional warrants

HELD BY POLICE. Port Huron, June being held Boney police today pending tion his story that he shot says Barnes defense after Brown broke into his home. Po found body on couch Hunter's home.

Article Text

Gore Harvey for legal work in connection with suits brought against closed banks, including First National Bank Buchanan, Buchanan State and the Berrien County bank Benton The firm Gore Harvey were appointed legal advisors with the prosecuting attorney the judiciary handling the lection of county funds in closed banks

Article Text

STATEMENT OF CLOSED BANK IS RELEASED

BUCHANAN Following issued June 1933 First National bank of Buchanan showing the condition of that instituBusiness in this bank was suspended October 16, 1931, W. R. Payne the receiver. Assets date of suspension, $655,additional assets acquired, (book value, not actual) $26,847.75; Stock assessment, one hundred percent. Total cash collected from assets and stock assessment, $361,414.26. Offset allowed on assessments $36,854. Total losses charged off, Total assets accountfor, $732,154.98. Total liabilities, this date, Total liabilities accounted for $555,315.68. Total collections to be accounted for, $433,916.56. Since the bank closed its doors twe dividends have been paid to its depositors to 55 percent and aggregating The Buchanan State bank which closed doors the same time has paid dividends twice, 10 percent each time and totalling approximately

Article Text

NEW BUCHANAN-GALIEN BANK OPEN JULY BUY BUCHANAN BLDG.

June 28 (Special) Buchanan business men and residents will have banking facilities for the first time since October, 1931, the result of the purchase of the Buchanan State Bank building and fixtures the new State The new bank will open in the old State bank building July 18, and will continue maintain branch Galien. The new bank recently changed its name from the Galien State bank to the State bank and increased capitalization from to Judge Charles White in the Berrien county court signed an order authorizing Boyce the old bank receiver, to sell the bank and fixtures. Under the terms of the Mr. will continue to operate the receivership the Buchanan State bank in the building without rental costs. bank building will be completeredecorated.

Article Text

State Receivership to Have Directors Quarters in Bank force is engaged replastering the Buchanan State Bank quarters by the Galiensoon to be occupied State Bank. The State Buchanan Harry and Bank Roe, will the his clerk, Lee occupy back room, formerly the director's the remainder the for trust.

Article Text

BUCHANAN BANK RECEIVER MAILS DIVIDEND CHECKS

BUCHANAN, Jan. 21.—Checks, totalling $43,868.20 and representing a cash dividend of ten per cent, will be put in the mail tomorrow morning by Harry Botkin, receiver of the First National bank, which closed its doors here Oct. 16, 1931, simultaneous with the closing of the only other local financial institution, the Buchanan State bank.

This will make the fourth dividend to be paid by the First National bank and bring the total paid to depositors to 85 per cent, or $373,225.46. This is declared to be the best receivership record of any closed bank in Michigan.

The first dividend, totalling 45 per cent was paid in June, 1932; the second, of 10 per cent, in December, 1932; and the third, of 20 per cent, in June, 1934.

DIES FROM WOUNDS

DETROIT, Jan. 21 (AP).—Joseph Reil, a salesman, died here Sunday night of a bullet wound believed to have been inflicted during an attempted robbery while Reil was placing his automobile in a garage. A woman who witnessed the shooting notified police. The slayer escaped.

Article Text

WHITE ORDERS PAY OF BUCHANAN BANK RECEIVER REDUCED

An order reducing the salary of Harry Boyce, receiver for the Buchanan State bank, was signed today by Judge Charles E. White in the Berrien county circuit court.

The salary of the receiver was cut from $2,000 to $1,800 annually. This is in keeping with the custom of cutting down the salaries of state bank receivers as the liquidation of the institution progresses.

Article Text

BUCHANAN BANK RECEIVER'S PAY REDUCED $200

An order reducing the salary of Harry Boyce, receiver for the Buchanan State bank, was signed today by Judge Charles E. White in the Berrien county circuit court.

The salary of the receiver was cut from $2,000 to $1,800 annually. This is in keeping with the custom of cutting down the salaries of state bank receivers as the liquidation of the institution progresses.

Article Text

BUCHANAN BANK PAYS 10% DIVIDEND TODAY

BUCHANAN, March 29.—The Buchanan State bank, in receivership since it closed its doors Oct. 16, 1931, today began paying depositors $29,523.64, which represents a 10 per cent dividend for a total of 50 per cent already paid by the defunct bank.

This is the fifth dividend to be paid. On Aug. 3, 1932, 10 per cent was paid; on Sept. 21, 1932, 10 per cent; on Dec. 23, 1933, 5 per cent; and on Aug. 18, 1934, 15 per cent.

Harry Boyce, city supervisor, is the bank receiver.

ARDEN.—Mr. and Mrs. Neal Wymer and son, Duane, have moved to their new home on Niles avenue, in St. Joseph. They have been making their home with the latter's parents, Mr. and Mrs. Warren Williams. Duane will attend the Jefferson school in St. Joseph.

Article Text

BUCHANAN BANK RECEIVER SUES WILLIAM MILLER

William J. Miller, Buchanan, a stockholder in the former Buchanan State bank, was named defendant in a suit for $9,500 filed in circuit court today by Harry Boyce, receiver of the bank. Boyce is represented by the Niles law firm of Burns & Hadsell.

The judgment asked represents the total of promissory notes and accrued interest which Miller is alleged to have endorsed for half a dozen Buchananites. The receiver also claims that Miller has failed to pay a 100 per cent assessment on 12 shares of Buchanan State bank stock of a par value of $1,200.

Article Text

Cass Judge Grants Two Divorces; Bank Receiver Files Bill

CASSOPOLIS, Dec. 28.—Two divorces have been granted by Judge Glenn E. Warner. Helen White, of Dowagiac, received a decree from Curtis Lee White on grounds of extreme cruelty and habitual drunkenness, and Carl Albaugh, of Howard township, has been granted a divorce from Georgia Albaugh on grounds of fraud and having a living husband at the time of her marriage to the plaintiff.

One case has been filed in the circuit court, that of Harry Boyce, in his official position as receiver for the Buchanan State Bank vs. Lawrence and Cecil Nelson, assumpsit, involving a $365 note, plus interest.