End Bank Receiverships Circuit Judge Adolph F. Marschner today signed orders closing out the receiverships of the Melvindale State Bank and the Garden City State Bank. Both institutions have paid off depositors 100 per cent.
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1.September 15, 1942Detroit Evening TimesDetroit, MI
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End Bank Receiverships Circuit Judge Adolph F. Marschner today signed orders closing out the receiverships of the Melvindale State Bank and the Garden City State Bank. Both institutions have paid off depositors 100 per cent.
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.