7780. Allegan State Savings Bank (Allegan, MI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
August 1, 1932*
Location
Allegan, Michigan (42.529, -85.855)

Metadata

Model
gpt-5-mini
Short Digest
5b0e1438e75e57e4

Response Measures

None

Description

Articles indicate the bank received RFC assistance in Aug 1932 and was closed during the Michigan banking holiday (March 1933) and planned to reopen in July 1933 under a state/federal approved plan. No article describes a depositor run; the closure was due to the government-declared banking holiday and subsequent reorganization measures.

Events (3)
1. August 1, 1932* Other
Newspaper Excerpt
Among the bank loans made public were: Allegan state Savings bank, $50,000.
Source
newspapers
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed as part of the Michigan statewide banking holiday proclaimed in March 1933; closure was government-directed rather than a depositor run.
Newspaper Excerpt
after having been closed the proclamation of the Michigan banking holiday.
Source
newspapers
3. July 1, 1933* Reopening
Newspaper Excerpt
ALLEGAN STATE SAVINGS BANK TO REOPEN JULY ... Allegan State Savings bank will reopen July officials announced ... Under plan, approved state and federal banking authori[ties] ... a percent of all deposits will be impounded.
Source
newspapers

Newspaper Articles (2)
1. October 7, 1932 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, October 7, 1932

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Article Text

AUGUST TOTAL corporation authorized during August aggregating The report of the corporation was made public today South Trimble, the House the protest Atlee Pomerene, chairman the Reconstruction board. The August report also showed inprevious aggregating making the ment for the month cision to make the report public tained opinion counsel, South Trimble, which that "after careful the legislative history the relief construction the protest brief of the corporation, the opinion that act no discretion withhold monthly reports the Reconstruction Finance corporation from public inspection." Banks trust companies received the total tion for August. This included to aid the reorganization or liquidation closed banks. Among the bank loans made public were: Allegan state Savings bank, $50,000. Benton Harbor, Berrien County (receiver) $52,000. Benton Harbor, Berrien County Dowagiac, Dowagiac National bank, $48,500. Dowagiac, Lee State bank, Hartford, National bank,

2. May 30, 1933 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, May 30, 1933

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Article Text

ALLEGAN STATE SAVINGS BANK TO REOPEN JULY Associated Press) ALLEGAN, May Allegan State Savings bank will reopen July officials announced after having been closed the proclamation of the Michigan banking holiday. Under plan, approved state and federal banking authori100 made and of all deposits will be impercent pounded. The percent of deposits, officials said, will the opening day and the equal over period of years. The be released when conditions warrant.