The Bridgman State Bank failed to open Dec. 13, 1930 and was closed by the state banking department. A receiver (Fletcher Gore) was appointed and the bank was liquidated; embezzlement/shortage by employees is repeatedly cited as the cause. A new, separate bank was later organized in the community, but the old Bridgman State Bank remained closed under receivership and was being liquidated — consistent with a suspension followed by permanent closure/receivership. OCR errors in articles corrected (e.g., Bridgman spelled as Bridgm in one piece).
Events (12)
1.December 13, 1930Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open and was closed by state banking department amid discovery of a shortage/embezzlement by employees; substantial deposits and reported shortage led to closure.
Newspaper Excerpt
The Bridgman State bank failed to open its doors Saturday ... the bank, fifteen years old, had deposits of approximately $500,000 ... which closed Dec 13.
Source
newspapers
2.December 31, 1930Other
Newspaper Excerpt
EMBEZZLEMENT CHARGES IN BRIDGMAN BANK CASE ... which closed Dec 13. Appointment of receiver asked R. E. Reichert, state ... petition filed ... embezzlement charges against officials and employees of Bridgman State Bank are contained in petition filed in circuit court Tuesday by the attorney general's representative.
Source
newspapers
3.December 31, 1930Receivership
Newspaper Excerpt
Appointment of receiver asked ... petition filed ... (articles thereafter show Fletcher Gore as receiver).
Source
newspapers
4.February 19, 1931Other
Newspaper Excerpt
Bridgman Bank Receiver Granted Permission to Return Bonds, Other Cash ... Judge Charles E. White today granted the request of Gore, receiver for the Bridgman State bank, which was closed last December ... return Liberty bonds held by the bank for safe keeping and to return money held by the bank for specific purposes.
Source
newspapers
5.March 6, 1931Other
Newspaper Excerpt
Bridgman Bank Receiver Files Five Suits Today in Berrien Circuit Court ... Fletcher Gore, receiver for the defunct Bridgman State bank.
Source
newspapers
6.May 18, 1931Other
Newspaper Excerpt
BANK RECEIVER AUTHORIZED TO SETTLE FOR SHORTAGE ... petition ... disclosed the total shortage at the bank charged against Berndt amounted to $2,357 ... authorized settling with the bonding company for that amount.
Source
newspapers
7.June 16, 1931Other
Newspaper Excerpt
While affairs of the old Bridgman State bank are being liquidated, the south end resort ... now doing business through an entirely new bank, recently organized with strong financial backing ... the former bank closed crisis developed in which the community was for a time without banking facilities.
Source
newspapers
8.July 1, 1931Other
Newspaper Excerpt
BANK RECEIVER GETS JUDGMENTS ... Fletcher Gore, as receiver of the Bridgman State bank, yesterday obtained four default judgments totaling $2,597.91 on promissory notes ...
Source
newspapers
9.September 1, 1931Other
Newspaper Excerpt
Two Suits Filed Today by Bridgman Bank Receiver ... Gore today brought two suits in circuit court on behalf of the old Bridgman State bank, for which he is receiver.
Source
newspapers
10.September 4, 1931Other
Newspaper Excerpt
BRIDGMAN BANK FOR ... suits to collect promissory notes ... filed the circuit court today by Fletcher Gore, receiver the Bridgman State bank.
Source
newspapers
11.June 6, 1933Other
Newspaper Excerpt
SALARIES OF RECEIVERS ... Gore, Bridgman State bank, reduced from $3,000 to $1,800. This is the second reduction in receivers' salaries ...
Source
newspapers
12.September 14, 1933Other
Newspaper Excerpt
Bridgman Bank Receiver Wins Judgment ... circuit court decree awarding Fletcher Gore, receiver of the Bridgman State bank, judgment ...
Source
newspapers
Newspaper Articles (12)
1.December 14, 1930The Des Moines RegisterDes Moines, IA
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Article Text
SUIT DEMANDS N. Y. BANK PROBE
Bank of United States' Stockholder Asks an Accounting
NEW YORK Phe Bank of United States has been named defendant In sult demanding an accounting and calling for an investigation of the institution's affairs Max E Bloch chairman of a stockholders' protective committee, filed the action in Westchester county supreme court The bank was closed Thursday by Joseph Broderick state superintendent of banking
Restrain Bank in East. HARTFORD CONN The Trust of New Britain, capitalized at $500.was restrained from paying out deposits Saturday afternoon by the state bank commissioner.
Elroy Wis Bank Closed. MADISON, The banking department anthat the State Bank of Elroy was closed Saturday on action of its board of directors. The bank last statement showed a surplus of 000 and deposits of The banking departalso the reopening of the Home bank of Blair of $30,000 and that of the Plymouth Exchange bank of Plymouth, capitalized for $50,000
Union City, Ind., Bank Fails. APOLIS state banking department was notified Saturday of the closing of the Union Loan and Trust company at Union The institution was capitalized at $50,000, with deposits of $455,000.
Michigan Depository Closed. BRIDGM MICH The Bridgman State bank failed to open its doors Saturday The bank, fifteen years old. had deposits of approximately $500,000 and was capitalized at $20.000.
Illinois Bank Closed. SESSER. ILL. (P)-The First National Bank of Sesser failed to open Saturday The bank was capitalized at $25,000 and was the only depository here.
2.December 31, 1930The Grand Rapids PressGrand Rapids, MI
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EMBEZZLEMENT CHARGES IN BRIDGMAN BANK CASE
St. Joseph Dec. 31 against and employes" closed Bridgman State of Bridgman are contained in petition filed in cuit court Tuesday by resentative the attorney general's The officials and The that there is 000 in the bank. which closed Dec 13. Appointment of receiver asked R. E. Reichert, state
3.February 19, 1931The Herald-PressSaint Joseph, MI
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Article Text
Bridgman Bank Receiver Granted Permission to Return Bonds, Other Cash
Judge Charles E. White today granted the request of Gore, receiver for the Bridgman State bank, which was closed last December by the state banking department, return Liberty bonds held by the bank for safe keeping and to return money held by the bank for specific purposes. The petitions were filed by Attorney Frank Hammond, who represents the receiver. The funds held for specific purposes included paid by Abwender, of Three Oaks, December He ordered the bank to pay Raymond W. Hollett, of Harvey, Illinois, the money as the final payment on mortgage. Liberty bonds totaling held by the bank for safe keeping for its patrons were also ordered returned.
4.March 6, 1931The Herald-PressSaint Joseph, MI
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Bridgman Bank Receiver Files Five Suits Today in Berrien Circuit Court
Five suits were filed in the Berrien county circuit court today Attorney Hammond Gore, receiver for the defunct man State bank. Three of the were to collect on promissory The other two were filed by without declarations Christiansen was named fendant in suit to collect $345 note. judgment in sum $500 is asked. Ackerman was note. judgment the $3,000 was asked. Bruce Myers Grace Myers named defendants collect summons was Konrath, asking and Erien
5.May 18, 1931The Herald-PalladiumBenton Harbor, MI
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BANK RECEIVER AUTHORIZED TO SETTLE FOR SHORTAGE
Circuit Judge Charles E. White today signed an order authorizing the receiver the defunct Bridgman State bank to settle for with the Aetna Casualty & Surety Co., covering the shortage of Paul Berndt, at the The insurance was company bondsman for Berndt, who pleaded guilty to embezzlement in the circuit court with Fred Gast, vice-president of the bank. petition filed by T. Fletcher Gore, receiver, through Attorney Frank Hammond, disclosed the total shortage at the bank charged against Berndt. amounted to $2,357.Judge White authorized settling with the bonding company for that amount. provision was made, however, that this would not discharge bonding company from further liability with regards to Berndt in case subsequent indebtedness is uncovered.
6.June 16, 1931The Herald-PalladiumBenton Harbor, MI
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Article Text
GAST, BERNDT PUT ON PAROLE, PAY SHORTAGE
(Continued from Page One) banking commissioner, ordering the bank receiver to allow a $2,050.96 deposit of School District No. Bridgman, to be off against $5,000 school bonds and interest. While affairs the old Bridgman State bank are being liquidated. the south end resort and nursery center now doing business through an entirely new bank, recently organized with strong financial backing and with steadily increasing deposits. When the former bank closed crisis developed in which the community was for time without banking facilities. This was remedied by the creation of the new bank few weeks ago and since that time conditions in Bridgman have shown steady improvement.
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7.July 1, 1931The Herald-PalladiumBenton Harbor, MI
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BANK RECEIVER GETS JUDGMENTS
Fletcher Gore, as receiver of the Bridgman State bank, yesterday obtained four default judgments totaling $2,597.91 on promissory notes afthearing by Circuit Judge Charles White. The defaults were granted as follows: Hoffman, $432.07; H. Gitersonke, $854.37: and Alex and Katherine AIThe receiver was represented by Attorney Frank L. Hammond
8.July 18, 1931The Herald-PressSaint Joseph, MI
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ASKS INJUNCTION TO HALT FORECLOSURE
Suit for an injunction to restrain the receiver for the Bridgman State bank from proceeding with foreclosure suit on second mortgage filed the Berrien court today by Rose Hofreiter, Bridgman. Mrs. Hofreiter represented by firm of Stratton Evans. Fletcher Gore, receiver for the bank, was named defendant. states that Mrs. Hofreiter sold parcel Bridgman 1928, to Charles Bessie Fikar, who gave Mrs. Hofreiter $4,500 mortgage for the purchase price. also states the bank took second mortgage from the Fikars for $1,000 19, 1928. After the new defaulted their Mrs. Hofreiter and obtained clear title the property. Later the bank started foreclosure proceedings on the second mortgage.
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9.September 1, 1931The Herald-PressSaint Joseph, MI
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Two Suits Filed Today by Bridgman Bank Receiver
Gore today brought two suits circuit court behalf of the old Bridgman State bank, for which receiver. Each suit brought summons, with no declaration One was for $25,000. against Baldwin, involving notes he had endorsed and stock Mr. Baldwin was president of the closed bank. The other was against Mauerman, involving notes amounting $2,000.
10.September 4, 1931The Herald-PalladiumBenton Harbor, MI
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BRIDGMAN BANK FOR
Suits collect promissory notes totalling and on stock assessment filed the circuit court today FletchGore. receiver the Bridgman State against five defendants. Kirk Sutherland. cashier the National Bank Trust Co. St. Joseph, sued amounting to $4,900, and for $1,000 stock Adolph and Martha Spitzer were sued notes promissory amounting to Henry Weber was sued on three notes totaling Albert and Matilda Pufall were sued $500 note. Lathrop sued on two notes amounting $625. five were filed through AttorFrank Hammond, Benton Harbor.
11.June 6, 1933The Herald-PalladiumBenton Harbor, MI
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SALARIES OF RECEIVERS
Axe Falls On Pay Of Those In Charge Of Berrien Institutions
Receivers for state banks in Berrien county will draw less pay after July Orders just issued by Circuit Judge White call for in the salbank receivers running the way from $1,000 to Judge White's salary reduction orders follow issued the state banking department Lansing. The salary reductions include the following W. Worth Bean, receiver for the Berrien County bank, reduced from to $2,500. Harry Boyce, Buchanan State bank, reduced from $3,000 to $2,000. Herbert Roe, receiver the New Buffalo State bank, reduced from $2,500 Gore, Bridgman State bank, reduced from $3,000 $1,800. This the second reduction in ceivers' salaries which have been made through the court the state banking department since the various receivers were first appointed some instances the cuts now amount to more than percent. In the case Receiver Bean the Berrien County bank the salary was first placed $6,000 and down $2,500. Similar cuts all over the state been made the salaries bank upon the recommendation of the state banking department.
12.September 14, 1933The Herald-PressSaint Joseph, MI
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Bridgman Bank Receiver Wins Judgment circuit court decree awarding Fletcher receiver of the Bridgman State bank, judgment of from the Bridgman Supply Co. filed in the circuit court today The decree signed by Judge CharWhite directs that which security was given may be sold. The bank was represented by Attorney Frank
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