7880. E Jossman State Bank (Clarkston, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 20, 1915
Location
Clarkston, Michigan (42.736, -83.419)

Metadata

Model
gpt-5-mini
Short Digest
31cd098c96b316d0

Response Measures

None

Description

Articles report the E. Jossman State Bank of Clarkston was discovered to be in bad condition by the banking commissioner, closed, placed in receivership, and the cashier Ralph E. Jossman was convicted of embezzlement. No run is mentioned; closure followed bank-specific malfeasance (embezzlement). Receiver Elmer R. Webster was active by July 20, 1915, and the embezzler was paroled in 1916.

Events (3)
1. July 20, 1915 Receivership
Newspaper Excerpt
Elmer R. Webster, receiver for the defunct E. Jossman state bank of Clarkston, is making an effort to collect $15,000 from sureties of the defaulting cashier, Ralph E. Jossman, now in Jackson prison.
Source
newspapers
2. December 1, 1916 Other
Newspaper Excerpt
Ralph E. Jossman, the former Clarkston banker, who was paroled by Gov. Ferris after he had served three years of a seven year term for embezzlement ... Under the terms of his parole all his earnings in excess of $125 per month will go to the receivers of the E. Jossman state bank and will be pro-rated among the depositors.
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Banking Commissioner E. H. Doyle discovered malfeasance at the bank leading to its closing; cashier Ralph E. Jossman convicted of embezzlement.
Newspaper Excerpt
discovery of the condition in the E. Jossman state bank of Clarkston was responsible for the closing of the bank
Source
newspapers

Newspaper Articles (2)
1. July 20, 1915 The Detroit Times Detroit, MI
Article from The Detroit Times, July 20, 1915

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Article Text

EFFORT AFOOT TO COLLECT $15,000 PONTIAC, Mich., July 20. Special.)-Elmer R. Webster, receiver for the defunct E. Jossman state bank of Clarkston, is making an effort to collect $15,000 from sureties of the defaulting cashier, Ralph E. Jossman, now in Jackson prison. The sureties are Harrison Walter, a farmer of near Clarkston. and Joseph Jossman, a brother of the prisoner. They signed his bond and it has never been paid. Legal points affecting the validity of continuing bonds are to be threshed out at the hearing.

2. December 1, 1916 South Bend News-Times South Bend, IN
Article from South Bend News-Times, December 1, 1916

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Article Text

EMBEZZLER IS PAROLED R. E. Jossman is Released on Most Stringent Parole Ever Given. News-Times Special Service: LANSING, Mich., Dec. 1.-Ralph E. Jossman, the former Clarkston banker, who was paroled by Gov. Ferris after he had served three years of a seven year term for embezzlement, was released under the most stringent restrictions ever placed on a paroled prisoner. Former Banking Commissioner E. H. Doyle, whose discovery of the condition in the E. Jossman state bank of Clarkston was responsible for the closing of the bank and Ralph Jossman's conviction on a charge of embezzlement, has been named as Jossman's first friend. The former cashier has been given a position in the Ford factory at Detroit. Under the terms of his parole all his earnings in excess of $125 per month will go to the receivers of the E. Jossman state bank and will be pro-rated among the depositors. Jossman's accounts will be audited each month.