7897. Bank of Detroit (Detroit, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 21, 1933
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
d0093beeb21d1d22

Response Measures

None

Description

No articles describe a depositor run. Articles (Mar 21 and Nov 8, 1933) describe government-facilitated reorganization and receiver payments. The First National Bank of Commerce was being replaced by a newly created Bank of Detroit (Mar 21, 1933), and by November 1933 receivers were making dividend payments to depositors — consistent with a prior suspension/closure and receivership. Exact suspension/closing date is not given in the excerpts; OCR errors present in Article 2 (garbled phrases) but meaning inferred from context.

Events (3)
1. March 21, 1933 Other
Newspaper Excerpt
creation of the Bank of Detroit to stand in the place of the First National Bank of Commerce. The new bank capital of 25,000,000, half subscribed Reconstruction Corporation and the remainder by the General Motors (AP, Mar. 21, 1933).
Source
newspapers
2. November 8, 1933 Receivership
Newspaper Excerpt
Depositors will receive $19,374,563, the Treasury said... The 10 per cent. dividend to 706,949 depositors in the Bank of Detroit will probably be made on 15... the bank's receivers had been working day and night in an efforts to release this money as soon as (Nov. 8, 1933).
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Bank had been placed in receivership; Treasury/receivers managing funds after bank closure
Newspaper Excerpt
payment was made possible, the Treasury said, by the fact that the bank's receivers had been working day and night
Source
newspapers

Newspaper Articles (2)
1. March 21, 1933 Morning Pioneer Mandan, ND
Article from Morning Pioneer, March 21, 1933

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Article Text

NEW BANK FOR DETROIT, MICH. Washington, Mar. 21 (AP)-Out the government study the Detroit banking situation plans erged today creation of the Bank of Detroit stand the place of the First National Bank of Commerce The new bank capital of 25,000,000, half subscribed Reconstruction Corporation and the remainder by the General Mo tors

2. November 8, 1933 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, November 8, 1933

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Article Text

DETROIT BANK TO PAY DIVIDEND FRIDAY The Treasury today that payment date for the 20 per cent. dividend of the Guardian National Bank Commerce been advanced to Depositors will receive $19,374,563, the Treasury said The payment was made possible, the Treasury said, by the fact that the bank's receivers had been working day and night in an ef. forts to release this money as soon as The payment will bring the total paid by bank to 60 per cent. $58,338,958. The 10 per cent. dividend to 706. 949 depositors in the Bank or Detroit will probably be made on 15, previously announced. although the Treasury said its receiver also making effort to speed up this payment. The First dividend will to $34 and will bring the total paid to 50 per cent., or $169,992,357