Bank of Michigan - Detroit, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 4, 1838
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 474a166a1b5e3f28

Response Measures

None

Description

The article (Constanine Republican, 1838-04-04) states the Bank of Michigan 'suspended' and notes the small amount of specie in its vaults when it suspended, indicating insolvency-related suspension. No run or reopening is mentioned in the text provided, so I classify this as a suspension that led to closure/lasting failure.

Events (1)

1. April 4, 1838 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Reportedly very small amount of specie/paid funds in the bank's vaults at time of suspension, suggesting insolvency or inability to meet withdrawals or obligations.
Newspaper Excerpt: about one-two hundredths as much as the deposite bank, Bank of Michigan, in charge of the whig candidate for governor, had in its vaults when it suspended
Source: newspapers

Newspaper Articles (1)

1. April 4, 1838 Constantine Republican Constantine, MI

Article from Constantine Republican, April 4, 1838

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Article Text

The Ionia Sub-Treasurer has illustrated the system beautifully. Will the Free Press inform us of the precise amount of "mint drops" belonging to the people which he had in his pocket when he ran away? - Advertiser. Answer-About one-two hundredths as much as the deposite bank, Bank of Michigan, in charge of the whig candidate for governor, had in its vaults when it suspended-Free Press.