Articles (Jan–Apr 1933) discuss Citizens Savings Bank of Detroit suspending business and having a receiver appointed by the state banking commissioner. OCR in Article 1 is poor (names and punctuation garbled); corrected references to Detroit Citizens Savings Bank and appointment of receivers by the state banking commissioner. No mention of a depositor run; the bank was placed in receivership.
Events (3)
1.January 1, 1933*Suspension
Cause
Government Action
Cause Details
Bank suspended business and state banking commissioner recommended/caused appointment of a receiver; suspension in connection with state investigation and receiver appointment.
Newspaper Excerpt
Investigation of the Detroit Citizens Savings bank revealed ... when the bank suspended business
Source
newspapers
2.January 24, 1933Receivership
Newspaper Excerpt
Bank Commissioner's Right to Name Bank Receivers Is Upheld ... recent appointment of receivers at Detroit ... for the Citizens Savings bank ... state banking commissioner declared that his recommendations for the appointments had been ignored by the courts. (Jan. 24, 1933 article).
Source
newspapers
3.April 5, 1933Other
Newspaper Excerpt
Mt. Clemens Bank Receiver Reports $97,000 Item to Probers. ... Investigation of the Detroit Citizens Savings bank revealed ... the state department had on deposit protected by security bonding when the bank suspended business ... Records ... that the practice was not followed in this instance ... assistant attorneys general indicated they would file request for grand jury investigation ... (Apr. 5, 1933 article).
Source
newspapers
Newspaper Articles (2)
1.January 24, 1933The Niles Daily StarNiles, MI
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Article Text
Bank Commissioner's Right to Name Bank Receivers Is Upheld
LANSING, Jan. attorney general ruled today that the courts cannot Ignore the recommendation of the state banking commission. er in appointment of bank receivers.
The opinion ruled that courte their authority recent ment of receivers at Detroit. Claire State bank and for the Citizens Savings bank Clemens. dolph E. Rechert, state banking commissioner, declared that his mendations for the appointments had been ignored by the courts. An act by the first special session of last year provided that the commissioner the
2.April 5, 1933The Grand Rapids PressGrand Rapids, MI
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Article Text
SAYS ROAD DEPOSIT WAS NOT SECURED
Mt. Clemens Bank Receiver Reports $97,000 Item to Probers.
Mt. Clemens, April 5.-(UP)-Investigation of the Detroit Citizens Savings bank revealed Tuesday the state department had on deposit protected by security bonding when the bank suspended business, it was reported Tuesday Assistant Receiver B. A. Kalahar disclosed the port to Leo F. Moriarty and Frank H. Watson, assistant general. here investigating the bank. "That the state funds were unprotected is contrary to Kalahar said. usual practice for funds to be bonded for the bank to put up security. Records that the practice was not followed in this instance The assistant attorneys general have dicated they would file quest for grand jury investigation when they complete their own
