7912. City Savings Bank (Detroit, MI)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
May 1, 1905*
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
9f1c07bf63d90c90

Response Measures

None

Description

The articles describe the City Savings Bank of Detroit as having 'crashed' and being in the hands of the Union Trust Co. as receiver (dividends issued May 15, 1905). No article describes a depositor run; instead the bank failed and a receiver was appointed, so this is a suspension followed by permanent closure/receivership.

Events (3)

1. May 1, 1905* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Described as a 'crash' and failure of the bank leading to its being defunct and placed in receivership by Union Trust Co.
Newspaper Excerpt
failure of the City Savings bank ... the defunct bank
Source
newspapers
2. May 15, 1905 Receivership
Newspaper Excerpt
May 15, 1905, the Union Trust Co., acting as receiver for the defunct bank, issued dividends and the penny was what Grossman got from his 15 cents.
Source
newspapers
3. September 29, 1905 Other
Newspaper Excerpt
Acting as receiver of the Detroit City Savings bank, the company refused to do it and Banking Commissioner Moore took the matter to the courts and after a persistent fight has secured a satisfactory decision.
Source
newspapers

Newspaper Articles (3)

Article from The Owosso Times, September 29, 1905

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Article Text

The supreme court has decided that the Detroit Union Trust Co. must deposit creditors' funds of failed banks in the state treasury pending its distribution to them. Acting as receiver of the Detroit City Savings bank, the company refused to do it and Banking Commissioner Moore took the matter to the courts and after a persistent fight has secured a satisfactory decision. This will apply to the funds of the M. L: Stewart & Co. institution and others and will add a large amount to the state's income in interest. The banking commissioner's action is highly commendable and shows him ever watchful of the state's interest.


Article from The Owosso Times, October 13, 1905

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Article Text

CREDITORS HOUND HIM Frank c. Andrews Declares He Cannot Get Financial Footing. MAY GO INTO BANKRUPTCY Detroit's Man of Bank-Wrecking Fame Returns From New York Tired and Discouraged โ€” Judgments of Which He Knows Nothing Secured. Detroit, Mich., Oct. 10.-"I cannot do anything with my handicap of judgments. Bankruptcy is the only thing open to me. With a clean slate I can regain my feet again, and my just debts will be paid." Frank C. Andrews of the broken City Savings bank fame, financier of a number of electric railway. theatrical and other ventures, released from Jackson prison after serving part of a fifteen-year sentence, and lately engaged in business in New York, in aneffort to recoup his fortunes, has returned to Detroit, tired and discouraged, ready to face the bankruptcy court with liabilities close to $2,000,000. Andrews came to Detroit chiefly to consult his attorney, Alex. J. Groesbeck, as to the wisdom of his proposed step. Greatly Annoyed. "I have not decided what to do. I have been greatly annoyed by certain creditors, who have filed judgments obtained against me personally in other states, and who interfere by attachments and in other ways with my doing business. Mrs. Shaughnessy filed a judgment of $35,000 against me in New York and has been very annoying. A man I never heard of claimed he was injured by falling off the Homer Warren building, and he has obtained a judgment against me personally for $1,800. I know nothing of the incident, the man nor his suit. I never heard of it until the judgment showed up." Mine Not Paid For. The suit brought by Mrs. Shaugh nessy of Salt Lake City against Mr. Andrews, it will be remembered, was in connection with the purchase by Frank C. Andrews of the Tiewaukee mine. Michael Shaughnessy of Salt Lake, formerly sheriff of that county. sold the mine to Andrews for $100,000, of which amount $65,000 was to go to a Salt Lake City banker, and the re. maining $35,000 to Mrs. Shaughnessy. Andrews paid the $65,000, but the City bank crash came before he paid anv of the remainder of the claim. Mrs. Shaughnessy sued for the money and. the Union Trust Co. as receiver and assignee of Andrews's equity, defend. ed. Mrs. Shaughnessy recovered a judgment of $5,000, the amount then due under the contract, and filed a lien on the property to cover the remainder. Mrs. Shaughnessy Again. The suit is still pending, the Union Trust Co. endeavoring to protect its interests in the $65,000 paid by Audrews. As the property is not being operated, nor is it being developed, its value as a mine is problematical. The Union Trust Co. people never knew that Mrs. Shaughnessy had been trying to reach Andrews directly in other suits, or had other judgments rendered than the first one of $5,000, defended by the receiver.


Article from The Detroit Times, April 21, 1910

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Article Text

Gets One Cent Check. Isador Grossman, brother of Truant Officer Max Grossman, is the proud possessor of a check for one cent. The document is a souvenir of the failure of the City Savings bank, where Grossman had a deposit of 15 cents at the time of the crash. May 15, 1905, the Union Trust Co., acting as receiver for the defunct bank, issued dividends and the penny was what Grossman got from his 15 cents. The check is signed by the Late Ellwood G. Hance.