Union National Bank - Detroit, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 3487
Charter Number: 3487
Start Date: October 10, 1933
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 31b11c3292002e91

Response Measures

None

Description

Article (Oct 10, 1933) discusses federal plans to reopen closed banks and specifically refers to the First Bank and the Union Bank of Detroit receiving a liquidating dividend to make deposits available. This indicates the Detroit Union bank had been suspended/closures during the 1933 holiday and was being readied to reopen under federal assistance. The piece does not describe a depositor run; the cause is government action/program to resolve suspended banks.

Events (4)

1. April 13, 1886 Chartered

Source: historical_nic

2. March 29, 1906 Voluntary Liquidation

Source: historical_nic

3. October 10, 1933 Other

Newspaper Excerpt: President Roosevelt's long awaited program for speeding the reopening closed banks ... liquidating corporation which would take over assets banks and cash for them. ... provide sufficient currency to make deposits available in full.
Source: newspapers

4. October 10, 1933 Suspension

Cause: Government Action
Cause Details: Bank deposits were frozen and the Comptroller described a federal plan/liquidating corporation to take over assets and provide a dividend to make deposits available; part of Roosevelt administration program to reopen closed banks.
Newspaper Excerpt: plans for forming the Further details of the bank prowere revealed by Comptroller who said specifically he the First bank and the Union bank Detroit to new liquidating dividend within 30 days.
Source: newspapers

Newspaper Articles (1)

1. October 10, 1933 The Great Falls Leader Great Falls, MT

Article from The Great Falls Leader, October 10, 1933

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Article Text

LOANS TO FREE BANK ASSETS GIVEN President's Plan Which Will Reopen Many of Banks Is Public Oct. President Roosevelt's long awaited program for speeding the reopening closed banks was today be based on liquidating corporation which would take over assets banks and cash for them. of corporation loans would finance the operaThe difficulty in reopening many banks basically sound regarded has been their assets, especially estate mortgages, were worth real almost nothing for immediate realization though having high potential value The tion will able to hold this type of the while paper providing the sufficient currency to make deposits available in full. Henry Bruere, head of the Bowery Savings bank New York, revealed the plan. He conferred yesterday with Secretary Treasury Woodin, Federal Reserve Board Governor Eugene Black and other administration financial leaders plans for forming the Further details of the bank prowere revealed by Comptroller who said specifically he the First bank and the Union bank Detroit to new liquidating dividend within 30 days. He did estimate the amount involved in the prospective dividend Only in deposits are frozen 778 national banks still un. licensed, Comptroller O'Connor said O'Connor said that 376 national stitutions plans and when these are effect only percent the bank dewould frozen Five states Connecticut. Mississippi, Rhode Island and he all their national banks opened normal O'Connor said his office was workout plans to allow conservators national banks to help the government's aid program cepting loan mortgages held National bank permitted to accept the long term home