Bank was closed by the banking commissioner after discovery of forged notes (nearly $10,000). Depositors forcibly entered the bank and demanded funds. The cashier/major stockholder (E. B. Jenney) stated he would make good the loss and hoped to reopen within a few days; reopening is asserted as intention but not documented in these clippings. Article 2 describes a separate private bank of Jenney in Sheridan that also closed after a run—that is a different institution.
Events (2)
1.February 3, 1912Suspension
Cause
Government Action
Cause Details
Closed by the state banking commissioner after discovery of forged notes (nearly $10,000) in the bank's assets.
Newspaper Excerpt
State Savings bank which was closed by the banking commissioner Saturday night
Source
newspapers
2.February 6, 1912Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors reacted to the discovery of forged notes and the bank's closure by the banking commissioner, forcing entry to demand payment.
Measures
Bank was closed by the banking commissioner; cashier/stockholder pledged to make good forged notes and hoped to reopen.
Newspaper Excerpt
Angry depositors broke open the doors and demanded that they be paid their money.
Source
newspapers
Newspaper Articles (2)
1.February 6, 1912The Detroit TimesDetroit, MI
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Article Text
ANGRY DEPOSITORS BREAK OPEN DOORS DOWAGIAC, Mich., Feb. 6.-E. B. Jenney.. principal stockholder and cashier of the State Savings bank which was closed by the banking commissioner Saturday night, said today that forged notes for nearly $10,000, which he says caused the suspension will be made good by the bank and that he hopes to open up again for business within a few days. Angry depositors broke open the doors and demanded that they be paid their money. It was some time before the crowd would be contented with explanations and promises, that they would be paid in full.
2.February 8, 1912The Detroit TimesDetroit, MI
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Article Text
HIRD BANK OWNED BY JENNEY CLOSES DOORS ivate Bank at Sheridan Suspends Business After Run By Depositors SHERIDAN, Mich., Feb. 8.-The losing of the State Savings bank at Dowagiac, of which E. Bert Jenney the cashier and principal stockolder, because of the discovery of forged notes and the consequent closmg of his bank at Lennon. caused a run on his private bank here yesterday, and it is closed today. The depositors made a run on the Institution and were paid as long as the funds held out. Then the doors were closed.
