First National Bank - Manistee, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2539
Charter Number: 2539
Start Date: August 23, 1933
Location: Manistee, Michigan (44.244, -86.324)

Metadata

Model: gpt-5-mini
Short Digest: e54d6857cc88b2b8

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-12-12
Date receivership terminated: 1936-09-16
Share of assets assessed as good: 45.9%
Share of assets assessed as doubtful: 54.1%
Share of assets assessed as worthless: 0.1%

Description

Article (Aug 23, 1933) reports the city commission authorized the conservator of the First National Bank (Manistee) to negotiate release of municipal deposits; a conservator implies the bank was under government supervision/suspension. No mention of a depositor run or of reopening; therefore classified as a suspension that appears to be a closure/receiver situation. Date taken from newspaper publication.

Events (3)

1. June 30, 1881 Chartered

Source: historical_nic

2. August 23, 1933 Suspension

Cause: Government Action
Cause Details: Bank was under a conservator (government-appointed conservator handling deposits and collateral), indicating government intervention/suspension.
Newspaper Excerpt: The city commission has authorized the conservator of First National bank to negotiate with his department in an attempt to release municipal deposits from the bank
Source: newspapers

3. December 12, 1933 Receivership

Source: historical_nic

Newspaper Articles (1)

1. August 23, 1933 The Grand Rapids Press Grand Rapids, MI

Article from The Grand Rapids Press, August 23, 1933

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Article Text

State EWSGRAPHS Pellston-The McKinley township district 12-grade school here will reopen for nine months Sept. 11. Supt. W. Bannister will head the faculty again. Big Rapids- The city of Big Rap. ids will adhere to the spirit of the national industrial recovery act, but will not sign blanket agreement, the city commission has decided. The council approved employment partments. Commissioner James Campbell's resolution urging that the city come under the terms of the NRA was defeated when Mayor Dan W. Rowe and Commissioner Arthur Martz contended the city could not afford to pay minimum wages under the recovery act Holland-A hand-made auger. constructed of one solid piece wood, with the bit of hickory and body of rock elm. is relic now in possession of M. Camburn, passed on to him from his ancestry The tool is on exhibition in Camburn's store at Macatawa Park. Camburn's grandfat used it in the construction of the Erie canal more than century ago. It still can bore neat hole. Williamsburg- The board of education has completed plans for full and regular school year to open Monday Aug. 28. with Supt. R. R. Bannen in charge Traverse City-Dr. F. Scott McBride, national legislative superintendent of the Anti-Saloon League of America, will be the speaker at an evening service at Central Methodist church Sunday Zeeland Chief of Police Fred Bosma will represent Zeeland at the annual meeting of police chiefs in Marquette Aug. 28 to 30. He granted three-day leave by the city council. Fennville- Allegan road commission is some of the roads north from here toward Holland, cleaning out ditches and doIng other maintenance work. giving employment to workers. Howard City-Schools will open Monday, Sept. 18, according to an announcement by the board of education. The board expects to be able to nine months of school the coming year provided past due tuition from neighboring districts is paid. Supt. O. A. MacNaughton and the entire corps of teachers will return Big of children using new swimming pool here each day are safe from contaminated water, according to report made by R. Faust, director of swimming pools for the state health department. Faust praised the project. Manistee-The city commission has authorized the conservator of First National bank to negotiate with his department in an attempt to release municipal deposits from the bank by means of the sale of securities held as collateral The city alrady has obtained 000 of its deposit through the sale of United States bonds covering the