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Honorable Neil E. Reid, circuit judge, announced today that he had authorized B. A. Kalahar, receiver of the Citizens Savings Bank of Mount Clemens and his attorney, .B. V. Nunneley, to make application to the Reconstruction Finance Corporation for a new loan to provide funds for an additional payment to depositors at the earliest possible date.
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STATE OF MICHIGAN IN THE CIRCUIT COURT FOR THE COUNTY OF MACOMB IN CHANCERY Rudolph E. Reeichert, State Banking Commissioner, Plaintiff, vs Citizens Savings Bank, a Michigan banking corporation, of Mount Clemens, Michigan, Defendant. No. 8640 At a session of said court held in the Macomb County Building in the City of Mount Clemens on the 24th day of April, 1941. Present: The Honorable Neil E. Reid, Circuit Judge. On reading and filing the petition, duly verified, of B. A.Kalahar, Receiver of the Citizens Savings Bank, defendant in the above entitled cause, praying: (a) That he may be by an order of this court authorized and directed to borrow from the Reconstruction Finance Corporation not exceeding the sum of two hundred sixty-seven thousand five hundred dollars ($267,500), and to pledge as security for said loan all or such part of the assets of said Citizens Savings Bank as may be required or by him deemed necessary, and all of the assets of the
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Distribution of $255,303.52 to depositors of the defunct Citizens Savings bank will be effected on Thursday, Friday and Saturday at the Macomb County Trust company office in the Price Building, Bernard A. Kalahar, receiver, announced today. The 10 per cent payoff brings to $1,183,813.22 the cash total paid patrons of the bank during the receivership. A total of 35 per cent-$928,509.70-has been disbursed prior to the present payoff. COURT APPROVES Circuit Judge Neil E. Reid today signed an order authorizing the payment of the dividend. The order gave Kalahar permission to hire whatever help is needed to effect the disbursement. Kalahar said depositors need only to present their certificates to receive the payoff. He urged those who have lost certificates to wait until Monday of next
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Acreage Sold to Jack Green Jack A. Green and wife, Anna E., today purchased 59.5 acres of land at the corner of Joy boulevard and Sugar Bush road. Mr. and Mrs. Green paid $5,800 in cash for the property. The land was ordered sold by Circuit Judge Neil E. Reid through B. A. Kalahar, receiver for the Citizens Savings Bank.
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FOR SALE-4 shares Mt. Clemens Savings Bank stock, one Trust-fund Certificiate, $1133.40, Mt. Clemens Savings Bank. One receiver's certificate, Citizens Savings Bank, $249.73. Hugo Blank, RFD No. 1, Mt. Clemens. Phone Mt. Clemens 2485-W4.
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Five Per Cent Return Is Set for October 5 5,000 to Benefit from Fourth Return to Depositors A five per cent return to depositors in the old Citizen's Savings bank which closed its doors Nov. 23, 1932, was announced this morning by Bernard A. Kalahar, receiver, following authorization by Circuit Judge Neil E. Reid. Five thousand holders of deposit certificates will participate in the $127,468.02 melon Kalahar revealed. RECOVER HALF The new payoff, scheduled for Oct. 5, will bring up to 50 per cent the return to depositors since the financial institution failed. A total of $1,296,273.20 will have been recovered for them when the new five per cent return is completed. The receiver urged that as many people as possible mail in their certificates so that checks may be sent out but said that See PAY-OFF-Page 6
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- - ... Jaisu mb. in Liber 278 of Mostgages 234: on which mortgage there jo SE predun pue enp 09 of PO this notice. for principal and the sum of eleven thousand hundred seventy-three and ou pue subject proceedings at law or in equity been instituted to recover the ured by said mortgage or any reof: : Now therefore. by virtue ower of sale contained in said e and the statute in such case nd provided. and in pursuance der entered on the twenty-ninth March. A. D. 1935. in equity umber 8640 nending in the Cirrt for the County of Macomb. , Michigan. wherein Rudolph hert. State Banking Commisis plaintiff and the Citizen's Bank a Michigan banking corof Mount Clemens. Michigan. dont Notice is hereby given Tuesday. the fifteenth day of v. A. n. 1944. at ten o'clock in noon. Eastern War Time said e will be foreclosed by the sale e vendue to the highest bidder vesterly or Gratiot Avenue enof the Macomb County Building. itv of Mount Clemens. Macomb Michigan (that being the here the Circuit Court for the of Macomb is held). of the : described in said mortgage. uch thereof as may be necespay the amount due on said e as aforesaid. with interest and all legal costs. charges and 5. including the attorney for for by statute. and any sum which may be paid by the undi at or before said sale for id /or insurance on said premich premises are described as . 10 of Block No. 44 of MulSurvey of the Village (now f Mt Clemens according to t thereof recorded in the ofthe Register of Deeds of MaCounty. December 23rd. A. D. 1943. A. Kalahar. Receiver Citizen's vings Bank. a Michigan bank2 corporation. of Mount Clems. Michigan. Assignee of ortgagee. LEY & NUNNELEY. s for Assignee of Mortgagee.
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# NOTICE be paid within three (3) days after the sale. Said property will be offered for sale subject to all claims, liens and encumbrances of any name and nature, the Receiver selling what ever, interest he may have in the assets, without recourse or warranty of any kind of character. That the Receiver has on file at his office a list describing the assets to be sold and which said list is open for examination by any party or parties interested in buying the property at the sale above described. Any sale or sales will be made subject to confirmation of the court before said sale or sales become absolute and confirmation of said sale or sales will be brought on for hearing before said court on the 24th day of October, A. D., 1944, at ten o'clock in the forenoon, Eastern War time, or as soon thereafter as may be proper. Any creditor or stockholder of the Citizen's Savings Bank may become either personally or by his agent or agents, purchaser or purchasers of any of the said property at such sale or sales. In the event any purchaser or purchasers shall fail to comply with any of the conditions of the said sale or any terms of the Court in respect thereto or in respect to the payment in cash or any part of the purchase price aforesaid, all sums received from or paid by such purchaser or purchasers will unless the Court shall otherwise direct, be forfeited as a penalty for such failure. B. A. KALAHAR, Receiver of the Citizen's Savings Bank, a Michi- gan Banking Corporation, of Mount Clemens, Mich.
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B.A. KALAHAR, Receiver of the Citizen's Savings Bank. a Michigan Banking Corporation, of Mount Clemens, Mich.
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NOTICE OF SALE OF REMAINING ASSETS OF THE CITIZENS SAVINGS BANK Notice is hereby given that pursuant to an order and decree of said court, duly entered on the 12th day of September A. D. 1944, the undersigned Receiver will offer for sale on the 17th day of October. A. D. 1944. at ten o'clock in the forenoon of said day. Eastern War time, or at any subsequent time and hour as approved by said court, at this office located at 506 Monitor Leader Building, City of Mount Clemens, Michigan, all the remaining property both real and personal of the Citizen's Savings Bank at public or private auction. collectively or separately for the best prices obtainable to the highest bidder, for cash, ten per cent (10%) to be paid down at the time of sale, balance to be paid within three (3) days after the sale. Said property will be offered for sale subject to all claims. liens and encumbrances of any name and nature. the Receiver selling what ever interest he may have in the assets, without recourse or warranty of any kind of character. That the Receiver has on file at his office a list describing the assets to be sold and which said list is open for examination by any party or parties interested in buying the property at the sale above described. Any sale or sales will be made subject to confirmation of the court before said sale or sales become absolute and confirmation of said sale or sales will be brought on for hearing before said court on the 24th day of October, A. D., 1944. at ten o'clock in the forenoon, Eastern War time, or as soon thereafter as may be proper. Any creditor or stockholder of the Citizen's Savings Bank may become either personally or by his agent or agents. purchaser or purchasers of any of the said property at such sale or sales. In the event any purchaser or purchasers shall fail to comply with any of the conditions of the said sale or any terms of the Court in respect thereto or in respect to the payment in cash or any part of the purchase price aforesaid. all sums received from or paid by such purchaser or purchasers will unless the Court shall otherwise direct. be forfeited as a penalty for such failure. B. A. KALAHAR. Receiver of the Citizen's Savings Bank, a Michigan Banking Corporation, of Mount Clemens, Mich. NUNNELEY & NUNNELEY, Attorneys for Receiver. 221 Mount Clemens Savings Bank Bldg. Mount Clemens. Michigan. Sept. 22. 29: Oct. 6-M.-L.