The Reed City National Bank was closed in May 1929 and a receiver was appointed by the Comptroller of the Currency. Articles discuss successive receivers (J. Garver Bly, later succeeded by Philip Holman) and legal proceedings against Bly for mishandling receivership funds (indictment and guilty plea in 1930). No article describes a depositor run prior to the suspension; closure and receivership are government actions.
Events (7)
1.December 18, 1923Chartered
Source
historical_nic
2.May 1, 1929*Suspension
Cause
Government Action
Cause Details
Closed in May 1929 and placed in receivership by action of the Comptroller of the Currency.
Newspaper Excerpt
Philip Holman ... has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly, ... as receiver for the Reed City National bank, which was closed in May, 1929.
Source
newspapers
3.May 2, 1929Receivership
Source
historical_nic
4.May 31, 1930Receivership
Newspaper Excerpt
Names New Bank Receiver. REED CITY, Mich., May 31 (P)-Phillp Holman ... has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly ... as receiver for the Reed City National bank, which was closed in May, 1929.
Source
newspapers
5.June 13, 1930Other
Newspaper Excerpt
Garver Bly, former receiver for the First National bank of Allegan and the Reed City National bank, ... admitted yesterday there is shortage in the Allegan account ... Bly was ousted recently as receiver for both banks.
Source
newspapers
6.November 7, 1930Other
Newspaper Excerpt
J. Garver Bly, ... former receiver of the First National Bank of Allegan and the Reed City National bank, was indicted ... on two counts for abstraction and embezzlement of funds while handling the two receiverships.
Source
newspapers
7.November 12, 1930Other
Newspaper Excerpt
Garver Bly ... pleaded guilty yesterday in federal court to several of 14 counts of embezzlement, abstraction and misapplication of funds.
Source
newspapers
Newspaper Articles (10)
1.June 1, 1930The Ludington Daily NewsLudington, MI
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Article Text
HART'S BABY TROUT GO TO PENTWATER, BALDWIN
HART. Mich., May 31.-Fingerling brook trout at the Hart fish hatchery maintained by the state department of conservation are being moved to rearing ponds. Most of the two-inch minnows already have been taken to the feeding stations on the north branch of the Pentwater river and Baldwin, and 150,000 are now being moved to the south branch of the White river near White Cloud where the department maintains one rearing pond. There are still about 75,000 baby trout left in the troughs at the Hart hatchery and the disposition of these has not yet been decided. For the first time in the history of the local plant no trout will be kept here this summer in the ponds in Brooks creek and 'it is probable that the hatchery will be closed entirely, according to Erwin Moody, superintendent of the plant.
Names New Bank Receiver. REED CITY, Mich., May 31 (P)-Phillp Holman, of New Cumberland, W. Va., has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly, of Allegan, as receiver for the Reed City National bank, which was closed in May, 1929. Mr. Bly resigned recently after his automobile had been seized on a writ; of attachment to satisfy a debt he was said to have owed to the bank.
2.June 13, 1930The Flint JournalFlint, MI
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BANK RECEIVER ADMITS ALLEGAN FUND SHORTAG
Allegan. Mich., June Garver Bly, former receivfor the First National bank of Allegan and the Reed City National bank, who was arraigned Wednesday in Kalamazoo on a charge of irregularity in handling bank funds, admitted yesterday there is shortage in the Allegan the time he 60 At same that the bank would not suffer because bonding company will cover the loss. the A1"There shortage in legan account which will be made good as soon as the amount is determined his statement said. "Depositors of the defunct bank will lose am bonded in the amount of $75,000." Bly was ousted recently as receiver for both banks.
3.June 13, 1930Lansing State JournalLansing, MI
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BANK RECEIVER ADMITS SHORTAGE IN ACCOUNTS
Bonding Company Will Cover At Allegan Institution, Man Explains Court
June 13 Garver former receiver for the First tional bank of Allegan and the Reed City National raigned Kalamazoo irregularity in handling the Allegan bank. same he promised not bondcover the Allemade the the defunct will bonded amount of Bly ousted recently receiver both banks.
4.June 14, 1930The Grand Rapids PressGrand Rapids, MI
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FORMER BANK RECEIVER IS FACING BAD CHECK COUNT
Reed City, June M. Fleischhauer issued a warrant Friday for J. Garvey Bly, former receiver of the Reed City National bank, charging him with passing bad check for $20 June The complaint by Alfred Stevens, manager of Hotel Osceola here. Bly, who was receiver also of the First National Bank of Allegan and who was replaced in both positions, was arraigned Wednesday at Kalamazoo before United States Commissioner Forrest D. Simmons charged with Allegan. June Garvey Bly former receiver of the First National bank of Allegan, bonds of 000 and left Friday for The signed by Mayor Joseph F. Mosier of A1legan and Marinus VanderMaas, cashier of the Citizens State Savings bank, Plainwell.
5.June 14, 1930Jackson Citizen PatriotJackson, MI
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ACCUSED BANK RECEIVER FACES SECOND WARRANT
Reed City, Mich., June for the Reed City National Bank and the First National Bank of legan, facing charges bank day was second warrant. issuance check. complaint signed Alfred Stevens, has the warrant Bly, under $5,000 left Michigan and now visiting in Indianapolis
6.June 14, 1930The Flint JournalFlint, MI
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FORMER BANK RECEIVER FACES NEW CHARGES
Reed June Garver former for the Reed City National bank and National bank of already charges handling bank funds, yesterday was in this of worthless check. complaint signed by Alfred manager hotel has been the under $5,000 bonds, has Michigan now is visiting
7.November 7, 1930Battle Creek Moon-JournalBattle Creek, MI
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EX BANK RECEIVER INDICTED BY COURT
Grand Rapids, Nov. 7.-J. Garver Bly, of Indianapolis, former receiver of the First National Bank of Allegan and the Reed City Nation al bank. was indicted in United States district court here Thursday on two counts for abstraction and embezzlement of funds while handling the two receiverships. No specified amounts wore set Bly was a bank examiner for five years before being appointed re. ceiver of the Allegan bank in 1927.
8.November 7, 1930The Muskegon ChronicleMuskegon, MI
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BANK RECEIVER NAMED IN THREE TRUE BILLS
Grand Rapids, Nov. 7-(P)-Three true bills, embracing 14 charges of embezzlement, abstraction, and misapplication of funds, were returned Thursday by the federal grand jury in true bill against G. Garver Bly, former for the defunct First National bank of Allegan and the Reed City National bank. An aggregate of $10,000 alleged to be involved in the counts.
9.November 7, 1930Detroit Free PressDetroit, MI
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Article Text
EX-BANK RECEIVER INDICTED BY
Accused of Embezzling Funds Under His Care.
Free Grand Rapids, Garver Bly, of Indianapolis, former receiver of the First National Bank of Allegan and the Reed City National bank, indicted in United States district court here today on two counts for and embezzlement of funds while handling the two receiverships. No specified amounts were set forth. Bly was bank examiner for five being years ceiver of the Allegan bank in 1927.
10.November 12, 1930The Flint JournalFlint, MI
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Article Text
BANK RECEIVER GUILTY IN EMBEZZLING CHARGE
Grand Rapids, Nov. (By Garver Bly. former refor the First National bank of Allegan and the Reed City National bank. pleaded guilty yesterday in federal court to several of 14 counts of embezzlement, abstraction and misapplication of funds. Other counts are to be dismissed. Bly, who previously had pleaded not guilty to all the counts, will be sentenced Thursday.
