Addison State Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: October 1, 1943*
Location: Addison, Michigan (41.986, -84.347)

Metadata

Model: gpt-5-mini
Short Digest: 3d96140c

Response Measures

None

Description

The article (Nov 10, 1943) lists Mt. Clemens Savings Bank among institutions in receivership/trust under state banking department that paid out dividends in October. No run or reopening is mentioned; the bank is under receivership and paying dividends, consistent with a suspension followed by closure/receivership.

Events (1)

1. October 1, 1943* Receivership

Newspaper Excerpt: These payments included: ... and Mt. Clemens Savings Bank, $208,604.
Source: newspapers

Newspaper Articles (1)

1. November 10, 1943 Detroit Evening Times Detroit, MI

Article from Detroit Evening Times, November 10, 1943

Click image to open full size in new tab

Article Text

Bank Resources In State Jump 116 Millions LANSING, Nov. 10 (UP) Total resources of 349 state and industrial banks in Michigan increased $116,000,000 or 7.9 per cent from June 30 to Oct. 18, E. W. Nelson, state banking commissioner, revealed today. Total resources of banks Oct. 18 were $1,586,265,957.74. For the same period, U. S. government obligations totaled $872,049,691, an increase of $135,000,000 during the three and a half month period since banks last reported statements. Time deposits increased $47,000,000 and deposits of the U. S. government increased $71,500,000, making aggregate deposits Oct. 18 $1,492,182,187. Total capital accounts were $89,377,703 Oct. 18, representing a gain of $2,651,000 since June 30, Nelson pointed out. At the same time Nelson announced that receiverships and trust under supervision of the state banking department paid out $305,975 in dividends during October. These payments included: Addison State Savings Bank, $14,254; Fraser Depositors Corp., $17,061; Dundee Depositors Corp., $6,435; Grand Ledge Depositors Corp., $46,565 and $13,054, and Mt. Clemens Savings Bank, $208,604.