8864. Algonac Savings Bank (Algonac, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 1, 1933*
Location
Algonac, Michigan (42.618, -82.531)

Metadata

Model
gpt-5-mini
Short Digest
d478fcd2

Response Measures

None

Description

Articles indicate the bank was closed in February 1933 and conservators (state-appointed) were named by the banking commission in late March 1933; legal proceedings mentioned in June. No article describes a depositor run prior to suspension. Classified as suspension_closure (suspension by government action leading to conservatorship/closure).

Events (4)
1. February 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was closed in February 1933 and later placed under conservatorship by the state banking commission.
Newspaper Excerpt
the Algonac case had been by Acoff, the had been started in March after the bank had been closed February.
Source
newspapers
2. March 29, 1933 Other
Newspaper Excerpt
Algonac Savings bank, Algonac, W. Folsom. Appointment of the following attorneys to represent conservators was announced by the commission:
Source
newspapers
3. March 29, 1933 Receivership
Newspaper Excerpt
Appointment of the following attorneys to represent conservators was announced by the commission:
Source
newspapers
4. June 30, 1933 Other
Newspaper Excerpt
The Algonac case had been by Acoff, the had been started in March after the bank had been closed February.
Source
newspapers

Newspaper Articles (2)
1. March 29, 1933 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, March 29, 1933

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Article Text

CONSERVATORS ARE APPOINTED (Continued from Page One.) State Bank of Linwood, Linwood, Joseph A. Ouillette Lincoln State bank, Lincoln, W. G. Anderson. Rockwood State bank. RockWagar. and Merchants State bank, Wheeler. Henry Mead. Armada State bank, Armada. James Neeley. State bank, Brighton, Savings bank. MoAddison State Savings bank AdB. Zeeland State bank. Zeeland. Den Herder. State Bank of Vestaburg. Vesta burg. Andrew W. Orr Blanchard State bank, BlanchAndrew Orr. State Bank of Six Lakes. Six Lakes. Andrew Orr. Newport State bank, Newport. Thomas Rabbitt Farmers Merchants State bank. Mesick, Lewis M. Hilton First State bank. Ashley, Garland State bank, Van Dyke, Eugene Carey Saranac State bank. Saranac Charles Huhn. First State Bank of Swift First State bank, Maple Rapids, H. Annis Moline State bank, Moline. Joe Haveman. First State bank, White H. Gustin. Algonac Savings bank, Algonac, W. Folsom. American Home Security, Grand Rapids, Howard Lawrence. Appointment of the following torneys to represent conservators was announced by the commission: Flint Union Industrial bank, Guy Wilson. Genesee County Savings Neithercut and Neithercut. Detroit Trust company, Anderson, Wilcox, Lacey and Lawson.

2. June 30, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, June 30, 1933

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Article Text

HEARING IS WAIVED ON BREAKING COUNT John M. Thompson. 20 years old. Stockdale avenue, taken Justice for ing today, but bound at $800 1625 Pontiac Sunday night. He said the youth fled from his home returned. He blocks before stopping his flight. charged felony Galloway Tacken against was bound circuit court hearing. ordered held in default of $1,500 bond. such delay the opening of the that you might have The next remark by the general was and was who ordered from the record. The reprimanded the atordered his kept off the order show Saturday could prevent the subscribing stock that could be Monday, court described highly Called Mr. Cline the afternoon plea for the the ground the banking act Should al, said, all that desired to review the plan by which open bank. There had earlier clashes the bank certain began Mr. testifying from the record from asked Gen. Wilson. am and be correctCline. attorney then had not money to the city Flint said per cent enable city take care its There whether collateral should been given. The court stopthe he be here in morning don't he Lansing Wilson. business the bank's busiin Lansing to raise business there may Mr short before which in states where the and the courts power to appoint receivers, even there could not interfere after the other In instance, department had already acted "Desire Harm No One" want submit," said Mr. shown appointed. Our position other the desire do to this delay. People ing deprived their money for months. Mr. Acoff argued that the 1933 forbade point receiver, that this the 1929 law made has the sioner the right down and allow the assets be used up without right to appeal? asked might say was the answer Mr. He deon the The pointed that the Algonac case had been by Acoff, the had been started in March after the bank had been closed February. the hand, the ed out, there been delay of even stronger, the bank already by commission." "How far the commissioner's discretion the court. "Only he cretion. Then he can be man-