8873. Bank of Washtenaw (Ann Arbor, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 21, 1854
Location
Ann Arbor, Michigan (42.271, -83.726)

Metadata

Model
gpt-5-mini
Short Digest
03add8bc

Response Measures

None

Description

Multiple contemporary notices (Thompson's Reporter excerpts carried in newspapers Nov 1854) list the Bank of Washtenaw as 'failed' on Aug 21 (1854). A later May 1855 article reports a court injunction enjoining the bank from exercising corporate rights, implying winding up/closure. No article describes a depositor run prior to suspension; cause of failure is not given in the sources (classified as 'other'). OCR variants (Omarba/Aun Arbor/Washtenow) corrected to Ann Arbor / Washtenaw.

Events (2)

1. August 21, 1854 Suspension
Cause Details
Contemporary bank-failure listing reports the Bank of Washtenaw 'failed Aug 21; no sale' (no cause provided).
Newspaper Excerpt
Bank of Washtenow, Ann Arbor, Mich., failed Aug 21 ; no sale.
Source
newspapers
2. May 22, 1855 Receivership
Newspaper Excerpt
the Bank of Washtenaw was enjoined on Tuesday of this week, by order of the Hon. Judge Johnson, from the exercise of any of its corporate rights and privileges. ... We presume the Bank will now be wound up; (New-York Daily Tribune, May 29, 1855).
Source
newspapers

Newspaper Articles (5)

Article from The National Era, November 2, 1854

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Article Text

CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Omarba, Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York citv. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.


Article from The Ottawa Free Trader, November 4, 1854

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Article Text

From Thompson's Reporter, Oct. 21. List of Banks which have Recently Failed Farmers' and Mc rehants' Bank of Memphis, Tenn., failed Aug. 16; no sale. Bank of Washtenow, Ann Arbor, Mich., failed Aug 21 ; no sale. Bank of Milford, Milford, Del., failed Aug. 21 ; no sale. Monsum River Bank, Sanford, Me., thrown out by the Suffolk Bank, Sept. 27; no sale. Erie and Kalamazoo Railroad Bank, Adrian, Mich., failed Oct. 6; no sale. Adrian Insurance Company, Adrian, Mich., failed Oct. 6; no sale. Ellsworth Bank, Ellsworth, Me., thrown out by the Suffolk Bank Oct. 6; no sale. Eighth Avenue Bank, N. Y. City, failed Oct. 6; 20 per cent dis. Knickerbocker Bank, N. Y. City, failed Oct. 12 ; 20 per cent dis. Suffolk Bank, New York City, suspended Oct. 12; par. Newport Safety Fund Bank, Newport, Ky., failed Oct. 16; no sale. Kentucky Trust Company, Covington, Ky., failed Oct. 18; no sale. Bank of Union, New York City, closing; par.


Article from The National Era, November 9, 1854

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Article Text

CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Aun Arbor, Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.


Article from The National Era, November 16, 1854

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Article Text

CAUTION ABOUT MONEYS SENT FOR THE ERA. We have said that we prefer the notes of Eastern to those of Western Banks, where our Western subscribers can obtain them without loss. If this be impossible, send us the notes of the State Banks or their branches in the Western States. The brokers here will not buy the issues of your free banks. We call attention to the following list of banks that have broken or suspended, or whose notes are not taken, reported in Thompson's Detector of October 21st: Farmers' and Merchants' Bank, Memphis, Tennessee. Bank of Washtenaw, Ann Arbor. Michigan. Bank of Milford, Milford, Delaware. Erie and Kalamazoo Railroad, Adrian, Mich. Adrian Insurance Company, Adrian, Mich. Ellsworth Bank, Ellsworth, Maine. Eighth Avenue Bank, New York city. Knickerbocker Bank, New York. Suffolk Bank, New York city. Newport Safety Fund, Covington, Ky. Union Bank, New York city. Kentucky Trust Company, Covington, Ky. Don't send any of these.


Article from New-York Daily Tribune, May 29, 1855

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Article Text

The old established London house in the Brazilian trade, Mellors & Russell, has failed, with liabilities of £80,000. Probable assets, 10/@15/ P £. Mr. Alexander Masterton, Jr. of the Mechanics' Bank has been appointed Cashier of the New-York County Bank, which is to occupy the Banking House of the late Knickerbocker Bank. We are informed that the stock has been all taken and that the Bank is soon to commence business. A bank is needed in that part of the City, and the new institution will undoubtedly do & safe and profitable business. The returns from the Bank of England for the week ending the 5th of May give the following results, when compared with the previous week: Decrease £180,423 £4,387,590 Public deposits Decrease.. 527,881 12,645,651 Other deposits Increase. 4,676 3,136,485 Rest On the other side of the account: Decrease. £623,000 £13,591,873 Government securities. Decrease., 223,174 12,721,050 Other securities. Increase. 310,495 8,742,600 Notes unemployed The amount of notes in circulation is £20,168,430, being a decrease of £191,250, and the stock of butlion in both departments is £15,619,219, showing an increase of £119,810, when compared with the preceding return. After the adjournment of the Board the following sales of Bonds and Stocks were made by Albert H. Nicolay: Int. added 59 $5,000 Chicago and Mississippi Railroad 7s Int. added. 841 5,000 Cleveland and Toledo Railroed 7a Int. added. 83 19,000 Harlem Reilroad 1st Mortgage 7s Int. added. 97 1,000 North Carolina 6s 6,000 North'n Indiana R. R. (Goshen Branch)7s. added. 83 94 3,000 Missouri6s 834 150 shares Reading Railroad 27! 2 shares Third-Av. Reilroad 484 75 shares Eric Railroad 92 10 ares Chatham Bank 831 25 shares Fulton Fire Insurance Company 82 25 shares Fulson Fire Insurance Company 891 shares Park Fire Insurance Company 100 25 shares American Express Company 101 10 shares American Express Company 1,000 shares New- and Shawangunk Mining Company 23 (hypothecated) Mr. E. C. Halliday will sell at auction to-morrow (29th), at the Merchants' Exchange, $70,000 of California State Seven Per Cent Bonds. We invite attention to his advertisement in another column. A correspondent of The St. Louis Republican furnishes the following statement of the condition of the Ohio and Mississippi Railroad. The sum of $250,000 is now wanted to complete the road to Vincennes. The completion of this work is considered as vitally important to the City of St. Louis. onto AND MISSISSIPPI RAILROAD. $1,080,295.00 Amount of stock issued to contractors. 500,000.00 Amount of stock issued to City of St. Louis. 200,000.00 Amount of stock issued to County of St. Louis. 1,300,000.00 Amount of stock issued to Page & Bacon. $3,580,235.00 Whole amount of stock issued 1st May. 1855 The Co. has given 1st Mortgage bonds. $850,000 00 The Co. has given 2d Mortgage bonds. 1,095,300 00 Add amount estimated to complete the 250,000.00 road to Vincennes. Add also amount of floating debt now due or unprovide for by the Co., say 1,142,103 18 $3,337,403 13 $6,917,693 13 Total Before the stock can be entitled to dividend the entire expenses of running the road and repairs must be paid, and also interest on the amount of mortgage bonds and floating debt of $3,337,403 13, at say P cent. per annum, which will be $233,618. The following proposed amendments to the State Constitution of Missouri, relative to the establishment of banks, has been passed by the Legislature of that State, and is to be voted on by the people in August next. It provides that the General Assembly of Missouri (two-thirds of each house concurring therein) shall have power to establish such bank or banks as may be deemed necessary for theinterests of the State: but every bank 80 establish shall be based upon a special capital and madeliableto redeem its notes in issues in gold or silver; provided that the number of banks chartered shall never exceed ten, and the aggregate amount of capital shall never exceed twenty millions of dollars. The redemption of the public debt at the Treasury Department, Washington, during the week ending the 26th inst., was as follows: $9,000 $5,000 Loan of 1848 Loan of 1812 2,000 Loan of 1846 Total $21,250 6,250 Loan of 1847 We are informed, says The Michigan (Ann Arbor) Argus of May 25, that the Bank of Washtenaw was enjoined on Tuesday of this week, by order of the Hon. Judge Johnson, from the exercise of any of its corporate rights and privileges." The complainants, we understand, are Messrs. Bach, Thompson & Co. and D. Henning of this City. We presume the Bank will now be wound up; and the sooner the better, as the victimized bill-holders are anxiously waiting to learn how much they must pay to get rid of the notes in their possession.