8902. American National Bank (Benton Harbor, MI)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 10143
Charter Number: 10143
Start Date: December 1, 1931*
Location: Benton Harbor, Michigan (42.117, -86.454)

Metadata

Model: gpt-5-mini
Short Digest: 40224992

Response Measures

None

Description

The articles describe the American National Bank in Benton Harbor having closed (closed last December) and placed in receivership, followed by a depositor-backed reorganization plan to merge and reopen the American National and Benton Harbor State banks under one charter (announced 1932-03-29). Multiple articles describe the receiver paying dividends (25%, then 10%), and depositors signing agreements for the merged reopening. No contemporaneous article describes a depositor run; therefore this is classified as a suspension (closure) with subsequent reopening. Closure date interpreted as December 1931 (referred to as closed last December in 1932 articles).

Events (6)

1. December 1, 1931* Suspension

Cause: Macro News
Cause Details: Closed during the banking debacle of the period (articles refer to it closing in December amid wider banking failures); no specific rumor or embezzlement cited.
Newspaper Excerpt: the American National ... closed last December
Source: newspapers

2. March 29, 1932 Receivership

Newspaper Excerpt: The plan reorganizing and reopening the American National and Benton Harbor State banks ... was formally announced today by the committee ... since the two institutions closed last December. The plan ... built around agreement which the depositors ... will be asked sign.
Source: newspapers

3. April 4, 1932 Other

Newspaper Excerpt: The headquarters of the reorganization committee of the American National and the Benton Harbor State banks was thronged Saturday by depositors who signed the agreement for the opening of the banks as merged institution.
Source: newspapers

4. August 18, 1932 Receivership

Newspaper Excerpt: An American National bank dividend of 25 percent will be paid depositors commencing ... Announcement of the dividend was made this morning by R. Payne, receiver
Source: newspapers

5. February 3, 1933 Receivership

Newspaper Excerpt: The second dividend which the American National bank receiver, W R. Payne, will distribute will be paid to depositors, starting tomorrow ... The new dividend will be 10 percent ... With the 10 percent dividend ... Receiver Payne will have paid 35 percent to American National depositors.
Source: newspapers

6. November 18, 1933 Other

Newspaper Excerpt: AM. NAT'L TO MAKE ANOTHER PAYOFF SOON ... the American National comes through before with another ten percent distribution
Source: newspapers

Newspaper Articles (16)

1. March 29, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, March 29, 1932

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ANNOUNCE PLAN FOR OPENING OF TWO BANKS Built Around Agreement Depositors Will Be Asked to Sign BLANKS READY SOON Liquidation Only Alternative If Turn Down Proposal The plan reorganizing and reopening the American National and Benton Harbor State banks in Benton Harbor under one charter was formally announced today by the committee that has been working the project since the two institutions closed last December. The plan, in brief, built around agreement which the depositors the two banks will be asked sign. 95 per the deposits in both banks must be secured to make the reorplan effective. The agreement be submitted to the depositors provides: That new bank shall be organized under the laws of the state Michigan with capital and surplus of not less than $160,000, of which shall be capital and surplus. Levy 100 Percent Assessment Am of 100 percent shall levied by the comptroller of the currency and the banking commissioner against the stockholders in both banks. Any stockholder in the bank upon payment of an and for stock in the new bank may, if he desires, have his used to pay his in the new bank. Any stockholder not electing to take stock will have the money paid on transferred to the depositors' trust fund. The new bank will guarantee the of 55 percent of the deposits of each old bank. Assets from the old banks will be transferred to the new bank in an amount equal the deposits guaranteed. The quick and selected assets of bank be used for this purpose. The $160,000 capital and surplus the new bank will be further guarantee of the payment of the percent. Establish Trust Fund After assets have been set aside by the directors the new bank, with the advice and consent of the state banking commissioner, for the payment the 55 percent referred to, other assets the old banks, culding' assets representing capital stock, surplus, undivided profits, gregating approximately $300,000 each bank, and including mortgages and slower paper of like quality, will be placed trust fund to protect the other 45 percent of the posits. This trust fund will be operated by the new bank with advice of positors' committee and distribution made depositors as ordered by the state banking commissioner. To make doubly safe and certain the payment of the 55 cent the state banking commissioner reserves the right within three years to substitute any asset the bank accepted for the protection of the 55 per cent with assets of equal amount from the trust fund. This means that any asset selected by the new bank goes "sour" within three years that the banking commissioner may exchange such asset for some better paper (Continued on page

2. April 4, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, April 4, 1932

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DEPOSITORS SIGNING FOR BANK MERGER The headquarters of the reorganization committee of the American National and the Benton Harbor State banks was thronged Saturday by depositors who signed the agreement for the opening of the banks as merged institution. The headquarters may be found in the Benton Harbor State bank building, entrance on Michigan street Mr. Hubbard. who is in charge. will be glad explain any portion of the contract which may puzzle any depositor. The program toward the opening of the reorganized bank will depend upon the promptness of the depositors in signing the agreement POLICE RECOVER PURSE purse containing two $5 bills among other things was recovered police for Miss Florine Weber, of Searles avenue, Saturday afternoon after it had been stolen from waiting room in Dr. John Schwarz's office. 14-year-old boy who lives on Territorial road is reported by police to have stolen the purse when he entered the office to canvass shoeshining.

3. April 15, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, April 15, 1932

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URGE DEPOSITORS OF CLOSED SISTER CITY BANKS FILE CLAIMS Depositors in the closed American National and Benton Harbor State banks, which will be reorganized and reopened as one bank, were urged today not to delay in filing their formal claims. Claims are being filed with the receiver at the Benton Harbor State bank. The sooner the claims are filed the faster the work will proceed.

4. April 15, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, April 15, 1932

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DEPOSITORS URGED TO FILE CLAIMS Depositors in the closed American National and Benton Harbor State banks, which will be reorganized and reopened as one bank, were urged today not to delay filing their formal claims Claims are being filed with the receiver at the Benton Harbor State bank. The sooner the claims are filed the faster the work will proceed.

5. May 17, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, May 17, 1932

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Letters From The People This Column Is Open To Signed MULLEN WANTS TO KNOW Editor, turned the second page your issue Wednesday, May observed an article entitled, "Bard Defends Receivership.' so started to read this article, and will believe got so mixed up in trying ascertain what Locke and Kipling had to do with bank ceiverships Benton Harbor that wondered had made mistake and was listening to an Amos and Andy episode, but finally after workthrough 315 words, and accordto my feeble of figuring, there were 315 hurdle before my Daniel Webster brain had finally gotten to statement Ben. Reber's regarding opinion bank receiver read that Bard was pass me by, wading finally discovered after years of experience which Mr. Bard proudly proclaims, and wondered for any who could enjoy of with must be humdinger, but with Mr. Bard expressing the that 40 years of experience might cut compared with finally discovered that he had finally reached me, so tinued going ahead and now, having explained my after reading the first three paragraphs have arrived at the fourth graph, In the first place, Mr. Bard mererefers to national bank receivers, when gives figures. those figures. What 63 years 782 national banks suspended 70 of them have paid full 100 percent the depositors. Of course Bard lected these stopped banking facilities and neglected tell long took bethey had paid the depositors let that pass and the 712 the positors received percent their Let us assume the deposits each one these banks was which should be an tremely but will show deposit these banks and out this percent lost receivership an amount loss per bank its depositors $203,925. As Mr. Bard gave figures covering national banks merely taking his figures show what they but would not very much better for Bentoday, if the American National Bank in position permit its depositors to draw $203,925 and allow circulate in Benton Harbor, rather than to permit lay dormant closed bank the receiver had decided some could be put to work and this may be years Think When Mr. Bard makes his refermy belief of the cost of ceivership explains that Judge White fixed the receiver's salary $4,800, but this reduction the salary receiver in the Benton Harbor State bank took effect after had written my letter, further his that the salary the the only thing sider would ask Mr. Bard he personally paying the help which any receiver must have. course, then the duction the salary what had an amount would the cost of the but do not you find this Ask Mr. Bard And then the statement' which made and for which Bard has complimented by capitalizing words. when the amiable gentlewere having newspaper discussion reference Eighteenth amendment, Mr. Bard then stated that for my opinions should be expatriated but after had that Lincoln had expressed himself much same way reference the fugitive slave that did reference to the Eighteenth amendment. he decided that should not expatriated and he will dig into his years perience with receivers he will also discover that the stateepidemic disease as he endeavors to make appear. And in closing, may ask Mr. Bard if were not he himself who suggested to me in the office of the editor The the morning when first met him, that we should debate some other question, but that event he wanted see first what would say fore would be published. In other words, Mr. Bard was willing to pull framed debate on any subject but this Irishman' would not agree such an action. But wish that Mr. Bard would explain in just what way Locke and Kipling interested Benton Harbor bank ceivers, for hate to wade through 315 words before find out what all about. MULLIN

6. August 18, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, August 18, 1932

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American National Depositors Receive 25 Percent Friday First Dividend Is Authorized By Bank Receiver SLICE FOR CITY Municipal Treasury Will Benefit To The Extent Of $38,000 An American National bank dividend of 25 percent will be paid depositors commencing be Announcement of the dividend was made this morning by R. Payne, receiver 2,857 To Get Checks The receiver said that 2,857 checks will be distributed to many positors. the first dividend the American National, which closed last December, has paid. The checks are already made out the bank staff; depositors will get their money by following the usual procedure calling at the bank, signing up and getting receiver's tificate their proof of claim, which constitutes complete record of each depositor's claim. City to Get $38,000 Receiver Payne announced that the money he will pay out will include dividend of $38,562.52 to the city Benton Harbor. The city had some $152,000 in the American National when the bank failed and only recently the city commission decided to file suit against the bank and the receiver for the purpose of prosecuting its contention that the city money constituted preferred claim and should therefore be paid in full. Mr. Payne said today that the 25 percent the city will get being paid by order of the comptroller's department Washington merely to help city finances and that has no bearing upon the city's claim that its deposit was preferred. very seldom, said the receiver, that the comptroller's department pays dividend in the case of disputed claim, preferring to wait until the queston of preference is definitely settled. The which the city will get will help considerably bolster the municipal treasury at this time city finances have been short for months, due to the fact that $200,000 in city money is tied up in closed banks locally. The city has defaulted on some of (Please Turn to Page 11)

7. October 5, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, October 5, 1932

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PAYNE BANK REPORTS Receiver Payne today reportcash hand the closed Commercial National Bank and Trust company on Sept. 30, last, amounted to Included in the reported liabilities the same date, however, $279,300 owing to the Reconstruction Finance Corporation, which must repaid before second dividend is paid. Reconstruction loan was made permit payment of 30 per dividend that time. Payne's report showed assets amounted to $2,433,of $3,904,863.83, and liaThe Commercial bank closed year last American National Mr. Payne reported uncollected asof in the closed erican National bank Benton Sept. 30, and liabilities of Cash hand amounted to $135,with bills payabe. Reconstruction loan recenty first dividend payment has been repaid, the report revealed. The statement for the Commercial bank follows: ASSETS Bills Receivable Cash on Hand 25,887.85 Assets than Bills Receivable and Cash Hand 1,497,722.82 Additional Assets acquired 216,154.80 Stock Assessment 200,000.00 Total of all assets coming into the hands of receiver $3,904,863.83 REMAINING ASSETS Bills Receivable $1,380,749.68 Assets other than Bills Receivable 856,913.90 Additional assets acquired Stock assessment 69,981.60 Total assets uncollected Total claims proven on unsecured liabilities Total unproven unsecured claims 33,695.00 Total secured liabilities outstanding unpaid 22,175.84 rediscounts unpaid .00 Total Bills Payable unFinance Corporation 279,300.00 Total additional bilities proven 9,564.98 Dividends paid during last quarter Dividends paid prior thereto Total dividends paid to date Cash hand TRUST Number of Trusts on hand closing 119 Total and investments on hand closing Total number Trusts since closing 45 Total of cash and investments ferred closing Number trusts hand September 30, 1932 74 Total of ments in trust on hand September 30,

8. January 13, 1933 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, January 13, 1933

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Receiver's Report On American National Shows Progress Another dividend for the stockholders of the American National bank may not be far the cash now hand taken as any criterion. According to the quarterly statement of the local bank's receiver, W. R. Payne, the cash hand now totals $234,004.93. The bank some time ago repaid its loan to the Reconstruction Finance Corporation Washington thus no bilities this type that would sorb available funds. The probabilities are that early spring see percent dividend percent dividend paid last summer out of funds obtained from the federal loaning agency. Nothing. Commercial The statement of the Commercial National of Joseph. which also being handled by Receiver Payne, doesn't indicate mediate prospects for dividend for the depositors that The receiver's statement shows the Commercial still owing the (Please Turn to Page Nine)

9. February 1, 1933 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, February 1, 1933

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COMPRISING THE EVENING NEWS Vol. THE DAILY PALLADIUM Vol. the Associated exclusively rights ANOTHER DIVIDEND Payment another dividend National bank receiver welcome bit news to fected depositors comes time when the average individual finds current funds exhausted Local business, whole, should favorable reaction from the distribution approximately which to ten percent distribution and which in all. percent distribution of the bank's since the doors were closed over year ago. The payment, the way, of ond dividend by the American National within approximately six months of the time that the first dividend paid matter gratulation for all concerned. indithat the liquidation is proceeding apace effectively, while indicates something what good condition the trust when the institution obliged to close its doors. Both dividends have been made possible through Reconstruction Finance sistance, but the original loan that helped the first dividend promptly repaid by the receiver only portion the second dividend comprises federal mon- On the whole American National depositors been luckier than the depositors other banks that went down in the 1931 banking debacle that swept many parts of the country And, bank at large, affected by have more fortunate in their than the depositors of closed banks in other parts of the state. Some these outhave not paid half the Berrien banks have already distributed. Bank receivers, course, can't distribute dividends any faster than they can liquidate assets, and this has been bad for realizing on assets regardless of quality. It's rathironical that the disastrous consequences of the first phases of the depression were the bank failures and then, the depression continued. the assets continued to shrink from the pressure which the depression inexorably applied to such There small comfort to be tracted from this situation, but worth passing notice that closed banks Berrien have made showthat will compare very favorably with similar experiences of other communities, both in and out of Michigan. TEACHER TALKS State Superintendent of Public Instruction Webster H. Pearce, speaking before the Benton Harbor Exchange club Tuesday noon, touched upon the subject of honesty lates to the activities of citizenship and to the problems of national life. Pearce believes that if citizenship is honest it will be capable He thinks good citizens the intelligent discharge of their civic sponsibilities more successfully cope with their problems they are inherently fundamentally honHe told the Exchangeites that the schools must teach its pupils something more than think around and through the problems must think and act honcorollary to all this, more less, is that graft and corruption high places, betrayal of public trust, individual dishonesty and festations of corrupt body politic devastating to civilization and unless there of such corruption the future is not bright. Pearce's doctrine may be old fashioned even big smug. But nevertheless carries the very essence of truth. Faith in many cherideals. leaders and other things fundamental value has pretty much gone the rocks during the existing depression. Revelation after revelation in high places and stitutions and organizations of business and finance have. to very large extent. broken down the people's faith because these revelations have exposed greed, chicanery. double dealing outright corruption. The Insull failure, which Mr. Pearce ferred example, typical illustration of leader high finance who was trusted and yet betrayed his trust. Clean out government comes and trusting faith that come only from clean thinking clean acting clean dealing citizens. Education. serving mankind fundamentally, can perform potent vice Mr. Pearce can inculcate the rising generation greater dedication the plain and homely virtues common honesty. FARM AUCTIONS The farm strange and significant mortgage foreclosed. sale advertised. the neighbors gather. They bid for and but they let else bid, and their bids are mostly of They buy for few dollars and give it back minions of the law object, they are warned to behave themselves. This novel practice spreading the rapidly that within three weeks has almost stopped Whether anything can be done to stem uncertain. What does mean? The rural sections are on mortgage strike. Here debt nullification The country nullifies the debt the has nullified the liquor If the city follow the counexample in this form of group lawlessness, will be dwellers are cohesive. In the you may know your being sold and you do, you may care 50 much.

10. February 1, 1933 The Herald-Palladium Benton Harbor, MI

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City Commission Hall's Hardware Co., supplies Ind. Mich. Elect. Co., bills, light 70.80 Kinney coal 51.75 chlorine 111.78 Mercy Hospital, welfare 129.83 Mercy Hospital, welfare 230.50 Mich. Bell Tel. Co., Tel. bills. 225.90 Mich Fuel & Co., and gas cinders 25.35 Mich. Municipal League, utility study 20.00 Mich. Radio Shop, lamps 13.90 Midwest Transit Lines, freight Moon's Grocery, welfare 8.50 Nimts Bakery, welfare 23.14 Palladium Publishing Co., printing 103.06 Don R. Pears, Reg. of Deeds, transfers estate 13.00 Producers Creamery, welfare. 80.21 Rapp Prideaux, supplies 1.39 Ross Carrier Co., steel 1.20 Sheffield Co., supplies. 4.55 Shell Petroleum Corp., 26.95 Simplex Meter Co., repairs. 21.22 Standard Brands Inc., yeast. 15.00 Standard Oil Co., gasoline 5.79 Swift Co., welfare 18.56 Tober, gas and oil 9.59 Toland Go., repairs 4.80 Twin City Business College, supplies 8.05 Van's Auto Parts, supplies 2.38 January 1933. The regular weekly meeting of the City Commission was called to order Roll call showed the following present, Mayor Stouck, Brown. Kimball, LaViolette, LeevSpaulding, Steinke, Sutherland, Manager Barnard, Attorney Hammond and Clerk Crow. Minutes of the previous meeting read and approved. The report of the Police department for the month of December showing receipts from the Justice Courts and from the City Clerk was received and ordered placed on file. petition was received from residents on East Washington street protesting that colored family was move into 772 East Washington street. Same was ordered placed on file. The Clerk announced that the last date for filing petitions for City Offices was February the primary election date was March 6th and the general election on April 3rd. The City Manager's reports for the various departments were received and ordered placed file. The report of the Water Department for the year was accepted and $3,525.24 ordered placed on file. announced that due to the CROW, City Clerk. Auditor's check on several ImproveM. STOUCK, Mayor ment Rolls the were being worked over which would cause SUTHERLAND, JESS LEEVER, short delay on reporting the over and under assessments for resolution. Finance Committee. The Public Debt Commission creatSAN by Act No. 13 Public Acts (Extra lekna's hip pocket supplied certain Session) 1932, acting upon the applipolite bandit with plenty of cause cation the City Harbor, for rejoicing Allekna was bending County Berrien, State of Michigan, over the engine of car when man hereby approves and authorizes unpressed gun in his back and said, der conditions hereinafter set forth 'Stay down, mister, can get refunding of the following dewant He then took scribed obligations of said City which from Allekna's hip pocket. mature on January 1933 Purpose Amount 6-18-1903 Public Park 1-1924 Armory 1,000.00 1-1927 Paw Paw Bridge 2,000.00 1-1923 Wall Street Widening 4,000.00 McCord Curb and Gutter 1,000.00 Michigan St. Widening 9,000.00 Thresher Paving 2,000.00 Clay St. Paving 4,000.00 Ross St. Sewer 1,000.00 Summit St. Paving 1,000.00 Eighth St. Paving. 1,000.00 Fair Ave. San. Sewer 1,000.00 Colfax Paving 1,000.00 First Precinct Sewer 2,000.00 Jennings Ave. Sewer 1,000.00 San. Sewer 3,000.00 Oden St. Paving 1,000.00 Broadway Paving 1,000.00 McAllister Sewer 4%% 1,000.00 Paving 3,000.00 LaVette Paving 4%% 2,000.00 Ogden Paving 1,000.00 Division Paving 1,000.00 1-1929 Fair Ave Paving 1,000.00 Each of the above described original shall be refunded separately by the issuance of refunding bonds which shall bear date issue as of the maturity date of the refunded, with interest not exceed the rate and payable in the same manner interest was paid upon the original obligation in proximately equal annual installments January 1934, and continuing each year thereafter and including January 1943. Said refunding bonds shall be sold with the section (n), of said Act No. Public Acts (Extra Session) 1932 and/or for bonds aforesaid original issue or issues par value. PUBLIC DEBT (Signed) HOWARD C. LAWRENCE, State PAUL W. VOORHIES Attorney General. ORMAND FULLER, Auditor Dated at the Capital, Lansing, Michigan, December 30, 1932. was moved by Commissioner Spaulding, supported by Steinke that the City of Benton Harbor issue $50,000.00 in refunding bonds as authorized by the State Public Debt Commission, the form of the bonds and coupons to be substantially the same as the refunding bonds 1932 printed in the minutes of August 22, 1932, on page 1343 the minute book of the City Commission. Motion carried by the following vote on roll call: Yeas, Commissioners Brown, Kimball, LaViolette, Leever, Spaulding, Steinke, Sutherland and Mayor Stouck. Nays, None. Moved by Commissioner Sutherland and supported by Commissioner Leever that vouchers No 6772 to 6830 amounting to $3,525.24 as drawn the City Clerk and approved by the Finance Committee be paid. Motion carried by the following vote on roll Yeas, Commissioners Brown, Kimball, LaViolette, Leever, Spaulding, Steinke, Sutherland and Mayor Stouck. Nays None. Moved by Commissioner Leever, supported by Commissioner lette that the meeting adjourn. Same was adjourned. CROW, City Clerk. Mayor. Bills approved for payment by the City Commission this date: Crow, City Clerk, payroll, week 602.04 Roy Myers, garbage 333.33 Crow, City Clerk, payroll, week 7th Co., service. 7.80 Dr. James Allen, welfare. American Nat Bank Receiver rent, Mindel building Associated Truck Lines, freight Awning Tent Co., canvas Motor Sales, repairs. Benton Twp. Treasurer taxes, farm Citizens Fuel Co., welfare City Asso., dues. Cigar Co., supplies H. Conkey Sons, welfare Dairy Co., welfare Outler Downing, supplies. 3.17 Electric Co., supplies. M. $5.00 Empire Grocery Market, welfare 6.75 Fish Summerville, repairs. 1.35 Fruit Belt Coal Co., welfare. Belt Gas Oil Co., welfare 99.45 Golden Guernsey Dairy, welfare 4.76 Goodman's Auto Parts, pairs 45.73 Service Co., Grocery, welfare. 5.56 17.12

11. February 3, 1933 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, February 3, 1933

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AMERICAN NATIONAL WILL START PAYING DIVIDEND SATURDAY The second dividend which the American National bank receiver, W R. Payne, will distribute will be paid to depositors, starting tomorrow As announced earlier in the week by Receiver Payne, the dividend will be ten per cent and will amount in the aggregate to $151,000. Some 4,000 depositors will participate. The American National bank quarters in Benton Harbor will be open tomorrow from 9 to 5 and every day next week to accommodate depositors, who must bring in their receiver's certificates before receiving payment. With the ten per cent dividend to be paid tomorrow, Receiver Payne will have paid 35 per cent to American National depositors.

12. February 3, 1933 The Herald-Palladium Benton Harbor, MI

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BANK DIVIDEND WILL BE PAID HERE ON SATURDAY The second dividend which the American National bank receiver W. R. Payne, will distribute, will be paid to depositors, starting As announced tarlier in the week by Receiver Payne, the new dividend will be 10 percent and will amount in the aggregate to $151,000. Some 4,000 depositors will participate. The American National bank quarters here will be open from to and every day next week to depositors, who must bring in their receiver's certificates before receiving their checks. With the 10 percent dividend to be paid Receiver Payne will have paid 35 percent to American National depositors.

13. February 17, 1933 The Herald-Press Saint Joseph, MI

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Injunction Halts Sale of Personal Properties of Benton Harbor Concern An injunction to prevent the sale of personal properties of the Benton Harbor Manufacturing company to satisfy a chattel mortgage was obtained by W. R. Payne, receiver for the American National bank in the Berrien county circuit court today. The bank holds a prior mortgage on the property. The suit was filed by Attorney John J. Sterling, who represents the bank receiver, and William Minary, who holds $1,000 in preferred stock of the corporation. The defendants include the Benton Harbor chamber of commerce and J. N. Klock, M. J. Hall, W. A. Vawter, and A. W. Filstrup, as trustees of the Development company fund. According to the bill. the bank was given $10,000 mortgage on the plant and properties of the industry on May 20, 1927, and on Jan. 1931, the Development fund gave the Benton Harbor Manufacturing company $4,000 chattel mortgage on its manufactured articles and machinery These properties were scheduled 10 be sold to satisfy the chattel mortgage. Judge Charles E. White signed the injunction Thursday. READ the rest of today's news in the Want Ads

14. June 8, 1933 The Niles Daily Star Niles, MI

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Berrien County News Briefs EVANS BANK ATTORNEY mont Evans of St. Joseph has been appointed attorney for the receiver of the American National bank in Benton Harbor, was unriounced Wednesday The appointment of the St. Joseph city attorney to succeed Attorney John J. Sterling, mayor of Benton Harbor was announced by W. R. Payne, recciver for the sister city institution. No reason was given for the resig nation of Mr. Storling as attorney for the receiver, but it is believed to have been prompted by the city of Benton Harbor's cuit against the American National to release $150,000 in municipal funds tied up in the bank. Mr. Sterling was not mayor of Benton Harbor at the time he was named attorney for the bank receiver LEGION PICK OFFICERS BENTON HARBOR-Newly elected officers of the Benton Harbor Legion post will be installed at the Naval Reserve armory Monday night, June 19 Joseph Thar will be the post's new commander. The next regular meeting of the Berrien county American Legion posts will be held at the American Legion home in Berrien Springs Fri. day of this week at 8 p. m. Other officers include Ferdinand Van Raepenbush, senior vice-commander: John Raeside, junior vicecommander; Arthur Jennings, adjutant: Olaf Brewitz, finance officer, and William Tenter, sergeant-at arms. The executive committee consists of Attorney Wilbur M. Cunningham. Tom Hammond and Julius Reschke. MEETING TONIGHT EAU CLAIRE-A meeting of the Tri-Township Sunday School associa. tion will be held at the Community church here this Thursday evening. A good program has been prepared. GARDEN CLUB PARTY GOLOMA-The Coloma Garden club is planning an elaborate garden party on June 17, at the pretty country home of Mr. and Mrs. William Eyer. one-half mile east of Watervliet. Supper is to be served on the spacious lawns and enclosed porch, from to 7:30 p. m. An entertainment of music and readings, will be given at 8 o'clock after which table games. pitching quoits and other sports will be con. ducted. The Eyer home is one of the show places of Coloma vicinity. The public is cordially invited. Mr. and Mrs. O. J. Smith are enjoy. ing real family reunion at their home this week, while their daughters and their families are here. Guests are Mrs. A. W. Hoch of Los Angeles, Mr. and Mrs. L. A. McKenny and sons, Robert and Donald of Detroit and Mrs. A. C. Rerson and son, Kenneth, of WILL BE DEPORTED was arrested by Benton Harbor police Tuesday night on Riford street on request of federal immigration author. ities, who plan to deport him. Spinom, who has a family in Italy. jumped & ship on which, he was fire

15. June 29, 1933 The Niles Daily Star Niles, MI

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FUND NEW Slow Stock Acceptances Delay Reaching Goal of Today. With only one per cent gain during the last hours, the bank plan apparent the campaign required capital by this ning was impossible of City National Bank Trust company the plan which was recommended by the States banking called appraise the bank appointment of Farquhar March planned the campaign until the bank plan is assured. TO EFFORTS While many the small depositors whom two shares the new bank stock were assigned still are aloof. number of larger positors are still the outside. depositors' organizing committee today agreed redouble efforts bring assignments. With per cent the required raised. almost $95,000 the committee groups felt it would impossible abtandon the bank they to cary on by many who praised the groups for what has been accomplishand there were offers of personal in pressing the campaign. While no depositor can compelled to accept the bank though the for freeing frozen deposits, the mittee believe minority group can be won through contacts full explanation the situation. Almost none of the old depositors has been found believes throwing the bank ship will profitable him the new bank plan. Various excuses. of course. are offerfor not signing the new stock tances. In many cases the committee workers find lurking the reluctant depositor's mind hope that by some magic the plan may his help, but leaving his equal basis with those who do sign. This attitude not widespread. howfor in most cases the depositor certain the bank out and out receivership. On this latter point, one of the depositors who has his acceptance said, them ask me. two since the American National closed in Benton Harbor have received 35 per cent. The first 25 per came per months later. And that rated strong bank. Another which is some hampering the new bank plan the effect that has been made up for officers. There the slightest truth the rumor. The council Monday evening designated Mayor W. H. Corbett the council's representative the 693 preferred stock in stockholders' meetings, and is

16. November 18, 1933 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, November 18, 1933

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AM. NAT'L TO MAKE ANOTHER PAYOFF SOON (Continued from Page One) his receivership duties here, Joseph and Buchanan. He the only national bank receiver the state three trusts to boss. While in charge of the hired Hubbard, formerly trust officer American National later with the Benton Harbor to charge of the Buchanan recently landed with the federal bank St. and has gone there, while his place been filled by Gose, of Denver. The the the M., under Payne, will borne by the old The retiring this cost will be amply by the earnthe while interest and going though the bank was practically at standstill trust business. Thus the cost the will not have out of assets which Payne over to the trust committee for the benefit the old To Help Holiday Trade Local holiday trade going be considerably helped these payoffs, the dividends come before the first year. The the its 50 percent payoff, over million, the biggest stimulant to local business in long The Benton Harbor State, organized last year, now paying another percent. And the American National comes through before with another ten percent distribution channels trade and business will be stimulatthat much more. The tourist industry is worth over to France every year.