8927. Bridgman State Bank (Bridgman, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 13, 1930
Location
Bridgman, Michigan (41.943, -86.557)

Metadata

Model
gpt-5-mini
Short Digest
9a3461d1

Response Measures

None

Description

The Bridgman State Bank failed to open on Dec. 13, 1930 and was closed by the state banking department. Subsequent articles document appointment of a receiver and embezzlement charges against bank employees and officers; the institution was liquidated under a receiver. No contemporaneous article describes a depositor run prior to closure, so this is a suspension (closure) due to bank-specific adverse information (embezzlement/shortage).

Events (3)
1. December 13, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open Dec. 13, 1930; later investigation revealed embezzlement and a shortage (employees and officers charged).
Newspaper Excerpt
BRIDGM MICH The Bridgman State bank failed to open its doors Saturday
Source
newspapers
2. December 31, 1930 Receivership
Newspaper Excerpt
Appointment of receiver asked R. E. Reichert, state ... that there is 000 in the bank. which closed Dec 13. Appointment of receiver asked R. E. Reichert, state (article Dec. 31, 1930).
Source
newspapers
3. February 19, 1931 Other
Newspaper Excerpt
Bridgman Bank Receiver Granted Permission to Return Bonds, Other Cash — Judge Charles E. White today granted the request of Gore, receiver for the Bridgman State bank, which was closed last December ... return Liberty bonds held by the bank for safe keeping and to return money held by the bank for specific purposes.
Source
newspapers

Newspaper Articles (12)
1. December 14, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 14, 1930

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Article Text

SUIT DEMANDS N. Y. BANK PROBE Bank of United States' Stockholder Asks an Accounting NEW YORK Phe Bank of United States has been named defendant In sult demanding an accounting and calling for an investigation of the institution's affairs Max E Bloch chairman of a stockholders' protective committee, filed the action in Westchester county supreme court The bank was closed Thursday by Joseph Broderick state superintendent of banking Restrain Bank in East. HARTFORD CONN The Trust of New Britain, capitalized at $500.was restrained from paying out deposits Saturday afternoon by the state bank commissioner. Elroy Wis Bank Closed. MADISON, The banking department anthat the State Bank of Elroy was closed Saturday on action of its board of directors. The bank last statement showed a surplus of 000 and deposits of The banking departalso the reopening of the Home bank of Blair of $30,000 and that of the Plymouth Exchange bank of Plymouth, capitalized for $50,000 Union City, Ind., Bank Fails. APOLIS state banking department was notified Saturday of the closing of the Union Loan and Trust company at Union The institution was capitalized at $50,000, with deposits of $455,000. Michigan Depository Closed. BRIDGM MICH The Bridgman State bank failed to open its doors Saturday The bank, fifteen years old. had deposits of approximately $500,000 and was capitalized at $20.000. Illinois Bank Closed. SESSER. ILL. (P)-The First National Bank of Sesser failed to open Saturday The bank was capitalized at $25,000 and was the only depository here.

2. December 31, 1930 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, December 31, 1930

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Article Text

EMBEZZLEMENT CHARGES IN BRIDGMAN BANK CASE St. Joseph Dec. 31 against and employes" closed Bridgman State of Bridgman are contained in petition filed in cuit court Tuesday by resentative the attorney general's The officials and The that there is 000 in the bank. which closed Dec 13. Appointment of receiver asked R. E. Reichert, state

3. February 19, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, February 19, 1931

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Article Text

Bridgman Bank Receiver Granted Permission to Return Bonds, Other Cash Judge Charles E. White today granted the request of Gore, receiver for the Bridgman State bank, which was closed last December by the state banking department, return Liberty bonds held by the bank for safe keeping and to return money held by the bank for specific purposes. The petitions were filed by Attorney Frank Hammond, who represents the receiver. The funds held for specific purposes included paid by Abwender, of Three Oaks, December He ordered the bank to pay Raymond W. Hollett, of Harvey, Illinois, the money as the final payment on mortgage. Liberty bonds totaling held by the bank for safe keeping for its patrons were also ordered returned.

4. May 18, 1931 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, May 18, 1931

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Article Text

BANK RECEIVER AUTHORIZED TO SETTLE FOR SHORTAGE Circuit Judge Charles E. White today signed an order authorizing the receiver the defunct Bridgman State bank to settle for with the Aetna Casualty & Surety Co., covering the shortage of Paul Berndt, at the The insurance was company bondsman for Berndt, who pleaded guilty to embezzlement in the circuit court with Fred Gast, vice-president of the bank. petition filed by T. Fletcher Gore, receiver, through Attorney Frank Hammond, disclosed the total shortage at the bank charged against Berndt. amounted to $2,357.Judge White authorized settling with the bonding company for that amount. provision was made, however, that this would not discharge bonding company from further liability with regards to Berndt in case subsequent indebtedness is uncovered.

5. June 16, 1931 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, June 16, 1931

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Article Text

GAST, BERNDT PUT ON PAROLE, PAY SHORTAGE (Continued from Page One) banking commissioner, ordering the bank receiver to allow a $2,050.96 deposit of School District No. Bridgman, to be off against $5,000 school bonds and interest. While affairs the old Bridgman State bank are being liquidated. the south end resort and nursery center now doing business through an entirely new bank, recently organized with strong financial backing and with steadily increasing deposits. When the former bank closed crisis developed in which the community was for time without banking facilities. This was remedied by the creation of the new bank few weeks ago and since that time conditions in Bridgman have shown steady improvement. The world's largest salary is perhaps that paid by the American Tobacco Company last year to its president, George Washington Hull. He received $2,283,000.

6. July 1, 1931 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, July 1, 1931

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Article Text

BANK RECEIVER GETS JUDGMENTS Fletcher Gore, as receiver of the Bridgman State bank, yesterday obtained four default judgments totaling $2,597.91 on promissory notes afthearing by Circuit Judge Charles White. The defaults were granted as follows: Hoffman, $432.07; H. Gitersonke, $854.37: and Alex and Katherine AIThe receiver was represented by Attorney Frank L. Hammond

7. September 1, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, September 1, 1931

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Article Text

Two Suits Filed Today by Bridgman Bank Receiver Gore today brought two suits circuit court behalf of the old Bridgman State bank, for which receiver. Each suit brought summons, with no declaration One was for $25,000. against Baldwin, involving notes he had endorsed and stock Mr. Baldwin was president of the closed bank. The other was against Mauerman, involving notes amounting $2,000.

8. September 4, 1931 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, September 4, 1931

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Article Text

BRIDGMAN BANK FOR Suits collect promissory notes totalling and on stock assessment filed the circuit court today FletchGore. receiver the Bridgman State against five defendants. Kirk Sutherland. cashier the National Bank Trust Co. St. Joseph, sued amounting to $4,900, and for $1,000 stock Adolph and Martha Spitzer were sued notes promissory amounting to Henry Weber was sued on three notes totaling Albert and Matilda Pufall were sued $500 note. Lathrop sued on two notes amounting $625. five were filed through AttorFrank Hammond, Benton Harbor.

9. May 6, 1932 The Niles Daily Star Niles, MI
Article from The Niles Daily Star, May 6, 1932

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Article Text

Berrien County News Briefs ST. JOSEPH-A readjustment of the salaries of receivers of state banks in Berrien county was announced by Judge Charles E. White. On recommendation of the state banking department, the judge signed orders which reduce the salaries of the various receivers, effective May Judge White stated that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department. The reductions were as follows: Berrien County bank, Benton Harbor, from $6,500 to $4,800, Benton Harbor State bank, from $6,000 to $4,800. Bridgman State bank, from $5,000 New Buffalo State bank, from $2,500 to $2,000. Stevensville State bank, from $4,000 to $2,800. Buchanan State bank, from $4,000 to $3,000. BENTON HARBOR-Warm balmy spring weather has not only brought out blossoms and buds for festival week, but has attracted tropical visit ors to the twin citles in the form of a blonde haired tarantula and a pair of alligators. Thursday morning, while unloading bananas at the A. & P. store on East Main street in Benton Harbor, a large tarantula was discovered. He was promptly but cautiously deposited in a large glass jar. The giant spider differs from the several that have been seen here from time to time in that its hair is light brown rather than On display in the meat window of the same store are pair of alligators, who slither slowly around a display of lobsters and yawning "toothfully" at spectators. BENTON HARBOR-The Blossom Queens' Alumni association, an organizatoion comprised of former queens from various cities of Michigan, was formed Wednesday evening at a banquet in the Wisteria room at the Hotel Vincent, at which a number of 1931 queens were the guests of Elwyn Simmons, a member of the Blossom festival committee. Those in attendance were the 1931 queens from Niles, Berrien Springs, Bridgman, Three Oaks, Three Rivers, Dowaglac, South Haven, Ypsilanti, Watervliet, Sturgis and Flint. Officers were elected as follows: President, Mrs. Leo Dwan; vice president, Mrs. George Parren: secretary, Gussie Leder, of Bridgman; Angelita Harmes, South Haven, and Therese Briggs, St. Joseph, co-chairmen. The purpose of the organization is to help sponsor worthwhile projects pertaining to the success of future Blossom week events, such as helping girls to enter queen cotnests, sponsoring floats and other enterprises. Annual dues are to be 50 cents each, and it is expected 600 members will enter the organization as a starter. Each 1931 queen is expected to get her predecessors to join this organization. This year's queens will be eligible for membership after Sunday. BRIDGMAN-William Baldwin, 87 for nearly 80 years a resident of Livingston, died Thursday morning at his farm home \after a long illness. He had been confined to his bed the last six months. Mr. Baldwin was born in Pennsylvania Feb. 11, 1835, and removed with his parents to Michigan at an early age. The deceased is survived by two daughters, Mrs. Al Fuller and Mrs. Allson Post, both of Livingston. Funeral services will be conducted at two o'clock Saturday from the residence and at 2:30 o'clock from the Methodist church at Bridgman. Burial will be in Greenwood cemetery at Bridgman.

10. June 6, 1933 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, June 6, 1933

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SALARIES OF RECEIVERS Axe Falls On Pay Of Those In Charge Of Berrien Institutions Receivers for state banks in Berrien county will draw less pay after July Orders just issued by Circuit Judge White call for in the salbank receivers running the way from $1,000 to Judge White's salary reduction orders follow issued the state banking department Lansing. The salary reductions include the following W. Worth Bean, receiver for the Berrien County bank, reduced from to $2,500. Harry Boyce, Buchanan State bank, reduced from $3,000 to $2,000. Herbert Roe, receiver the New Buffalo State bank, reduced from $2,500 Gore, Bridgman State bank, reduced from $3,000 $1,800. This the second reduction in ceivers' salaries which have been made through the court the state banking department since the various receivers were first appointed some instances the cuts now amount to more than percent. In the case Receiver Bean the Berrien County bank the salary was first placed $6,000 and down $2,500. Similar cuts all over the state been made the salaries bank upon the recommendation of the state banking department.

11. September 14, 1933 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, September 14, 1933

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Bridgman Bank Receiver Wins Judgment circuit court decree awarding Fletcher receiver of the Bridgman State bank, judgment of from the Bridgman Supply Co. filed in the circuit court today The decree signed by Judge CharWhite directs that which security was given may be sold. The bank was represented by Attorney Frank PLACED ON PROBATION IONIA, Clute placed six months but must $10 court on assault charge preferred by his wife, Marie Kuczowski concert singer and Russian Clute tesin court that he had to cook meals and that he occupied quarters at their home,

12. September 15, 1933 The Niles Daily Star Niles, MI
Article from The Niles Daily Star, September 15, 1933

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Berrien County News Briefs GREEN VET SPEAKER heree today were giving a good deal more than passing attention to the announcement that x-Governor Fred W. Green will come to Benton Harbor from Ionia next Sunday afternoon to address the county picnic of United, Spanish War veterans at the House of David. He is scheduled to speak at 3:30 o'clock according to Earl J. Wood. chairman of pienic arrangements. Interest in the impending visit of the former governor is heightened as the result of growing indications that Green seeks election to the United States Senate. A few days ago Chase 8. Osborn, also formerly a governor of Michigan, startled the state with a statement in which he urged Senator Arthur H. Vandenberg to retire in favor of Green for two years, after which. Osborn proposed that Senator Vandenberg oppose Senator James Jouzens of Detroit for the Republican Green is himself a Spanish war vet. eran, having held the rank of briga. dier general. ood said today Sunday's of Spanish war veterans in the county's history. A diversified program has been arranged. Including amateur theatricals. Prizes valued, according to Wood: at $1,000, have been donated by merchants and are on display at pienic headquarters in the Hotel Vincent building AID SOCIETY ELECTS HINCHMAN-The annual meeting of the Aid society of the Methodist Episcopal church was held recently. Mrs. Merle Stemm. retiring president. presided Mrs. R. D. Wearne had charge of the devotionals. Reports were given by the treasurer and sec. retary. The following officers were elected: president. Mrs. Bernard Sill: vice president. Mrs. E. E. Feather secretary, Mrs. Nelson Feather and treasurer. C. M. Bedinger It was decided to have the meeting on the first Thursday of each month. POSTMASTER DIES NEW TROY-Mrs. E. A. Brodbeck New Trey postmaster. died shortly after m Thursday after an illness three weeks She is survived by her husband. whom she succeeded as postmaster. two years. Member of A pioneer family here. Mrs. Brodbeck had with her husband been preminent member of the The deceased survived by " son, Paul of New Troy, and A daughter. SISTERS MEET recently at the home of City Clerk and Mrs. Hawks are sisters and had seen each other since Mrs. Halver. small child Their father. Edward Haynes. was killed in an accident and Mrs. Halverson was rearer by Mine neapolis couple did not reveal her identity until years, The HelVersons came here after visit to A Century of Progress. BRIDGMAN BANK WIND BRIDGMAN circuit court decree warding T Fletcher Gore, receiver the Bridgman State Bank. judgmant Co., was filed in the circuit court today. The decree singed by Judge Charles White directs that property on which security mortgage was given may be-sold. The bank receiver was represented by Attorney Frank L. NAMED POSTMASTER hell has been appointed acting post. naster at New Buffalo.