8948. Center Line State Savings Bank (Center Line, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
August 22, 1932
Location
Center Line, Michigan (42.485, -83.028)

Metadata

Model
gpt-5-mini
Short Digest
ea3c915f

Response Measures

None

Description

The bank closed Aug. 22, 1932 (article 1). Banking commissioner petitioned for a custodian/receiver (government action). By April 1933 the court was issuing certificates to depositors as part of liquidation proceedings, indicating permanent closure and receivership/liquidation rather than reopening.

Events (3)
1. August 22, 1932 Suspension
Cause
Government Action
Cause Details
Bank closed and banking commissioner filed petition asking that a custodian be appointed; closure appears to be followed by regulatory action.
Newspaper Excerpt
custodian be appointed for the Center Line State Savings bank which closed Aug. 22.
Source
newspapers
2. September 1, 1932 Receivership
Newspaper Excerpt
Ask Memphis Bank Receiver Rudolph E. Reichert, banking sioner, has filed ... asking that custodian be appointed for the Center Line State Savings bank which closed Aug. 22. Reichert has also petitioned for receiver for the Memphis State bank which closed Aug. 17. (The Times Herald, 1932-09-01). (OCR corrected slightly.) Ask Memphis Bank Receiver Rudolph E. Reichert... has filed ... asking that custodian be appointed for the Center Line State Savings bank
Source
newspapers
3. April 13, 1933 Other
Newspaper Excerpt
The order applies only to the Center Line State Savings Bank ... will issue its depositors certificates ... The total will be about $20,000 ... certificates ... will be negotiable ... was explained. ... out the liquidation ... the liquidation certain to be much more than ... (Detroit Free Press, 1933-04-13). (OCR corrected.) order applies only to the Center Line State Savings Bank (certificate issuance in liquidation).
Source
newspapers

Newspaper Articles (2)
1. September 1, 1932 The Times Herald Port Huron, MI
Article from The Times Herald, September 1, 1932

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Article Text

American Steel Recall Employes Sept. Officials of the American Steel Wire today announced its Newburgh Works, closed will reTuesday 400 employes be Ask Memphis Bank Receiver Rudolph E. Reichert, banking sioner, has filed with Attorney General Paul Voorhies, asking that custodian beappointed for the Center Line State Savings bank which closed Aug. 22. Reichert has also petitioned for receiver for the Memphis State bank which closed Aug. 17.

2. April 13, 1933 Detroit Free Press Detroit, MI
Article from Detroit Free Press, April 13, 1933

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Article Text

Macomb May Get Dividend at Once Judge Offers Plan for Certificates MT. CLEMENS, April plan for the payment depositors three end in Macomb County Wednesday an order signed by Circuit Judge James The order applies only to the Center Line State Savings Bank, Judge Spier said that intention to the First State of East and Savings Bank the Center Bank, on April 15, will issue its depositors certificates cent The total be about $20,000. certificates, denominations and $10. will be negotiable. The certificates may tle obligations their holders may was explained. will be sound the utitimate the bank out the liquidation cer tain to be much more than cent. Three hundred students of the Society Automotive Engineers from tertained by officers at Selfridge Field five-year-old against William Campbell Land owners of the subdivision Lake Clair, known as Clair Haven, was brought end in circuit court Wednesday Judge James E. Spier gave the plaintiff, Stephen Detroit, judgment for interest $27,026.74 Healy, troit building claimed the amount him for dredging work in the subdivision. On petition of Leo Moriarty, ascharge for one-man which affairs the Citizens Bank Judge Neil Reid Circuit Court records the bank impounded in care of the ceiver. All of the 12,000 needed for the sugar beets have for and being signed. according to County Agent William Murphy.