8977. First National Bank (Dearborn, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12989
Charter Number
12989
Start Date
March 1, 1933*
Location
Dearborn, Michigan (42.322, -83.176)

Metadata

Model
gpt-5-mini
Short Digest
ce263e9f

Response Measures

None

Receivership Details

Depositor recovery rate
66.3%
Date receivership started
1931-07-03
Date receivership terminated
1938-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
29.4%
Share of assets assessed as doubtful
67.7%
Share of assets assessed as worthless
2.9%

Description

Articles indicate the First National Bank of Dearborn was closed during the 1933 federal bank holiday and a receiver was appointed (receiver actions referenced in June–August 1933). No article describes a depositor run; the cause appears to be government action (bank holiday/closure) leading to receivership/closure.

Events (4)

1. September 11, 1926 Chartered
Source
historical_nic
2. July 3, 1931 Receivership
Source
historical_nic
3. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed as part of the March 1933 federal bank holiday and subsequent regulatory action; led to appointment of a receiver.
Newspaper Excerpt
Following the federal bank holiday, he was receiver for the First National bank of Dearborn.
Source
newspapers
4. June 1, 1933* Receivership
Newspaper Excerpt
William receiver the First National Bank of Dearborn. sought the contempt action against Merrick...ordered by Judge Tuttle in June ... the inability the Dearborn bank receiver to collect on the judgment., (Detroit Free Press, 1933-08-05). (OCR corrected).
Source
newspapers

Newspaper Articles (2)

Article from Detroit Free Press, August 5, 1933

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Article Text

Merrick Facing Contempt Judgment Is Unpaid, Court Is Informed SAGINAW, Aug. W. Merrick, of Saginaw, former State banking commissioner and present conservator of the Bank of Saginaw and the Peoples' State Bank was ordered Friday to appear next before Federal Judge Arthur Tuttle to show cause why he should not be punIshed contempt court for William receiver the First National Bank of Dearborn. sought the tempt action against Merrick, leging that he and Master of Sayres in Detroit June ordered by Judge Tuttle June give information about his Hatch 1933. judgment against which represented bank-stock ments court order on which the action resulted from the inability the Dearborn bank receiver to collect on the judgment.


Article from The Wyandotte Herald, May 31, 1940

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Article Text

4 CANDIDATES FOR PLACE ON SCHOOL BOARD When the hour for filing petitions for a place on the annual school ballot expired last Saturday, four candidates had filed to contest for the two places 1.1 De filled on the Board of Education. They were John R. McInerney, Thomas Allmian, Jr., Conrad P. Kreger and Fred Tacke John R. McInerney-was born in Wy. andotte 31 years ago, and was educated in the St. Pattick grade school and thisn school. Mr. MeInerney was employed for séveral years by the Wyandotte Savings bank. Upon completion et iis law Jourse at the Detroit Colleg. of Law. he was admitted to practier in September, 1930. As a member of the Houtse in the 1933 state Legislature. Mr. McInerney was appointed to several important committees. He Wils chairman of the House committee of the Boys' Vocational school. and a member of the House committee for the University of Michigan. and of the House committee on taxation Mr. Melnerney is chairman of the taxation committee for the Down River 1 hamber of Commerce and is a member of the Fourth degree, Knights of Columbus. Following the federal bank holiday, he was receiver for the First National bank of Wyandotte, the Inkster National bank. and the First NaHomal bank of Dearborn. He is at present a director of the National bank of Wyandotte. Mr. Melnerney is married and owns his own home and business mercantile property in Wyandotte. He is engaged in the private practice of law. He is the son of John F. McInerney, former owner of Cahalan Drug Stores, who was postmaster for eight years. from 1912 to 1920. His experience in banking. legislative work. and in the private practice of law should make him a valuable member of the local school board. according to those who are sponsoring his candidacy.