Detroit Bank - Detroit, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 6, 1902
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 30fa611e

Response Measures

None

Description

Article (Mar 6, 1902) reports the bank is in the hands of the receiver after its vice president allegedly borrowed over $1,000,000 without consent — an internal embezzlement/fraud leading to receivership. No mention of a depositor run or reopening.

Events (2)

1. March 6, 1902 Other

Newspaper Excerpt: He borrowed over $1,000,000 from the bank without consent of the bank. Now the bank is in the hands of the receiver and Andrews is in the hands of the police.
Source: newspapers

2. March 6, 1902 Receivership

Newspaper Excerpt: Now the bank is in the hands of the receiver and Andrews is in the hands of the police.
Source: newspapers

Newspaper Articles (1)

1. March 6, 1902 The Lewiston Teller Lewiston, ID

Article from The Lewiston Teller, March 6, 1902

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Article Text

Frank C. Aderews, vice president of the Detroit bank, is another Napoleon of finance. He borrowed over $1,000, 000 from the bank without consent of the bank. Now the bank is in the hands of the receiver and Andrews is in the hands of the police.