9064. National Bank of Commerce (Detroit, MI)

View Charter #8703 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8703
Charter Number
8703
Start Date
March 1, 1933*
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
6ebaab6b

Response Measures

None

Description

The articles consistently refer to the National Bank of Commerce (Detroit) as a closed national bank under receivership/conservators. No article describes a depositor run preceding the closure; instead the bank is described as closed and in the hands of conservators/receivers in 1933. Thus this is a suspension that resulted in permanent closure/receivership.

Events (2)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed as part of the 1933 bank closings/conservatorship actions (bank holiday/official conservatorship) rather than a depositor run; closures described as 'closed national banks' and involvement of federal/state examiners/receivers is noted in articles (March–August 1933).
Newspaper Excerpt
Detroit's two closed national banks
Source
newspapers
2. March 26, 1933 Receivership
Newspaper Excerpt
The First National Bank together with Detroit's only other National Bank of Commerce, in the hands of conservators',' (article states in hands of conservators) and references to B. C. Schram as receiver in later articles) }],
Source
newspapers

Newspaper Articles (8)
1. February 25, 1933 Rapid City Journal Rapid City, SD
Article from Rapid City Journal, February 25, 1933

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Article Text

HARTZELL FRIDAY Sioux City, Iowa, Feb. Oscar Hartzell, charged with using the mails to defraud in connection with the promotion of the Drake estate, enroute today to home Galva, being released bond yesterday. Hartzell released after Judge Lee Wyman approved bond $10,000. The court shortly before had dismissed habeas corpus proceedings the grounds that Hartzell could legally held for violation of the postal although the defendant in England time of the violation. The bond specifies that Hartzell must appear federal court Fort Dodge June 13 for trial. He recently deported from England alien for leged fraud connection with the estate of the English captain and been custody since his boat docked in New York. PROGRESS Detroit, Feb. progress toward solution of igan's banking problem was today with the by officials the First National bank National Bank Commerce the expected completion within few days plans form two new banks here with wholly liquid assets. statement issued last night jointly the banks said: "Sufficient capital expected subscribed by depositors the old banks organize the institutions."

2. March 26, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, March 26, 1933

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Article Text

Detroit Stockholders Ask Bank Company Rece iver DETROIT. March A stockholders' suit for permanent receivership of the Detroit ing concern of the First National Bank and several smaller- banks, was filed in Circuit Court There today Judge Theodore J. Rich Issued an order to show care why a receiver should not be appointed. The order is next Wednesday The suit asked that officers and directors of the holding company be compelled "to account for their official and be coumpelled to pay all property acquired for themselves or transferzed to others' as a result of themir official status Four holders of common stock were named as plaintiffs The First National Bank together with Detroit's only other National Bank of Commerce, in the hands of conservators

3. August 2, 1933 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, August 2, 1933

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Article Text

Senator Forwards Checks Totaling $30,423 to Detroit Closed Banks. Aug. States James Couzens day paid in full assessments against stock held in his wife's name Detroit's closed national banks. Forwarding totaling to Senator Couzens that, although collection of had been restrained by court action. moral One check was in favor receiver for the First for shares stock in the Detroit Co., holding organization for the First National. check for favor Schram. ceiver for the National Bank Commerce. the assessment Mrs. Couzshares stock Guardian Detroit Union Group, Inc., the holding company.

4. August 3, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, August 3, 1933

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Article Text

COUZENS PAYS UP ASSESSMENT ON BANK STOCK States Senator James Couzens today paid in full assessments against stock held in his wife's name in Detroit's two closed national banks. Forwarding checks totaling $30,423 to the bank receivers, Senator said that, although collection of the ments has been restrained by court action, the moral obligation to pay States clear. One check was for $28,814 in favor of C. O. Thomas, for the First National bank, Detroit, for the assess ment against 2,050 shares of stock in the Detroit Bankers hold ing organization for the First Na The second check was for $1,609 in favor of B. C. Schram, receiver for the National Bank of Com merce, in payment of the against Mrs. Couzens' 250 shares of stock in the Guardian Detroit Union Group, Inc., the holding company.

5. August 26, 1933 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, August 26, 1933

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Article Text

POLICY the Associated Press Aug. policy the federal government following the national holiday, which, one liquidity instead solvency," day criticized before Detroit bank jury by (R., one that "spelled the The junior Michigan called before the which has the closing national here. that "many closed should been close," and such closings the 'forcing the values utterly depressed market." The Washington picture events the beginning of famous Michigan holiday drawn the Senator. Herbert then president, every effort the Detroit conflagration order to prevent forest made strong for standardized deposit ance, declaring "absolutely necessary the protecall bank depositors," offered of the government for declining permit the local examine records the closed banks First National and GuarNational Bank of Commerce.

6. October 3, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, October 3, 1933

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Article Text

DETROIT BANK RECEIVERS TO CONSIDER HOME BONDS Detroit, Oct. received here Monday by closed First National bank Detroit, and Schram, receiver of the National Bank Commerce, the the currency exchange mortgages for home loan corporation bonds. Previously the receivers had deThe for saction be submitted comptroller his approval. When receiver has completed to Washington detailed on the persons involved and receiver estimates he might realize on home bonds open market. the agrees to it must receive court approval.

7. January 6, 1934 Detroit Free Press Detroit, MI
Article from Detroit Free Press, January 6, 1934

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Article Text

Is Judge Assigned to Hear Bank Suit Carolinan on Federal Judge Johnson Friday the Chief Justice United States Supreme Court the brought stock tional to prevent double The appointment was recom mended Judge presiding over the Sixth Circuit, which Detroit situated judge needed the case because docket Federal his Hayes he would ready case agreement tween attorneys the stock holders Federal receivers Bank National Commerce Originally for Jan 15. the was delayed for month the motion the who pleaded many being under available take stand in the assessment suit.

8. March 28, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 28, 1934

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Article Text

Filthy Lucre? Bank Receiver Can't Figure Why He Doesn't Hear From Depositor Who Has $340,000 Coming to Him. Detroit, March ever C. Schram receiver for the National Bank of Commerce, finds time for little light worrying, he takes up the matter of why with $340,000 coming to him doesn't collect the 60,000 unclaimed acclosed entitled cent that amount any time he wants but he doesn't want least he has shown no interest in thus far.