Northwestern State Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 25, 1941
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 0e201e75

Response Measures

None

Description

Article is a legal notice (Detroit Evening Times, 1941-05-07) describing a petition by the receiver to terminate the receivership of The Northwestern State Bank and to carry out a plan involving RFC borrowing and sale of assets to Depositors Liquidation Corporation. No run or reopening is mentioned; the bank is in receivership and being wound up.

Events (1)

1. April 25, 1941 Receivership

Newspaper Excerpt: Newell B. Wallace, Receiver for The Northwestern State Bank, ... having filed with this Court has petition for authority to terminate the receivership under a plan known as Plan for Terminating Receivership of The Northwestern State Bank.
Source: newspapers

Newspaper Articles (1)

1. May 7, 1941 Detroit Evening Times Detroit, MI

Article from Detroit Evening Times, May 7, 1941

Click image to open full size in new tab

Article Text

LEGAL NOTICE STATE OF MICHIGAN, IN THE CIRCUIT COURT FOR THE COUNTY OF WAYNE, IN CHANCERY. Rudolph E. Reichert, State Banking Commissioner, Plaintiff, vs. The Northwestern State Bank, a Michigan banking corporation, Defendant (No. 208-761). Order to show cause with reference to and fixing date and place and directing notice or hearing upon petition for authority to terminate receivership under a plan known as "Plan for Terminating Receivership of The Northwestern State Bank." At a session of said Court held In the County Building in the City of Detroit, Wayne County, Michigan, on the 25th day of April, 1941. Present: Honorable Guy A. Miller, Circult Judge. . Newell B. Wallace, Receiver for The Northwestern State Bank, a Michigan banking corporation of Detroit, Michigan, having filed with this Court has petition for authority to terminate the receivership under a plan known as "Plan for Terminating Receivership of The Northwestern State Bank," and to perform such acts as may be necessary or proper to carry the same into effect, including, but not by way of limitation, the borrowing of money from Reconstruction Finance Corporation and the mortgaging, pledging or hypothecating of all assets of the receivership estate (except cash and current exchange) as security for said loan, and the sale to Depositors Liquidation Corporation of all assets of the receivership estate so pledged, mortgaged or hypothecated to Reconstruction Finance Corporation, the mingling of the general assets of the Bank and the assets of the savings and commercial departments, and the taking of all steps necessary or proper in and about the consummation of the Plan for Terminating the Receivership of The Northwestern State Bank. Now, Therefore, It Is Ordered: 1. That the 15th day of May, next, at 2 o'clock in the afternoon, at the courtroom of the undersigned Circuit Judge in the Wayne County Courthouse in the City of Detroit, Michigan, be and It hereby is appointed as the time and place for the hearing upon said petition, and that all shareholders, and all depositors and other creditors of the said Bank may then and there show cause, If any they may have, why the prayers contained in the aforesaid petition should not be granted. 2. That a true copy of this order be published in The Detroit Free Press, Detroit News and Detroit Times, newspapers printed and circulated in Wayne County, Michigan, for not less than one insertion at least seven (7) days prior to the date herein fixed for hearing upon said petition. 3. That a copy of this order and a copy of said plan be mailed by regular mail to each shareholder of the said Bank, and to each depositor or creditor of the said Bank the original principal amount of whose claim exceeds Ten Dollars ($10.00), at least seven (7) days prior to the date herein fixed for hearing upon the said petition. A True Copy. Caspar J. Lingeman, Clerk. By A. A. Berger, Deputy Clerk. GUY A. MILLER, Circuit Judge,