Union Guardian Trust Company

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: *
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: 649115c3

Response Measures

None

Description

Article (Detroit Times, 1942) recounts that the Union Guardian Trust Company had been closed during a bank holiday and was later reopened under a receiver (George Kirchner) and new management (E. C. Harris). The piece discusses possible sale but does not describe a depositor run. Dates of the original suspension/reopening are not specified in the article, so event dates are left null.

Events (2)

1. * Reopening

Newspaper Excerpt: And since being reopened, careful and prudent management has developed it into a valuable piece of property... Kirchner was receiver for the Union Guardian Trust Company ... we'll reopen it If you'll be president, Couzens roared. We'll reopen it. (paraphrase of article describing reopening).
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Closed during a bank holiday (regulatory/official closure); later managed by a receiver.
Newspaper Excerpt: many felt was hopelessly lost during the bank holiday but was reopened as the result of a chance meeting in an elevator.
Source: newspapers

Newspaper Articles (1)

1. February 20, 1942 Detroit Evening Times Detroit, MI

Article from Detroit Evening Times, February 20, 1942

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Article Text

On the Business Front With WARD SCHULTZ Detroit Times Financial Editor When Mayor Edward J: Jeffries Back they We Couzens demai sought permission of the council the other day to approve, as a desired approva trustee, the sale of the Union "Do you kn Guardian Trust Company for $1,In this man Couzens of the 500,000. he accomplished one thing. he continued: The road is now open for nego"It's becaus tiations of such a deal. banker that However. in mentioning an "ofdown on a lo fer" of that amount from an unold German-A named Detroit institution, the all the other mayor apparently misunderstood, for no such offer has been made. proved it bi cashier, turne His announcement was someI hadn't es what premature in that respect. credit and bee It does focus attention though. prove of borro on an institution which many felt pose I had mei was hopelessly lost during the "And he wa bank holiday but was reopened as too," Couzens the result of a chance meeting in chuckle. an elevator. * And since being reopened. careful and prudent management has So the trust developed it into a valuable piece opened and O of property. Kirchner was guidance, and under the lead The story about the elevator E. C. Harris, ti meeting is too good to remain untold. Trust Company The late George Kirchner. at gregate profit ( that time/ receiver for the Union 000. And it's I E. C. HARRIS circles as a su Guardian Trust Company. felt that "What are you doing down the fiduciary part of the trust tively managed here. George?" the senator company was too valuable to be Why sell it asked. cause it is felt liquidated. and he went to WashKirchner explained and added ington in an effort to secure help pany could be from the RFC. After receiving that he had given up and was realigned with a than it has be turning home. rebuff after rebuff. he returned to "Come on back down on this the Mayflower Hotel, thoroughly the liquidator of elevator and we'll see if we can't disheartened and ready to leave pany. for home. And then. to get some action. If you say that As he got on the hotel elevator trust company's fiduciary dejob is to dispose partment is O. K., it's O. K., and order to pay off a chunky, gray haired man walked on it was Senator James Couzens depositors of th we'll reopen it If you'll be president," Couzens roared. lian Trust. This of Michigan.