Union Trust Company - Detroit, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 11, 1910
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini
Short Digest: e007c68f

Response Measures

None

Description

Article is a receiver's notice (signed 'UNION TRUST COMPANY, Receiver') describing assets and dividend distributions. No run is mentioned. The bank is in receivership and distributing dividends, indicating permanent closure/receivership rather than reopening.

Events (1)

1. January 11, 1910 Receivership

Newspaper Excerpt: Under order of Court, the Receiver will, on or about January 24, 1910, make its seventh distribution... UNION TRUST COMPANY, Receiver.
Source: newspapers

Newspaper Articles (1)

1. January 11, 1910 The Detroit Times Detroit, MI

Article from The Detroit Times, January 11, 1910

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Article Text

ASSETS ON HAND DECEMBER 1st, 1909. Face value. $ 9,527.50 Mortgages and land contracts Of above amount $4,650.00 is under foreclosure. Sale is advertised for February 3, 1910. 195,582.99 Bills Receivable It is unlikely that more than 2% will be realized on the above. 1,817.50 Real Estate Consisting of one lot 50 feet front on the Grand Boulevard, between Second and Third Avenues, and one lot in Gratiot Township. 10,000.00 Meaford Elevator Company. six per cent bonds Interest in default since November 1, 1907. Grand Rapids. Holland & Lake Michigan Rapid Railway. five 18,000.00 per cent bonds Grand Rapids. Holland & Chicago Railway stock: 2,666.66 26 2-3 shares, preferred 2,633.33 26 1-3 shares, common Quebradilla Mining Company stock: 14,400 shares of $25.00 each face value, having no present market value. Clvde Mining Company-property near Victor, Colorado; of uncertain value. Interest in Tiewaukee Mining Company-Property in Utah: This property is under option which expires in February. 1910. Whether or not this option will be exercised is problematical. Since the date of the publication of the last report (January 10, 1909) the suit of the First National Bank of Detroit, involving the validity of a so-called certified check for $175,662.50 has been decided by the Supreme Court of this State in favor of the said National Bank, and dividends aggregating 58% and interest thereon, have been paid. The claim of the Detroit National Bank on so-called certified checks aggregating $160,000.00 was decided by the Supreme Court against the claimant. There still remains to be settled claims of the First National Bank on so-called certified checks aggregating $97,275.00, and the claim of the Receiver against the said bank for the proceeds of sale of certain collateral, assigned to the Receiver but disposed of by that bank, which cases are now on call in the Genesee County Circuit Court. Under order of Court, the Receiver will, on or about January 24, 1910, make its seventh distribution, paying to commercial depositors a dividend of six per cent, and to savings depositors a dividend of three per cent; making the aggregate of dividends paid to commercial depositors sixty-four per cent and to savings depositors sixty-eight per cent. Such dividend as may be paid thereafter-if any-will be very small. The Receiver will be pleased to furnish to creditors further information on request. UNION TRUST COMPANY, Receiver.