Michigan State Bank - Eaton Rapids, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 27, 1930
Location: Eaton Rapids, Michigan (42.509, -84.656)

Metadata

Model: gpt-5-mini
Short Digest: 23e9849e

Response Measures

None

Description

Newspaper (Mar 27, 1930) reports the Michigan State Bank closed its door this noon and was placed in the hands of the state banking department. Article explicitly says there was no concentrated run, only gradual withdrawals. Classified as a suspension that resulted in closure/receivership (suspension_closure).

Events (2)

1. March 27, 1930 Receivership

Newspaper Excerpt: was placed in the hands of the state department
Source: newspapers

2. March 27, 1930 Suspension

Cause: Government Action
Cause Details: Closed and placed in hands of the state banking department for protection of depositors after gradual withdrawals.
Newspaper Excerpt: The Michigan State bank ... closed its door this noon. A statement by Glenn Spears, cashier said the bank was closed for the protection of repositors. ... was placed in the hands of the state department
Source: newspapers

Newspaper Articles (1)

1. March 27, 1930 The Charlotte Observer Charlotte, NC

Article from The Charlotte Observer, March 27, 1930

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Article Text

DOORS CLOSED TODAY BY EATON RAPIDS BANK One of Oldest Banking Institutions In Vicinity of Charlotte Fails to Open. Eaton Rapids, Dec. The Michigan State bank, one of the oldest banking institutions in this vicinity closed its door this noon. A statement by Glenn Spears, cashier said the bank was closed for the protection of repositors. At the state banking department at Lansing, it was said there had been no concentrated run on the bank, but gradual withdrawal of deThe bank's statement of September 29 showed deposits of $430,000. but have since that time Total assets of the bank on the date to $571,000 The bank opened for this but closed its doors just before and was placed in the hands of the state department It one of two in this the other being the First National bank The Michigan State bank was founded in 1894.