American State Bank - Ferndale, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 9, 1934
Location: Ferndale, Michigan (42.461, -83.135)

Metadata

Model: gpt-5-mini
Short Digest: 3440f4ea

Response Measures

None

Description

Article (Detroit Free Press, 1934-07-10) describes the American State Bank of Ferndale as being in receivership; a one-man grand jury investigation cleared the receiver and found petitions were based on unsubstantiated rumors. No run is described; the bank was under receivership (government action) and appears closed.

Events (2)

1. July 9, 1934 Receivership

Newspaper Excerpt: It is possible that the receiver, George Van Buren, has been guilty of some errors of judgment... All the transactions of the were approved by the State Banking Department and by the Circuit Court of Oakland County; not one deal was made without this approval. In the report Judge Hascall stated that he satisfied the were operating minimum expense.
Source: newspapers

2. July 9, 1934 Suspension

Cause: Government Action
Cause Details: Bank was in receivership; petitions prompted investigation and receivership (government action), petitions were based on unsubstantiated rumors.
Newspaper Excerpt: report of the findings of one-man Grand Jury investigation the receiverships of the First State Bank and the American State Bank of Ferndale, made public Monday by Judge Forbes S. Hascall
Source: newspapers

Newspaper Articles (1)

1. July 10, 1934 Detroit Free Press Detroit, MI

Article from Detroit Free Press, July 10, 1934

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Article Text

Inquiry Clears Bank Receiver No Crimes Disclosed in Ferndale Probe FERNDALE, July 9-A report of the findings of one-man Grand Jury investigation the receiverships of the First State Bank and the American State Bank of Ferndale, made public Monday by Judge Forbes S. Hascall, of Birmingham, no mitted and that the petitions asking for the investigation were based rumors that could not be subam satisfied." Judge Hascall's report reads "after careful complete examination of the ords in this investigation, that no crimes have been and that petition setting forth statements that crimes were being committed, was based on which were not, and could not be substantiated.' is possible that the receiver, George Van Buren, has been guilty of some errors of judgment, but do not feel that there been any would justify his All the transactions of the were approved by the State Banking Department and by the Circuit Court of Oakland County; not one deal was made without this approval." In the report Judge Hascall stated that he satisfied the were operating minimum expense.