9142. Union Trust & Savings Bank (Flint, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 27, 1933
Location
Flint, Michigan (43.013, -83.687)

Metadata

Model
gpt-5-mini
Short Digest
32453ff7

Response Measures

None

Description

Articles indicate state banking commissioner placed the bank under conservatorship in late March 1933 and by late June/early July 1933 court proceedings were seeking/appointing a receiver; no explicit contemporaneous depositor run is described. I corrected the provided name to 'Union Industrial Trust & Savings Bank' to match multiple articles.

Events (3)

1. March 27, 1933 Suspension
Cause
Government Action
Cause Details
State banking commissioner appointed conservator / placed the bank under conservatorship as part of state actions on troubled banks (conservator selected).
Newspaper Excerpt
Genesee County Savings bank, Mark Wilson Union Industrial Trust and Savings bank. Flint. Mark Wilson.
Source
newspapers
2. June 29, 1933 Other
Newspaper Excerpt
CLASHES MARK RECEIVER SUIT ... state banking commisUnion Trust Savings ordered to show temporary ... should not appointed for the institution. The order request attorneys ... depositor. Charges of polities arose ... hearing in Presiding Judge James division circuit court ... Rudolph E Reichert ... was in court ... ordered to show ... receiver suit mentioned in court reporting indicating receivership proceedings were underway for Union Trust/Savings institution.
Source
newspapers
3. July 6, 1933 Receivership
Newspaper Excerpt
Receivership Seen as Only Alternative to Reorganization. ... to reopen the Union Industrial Trust Savings bank ... Resuming hearing ... the court's recent order to receiver should not be pointed ... the bank did not open the state and holidays because had not been able to comply the requirements of the Federal Reserve bank ... Receivership seen as only alternative.
Source
newspapers

Newspaper Articles (4)

Article from Battle Creek Moon-Journal, March 27, 1933

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Article Text

CONSERVATORS SELECTED Named For 58 State Banks In State Of Michigan. Lansing, March pointment of conservators for Michigan state banks was announcby Reichert, state banking commissioner, following today's session of the governor's advisory banking commission. In majority of cases the conservators are from the towns in which the banks which they will take over are locat- Affairs of two Flint banks were placed under the Mark Wilson, recently of Detroit, who has been identified with both state national bank activities for number of years and in whom Reichert said he has complete confidence. They are: Cheboygan State Savings Bank, Cheboygan, Fred Haut. Newberry State Bank, Newberry, John H. Paull. First State Savings Bank, Hillsdale, R. Owen. Sparta State Bank, Sparta, Carlson. People's State Savings Bank. Auburn, W. Gillman. State Savings Bank, Owosso, Kenneth Crawford. Traverse City State Bank, Traverse City, George B. Kilbourne. State Bank Whitehall, White. hall, George E. Covell. Farmers State Bank, Montague, Adolph Anderson. Hemlock State Bank, Hemlock, R. Beaver. Cedar Springs State Bank, Cedar Springs, Herbert Wheeler. Ludington State Bank, Zook. Riverdale State Savings Bank, Fred Leiter. Citizens Savings Bank, Owosso, Frank Freeman. Metamora State Savings Bank, Metamora, Fred Downer Pinconning State Bank, Pinning, Fotheringham. State Bank of Niles, Niles, Thomas Cain. Yale State Bank, Yale, Guy Beard. State Bank of Coswell, Coswell, Melvin H. Aitkin. Cass City State bank, Cass City, Auten. Bellaire State bank, Bellaire, W. H. Richards Citizens State Savings bank, New Baltimore, Pingel First State Savings bank, Bronson, Frank Coward. Clarkston State bank, Clarkston, George King. First State Bank of Mendon, Mendon, H. First Commercial Savings bank, H. Estes. Wolf Brothers State bank, Centerville, State Savings Bannister, C. Bates. State Savings Bank of Elsie. sie, First State Bank of Allegan, Allegan, Herman Vaupell. State Savings bank, Clinton, W. Van Tyle. American State bank, Frankenmuth, John Geyer. First State Savings bank, Holly, Lyons. State Savings bank, Stanton, Starks. Birch Run State bank, Birch Run. Herbert Walter. First State Bank of Kingsley, Kingsley, Carl Brown. Pinney State bank, Cass City, Pinney. State Bank of Harbor Beach, Harbor Beach. John Prieskorn. Marysville Savings bank. Marysville. John Barron. Farmers Savings bank, White Pigeon. M. Benjamin. Springport State Savings bank, Springport, Allen Crawford, Peninsula bank, Ishpeming, PetGenesee County Savings bank, Mark Wilson Union Industrial Trust and Savings bank. Flint. Mark Wilson. First State bank, South Haven, Van Farmers and Merchants State bank, Lakeview, Griffith. Big Rapids Savings bank, Big Rapids. William Taggart. Rockford State bank, Rockford, Muir. Byron Center State bank, Byron Frank Farmers State bank, Alto, Earl Colby. Peoples State bank, Milan, Laskey Farmers State bank. Breckenridge, Baldwin. Woodland State bank, Woodland. Hilbert. Eaton County Savings bank, Charlotte, Phil H. Barber.


Article from Marshall Evening Chronicle, March 27, 1933

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Article Text

Banks Under Conservators In 58 Towns (Concluded from Page 1) First State SAVINGS bank. Bronson, Frank Coward Clarkston State bank Clarkston. D. King George First State Bank of Mendon, C. H. Rogge Mendon. First Commercial Savings bank Wolf Brothers State bank. Centerville, C. D. Mosher State Savings bank. Bannister. C. D. Bates. State Savings Bank of Elsic. First State Bank of Allegan. Allegan. Herman Vaupell State Savines bank. Clinton. W. P. Van Tyle. American State bank. Frankenmuth. John L Gever First State Savings bank. Holly. B. State Savinas bank. Stanton D. Birch Starks Run State bank. Birch Run. Herbert Walter. First State Bank of Kingsley. Kingsley. Carl J Brown Pinney State bank. Cass City. F State Punney Bank of Harbor Beach. Harbor Beach John C. Prieskorn. Marysville Savings bank. Marysville. John C. Barron Farmers Savings bank. White Pigeon. J. M Benjamin. Springport State Savings bank. Springpert. Allen Crawford Jr Peninsula Bank. Ishpeming. PetGenesee County Savings bank, Flint. Mark Wilson Union Industrial Trust & Savings bank Flint. Mark Wilson First State bank, South Haven. R. B. Van Haaften Farmers & Merchants State bank. Lakeview D S. Griffith. Big Rapids Savings bank. Big Rapids. Wm. C. Taggart Rockford State bank. Rockford. E J. Muir Byron Center State bank. Byron Center. Frank Wierenga. Farmers State bank. Alto. Earl V. Colby. Peoples State bank Milan. J. Laskey. Farmers State bank. Breckenridge. R. L. Baldwin. Woodland State bank. Woodland. J. V. Hilbert Eaton County Savings bank Charlotte Phil H. Barber Hillsdale Savings bank. Hillsdale C F. Cook. Jr. Guardian Bank cf Trenton. Trenton. C. A. Smith Cadillac State bank. Cadillac J. J. Beldman Peoples Bank Sparts. Leslie Anderson


Article from The Flint Journal, June 29, 1933

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Article Text

CLASHES MARK RECEIVER SUIT Question of Counsel Branded as Political in Nature by State's Attorney. Frequent clashes counsel this the hearing in Presiding Judge James division circuit court in which Rudolph E Reichert state banking commisUnion Trust Savings ordered to show temporary should not appointed for the institution. The order request attorneys for Middle Roads company. depositor. Charges of "polities" arose Howard for the ed "Can declare an emergency, and legislature pass legislation which plainly on basis of an emergency that "That purely political nature, and apparently purpose here." shouted of was in court represent Judge Parker told the attorneys that he wished to as far political matters as possible and asked the attorneys There Cline then proceeded his he (Turn to Page Column 3)


Article from The Flint Journal, July 6, 1933

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Article Text

LACK PROOF, COURT SAYS EXPRESSES HIS BELIEF AT TRIAL State Commissioner Explains Why Union Industrial Plan Failed. TO RESUME HEARING Receivership Seen as Only Alternative to Reorganization. Confidence that some form of reorganization can perfected to reopen the Union Industrial Trust Savings bank was this State Banking Commorning by Rudolph E. at missioner the continued hearing before Judge James Parker on the cuit court's recent order to receiver should not be pointed issued the order of the Middle West Roads quest attorneys for which questioned Mr. Reichert this Counsel for the bank the banking commissioner deand clined to him. Under direct questioning. Mr Reichert said the bank did not open the state and holidays because had not been able to comply the requirements of the Federal Reserve bank, not even to open the stricted basis of payments the five-year have sufficent cash not had did been impossible collect all stock he liquidation of said going on the idly and the Federal Reserve bank is being repaid Shows Alternative did not know how He said would be long the salary the board would fix for the except that drawing of he has no definite asHe will be surance alternative possible. would be he Under state he he has banking over the banks, to continue or appoint Judge Parker how the Asked being conducted. Mr. Reichert said the procourts in receivership cedure of cases being generally asked that the answer The judge repeated and then "Detroit receiverships smiled Asked on