National Bank - Grand Haven, MI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4578
Charter Number: 4578
Start Date: October 10, 1900
Location: Grand Haven, Michigan (43.063, -86.228)

Metadata

Model: gpt-5-mini
Short Digest: 80c67f0f

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

A depositor run occurred Oct 9–10, 1900 triggered by panic after the failure of the Grand Haven Leather Company (local shock) and/or rumor; the bank paid out deposits and neighboring banks/correspondents supplied funds (special train with $225,000). The institution remained open and the run stopped.

Events (3)

1. June 5, 1891 Chartered

Source: historical_nic

2. October 10, 1900 Run

Cause: Local Shock
Cause Details: Panic thought to be an echo of the failure of the Grand Haven Leather Company (bank had heavy interest in that tannery); general excitement and possibly organized attempts to wreck the bank.
Measures: Paid out over $100,000 to depositors; neighboring National City Bank of Grand Rapids sent $225,000 by special train guarded by armed men; offers of loans from other banks totaling over $1,000,000.
Newspaper Excerpt: Two hundred and twenty-five thousand dollars, brought here on a special train guarded by armed men, saved the National bank of this city from a run which threatened the destruction of the institution.
Source: newspapers

3. February 19, 1910 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (3)

1. October 11, 1900 Connecticut Western News North Canaan, Salisbury, Canaan, CT

Article from Connecticut Western News, October 11, 1900

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Article Text

Special Train Saves a Bank. Grand Haven, Mich., Oct. 10.-Two hundred and twenty-five thousand dollars, brought here on a special train guarded by armed men, saved the National bank of this city from a run which threatened the destruction of the institution. The run began unexpectedly. President Cutler is fatally ill, and the failure of the Grand Haven Leather company, in which the bank was heavily interested, was thought to have shaken the financial institution. Excited depositors thronged the place all day Monday, and $100,000 was paid. out. Confidence was partly renewed, and a few depositors returned their money. Early yesterday morning an excited crowd again surrounded the bank. The National City bank of Grand Rapids offered help, and the railroad authorities furnished an engine and coach for a quick run. A cashier and an armed escort brought the $225,000 here, and the bank met all demands so promptly that the run stopped.

2. October 12, 1900 The Owosso Times Owosso, MI

Article from The Owosso Times, October 12, 1900

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Article Text

Stood the Test. Grand Haven, Mich., October 9.-A run was started on the National bank of Grand Haven yesterday and over $100,000 has been paid out to depositors. What started the scare is a mystery, although it is thought to be an echo of the tannery failure here. The bank was prepared for the excitement and paid dollar for dollar and interest if due. The bank is one of the soundest in Michigan and neighboring banks came forward with offers to loan money for the emergency to the amount of over a million dollars. It is believed now that the people are satisfied and seeing that the bank is prepared to pay every cent will not repeat the run to-day. If they do they will get their money. Yesterday's run, it is believed, was planned by individuals in the hope of wrecking the bank, in order to get even with the officers for fancied wrongs, but the plan failed. Hon. Dwight Cutler is president and Senator William Savidge and Hon. Geo. A. Farr. are among the directors.

3. October 12, 1900 The True Northerner Paw Paw, MI

Article from The True Northerner, October 12, 1900

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Article Text

Stood the Test. Grand Haven, Mich., October 2-A run was started on the National bank of Grand Haven yesterday and over $100,000 has been paid out to depositors. What started the scare is a mystery, although it is thought to be an echo of the tannery failure here. The bank was prepared for the excitement and paid dollar for dollar and interest if due. The bank is one of the soundest in Michigan and neighboring banks came forward with offers to loan money for the emergency to the amount of over a million dollars. It is believed now that the people are satisfied and seeing that the bank is pre pared to pay every cent will not repeat the run to-day. If they do they will get their money. Yesterday's run, it is believed. was planned by individuals in the hope of wrecking the bank, in order to get even with the officers for fancied wrongs, but the plan failed. Hon. Dwight Cutler is president and Senator William Savidge and Hon. Geo. A. Farr are among the directors.