9155. Grand Rapids National Bank (Grand Rapids, MI)

View Charter #2460 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2460
Charter Number
2460
Start Date
March 5, 1933
Location
Grand Rapids, Michigan (42.961, -85.656)

Metadata

Model
gpt-5-mini
Short Digest
1eaebb96

Response Measures

None

Description

The bank was closed with the March 1933 banking holiday (federal proclamation) and placed under conservatorship in June 1933; by September 26, 1933 a receiver (David E. Uhl) was appointed and the old institution was being liquidated/taken over. No discrete depositor run is described in the articles; the suspension resulted from the national bank holiday/government action and subsequent conservatorship/receivership led to permanent closure/liquidation.

Events (5)
1. March 1, 1880 Chartered
Source
historical_nic
2. October 1, 1910 Voluntary Liquidation
Source
historical_nic
3. March 5, 1933 Suspension
Cause
Government Action
Cause Details
Suspension under the presidential proclamation (banking holiday) of March 5, 1933; deposits impounded and reorganization plans discussed.
Newspaper Excerpt
the activities of all of the banks in the United States, including the Grand Rapids National were suspended
Source
newspapers
4. June 30, 1933 Other
Newspaper Excerpt
G. R. BANK DIRECTOR NAMED CONSERVATOR ... appointed interim conservator the institution to handle its affairs ... The bank has been doing only limited business since the banking holiday . . . appointment made by the ... comptroller's office . . . conservator for the Grand Rapids National bank, announced Friday that while ... deposits ... release of impounded deposits ... claims ... must be presented at the Grand Rapids National bank floor Grand Rapids ... (articles describe conservatorship and limited business). }
Source
newspapers
5. September 26, 1933 Receivership
Newspaper Excerpt
Conservatorship Is Terminated by Order of Comptroller of Currency. ... appointed receiver for the Grand Rapids National by the National Bank ... appointment made by J. T. comptroller Uhl. ... Grand Rapids Bank Receiver Is Named ... the defunct Grand Rapids National bank has been changed to ... David Uhl, receiver for the old Grand Rapids National bank ... Uhl will start liquidating frozen assets of the old bank immediately, he said. (Sept. 26, 1933).
Source
newspapers

Newspaper Articles (17)
1. March 21, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 21, 1933

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Form Offered to Depositors. The form depositors asked in obtaining the new stock the Grand Rapids National bank follows: "Whereas, by a proclamation of the president of, the United States made on the fifth day of March, 1933, the activities of all of the banks in the United States, including the Grand Rapids National were suspended and the Rapids Na. tional ing pending completion plans to insure its and "Whereas, proposed to cancel the outstanding stock the to the amount compdetermine the capital stock of the bank impaired and sell stock provide funds for such and other corporate purposes, "Now, therefore, the undesigned for stock the Grand Rapids Na. tional bank be the scriber under the following conditions: The amount paid in by the subscriber may be to paid surplus proportions the of the shall Capital stock the bank now outstanding and held by Guardian Detroit shall be celed such amount the currency shall determine necessary offset pairment of capital resulting from depreciation of assets existing on March capital to an of at least shall be obtained for the bank the resale of stock celed additional stock to be issued. part of such new capital obtained the preferred stock the finance Pending completion reorganization delivery of stock subscribed for, the bank shall retain the funds the subscriber now on deposit the bank be applied in payment for the stock when delivered.

2. March 21, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 21, 1933

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Moves to Wipe Out Former Guardian Group Holdings for New Capital. ISSUE COMMON SHARES TO Subscriptions to Embrace 25 Per Cent of Impounded Deposits. Following advices from Chicago and Washington the directors of the Grand Rapids National bank Tuesday morning placed before depositors a plan expected to create within few days an entirely new Grand bank, completely wipe out the former Guardian group stockholdings and substitute new capital in the form of common stock provided by subscriptions of 25 per cent of existing impounded deposits in the bank. The bank would thereafter be owned by its own depositors, with additional capital supplied by the Reconstruction Finance corporation. It would open for a complete and unrestricted banking business. Immediate enthusiastic reception of the plan was announced after five meetings with the depositors of the bank and promptly upon securing the necessary subscriptions it was planned to communicate with the RFC for final arrangements. Pointing out the usually fine position in which the plan will place the recapitalized bank, Joseph H. Brewer, president, sketched the situation as follows: "For three years this bank has been regularly off all on loans other instructed by the strictest all examiners, the national banksystem. With each writing off of losses the bank's surplus duced accordingly. Following the last examination just preceding the bank holiday stood with impaired capital of $1,000,000 and surplus. "This position we felt should have entitled the bank to ahead, but subsequent requests have brought insistence that every "doubtful" should off and all depreciation on bonds loss, regardless of probabilities that the loans would be restored sound basis and the bonds would rise in price. Recognizing the great inconcommunity from the lack banking facilities the rather than to for more favorable in this the go length and have offered the wiping out of clared the federal examiners to -and, to-place the bank and take of funds under which depositors themselves, 25 per cent of imto the new stock. would retheir bank. "The has been favorably hoping for reopenthough exact of determined." Board in Statement. The board directors the Grand Rapids National bank thorized the following statement: last business day governor's proclaimed for all Michigan banks, bank functioning banking customers in Grand Rapids and all of western Michthe regular semi-annual examination bank begun by national bank Feb. 1933, was shown that after charging off all actually determined its capital unimpaired and that had surplus. Like most banks, was carrying ing of made to and ordinarily able their debts. The report included list of bonds on which interest was being paid. but which like all bonds were depreciated value. The bank not borrowed at time from finance and on Feb. was not indebted federal bank Ample funds and assets were on hand which to continue functioning in normal and meet requirements of its customers Cites "Sound Policy." March the federal government licenses permitting banks that had (Continued on Page 2. Column 5.) Dance tonight, 949 Division. Admission 15c; check

3. March 29, 1933 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, March 29, 1933

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GRAND RAPIDS TRUST COMPANY IS REOPENED Grand Rapids, Mich., March 29. of the Grand Rapids Trust company for regular business under restrictions prohibiting withdrawals for hoarding today eased the strained banking situation here. Two other banks, the Grand Rapids Savings bank and the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to rewithin few days. The savings bank asked Its depositors purchase preferred stock with 20 per cent of their ings, while the national bank will be reorganized with original stockholders surrendering their stock.

4. June 30, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, June 30, 1933

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G. R. BANK DIRECTOR NAMED CONSERVATOR Grand June Burch, director of the Grand Rapids National bank, today was appointed interim conservator the institution to handle its affairs organization of bank on the foundations of the old can be The bank has been doing only limited business since the banking holiday The appointment, made by the

5. June 30, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, June 30, 1933

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G. BANK DIRECTOR NAMED Grand Rapids, June K. the Grand Rapids National bank, today interim the institution to its affairs until organization of bank foundations of can be The bank has been doing only limited business since the bankholiday. appointment. made by the office comptroller of the treasury Washington, nounced today the federal serve board and the comptroller's office.

6. August 4, 1933 The Kalamazoo Gazette Kalamazoo, MI
Article from The Kalamazoo Gazette, August 4, 1933

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NEW GRAND RAPIDS BANK CHIEF NAMED Brewer to Head Institution He Says Probably Will Open August 14. GRAND RAPIDS, Aug. president of the Grand National announced Friday been and confir National Bank of Grand old His to replace the approved by appointment federal reserve Reconthe er said. of bank will directors elect bank organized to the Grand Rapids National which been doing limited state 14, according to

7. September 1, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, September 1, 1933

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URGES BE PRESENTED G. R. National Conservator Reports 15,358 Depositors Delay Action. John K. Burch, conservator for the Grand Rapids National bank, announced Friday that while 34 cent been presented in with the 50 per release of pounded deposits, claims of such not yet been For of these depositors the ranged for the bank handle claims, well as the National Bank of Grand Rapids, this and the week. Depositors urged present their claims before the coming week after that claims must presented at the Grand Rapids National bank floor Grand Rapids stead the Bank of Grand Rapids or the branches.

8. September 25, 1933 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, September 25, 1933

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Advanced by RFC During August WASHINGTON, Sept. Finance Corporation Monday reported to Congress that during August it authorized advances aggregating $111,495,529. The report, made public by South of the House, showed was authorized loans banks, companies, railroads and institutions. total turned to Federal Relief for distressed States. That brought the amount under act to Aug. 31. Of loans to financial institutions, $36,178,287 went banks trust companies. This included $17,aid the liquidation of banks closed or in process liquidation. Other advances were listed as follows: To building and loan associations, insurance companies, $650, mortgage companies, $3.Federal Land Bank Omaha, $2,000,000 : Agricultural Credit Corporations, stock Credit Corporations, Corpothe cago Northwestern ComApplications for loans filed by fed institutions August totaled 221, as follows: 148 from banks and trust three each from building and loan and surance companies: 20 from mortgage companies: each from credit union, Federal Land Bank, Joint Stock Land Bank, railroad and from State insurance fund from Agricultural Credit Corporations and from Regional Agricultural Credit Corporations. Of the other advances authorized, $3,500,000 went the Agriculture for 500,000 the Secretary of the Treasmake payments Federal ury Home Loan stocks; $3,200,000 the Land Bank Commissioner facilitate loans on farm mortgages. The corporation sold $70,000,000 making total $1,690,000,000 notes outstanding at the close of business on Aug. Among some of the larger leads au thorized Federal National Bank Trust Washington, the Commercial Bank of Washington (receiver), $1,885,000 District National Bank, conservator, Washington, the City Savings Bank Trust Company ShrevePresque Isle National Bank, conservator, Presque Maine, $1,378,000; Dearborn State Bank, Mich. $2,539,000; Guardian Bank Dearborn, Mich., $2,000,000; Grand Rapids National Bank, conservator, Grand Rapids, Mich., Highland Park State Bank, Highland Park, Mich., Peoples Bank of Highland authorized includ$1,000,000 to the East Tennessee National Bank receiver, Knoxville: the County Corporation of Cambridge, Md., $1,600,000 New Mexico Corporation, Albuquer$400,000: Lebanco Realty Investment Company of Louis, $2,048,000. Loans previously authorized and withdrawn canceled during August totaled Receipts the corporation during the month amounted expenditures totaled $149,064,634.

9. September 26, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, September 26, 1933

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UHL RECEIVER FOR OLD BANK Conservatorship Is Terminated by Order of Comptroller of Currency. TAKES POST IMMEDIATELY E. prominent Grand Rapids business man and leader in the party in Michigan, late Monday appointed ceiver for the Grand Rapids National by the National Bank of Grand Appointment made by J. T. comptroller Uhl. It marks the termination of of old John received following telegram late Monday from Mr. appointed receiver the Grand Rapids bank ship. Take trust receipt telegram by forwarded to Grand Awaits Instructions. He he would over the He probably will the post Wednesday The that the attorney for the The receiver would follow conservative program in liquidating the of the bank in his Mr. Uhl of the late Edwin Uhl, to Geron Page 2. Column 7.)

10. September 26, 1933 Lansing State Journal Lansing, MI
Article from Lansing State Journal, September 26, 1933

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Grand Rapids Bank Receiver Is Named GRAND RAPIDS, Sept. 26 (AP) of the defunct Grand Rapids National bank has been changed to and David Uhl, in circles the bank, the National Bank of Grand Rapids, has been organized take over the assets of the old institution. Uhl will start liquidating frozen sets of the old bank immediately, he said.

11. October 3, 1933 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, October 3, 1933

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CITY, COUNTY WIN SUIT from First Page.) faith is not urged to be excessive, must While the suit the two to only was paid under protest the City Frank Thomas Vidro all that the county expected collect from the Had the plaintiff the county likely would have been whatever this part the tax that had lected as Frank Peterson, chairman the committee, announced time that those who paid without would have been accorded the same those budget this might have been difficult. Led by League. Under of the league tax to City Treasurer Smith under pro test pending outcome the suit. That part of the collection involved in the segregated Smith, was the agent, left the Grand Rapids National bank, which closed the banking holiday and since reorganized. decision the high court Thaddeus B. Appearing for the league case was Attorney Hall. Attorney Souter, attorney when the city and Prosecutor Bartel an assistant, N. Searle, for the county.

12. January 2, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, January 2, 1934

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ASKS TRUST FUND CASH BE CLAIMED BY FEB. 1 Those still ve trust funds the Grand Rapids National bank urged by David E. Uhl, receiver for that bank, to draw those funds before Feb. 1934. These trust funds are separate account from the impounded deposits and total many who had trust funds transferr them the National Bank of Grand Rapids or other banks this total remains inactive Mr. Uhl added that if the trust funds are not withdrawn by Feb. can to the National Bank of Grand Rapcrediting them to their respective owners Grand Rapids National bank still has $30,000 deposits which has not the sent dividend rrangement of last August.

13. January 13, 1934 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, January 13, 1934

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Senate Witness Testifies President Wanted No More Failures TO GUARDIAN Edsel Ford Reveals How His Father Precipitated Banking Holiday In Michigan By (Continued from Page represented entertaining that opinion. Defends Banking System Mr. Leyburn also defended the tional banking system against tee criticism based the fact that although, the record shows, bank examiners frequently criticized the group, action their reports was taken by the Comptroller's office. Senator Couzens (Rep., What your interpretation of his A.-Because he told by the leged higher command. Senator are you from hearsay from your knowledge? from my own knowledge. From my knowledge was told by the higher mand do rock and not any more failures. Quizzed By Couzens Senator Couzens asked the witness meant by "the higher command,' and the and the Secrethe Treasury.' the committee's counsel, brought out that, until the 1933 banking was the passed, tional bank examiners without power remove bank officials cause mismanagement. Otherwise, their only power close bank because to take away that necessitated court Mr. adding that the in the act, tion referred teeth in question of power to take away national bank's has been law since Mr. has been resorted to only of Maryland the First National Bank Hagerstown, fourteen fifteen Banking Act Violated The Hagerstown bank, he said, "violated section the National Banking looked for more The Comptroller, he powerless other than bring action the Federal court 1921 away the bank's precipitated run on the bank forced receivership. The bank's offered to resign and sell their stock others drawn and that was done, their stock Mr. Leyburn, but the publicity the that recovered shock" later close. other words," continued, sounds good that you anything to with offending bank, but you give medicine the patient." Concerning the true condition of the group banks, Mr. Leyburn. reviewing what happened them since the banking holiday, could talk forhappened them.' unit banks that reopened, had been able to do so only reorganization. Bank Reorganized "The Grand Rapids National cember 1932, had in said. been reorganwith RFC aid under fifty Asked what he meant by fifty waiver,' he replied: depositors got cents on the and gamble the The Ionia bank under servator hopes reorganize and RFC aid basis. bank Lansing, said. similar condition, proceeded list the other units the group like fashion. One For When he got the Union Guardian Trust Company, keystone in the group and the institution where group's collapse began, he said: don't think any attempt has been reopen that bank. matter would take Houdini open dead. the bank. have been made Detroit the Guardian National (biggest the group) others the group because of some Wall Street you know A.-No, think it's wonderful fairy Government Defended Mr. Pecora asked if the witness wished before being excused, Mr. Leyburn plied: "Only that the the Treasury and the RFC of being the big, Detroit dark virgin and baby Most of that from some big politicians there they're trying to out of depositors insult the people Michigan." The collapse the Guardian due number things, to follows: mouthful when say that. Then,

14. March 9, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 9, 1934

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IS SEEKING FURTHER PAYOFF Grand Rapids National Bank Receiver Confers With C. in Detroit. David E. Uhl. receiver for the Grand Rapids National bank, in Detroit Friday. understood being made the RFC for of deposits by the local bank. Ladies' beautiful rectangular and the 182 $1 down. $1 weekly.

15. March 20, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, March 20, 1934

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SEEKS UHL ADVICE ON DEPOSIT LOANS School Board Will Submit Resolution to Local Bank Receiver. A resolution adopted by the board of education Monday night urging legislation by congress to provide loan funds for schools on impounded bank balances and delinquent taxes will be submitted to Marshall Uhl. receiver for the old Grand Rapids National bank. before copies are sent to the local representatives in congress. motion to submit the resolution to Mr. Uhl was by Fred P. Geib, who mentioned that Mr. Uhl was making efforts to obtain federal loan to pay off part of the impounded balance. Mr. Geib said he believed the board should take no steps which might embarrass Mr. Uhl's efforts. George Davis, president of the board, reported he planned to send copies of the resolution adopted to other school districts for similar action in promoting legislation. Robert H. Merrill, chairman of the business committee, reported the board of education had saved $27,069 by the painting done in the schools by the CWA. The work cost the CWA more than $34,000. he said. but the board had estimated it could be done for the lower figure under normal contract conditions. Field Work Expensive. Mr. Merrill pointed out the purthe CWA was to create jobs at once and that there was no time for adequate planning of projects. For this reason. he said, the work at Houseman field had been expensive. He assured board members the field will be in good condition when work is completed. and remarked that the recent heavy rain proved the drainage was excellent. Claims of $190,341. including teachers' pay roll of $165,385. were approved. Unless state funds are received the board will have insufficient funds meet the next pay roll, Herbert N. Morrill, business manager, informed the board. Supt. Leslie A. Butler reported a. decrease of 1,124 in enrollment for March from March, 1933. The big drop is in postgraduate classes which show decrease of 601. The enrollment nows is 29,734.

16. November 5, 1934 The Grand Rapids Press Grand Rapids, MI
Article from The Grand Rapids Press, November 5, 1934

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BANK RECEIVERS CLOSE OFFICES ELECTION DAY Receivership offices for the Grand Rapids Savings bank, Grand Rapids National bank, American Home Security bank, GalewoodWyoming bank and East Grand Rapids will be closed all day Tuesday because of the election.

17. December 1, 1942 The Daily Monitor Leader Mount Clemens, MI
Article from The Daily Monitor Leader, December 1, 1942

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McKAY BUYS BUILDING GRAND RAPIDS - (AP) Sale of the Grand Rapids National Bank building to Frank D. McKay for $478,000 was approved Monday by Federal Judge Fred M. Raymond over objections of major creditors, among them the city of Grand Rapids. The creditors claimed that the 16-story building, in receivership since 1933, would bring a better price if sale were delayed a year, but the court held that any such increase probably would be offset by added receivership costs.