9208. National Bank (Ionia, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5789
Charter Number
5789
Start Date
May 1, 1901
Location
Ionia, Michigan (42.987, -85.071)

Metadata

Model
gpt-5-mini
Short Digest
2b7a08ab

Response Measures

None

Receivership Details

Depositor recovery rate
92.5%
Date receivership started
1934-06-26
Share of assets assessed as good
37.0%
Share of assets assessed as doubtful
60.4%
Share of assets assessed as worthless
2.7%

Description

No newspaper account describes a depositor run. 1901 article notes formation of the National Bank of Ionia to succeed Webber Bros. Private Bank. 1934 articles report a receiver named for the National Bank of Ionia and list it among national banks with frozen/unsecured deposits—indicating suspension and permanent closure/receivership in 1934.

Events (5)

1. April 23, 1901 Chartered
Source
historical_nic
2. May 1, 1901 Other
Newspaper Excerpt
The National bank of Ionia, in process of formation to succeed the private bank of Webber Bros., will be in operation by May 1st.
Source
newspapers
3. June 26, 1934 Receivership
Source
historical_nic
4. June 27, 1934 Receivership
Newspaper Excerpt
NAMED BANK RECEIVER Ionia, June Crimmins, formerly of the Grand Rapids National Bank, has been named receiver of the National Bank of Ionia by the comptroller the announced today by Willard cashthe County National opened ago to place the old
Source
newspapers
5. November 19, 1934 Other
Newspaper Excerpt
Nat'l Bank of Ionia 1,135,000 ... Following is list the unlicensed National Banks which have declared and placed in the hands of showing the percentage unsecured deposits
Source
newspapers

Newspaper Articles (4)

Article from Belding Banner, April 11, 1901

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Article Text

MINOR MICHIGAN MATTERS. David Moore, a prominent business man and politician of Port Huron, died on the 26th. There is a smallpox scare at Hart and the schools will be closed to await developments. Owosso business men have raised $10,000 to be used to induce factories to locate in that city. The quarantine placed on about 50 citizens of Standish on account of black diphtheria has been raised. The ice companies at Jackson have formed a combine, and as a result the price of that commodity will go up. On the 26th, at Iron Mountain, Aug. Johnson, a Swede, was attacked and stabbed by five men. He cannot live. Jas. A. Moore, member of the city council of Traverse. City, committed suicide by shooting himself on the 1st. He was despondent. Thos. Flaven, a contractor of Port Huron, has mysteriously disappeared, and his friends are at a loss to account for his whereabouts. The village council of Centreville on the 2nd passed an ordinance prohibiting the sale of intoxicating liquors in this village after May 1. The F. & P. M. Ry. Co. on the 6th filed a $50,000,000 mortgage in the circuit court at St. Joseph in favor of the Farmers' Loan & Trust Co., of New York. It is said that the Pere Marquette railroad is planning to reduce fares to a flat two-cent per mile rate, and cut out mileage and all privileged transportation. Cornelius DeBryam, of Kalamazoo, is dead as the result of the cat bite received a week ago. DeBryam was one of the pioneer celery growers, and was over 80 years of age. Notwithstanding the presence of the legislature and its blighting influence on the surplus, Michigan started business on the 1st "with a balance of $2,789,730 25 in its strong box. Samuel B. Collins, member of the state house of representatives from Jackson in 1899-1900, died in that city on the 1st. For years he had been one of Jackson's foremost citizens. The members of the Carpenters and Joiners' union at Port Huron, 150 in all, are on a strike. They want 25 cents an hour, with nine hours' work and pay day on Saturday night. The Champion Copper Co. at Houghton has let the contract for 52 sevenroom houses; 40 at the mine and 12 at the mills site to Parker & Hamil, Hancock. Ora Passage and M. A. Patterson were seriously injured by the explosion of a 15-horse power gas engine at the Hamilton rifle factory at Plymouth on the 1st. It is thought both men will recover. Wm. Westbrook. Chas. Van Zandt and Norman T. Bisbing, the three Farmington burglars, have been bound over to the circuit court for trial on the charge of assault with intent to commit murder. Bank Examiner Selden says that the first dividend to be declared in the case of the First National bank of Niles. will exceed 10 per cent. He intimates it will be 25 per cent, and that it may be paid in a couple of weeks. Ex-Senator R. D. Graham, who owns large fruit farms near Grand Rapids, says that fruit prospects are very flattering at the present time. Peach trees are especially promising, the buds coming through the winter uninjured. Two rural mail routes have been established at Holland, one along the south side of Black lake and south to Laketown and Filmore in Allegan county; the second running east and north through townships Holland and Olive. John Vosberg, aged 13, of Grand was sent home from school with a note from his teacher, reprimanding him. His mother insisted on showing the note to his father, and while she was absent the lad shot himself, dying on the 2nd. The National bank of Ionia, in process of formation to succeed the private bank of Webber Bros., will be in operation by May 1st. The capital stock will be $50,000, and a strong feature is the fact that the stock will be limited to $3,000 to any one man. The Port Huron canal commission and the board of estim ites held a joint meeting on the 3d to discuss the canal project. The board of estimates agreed to provide for the $100,000 bonds necessary for the construction of the canal. The contract will, in all probability, be awarded to the Standard Construetion Co., of Cleveland. David Henning, the millionaire who died at Battle Creek on the 1st, was known one time as the "Chicago Apple King." Henning learned the cooper


Article from The Yale Expositor, April 12, 1901

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Article Text

MINOR MICHIGAN MATTERS. David Moore, a prominent business man and politician of Port Huron, died on the 26th. There is a smallpox scare at Hart and the schools will be closed to await developments. Owosso business men have raised $10,000 to be used to induce factories to locate in that city. The quarantine placed on about 50 citizens of Standish on account of black diphtheria has been raised. The ice companies at Jackson have formed,a combine, and as a result the price of that commodity will go up. On the 26th, at Iron Mountain, Aug. Johnson, a Swede, was attacked and stabbed by five men. He cannot live. Jas. A. Moore, member of the city council of Traverse City, committed suicide by shooting himself on the 1st. He was despondent. Thos. Flaven, a contractor of Port Huron, has mysteriously disappeared, and his friends are at a loss to account for his whereabouts The village council of Centreville on the 2nd passed an ordinance prohibiting the sale of intoxicating liquors in this village after May 1. The F. & P. M. Ry. Co. on the 6th filed a $50,000,000 mortgage in the circuit court at St. Joseph in favor of the Farmers' Loan & Trust Co., of New York. It is said that the Pere Marquette railroad is planning to reduce fares to a flat two-cent per mile rate, and cut out mileage and all privileged transportation. Cornelius DeBryam, of Kalamazoo, is dead as the result of the cat bite received a week ago. DeBryam was one of the pioneer celery growers, and was over 80 years of age. Notwithstanding the presence of the legislature and its blighting influence on the surplus, Michigan started business on the 1st with a balance of $2,789,730 25 in its strong box. Samuel B. Collins, member of the state house of representatives from Jackson in 1899-1900, died in that city on the 1st. For years he had been one of Jackson's foremost citizens. The members of the Carpenters and Joiners' union at Port Huron, 150 in all, are on a strike. They want 25 cents an hour, with nine hours' work and pay day on Saturday night. The Champion Copper Co. at Houghton has let the contract for 52 sevenroom houses: 40 at the mine and 12 at the mills site to Parker & Hamil, Hancock. Ora Passage and M. A. Patterson were seriously injured by the explosion of a 15-horse power gas engine at the Hamilton rifle factory at Plymouth on the 1st. It is thought both men will recover. Wm. Westbrook. Chas. Van Zandt and Norman T. Bisbing, the three Farmington burglars, have been bound over to the circuit court for trial on the charge of assault with intent to commit murder. Bank Examiner Selden says that the first dividend to be declared in the case of the First National bank of Niles, will exceed 10 per cent. He intimates it will be 25 per cent, and that it may be paid in a couple of weeks. Ex-Senator R. D. Graham, who owns large fruit farms near Grand Rapids. says that fruit prospects are very flattering at the present time. Peach trees are especially promising, the buds coming through the winter uninjured. Two rural mail routes have been established at Holland, one along the south side of Black lake and south to Laketown and Filmore in Allegan county; the second running east and north through townships Holland and Olive. John Vosberg, aged 13, of Grand was sent home from school with a note from his teacher, reprimanding him. His mother insisted on showing the note to his father, and while she was absent the lad shot himself, dying on the 2nd. The National bank of Ionia, in process of formation to succeed the private bank of Webber Bros., will be in operation by May 1st. The capital stock will be $50,000, and a strong feature is the fact that the stock will be limited to $3,000 to any one man. The Port Huron canal commission and the board of estim ites held a joint meeting on the 3d to discuss the canal project. The board of estimates agreed to provide for the $100,000 bonds necessary for the construction of the canal. The contract will, in all probability. be awarded to the Standard Construetion Co., of Cleveland. David Henning. the millionaire who died at Battle Creek on the 1st. was known one time as the "Chicago Apple King."


Article from Battle Creek Moon-Journal, June 27, 1934

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Article Text

NAMED BANK RECEIVER Ionia, June Crimmins, formerly of the Grand Rapids National Bank, has been named receiver of the National Bank of Ionia by the comptroller the announced today by Willard cashthe County National opened ago to place the old


Article from The Flint Journal, November 19, 1934

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Article Text

ST. PAUL BANK LOANS $800,000 TO CO-OPS St. Minn., Nov. of St. Paul Bank for Co-operatives to operatives on totaled it TREASURY POSITION AP) The the treasury Nov 16 ance, customs receipts for the Receipts the fiscal expendiemergency penditures) excess expenditures, gold SINK GIVEN STATE POST Lansing today former Charles A. Ann Arbor Republican as a memMichigan the William L. Clements of Bay City. Crystal N. County Per Cent Unsecured Deposits Paid Frozen Through Deposits ReorName of Bank Involved ganization City Adrian Battle Creek Tr. 7,911,000 Harbor N. B. Tr. Co. 2,461,000 Benton First B 2,301,000 Caspian N. B. 299,000 Caspian Coldwater Coldwater 569,000 Crystal Falls 452,000 Crystal Falls N. First Detroit Guardian N. B. of Commerce 108,103,000 Eaton Rapids First 411,000 Evart N. Flint First Tr. Co. 6,867,000 Gladstone First 347,000 B-Grand Rapids Grand Rapids N. 11,080,000 Hancock Superior Hastings Hastings Hillsdale 760,000 Howell First N. 405,000 Hubbell 583,000 Nat'l Bank of Ionia 1,135,000 Ionia Mountain First 1,856,000 Iron Iron River First Ishpeming Miners Jackson Union Peoples N B. 7,450,000 Lake Linden First B. Lansing Capital of Lansing 12,552,000 Lawton Ludington First B. & Manistique First in Manistique 315,000 Marshall First Monroe 2,277,000 Niles B. Tr. Co. 1,221,000 Norway First B. 1,057,000 Ontonagon First Pontiac First Pontiac 6,154,000 Richmond First N. B. 766,000 Rochester First 1,474,000 St. Ignace First 601,000 Utica 648,000 Wakefield First 537,000 -Wyandotte First 667,000 Ypsilanti First 2,320,000 Totals 44 Banks additional subsequently by receiver. B-An additional 10 per cent subsequently C-An per subsequently Following is list the unlicensed National Banks which have declared and placed in the hands of showing the percentage unsecured deposits subsequently releasd Subsequently Dividends Total Paid by Name of Bank Deposits Receivers City Almont First Avoca First B. First 138,000 Brighton Peoples B. 237,000 Bronson First B. 337,000 40 Hart Hartford Olney B. First 554,000 Manistee Paw Millington N. B Paw First 478,000 Romo Millington Citizns N. B. 518,000 Totals 10 Banks $3,104,000