State Savings Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: September 14, 1931
Location: Ionia, Michigan (42.987, -85.071)

Metadata

Model: gpt-5-mini
Short Digest: 25d097f5

Response Measures

Full suspension

Other: Reorganization plan with moratorium, receiver collections and stock assessments to reopen bank.

Description

Articles report the State Savings Bank of Ionia failed to open in Sept 1931 amid runs affecting county banks. A receiver (B. Post/Frederick Post) was appointed and collection/reorganization efforts occurred through 1932, culminating in an approved plan to reopen in Oct 1932. Sequence: run -> suspension (failed to open) -> receivership/reorganization -> planned reopening.

Events (5)

1. September 14, 1931 Run

Cause: Local Banks
Cause Details: Runs and distress among Ionia county's largest banks triggered heavy withdrawals and panic leading to a run affecting the State Savings Bank.
Newspaper Excerpt: Sept of Ionia county's largest banks were closed today Faced with run, the State Bank of Lyons closed its doors Saturday six hours after the State Savings Bank of Ionia failed to open.
Source: newspapers

2. September 14, 1931 Suspension

Cause: Local Banks
Cause Details: Bank failed to open amid countywide runs and banking distress; suspended operations beginning September 1931.
Newspaper Excerpt: six hours after the State Savings Bank of Ionia failed to open.
Source: newspapers

3. February 17, 1932 Receivership

Newspaper Excerpt: B. POST, receiver for the State Savings Bank, Ionia, told group of Ionia business men ... that the institution will re-open in the too distant fu[ ture]. Since doors the [institution] closed last September, $208,000 collected, he said ...
Source: newspapers

4. September 29, 1932 Other

Newspaper Excerpt: Depositors' Meeting Is Called For Next Thursday to Discuss Plan ... toward organization of State Savings bank Ionia, closed nearly year ... plan is based upon moratorium agreement ... looking toward the reopening institution coming.
Source: newspapers

5. October 6, 1932 Other

Newspaper Excerpt: APPROVE PLAN TO REOPEN IONIA BANK ... Depositors Sanction Move to Reorganize Closed Institution. Oct. largely attended of the depositors of the closed State Savings ... being plan submitted for the reorganization and reopening of the bank ... Receiver Frederick Post ... new capital and deposits would give the in deposit liabilities ...
Source: newspapers

Newspaper Articles (4)

1. September 14, 1931 Battle Creek Moon-Journal Battle Creek, MI

Article from Battle Creek Moon-Journal, September 14, 1931

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Article Text

DISTRICT LEGIONNAIRES UNPLEDGED ON BONUS Trenton. Sept. body of man. who had been shot to death. was found in car parked beside the road near here today The auto bore license plates issued Sept. of prohibition and payment of the to Floyd Fulford of Jackson. soldiers bonus occupied the attention of delegates the Second Saginaw, Sept. 14.-(U. P.) District convention of the Ameri- Russell Surgeson was uder $10.can Legion here yesterday. but 000 bond today on charge of decided send delegates negligent homicide, after his car the national convention. unin- crashed through safety zone structed on their stand in both is and killed Mrs Harriett Clapp. 65. Louis Germonde, of Adrian. was named as alternate district com- ing his three children. faremitteeman and George Tappe. of well note that he loved them too Ann Arbor was named finance much to see them in want.' Jo. officer of the district. Four coun- seph Hogan. 33. jobless for several were as fol- months, killed himself with pollows: Robert Cornell. Jackson: George Burns, Ann Arbor: Frank erick Hause, Adrian Harold De- son has spent $243,334 for unemwitt, of Jackson. was named dis- ployment relief and public welfare committeeman and Clyde At- during the first ten months of kins, Blissfield. district adjutant. 1931. according to the report of It was voted to send drum the mayor's emergency relief com corps from Monroe drum and mittee bugle corps from Adrian, and hand and drill team from Jackson national The Pythians from every lodge in Michto the convention of the district igan will meet here tomorrow for October will be held in Ann Arbor the opening session of the state convention of Knights of Pythias Pythian The and tion ends Thursday Detroit. Sept McGowan. in serious condition today after field fire, which she started in fun. caught her clothing and caused serious burns before her father, William McGowan, came to her rescue. fred Letourneau. 60. watchman at lumber yard. was gagged and bound today by three bandits robbed him of small amount of money The thugs made at. tempt to enter company offices. Menominee Sept Douglas Iseas was killed and Axel Nelson was seriously injured when their plane crashed near here yes terday Iseas borrowed the plane for pleasure flight He was piloting when the accident OCcurred. ward Ewers. 34, was dead to day and two companions, Frank Tishler. 43, and Edmund Kon geal. 23. were suffering injuries after the car in which they were riding struck an abutnient near Wayne. Mich. hundredth anniversary of the Methodist church in Jackson to be celebrated during October with elaborate church ceremonies Many notables of the denomina tion, including Bishop James Cannon. Jr., are expected to attend. Jackson, Sept 14 (U Voters of Jackson will decide on eight proposed charter changes. radically altering the city's gov ernment. at the forthcoming city elections Eleven candidates to. day had entered the race for three vacancies in the city commission change of venue will be asked the examination of former Police Chief Charles Phelps. charged with perjury. reported He at liberty under $5,000 bonds awaiting examination set for Friday. Sept of Ionia county's largest banks were closed today Faced with run. the State Bank of Lyons closed its doors Saturday six hours after the State Savings Bank of Ionia failed to open. and bank officials said they hoped to re-open late this week Houghton. Sept Congressman Frank James. chairman of the military affairs committee of the house, is to start another tour inspection of army posts, October In connection with his army inspection, the Congressman has already traveled 55,000 miles by air. American National ASSO ciation was to hold the first ses sion today of its five-day annual convention completion of arrangements by the (executive committee. Edwin Lil-

2. February 17, 1932 Detroit Free Press Detroit, MI

Article from Detroit Free Press, February 17, 1932

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Article Text

Investors' Round Table By J. D. M. WHITE UYING activities in several leaders brought general Improvement on the Detroit Stock Exchange Tuesday. Murray was the most active stock while heavy turnover developed in General MoB, Packard and Aircraft. Dealings most total sales for the day of shares. Parker Rust Proof jumped 51/4 points to up at 17%, and lesser fractional advances marked up in dozen stocks. Half dozen steady. Muller was off point at and two or three other stocks fractionally. DECIDED UPWARD trend in A business activity the Detroit appears indicated by marked gains car loadings of the railroads the handles the intra-city transfer goods. The Detroit Department Street Railways is doing bigger Figures supplied by road officials Tuesday comparison statistics the early part of those for the same period January. Gains of per cent per shown by the and the Pennthe first of month. The Marquette the Grand Trunk reported respective increases for the first days. The troit Railroad an the city goods the first days of like period in January. Detroit, Toledo Ironton's increase for the first was cent Receipts including bus are nine the period, cording Del Smith, operating manager the continuance of this ratio increase. TRAILER CO. has moved of its principal branches- Cleveland and Indianlarger quarters, the than 17,000 square feet floor space. ONTINENTAL MOTORS officials scheduled to meet officials of the Hall Motors and Hayes Corp. repRapids time Wednesday to just what commitments the Corp. be taken Continental what centage their face value, according an Associated Press dispatch Rapids, Tuesday, authority purchased the Michigan assets paving the way for lifting the receiverThe purchase, however, does not become until o'clock Wednesday which time unless objection filed with the United States District Court Grand Rapids by some creditor for had of creditor protest. ENDIX AVIATION CORP directors will in New York, Feb. 29, at which time action will be taken on the dividend due April CORP. directors will meet in Chicago, Feb. at which time action will be and dividends, due April The company's business has shown gradimprovement the first the year, official short month, every exceeding the January volume. OLDERS of H. O. Stone Co. per cent sinking fund first lien gold bonds who have deposited their with the bondholders' protective share the cent distribumade on Feb according to an the Union Guardian Trust Co., depository. The protective make further prin funds available Distributions of interest accruals unpaid be made until the principal of the bonds paid in full. B. POST, receiver for the State Savings Bank, Ionia, told group of Ionia business men at meeting Monday evening that his that, with the bank's debtors, the institution will re-open the too distant fuSince doors the tion closed last September, $208,000 collected, he said, largely through reduction mortgages. While $70,000 of the capital ing, Mr. Post belief that cent the levy would be liquidated by stockholders. EBITS to individual deposit account reported to the Federal Reserve Bank Chicago, for week ended banks in leading clearing house cities in the Seventh Federal Redistrict. aggregate of 19.3 per pared with week ago the sponding of last ($1,051,decrease of 28.1 per was

3. September 29, 1932 Lansing State Journal Lansing, MI

Article from Lansing State Journal, September 29, 1932

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Article Text

Depositors' Meeting Is Called For Next Thursday to Discuss Plan Special The State Journal: IONIA, Sept. toward organization of State Savings bank Ionia, closed nearly year, to be made next Tuesday evening meeting held in the armory when will asked to endorse plan for adopted recent meeting the committee with Fred The plan be presented is based upon moratorium agreement depositors similar that used successfully at other points the state in reorganizing Endorsement of 85 percent of the depositors be required the plan is to be looking toward the reopening institution coming For years prior to its suspension operations year the State Savings one leading and intense efforts put forth toward the institution renewed activity in the munity

4. October 6, 1932 The Grand Rapids Press Grand Rapids, MI

Article from The Grand Rapids Press, October 6, 1932

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Article Text

APPROVE PLAN TO REOPEN IONIA BANK Depositors Sanction Move to Reorganize Closed Institution. Oct. largely attended of the depositors of the closed State Savings 300 being plan submitted for the reorganization and reopening of the bank, but no date In the setup of the new bank, said Receiver Frederick Post, the of the bank would be divided so that of the deposits would be placed the new bank and the same amount in trust fund separate from new institution New capital and deposits would give the in deposit liabilities, with another $100,000 stock assessment to protect the deposits.