Home Savings Bank - Kalamazoo, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: July 25, 1933
Location: Kalamazoo, Michigan (42.292, -85.587)

Metadata

Model: gpt-5-mini
Short Digest: 9ff07204

Response Measures

None

Description

Article (Detroit Free Press, 1933-07-26) describes State Banking Advisory Committee approval of reorganization plans for Home Savings Bank of Kalamazoo; a conservator (Harry Fox) had liquidated assets and a plan to cancel old stock and issue new stock was approved. No run is mentioned; the bank was under conservatorship/government supervision and a plan to resume operations was approved, so classified as suspension with reopening.

Events (1)

1. July 25, 1933 Suspension

Cause: Government Action
Cause Details: Bank was under a conservator (Harry Fox) and reorganization plans were approved by the State Banking Advisory Committee/State Banking Department, indicating regulatory intervention and suspension of normal operations.
Newspaper Excerpt: organization plans for the Detroit Trust Co., the Home Savings Bank of Kalamazoo ... Details were worked by bank officials with the approval the State Banking Department. ... substantial assets have been liquidated by Harry Fox, conservator, that the condition the company has been improved.
Source: newspapers

Newspaper Articles (1)

1. July 26, 1933 Detroit Free Press Detroit, MI

Article from Detroit Free Press, July 26, 1933

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Article Text

State Board Gives Approval to Detroit Trust Co. Plans LANSING, July 25-(A. organization plans for the Detroit Trust Co., the Home Savings Bank of Kalamazoo and the Alpena Trust Savings Bank were approved Tuesday by the State Banking Advisory Committee. Details were worked by bank officials with the proval the State Banking Department. Arthur Lacy, Detroit attorney, presented plan Detroit Trust Co. to the committee. He said that provision has made for 100 per cent payment all dividends can be paid to new stockholders. Old stock to celed and new stock will be issued. He said that substantial assets have been liquidated by Harry Fox, conservator, that the condition the company has been im. proved. Under the plan depositors and creditors allowed purchase preferred stock at $40 may pay for with deposited funds. The plan contemplates 100 per cent assessment of old stock, but old stockholders may purchase stock at $20 share they pay the assessment voluntarily Reichert, banking commissioner, authorized the purchase home loan bonds under the Federal Home Loan Relief Act.