9235. American Savings Bank (Lansing, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 1, 1931*
Location
Lansing, Michigan (42.733, -84.556)

Metadata

Model
gpt-5-mini
Short Digest
1316b18f

Response Measures

None

Description

Articles (May–Sept 1932) refer to the American Savings Bank of Lansing as a 'closed' institution with Carl Fors acting as receiver and suits to recover county/city funds. No article describes a depositor run; the bank had closed/suspended and a receiver was appointed, so this is a suspension resulting in closure/receivership. The closing notice is said to have been in December (unnamed year in OCR); given newspaper dates, I treat that as Dec (prior year) but avoid inventing a precise year for the suspension day.

Events (2)
1. December 1, 1931* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed because of insolvency/financial failure (articles refer to the 'closed institution' and liabilities and suits to recover funds).
Newspaper Excerpt
the closing notice Dec. The order the bank officials signed ... petition of Alva for the county.
Source
newspapers
2. May 27, 1932 Receivership
Newspaper Excerpt
suit filed Carl Fors, receiver the closed American Savings bank, recover $150,000 money and in bonds. Marin said on the witness while has found no proof ... of the depository The which is being heard ... the closed American Savings bank, recover ... (Ann Arbor News and Lansing State Journal, May–June 1932).
Source
newspapers

Newspaper Articles (3)
1. May 27, 1932 The Ann Arbor News Ann Arbor, MI
Article from The Ann Arbor News, May 27, 1932

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Article Text

Daughter of Slain Soldier to Take Part in Memorial Program Misses Mary Alice and Margaret McQuillan, granddaughters of Fire Chief Charles J. Andrews, and daughters of the late Dr. James A. McQuillan of Jackson, who was killed in action during the World will be assisted by Joseph commander of the G. A. R. post, in unveiling the Washtenaw County Veterans' Memorial at Washtenong Memorial Monday The ercises will follow the civic pro. gram at County building. Horatio J. Abbott president of will side and the invocation will be given by Rev. Theodore Schmale, pastor of Bethlehem church. Arthur Hackett will lead in the singing and the presentation of the memorial be made by Roscoe O. Bonisteel, local torney. This will be followed by the unveiling by the Misses Mc. Quillan and Mr. Vallar. Dr. McQuillan was killed in tion Oct serving with the 39th field which was to the British forces. Mr. Vallar is one of the surviving Civil and now makes his home at Edgar Dwyer of the Soldier's Relief commission will accept the memorial and the principal address will be given by John G. Emery former of Legion. A salute by Co. K. of the Michigan National Guard will conclude the The shield from the old Detroit postoffice which forms part of the memorial will bear the inscription shield was part of the Detroit postoffice building. while around the base will be the words, "This site is part of Huron valley called by the Indians Washte- nong, meaning land beyond On the bronze tablet which will in the memorial will the inscription, "Dedicated to the memory of the veterans of all wars of the United States of America. Howell Taylor is the architect for the and Prof. ton W. Angell, the sculptor with the stone work being by the Arnet Memorial studio, Lansing of the defunct American Savings bank have been made in the suit filed Carl bank to which was returned Ingham county the afternoon the closing notice Dec. The order the bank officials signed by Judge Leland Carr petition of Alva for the county. on Pere Marquette tween here Milwaukee be June 9.

2. June 30, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, June 30, 1932

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Article Text

DIRECTORS General Denial Charges Enumerated by Fors Are In Line with Facts BOND WAS ILLEGAL Security Never Approved, County Funds Formed Trust Deposit Former directors of the American Savings bank, in an answer filed Wednesday afternoon in Ingham county circuit court, made complete denial charges included in the suit filed against them by Carl Fors, receiver the closed institution, relalleged illegality payment to Hubert treasurer, day before the closing the bank. combined answer, the personal defendants the suit filed against county for recovery the county funds, with the exception of Charles Toms, former vice presithe bank, and Edmund Shields, director, deny that of the funds county official preference made of the of the claimed by the direcwhich county surrendered he the county funds was never effect reason of fact that never been approved by the board supervisors the prosecuting attorney required by Since bond was not effective, set forth that under supreme court opinion the county moneys deposited illegally and constituted therefore preferential claim the bank's Deny Withdrawn after Closing Directors also knowledge whether Toms requested county treasurer to withdraw the funds they belief bank official did quest Mr. to day before the bank and bring deposiwith filed Wednesday former several made the closing the bank, that was not in bank, that the knowledge the part the county treasurer that the bank was insolvent, that The was made contemplation vency, and that was made with creat an preference. The answer set forth the bank officials all the time its payficers bank, had workmerge the bank with every reason believe that the bank would not have suspend business. also claimed not determined would close the evening of and that at the not liabilities by upwards of 686,672.15 Claimed Trust Fund Denial also made the claim all and creditors the bank was claimed that contrary the funds, the their were trust funds the benefit the county. The filed Ernest Smith and Walter dismissal the ceiver's behalf insofar as they relate to the filed against the city of Lansing seeking have been paid city treasurer the the bank closed, against the counthe cases expected early in July

3. September 12, 1932 Lansing State Journal Lansing, MI
Article from Lansing State Journal, September 12, 1932

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Article Text

OFFICIAL City Begun; Witness Tells of Bond Approved Fredrik Marin, deputy state banking commissioner, first witness called to testify Monday afternoon the opening brought against city Lansing by Carl Fors, receiver the closed American Savings bank, recover $150,000 money and in bonds. Marin said on the witness while has found no proof of the city and the that did find in the the state commisan approval of the depository The which is being heard be fore Judge Charles B. o'clock. the only who had been called up to 2:30 o'clock.