9321. Olivet State Bank (Olivet, MI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 2, 1932
Location
Olivet, Michigan (42.441, -84.924)

Metadata

Model
gpt-5-mini
Short Digest
b0593765

Response Measures

None

Description

Bank was closed Aug. 2, 1932 on recommendation of the state banking commissioner to reorganize under a five-year moratorium; shortly thereafter depositors signed moratorium agreement and bank was to be reopened/reorganized. No run is described in the articles.

Events (2)
1. August 2, 1932 Suspension
Cause
Government Action
Cause Details
Closed by its board of directors upon recommendation of the state banking commissioner to reorganize and conserve assets rather than liquidate.
Newspaper Excerpt
the Olivet State bank, which suspended business August 2, be reorganized under the so-called five-year moratorium agreement
Source
newspapers
2. August 16, 1932 Reopening
Newspaper Excerpt
OLIVET STATE BANK WILL BE REOPENED ... the Olivet State bank, which suspended August ... reorganized under the five-year moratorium plan, more than 100 depositors' agreement on the plan, representing in excess of 55 per cent of the deposits.
Source
newspapers

Newspaper Articles (4)
1. August 7, 1932 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, August 7, 1932

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Article Text

CLOSE DOORS OF EATON CO. BANK Business Suspended Because of Reorganization Is Statement. (Special to The Citizen by the Olivet bank this week, officers stating that for the purpose The total of bank in fifth judicial circuit totals within the Eaton county Barry The affairs of the Olivet bank in the hands the pending the of The Olivet bank organized by Keister Bellevue, Farmers State bank at Bellevue about the same the latter the Bellevue bank. The Olivet bank capitalized Dr. Phil Quick is and O. E. Wolcott is known 30

2. August 16, 1932 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, August 16, 1932

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Article Text

OLIVET STATE BANK WILL BE REOPENED (Special to Citizen upon that the Olivet a State bank. which suspended August reorganized der the torium more than depositors' in of 55 plan. per cent of the necessary for the five per bank was closed by its board of directors of the state ing commissioner in order that might reorganize the of the bank to assets liquidate them at great to depositors. nual in July. the had on worth bonds deposits proximately depreciation bank examiners on the $51,000

3. August 17, 1932 Marshall Evening Chronicle Marshall, MI
Article from Marshall Evening Chronicle, August 17, 1932

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Article Text

Olivet State Bank Will Be Reopened a recommendation that the Olivet State bank, which suspended business August 2, be reorganized under the so-called five-year moratorium agreement, more than 100 depositors' agreement on the plan, representing in excess of 55 per cent of the deposits. Eightyfive per cent is necessary for the plan to go through. The Olivet bank was closed by its board of directors upon the recommendation of the state banking commissioner in order that it might reorganize and conserve the assets of the bank rather than to liquidate them now at & great loss to the depositors. At its semi-annual inspection in July, the bank had on hand $140,000 worth of bonds and deposits totaling approximately $171,000. The highest depreciation placed by the two bank examiners on the bonds was $51,000

4. August 17, 1932 Detroit Free Press Detroit, MI
Article from Detroit Free Press, August 17, 1932

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Article Text

Investors' Round Table Continued from Page Eighteen cation and probable trend over a period of years. 'Legislation is coming to the fore in a number of instances to correct former abuses, so it is apparent that some good will develop from the costly experiences in this field over the past. The strongest influence, however, will be exerted by the individual investor by his demands for complete and authentic information, rather than accepting former casual guidance in municipal matters." CTING UPON a recommendaA tion that the Olivet State Bank which suspended operations Aug. 2, be reorganized under the five-year moratorium plan, more than 100 depositors have signed the agreement, representing more than 55 of the per cent of deposits necessary for the plan to go through according to advices from Charlotte, Mich. OHN Y. ROBBINS has resigned as president of Administrative and Research Corp.