First National Bank - Reed City, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4413
Charter Number: 4413
Start Date: June 13, 1930
Location: Reed City, Michigan (43.875, -85.510)

Metadata

Model: gpt-5-mini
Short Digest: 750992af

Response Measures

None

Receivership Details

Depositor recovery rate: 57.3%
Date receivership started: 1931-10-05
Date receivership terminated: 1941-04-22
OCC cause of failure: Governance
Share of assets assessed as good: 14.0%
Share of assets assessed as doubtful: 69.8%
Share of assets assessed as worthless: 16.2%

Description

Articles describe the First National Bank of Reed City being insolvent and having a receiver; no newspaper text describes depositor runs. Receivership and legal actions span 1930–1934, indicating the bank closed and remained in receivership.

Events (6)

1. September 10, 1890 Chartered

Source: historical_nic

2. June 13, 1930 Receivership

Newspaper Excerpt: Parkhurst of the First National bank of Reed City... Bly had been for the two banks ... the receiver Depositors in the banks ... SheriN ErJohnson Reed City seized Bly's automobile on writ tachment sworn out Parkhurst of the First National bank of Reed City.
Source: newspapers

3. June 13, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examiner reported a shortage in the bank's accounts (insolvency/shortage leading to receiver being appointed).
Newspaper Excerpt: Bly was taken into custody after the United States examiner of ceivers reported shortage of be tween and $5,000 in the accounts of the receiver ... Parkhurst of the First National bank of Reed City.
Source: newspapers

4. October 5, 1931 Receivership

Source: historical_nic

5. October 31, 1932 Other

Newspaper Excerpt: The bank later was declared insolclaimed he was under federal when he was served with notice Adamy's suit.
Source: newspapers

6. April 5, 1934 Other

Newspaper Excerpt: Reed City, April 5.-In the case Philip Holman, the First National bank of Reed City, who sued Arthur Adamy of Reed City to collect on two notes totaling ... Judge Hal L. Cutler Wednesday gave a directed verdict for plaintiff The judgment was for $13,106 and costs.
Source: newspapers

Newspaper Articles (3)

1. June 13, 1930 Detroit Free Press Detroit, MI

Article from Detroit Free Press, June 13, 1930

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Article Text

Bank Receiver Freed on Bond Allegan, Mich June Garver Bly, arrested here last night charge of government trust was arraigned before United States Commissioner Forest D. Simonds in and on Until Bly had the National bank of Allegan and for the First National Bank Reed Bly was taken into custody after the United States examiner of ceivers reported shortage of be tween and $5,000 in the accounts of the receiver Depositors in the banks by $75,000 given by ago SheriN ErJohnson Reed City seized Bly's automobile on writ tachment sworn out Parkhurst of the First National bank of Reed City. Bly had been for the two banks for eral but was recently by Philip Holman.

2. October 31, 1932 The Grand Rapids Press Grand Rapids, MI

Article from The Grand Rapids Press, October 31, 1932

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Article Text

RAYMOND UPHELD BY APPEALS COURT Setting Aside Service on J. Reed Parkhurst in Damage Suit Affirmed. Cincinnati, Ohio, Oct. The United of appeals Monday Judge Fred M. of Grand setting aside Reed Parkhurst of San Francisco, former president of the First National of Reed City, Mich. in the $50 Arthur Adamy of Reed City. Parkhurst left California selling bank stock to Adamy The bank later was declared insolclaimed he was under federal when he was served with notice Adamy's suit.

3. April 5, 1934 The Grand Rapids Press Grand Rapids, MI

Article from The Grand Rapids Press, April 5, 1934

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Article Text

Directed Verdict For Bank Receiver Reed City, April 5.-In the case Philip Holman, the First National bank of Reed City, who sued Arthur Adamy of Reed City collect on two notes totaling Judge Hal L. Cutler Wednesday gave a directed verdict for plaintiff The judgment was for $13,106 and costs. The fternoon court session was devoted to a memorial service for Charles Withey. former Osceola circuit judge Speakers included: Attorneys Judson E. Richardson. William Umphrey, R. B. Savidge and Miler M Callahan: Claude Curtiss, court stenographer: Frank Turner and V. R. Davy of Evart, Judge of Probate August L. Johnston and Judge Cutler.