First National Bank - Royal Oak, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 12657
Charter Number: 12657
Start Date: September 16, 1932
Location: Royal Oak, Michigan (42.489, -83.145)

Metadata

Model: gpt-5-mini
Short Digest: 41455c82

Response Measures

None

Receivership Details

Depositor recovery rate: 47.0%
Date receivership started: 1931-07-03
Date receivership terminated: 1940-12-12
Share of assets assessed as good: 21.8%
Share of assets assessed as doubtful: 70.1%
Share of assets assessed as worthless: 8.1%

Description

Article (Marshall Evening Chronicle, 1932-09-16) reports the First National Bank of Royal Oak suspended demand withdrawals after the casualty surety for school district deposits issued notice of cancellation. The piece does not describe a depositor run nor mention receivership or permanent closing. Outcome (permanent closure vs reopening) is not stated; I selected suspension_reopening as the most likely category given absence of evidence of receivership or permanent failure but note uncertainty.

Events (3)

1. March 14, 1925 Chartered

Source: historical_nic

2. July 3, 1931 Receivership

Source: historical_nic

3. September 16, 1932 Suspension

Cause Details: Cancellation notice by the casualty company that had issued surety for school district deposits; bank suspended demand withdrawals prior to expiration of the surety, preventing the district from securing funds.
Newspaper Excerpt: the bank suspended \demand\ withdrawals prior to the expiration of the surety, the school district was unable to secure funds.
Source: newspapers

Newspaper Articles (1)

1. September 16, 1932 Marshall Evening Chronicle Marshall, MI

Article from Marshall Evening Chronicle, September 16, 1932

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Article Text

High Court Hands Down Decisions (Concluded from Page 1) economical administration of governmental affairs there should be only one board of jury commissioners in Wayne county but that is a matter of legislative not judicial, interest." LANSING, Sept. 16. (U.R)-Action of the lower court in holding the Central West Casualty Compapy responsible for deposits of the school district of Royal Oak bank of city in the First National Royal ORK was sustained the state supreme court today had The Canualty company issued surety for deposits the school district served notice cancellation which was to become effective within five days. As the bank suspended "demand" withdrawals prior to the expiration of the surety, the school district was unable to secure funds. Grand