State Savings Bank - South Lyon, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: July 17, 1933
Location: South Lyon, Michigan (42.461, -83.652)

Metadata

Model: gpt-5-mini
Short Digest: 48ded61c

Response Measures

None

Description

Article (July 12, 1933) reports the State Savings Bank of South Lyon will reopen July 17 under a five-year deposit restriction (rehabilitation) plan approved by the state banking commissioner. The bank had been closed/suspended prior to this reopening; the article does not give the suspension date. Reopening measures (restricted deposits, trust department, five annual installment payments) are described.

Events (2)

1. July 17, 1933 Reopening

Newspaper Excerpt: the State Savings bank of South Lyon will reopen July 17 under the five-year deposit restriction plan. The commissioner said the bank has complied with all details necessary to reopening ... Depositors will receive certificates of deposit against trust assets ... Cash will be paid deposits in five annual installments.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank had been closed and is being allowed to reopen under a state-approved restrictive five-year deposit plan supervised by the state banking commissioner.
Newspaper Excerpt: the State Savings bank of South Lyon will reopen July 17 under the five-year deposit restriction plan.
Source: newspapers

Newspaper Articles (1)

1. July 12, 1933 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, July 12, 1933

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Article Text

STATE APPROVES BANK ON RESTRICTIVE PLAN (By Associated Press) LANSING, July 12-Rudolph, Reichert. state banking commissioner, announced today that the State Savings bank of South Lyon will reopen July 17 under the five-year deposit restriction plan. The commissioner said the bank has complied with all details neccessary to reopening including proof publication and fourth. It will capitalized at Fifty percent of the assets will placed trust department. Depositors will certificates deposit against trust assets the quick assets. They will be transferrable Cash will deposits in five annual installments.