First National Bank - St Clair Shores, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12661
Charter Number: 12661
Start Date: April 5, 1941
Location: St Clair Shores, Michigan (42.497, -82.889)

Metadata

Model: gpt-5-mini
Short Digest: 24d71828

Response Measures

None

Receivership Details

Depositor recovery rate: 68.8%
Date receivership started: 1931-06-17
Date receivership terminated: 1941-04-23
Share of assets assessed as good: 18.6%
Share of assets assessed as doubtful: 75.3%
Share of assets assessed as worthless: 6.1%

Description

Article (Apr 5, 1941) reports the First National Bank of St. Clair Shores is closed and in receivership with a receiver distributing a final dividend. The text does not mention a depositor run; evidence indicates a suspension/closure with a receiver (government action).

Events (4)

1. March 23, 1925 Chartered

Source: historical_nic

2. June 17, 1931 Receivership

Source: historical_nic

3. April 5, 1941 Receivership

Newspaper Excerpt: ...in the receiver's office, at Nine Mile road and Harper, W. S. Ritman, receiver, announced today. The final distribution ... will bring to 68.78 percent the total amount paid out.
Source: newspapers

4. April 5, 1941 Suspension

Cause: Government Action
Cause Details: Bank is closed and placed in receivership; receiver (W. S. Ritman) administering final dividend.
Newspaper Excerpt: Closed Shores Bank Pays Dividend ST. CLAIR SHORES-Distribution of a final 8.78 per cent dividend to creditors of The First National Bank of St. Clair Shores will begin Monday at 10 a.m. in the receiver's office, at Nine Mile road and Harper, W. S. Ritman, receiver, announced today.
Source: newspapers

Newspaper Articles (1)

1. April 5, 1941 The Daily Monitor Mount Clemens, MI

Article from The Daily Monitor, April 5, 1941

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Article Text

Closed Shores Bank Pays Dividend ST. CLAIR SHORES-Distribution of a final 8.78 per cent dividend to creditors of The First National Bank of St. Clair Shores will begin Monday at 10 a.m. in the receiver's office, at Nine Mile road and Harper, W. S. Ritman, receiver, announced today. The final distribution which will involve payments appregating $43,344.58 will bring to 68.78 percent the total amount paid out. Creditors must bring their receiver's certificates with them to secure the pay-off, Ritman said.