9400. Commercial National Bank & Trust Company (St Joseph, MI)

View Charter #5594 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5594
Charter Number
5594
Start Date
September 1, 1931
Location
St Joseph, Michigan (42.110, -86.480)

Metadata

Model
gpt-5-mini
Short Digest
e55f4579

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Other: Receiver used RFC loan to pay initial dividend; bank remained in receivership and assets later sold.

Receivership Details

Depositor recovery rate
70.5%
Date receivership started
1931-09-28
Share of assets assessed as good
11.8%
Share of assets assessed as doubtful
53.2%
Share of assets assessed as worthless
35.0%

Description

The bank experienced heavy withdrawals/a run in the weeks prior to a voluntary suspension of operations on 1931-09-25. The national bank examiner took charge and a receiver was appointed (late Sept/early Oct 1931). The bank did not reopen; it entered receivership/liquidation and paid dividends during liquidation (May 1932). OCR corrected minor punctuation/wording errors in snippets.

Events (6)
1. October 11, 1900 Chartered
Source
historical_nic
2. September 1, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Public disclosure of the bank's serious plight led to damaging withdrawals over several weeks before closure.
Measures
Last-hour assistance efforts by business interests and public responded to bank's appeal for assistance; directors attempted to stem withdrawals but ultimately closed.
Newspaper Excerpt
Eleventh hour efforts to prevent suspension of the bank's affairs... helped stem the tide for a while but in the end were caught by a damaging run on the bank temporarily
Source
newspapers
3. September 25, 1931 Suspension
Cause
Government Action
Cause Details
Directors voted to close the bank to protect depositors after withdrawals eroded cash reserves; national bank examiner took charge.
Newspaper Excerpt
The Commercial National Bank and Trust company today closed its doors and suspended operations. The suspension was voluntary on the part of the bank's directors and was ordered by banking authorities
Source
newspapers
4. September 28, 1931 Receivership
Source
historical_nic
5. September 30, 1931 Receivership
Newspaper Excerpt
R. Payne is named ... Appointed to Receivership by Comptroller of Currency ... Payne has been appointed receiver for the Commercial National Bank and Trust company, by the comptroller at Washington, C., according to word received here today by D. H. Reimer, national bank examiner who has been in charge of the bank since it suspended operations last Friday.
Source
newspapers
6. May 18, 1932 Other
Newspaper Excerpt
Payment of the first dividend since the closed its doors last September will start Wednesday morning, May 18 ... The first dividend will amount 30 per cent of deposits ... Made possible by loan from Reconstruction Finance Corp.
Source
newspapers

Newspaper Articles (12)
1. September 25, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, September 25, 1931

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YEOMANS ASKS FRONT OF CITIZENRY Out of Bank's Closing Can Arise Great Civic Victory, Says Mayor Out of today's closing of the Commercial National Bank and Trust company can arise victory like of which St. Joseph has never Mayor Yeomans asserted statement issued connection with the of operations this city's only financial institution His urging united front in an emergency, follows: "Today, we, all the citizens of Joseph, face like emergency and common danger. We are all affected. Rich and poor, employer and every individual touched. this emergency the duty your mayor sound call to ery citizen to stand together, fight together and win together Not for pride alone but for the life our city well, for each own personal welfare. "Yesterday forever gone. Discussion the past only depresses Let assume was done could have been done. We face today's condition and today's battlelet us waste gloomy hours counting the battles of yesterday "Tomorrow to make of what will. Forty-nine years ago serious financial situation threatened the business life and of Joseph; that situation was met and greater and better city grew from the very fight victory that day. The last eration do "We must have bank, or finan(Continued on Page 2) SANITARY DRY CLEANERS Phone 900. We Clean Hats. RICH BLACK SOIL Hand screened Harbor Cutler.

2. September 25, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, September 25, 1931

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Business Leaders May Ready With Announcement Saturday PLAN SPEEDY ACTION Directors Vote To Close Commercial To Protect Depositors The Commercial National Bank and Trust company today closed its doors and suspended operations. The was voluntary the part of the bank's directors and was ordered by banking authorities The action was taken at special meeting of the last night, the interest of the said Theisen, president of the institution. The Commercial, he added, was solvent. Plan New Bank Machinery for reorganizing Joseph's banking structure through of new financial the house was set in immediately upon of the Commersuspension. Industrial, retail and professional leaders of the city were in conferthe day. They serted they would have an announcement ready by Formation the proposed new bank will be rushed, and an attempt made to eliminate all "red tape" order that may be opened the earliest possible The plan to give Joseph new federal will probably be bank with capital of $100,000 and surplus $100,000, $200,000 setup which the federal says be sufficient give St. Joseph strong bank that will adequately meet the city's financial needs. Last Hour Efforts Futile Eleventh hour efforts to prevent suspension of the bank's affairs, started after Commercial officials had publicly made known the serious plight their stitution four weeks ago, helped stem the tide for while but in end were caught that proved too strong to overcome. Business interests and the public responded valiantly the bank's peal for assistance that time; damaging run on the temporarily and confidence in the bank partially stored. While deposits began to ceed withdrawals, the margin not great enough to the bank's cash reserves and guarantee safety to depositors. Rather than jeopardize the interests loyal positors, the directors voted to close. Take Charge brief notice, posted in the doors shortly before o'clock this morning, the suspension of operations. It read follows: "This bank suspended and its fairs in the hands comptroller The national bank examiner has taken charge.' was signed M. Reimers, national bank Mr. Reimers took over the direct charge of the bank's affairs morning. He was being assisted Thurman and With employes the bank, they were making an audit of the institution's books. The bank doors were locked today, no one was being Holders of safety deposit boxes will unable have access to them after the audit has been pleted and receiver named for the bank, said Mr. Reimers. The national bank examiner could fix definite date to when ceiver will be named. will be within the next 30 days. Appointment the receiver be petitionin federal court Grand Rapids the comptroller currency said Mr. The liquidate the bank's affairs. Trust Status The trust will retain its present status for being, said Mr. Reimers. This department operates independently of the banking end, added, whatever business has to will be carried The page

3. September 30, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, September 30, 1931

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R. PAYNE IS NAMED CLOSE BANK'S AFFAIRS Appointed to Receivership by Comptroller of Currency TO START WORK SOON Will Come Here As Soon As Relieved of Duties In Iowa R Payne has been appointed receiver for the Commercial National Bank and Trust company, by the of at Washington, C., according to word received here today by D. H. Reimer, national bank The appointment was made Washington Monday, was stated. Mr. Payne, attache of the comptroller's office, at present the state of Iowa, where he has been charge of several trust companies. He will come St. Joseph as soon able to turn over his duties there successor, Mr. Reimer stated, perhaps the first of next week. Urges Patience Mr. Reimer, who been charge of the local bank since it suspended operations last Friday, today urged holders of safety deposit boxes to exercise patience until Mr. Payne arrives and has had an opportunity to get things adjusted here. Safety deposit box holders will be given access to them as quickly possible, added the national bank examiner. Mr. Reimer announced that he and his aides are working rapidly possible the audit of the bank's books, and asked the public to frain from bothering them as much as possible. He said he thought the audit could be completed early next week, and possibly in time to present to Mr Payne when he arrives. Push New Bank Plans Meanwhile, the citizens' committee, recently named to map out plans for the formation of new bank here, was pushing its work as fast possible Heads of St. Joseph industries met with the yesterday afternoon. They were handed questionnaire the answers which will give the committee an idea of how much business new bank might expect the factories, and how many them would be willing to subscribe to stock. Louis Upton, of the urged that the questionnaires be returned to him by Saturday morning, in order that no valuable time be lost. Formation of the new bank is to be discussed with retail merchants at meeting in the banquet hall of the Hotel tomorrow night o'clock, it was announced today. Every retailer being strenuously urged to be present, as the meeting untold importance to his interests.

4. October 1, 1931 The South Bend Tribune South Bend, IN
Article from The South Bend Tribune, October 1, 1931

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ST. JOSEPH BANK GETS RECEIVER W. R. Payne to Handle Affairs of Commercial Trust. The ST. JOSEPH, Mich., Oct. pointment of W. R. Payne as receiver for the Commercial National Bank & Trust company was innounced here Wednesday by H. Reimer, national bank examiner who has been in charge of the bank since it was ordered closed last Friday. The appointment was made in Washington by the comptroller of currency. Mr. Payne is an officer of the comptroller's office and now is in Iowa, where he is completing work in with several funct trust companies, He is expected to arrive in St. Joseph early next week to take over the receivership duties of the Commercial It is expected that the bank receiver will be able to afford holders of safety deposit boxes, access to them as soon as he arrives, it was_stated by Mr. Reimer. Retail will meet at the Hotel Whitcomb this evening to further discuss plans for the formation of this city's new bank and to listen to the preliminary report of the committee which is working on the project. The committee sists of Louis Upton, William F. Murphy and Max W. Stock.

5. March 12, 1932 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, March 12, 1932

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COUNTY BRIEFS Erects New Sign NEW TROY Pete Ritchie; veteran garage owner, has given visible evidence his answer to the depression by having large sign painted on the south side of his modern garage. The sign, recently completed by the Irwin Sign Co., also of New Troy, employs bright array of colors, to advise the public the complete services rendered by the Ritchie garage "Pete" backs up the message of the sign by his assertion of confidence in the community which he does business and in the ultimate recovery of prosperity throughout the Named Distributor BRIDGMAN. Earl Hyerdall, prietor of Stopp Inn on U. at Sawyer has been given contract for the distribution Pabst Products in Berrien county. Hyerdall is equipped with trucks and expects to to his equipment as the demand increases. The name the new company The Blue Ribbon Distributing Co., with offices at Bridgman. Dates Are Announced NEW TROY The play, "A Southern Cinderella," postponed on account of the storm, will be presented Wednesday night at the New Troy high school. postponed meeting of night. The Social bridge club be the P. will be held Thursday entertained Friday night at the Woods home by Mrs. Joe Woods. Have Illinois Guests THREE OAKS. and Mrs. Carlyn Lewis son. Richard, have arrived from Tamaroa, III., an indefinite stay the home Mr. and Mrs. W. Teeter. Mrs. Ida Clark of Indianapolis Three Oaks this week visit her niece, Mrs. Charles Barnes, and her husband Rehearse for Play NEW BUFFALO. Juniors of the Consolid school are busy ing for the junior play, which is to be presented the public next Friday evening, March 18, at the High school auditorium, and is to begin at 8 o'clock. Roy Keefer, principal of the high school, is directing Sunday Schools to Meet NEW TROY Rev. Floyd Blewfield of Benton Harbor will address a meeting Sunday schools of and Chikaming to Weesaw be held at the Brethren church, New Troy, Sunday night. Each school will contribute a program number. Recovers from Injuries THREE OAKS. Collins, Three Oaks carpenter, is able to out again after being confined to his home all winter with a broken arm and leg. He was inju. ed last autumn when he fell from roof. Name Baby Daughter NEW TROY The infant daughter born Mrs. Herman at the home her mother, Mrs. Wilbur West, has been named Hazel Jean Herman. Moves South Bend THREE OAKS. -Perry Darling has gone to South Bend to make home with his son, "Claude Darling. Condition Improves NEW BUFFALO Mrs. Noah Joyal, who suffered stroke of paralysis week ago is very much improved. MEETING OF THE CITY COM MISSION HELD IN THE COUN. CIL MBER AT THE CITY HALL ST. JOSEPH, MICHIGAN, EIGHT O'CLOCK M., MONDAY, FEBRUARY 29, 1932. Present: Mayor Yeomans. Commis sioners Keil, Kingsley, Kneibus Merrill. Crow, City Manager. Fremont Evans, City Attorney. Ira Wagner Director of Finance and Clerk. Minutes of the previous meeting approved read. Director Finance submitted the following report: Vouchers to Allowed February 1932. $10,000 1931 Tax Notes, Int. months due 2-29-32. Warrants Nos. 736-742, both inclusive $ 166.69 Elwin C. & Mary E. Spear, 201 50,00 Original Plat due 3-1-32 Warrant 743. Brown, Cress Assignee E. W Cress chargon $25,000 Tax Note Loan, Warrant No. 744 1,000.00 Bills as follows: City Manager 28.20 Assessor Police Dept. 15.84 Street Dept. 94.70 Street Lighting 39.18 Water Dept. 30.42 Waterworks Plant, Light Dept. 58.19 Poor 40.00 Contingent 75.00 Warrants No. 745 to 762 both incl. $402.53 402.53 Farmers Merchants National Bank, Semi-ann. int. State St. Bridge Ref. Bonds due 3-1-32 Warrant No. 763 630.00 Total $2,249.22 Mr. Kneibus, supported by Dr. Yeomans, moved that the report be accepted and the Director of Finance authorized to issue warrants in payment of the various amounts. call resulted follows: Yeas: Keil, Mr. Kingsley, Mr. Kneibus, Merrill and Dr. Yeomans. Motion declared carried. Mr. Kingsley, supported by Mr Knelbus, moved that the City torney be authorized to bring court action against the Commercial Na tional Bank and Trust Company ceivership for the collection unpaid personal property tax. Roll resulted follows: Yeas: Mr. Keil. Mr. Kingsley, Mr. Kneibus, Mr. Merrill and Dr. Yeomans. Motion declared carried. City Manager Crow reported orally developments at the new and filtration plant stating that the first water was turned. into the new plant February and into the city mains for public use February 27. 1932. On motion by Mr. Merrill. supportby Mr. Keil, the meeting adjourned. IRA D. WAGNER, Clerk. G. Mayor. WILLIAM Probate WILLIAM Estate William hereby in Register Probate ORDER APPOINTING FOR HEARING STATE MICHIGAN, Probate Court HON. WILLIAM ANDREWS, Estate William appearing Court against appointed copy Saturday WILLIAM ANDREWS, FINAL ACCOUNT Probate HON. Estate Roy True(Seal) WILLIAM Register Probate. Mar. ACCOUNT MICHIGAN County in on Matter Estate of Ross having filed Saturday edition and copy. Judge SPRAGUE, Register Probate. Mar. PROBATE WILL STATE Probate Court the Estate Nellie County. Dated February Insertion ORDER APPOINTING FOR HEARING ESTATE Agnes newspaper WILLIAM Mar. 5-19 (First STATE FOR COUNTY BERRIEN, CHANCERY RUDOLPH REICHERT. 8040. STATE BANK, Defendant. the Charles claim present said receiver and Michigan STATE MICHIGAN BERRIEN (Seal) Default

6. May 7, 1932 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, May 7, 1932

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Legal Notices MORTGAGE SALE Default the condihaving Allen and McGregor, Federal wife, day of of the the the Register for the County State Michigan the day March, liber Mortgages Said mortgage Bank National Bank Company, and Trustee, Harbor, County, the 5th. day 8th Register of Deeds office Volume on said gage for principal and $58.25; taxes $655.85; total and also attorney fee no provided have recover the by said gage any part thereof. Notice that on Monday the of June, ten O'clock the the sell the door the Court the Joseph, Berrien County, public highest bidder, described said mortgage, The the quarter the Northeast also the west (10) the the TownFive South, Range Nineteen (19) Lincoln Township, Berrien Dated: NATIONAL BANK TRUST CO., TRUSTEE, W. RIFORD, Assignee. Benton 19-June 11 (13t) FINAL ACCOUNT MICHIGAN, The Probate session of said held at the Probate St. on the 28th day April Present: HON. WILLIAM H. ANDREWS, Probate. the Matter the Estate of Marths Morrison, Commercial National Bank and Trust Company by its Receiver, Payne, having its istration account, its praying the allowance thereof and for signment distribution the residue said ordered, That the 23rd day of May, 1932, said office, and is hereby appointed for and said notice by of copy this three successive weeks previous hearing, the Saturday edition The newspaper printed and circulated in said (Seal) WILLIAM H. ANDREWS, Probate. LILLIA Register Probate. 30-May 14 Insertion May has been made in the condiMortgage made John to Berg recorded August 1927 Mortgages, the for more months delinquent on due this Twenty-Seven and 10-100 Dollars principal no have been inNOW THEREFORE, by virtue said and 1933 the the city Berrien Michigan, described feet of the Northwest fourth the East 200 feet: the sold with fee by ANNA Insertion 23) ORDER APPOINTING TIME FOR HEARING STATE OF MICHIGAN, Probate Court County session said Court, held the Probate Office County, on 26th day April Present, HON. WILLIAM H. ANDREWS, Judge Probate. Matter the Estate of Frederick Deceased. appearing the Court that the time presentation the against be receive, adjust claims and demands against deceased and before said Court; creditors required present claims said Probate the August 1932, ten the and place Further publication this previous day Saturday newspaper printed and circulated in said (Seal) WILLIAM ANDREWS, Probate. LILLIA SPRAGUE, Register Apr. 30-May (3t) (First Insertion 5) TAKE NOTICE default has 1926, and that by William Kort written Kord) and 1921, office the Register Deeds for said County 1921, Book on page assigned said Wilkinson Taube corded said office October Book Assignments 238 signed said William Bodtke recorded office January Book page 410; claimed and $115.50, no law the gage said mortgage, premises therein that part the east Range which lies south lands owned and occupied Railway and sold the highest bidder the front door the in the City said Tuesday, 31st ten the due said mortgage and all costs, fees and expenses. Dated: March ALBERT Assignee of Mortgage. STRATTON EVANS, Attorneys Mortgage Assignee. Business St. Michigan. (First Insertion May MORTGAGE Default has been made conditions the by George Halle his Frank Annah and 1918 the day Liber and together payable. and no law have been inof the and case August, the Time, said to City plat thereof, will the the due, and fee by

7. May 16, 1932 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, May 16, 1932

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BE DISTRIBUTED IN FIRST DIVIDEND Represents 30 Per Cent of Deposits in Commercial National Bank 5,000 TO GET CHECKS Made Possible By Loan From Reconstruction Finance Corp. Good news to depósitors was today flashed out from the closed Commercial National Bank and Trust company here. Payment of the first dividend since the closed its doors last September will start Wednesday morning, May 18, o'clock, W. Payne, receiver, officially confirmation of rumors that have in been rampant the past week. The first dividend will amount 30 per cent of deposits on hand when the bank closed. It will be paid to approximatedepositors who have ly 5,000 proven claims against the Institution. The amount of the dividend totals approximately $800,000. The dividend checks will handed out the Commercial bank in the order of "first come, announced Mr. first served," Payne. Checks for the payment of the the been on file at dividend have but the receiver tank for some time, notified by the officially comptroller was of currency to distribute until early today. them News Spreads Fast Word that bank would begin paying the dividend Wednesday morning spread rapidly throughout St. Joseph and its adjacent territory Posting of the official notice the bank attracted the attention many depositors who have been eagerly awaiting this day of days ever since the closed its doors and tied up their savings. Aided by Loan dividend being paid from "This funds acquired by the receiver the ordinary liquidation, supplemented by loan from the Reconstruction Finance Corporation,' said in formal stateMr. Payne ment issued today. "This loan, which is secured by lien on the remaining assets of the bank, must, of course, be retired and until this loan is repaid, no further dividend can be made the receiver. It believed that by with the cooperation of the borrowers, this loan can be repaid within reasonable time and, so, the dopositors will receive such further regular dividend as the collections made by the receiver will warrant. "The funds of the Reconstruction Finance Corporation set aside for loans to receivers of insolvent banks are limited, and the depositors of the Commercial Bank & Trust Company, of St. Joseph, Michigan, are fortunate to have an application for loan accepted at this early date. The funds released by this loan should be of aid to the community in these difficult times." Payment Details Explained Details which depositors must follow in collecting their dividend checks were explained by Mr. Payne as follows: "Depositors and claimants are requested to bring in their receipts to the receiver and he will deliver to them their receiver's certificate which will evidence their claim against this bank. Claimants should carefully preserve and keep certificate they will receive, as must be presented each time dividend paid so the receiver may endorse thereon the dividend payments. "If there are some parties who have not as yet filed their claim they should do so once, and the receivshort time will make supplemental first at which time the claimants who were negligent in filing their claims at first will receive their checks. in the newspapers will be made each and every future dividend paid. "In regard to the people owing the bank, the receiver desires that each and every borrower liquidate his debtedness at the earliest possible moment so that future dividends may (Continued on Page 5)

8. May 17, 1932 Detroit Free Press Detroit, MI
Article from Detroit Free Press, May 17, 1932

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INVESTORS' ROUND TABLE Continued from Page 18 mines had been ordered closed June 10, probably until Nov. 1, according to advices from Marquette. A per cent reduction immediately for all salaried workers also was ordered. P AYMENT of an initial dividend of 30 per cent, totaling $800,000, will be paid Wednesday to depositors in the Commercial National Bank & Trust Co., of St. Joseph, which closed its doors last September, it was announced in Benton Harbor Monday by W. R. Payne the bank's receiver Depositors the closed Benton Harbor State Bank, attending mass meeting Saturday night, approved a depositors' reorganization plan and elected committee to carry out plans for re-opening the institution. UILDING PERMITS in 568 cities and towns of the United States during April amounted to $52,079,621 according to official reports to S. W. Straus & Co This was gain of 19 7-10 per cent over the March figure of $43,517,824, as compared with a normal seasonal expected increase of 3 3-10 per cent. The April total however was 30 per cent below April, 1931. ANKING CASUALITIES decreased last week, 12 banks throughout the Country suspending business as compared with the 14 that discontinued the week before. the American Banker reports. Seven banks reopened during this period. Total bank suspensions for the year now are 635, affecting deposit liabilities of approximately $280,000,000. Suspensions the past week were in Georgia, Kentucky, Michigan, Minnesota, Missouri, Iowa, ton. Massachusetts, and Washing-

9. July 7, 1932 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, July 7, 1932

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SURETY MAKES GOOD MOST OF COUNTY FUNDS Bonding Firm Pays $84,376 Of Deposits In Closed Banks When the Michigan Surety Co., paid County Treasurer Kittie Fuller $65,000 recently. representing the full amount of the county's deposit in the American National Bank & Trust Co., of Benton Harbor, that particular bonding company had paid to Berrien $184,376.4 of the nearly $190,000 the county has collected from closed banks to date The Michigan Surety company has paid the county $89,000 of the county's $143,000 in the Commercial National Bank & Trust Co., of St. Joseph, and $30,376 the county's funds in the First National bank of Buchanan. The county still has claim for interest amounting to $734.87 against the American National bank When the Michigan Surety Co., paid the county's claim against the American National bank, it paid $62,000 in cash, and $3,000 worth of county road $16,767 Claim Pending Berrien county still has claim of $16,767.73 against the Michigan Surety Co., for county funds in the Ste'vensville State bank, and for $5,500 county funds in the First National Bank of Buchanan. Among some of the depositors of the closed banks the impression seems to prevail that the county's collection of its funds came from payments made by the bank receivers out of the banks funds, thus making the county funds preferred claims over the claims of other depositors. This is not the case The money the county has collected has come entirely from the guarantees provided through surety bonds furnished by the surety companies and if there is any loss on county funds, thus indemnified, that loss will be sustained by the bonding companies. List your Houses for Rent or Sale in the Classified Ads.-Adv.

10. November 1, 1932 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, November 1, 1932

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RECEIVER DISPOSES OF FIRM TO JOSEPH MAN Lloyd Shepard, St. Joseph business man, purchased the Berrien County Abstract company from the receiver the Commercial National Bank & Trust company in the Berrien councircuit court Monday. The sale price was $20,000, and included all books and records, not the accounts receivable. Judge Charles White signed an order confirming the sale after petition asking that the sale be made was filed by Attorney Ross Lamb, who represented the bank The bank was appointed the trustee the benefit of the creditors early year. ALIMONY SLACKER HELD Claude Culver, 44, of 1005 Court street, Joseph, was arrested by Deputy Sheriff Fred Alden late yesterday and held for Sheriff Jake Andrews of Ann Arbor, who holds warrant charging him with failure keep up alimony payments. PATIENTS RALLY Mrs. H. Ulrath, of Bangor, Miss Harriet Zabruski, 711 Columbus avenue, and Walter Ginter, of Sodus, were all operated on yesterday Taber's sanitarium. All are reported in splendid condition.

11. January 13, 1933 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, January 13, 1933

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PAYNE REPORTS ON COMMERCIAL BANK CONDITION $123,000 Hand on With Owing to Quarterly statements showing the condition the closed Commercial National Bank Trust company, St Joseph, and the National Bank Trust Harwere issued today by Payne, receiver for both institutions. Dividend Prospects Prospects for an early dividend from the were somewhat darkened by the report for that bank. The receiver's statement showed on hand Dec. 31, last, of $123.620. The Commercial, however, still the Reconstruction Finance Corporation $198,000 on the $410,000 loan made last spring to pay 30 per dividend. The Reconstruction loan must be off before another dividend can distributed. Dividend prospects at the AmeriNational are brighter. The statement reports $234,000 in cash hand, with the $152,000 loan from the R. last summer entirely paid The probabilities are spring will see per cent dividend American National depositors. Liquidation Half Over An analysis the detailed figures in the statements issued by the ceiver for both defunct banks indicates that the liquidation of the two institutions about 50 per cent completed. For instance, the total assets of the (Continued on Page 2)

12. April 26, 1934 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, April 26, 1934

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DAVIDITES TAKE ROW OVER FARM PURCHASE BEFORE JUDGE WHITE Suit for specific performance of contract on an agreement for the purchase of a 10-acre farm on the Lake Shore drive south of St. Joseph was filed in the Berrien county circuit court today by John Blackburn, John Schneider and Joseph Sander- son, trustees of the Israelite House of David, against A. W. Pangborn and Frances D. Pangborn, Arthur Leckner, trustee, and W. R. Payne, receiver for the Commercial National Bank & Trust Co. The bill states that the plaintiffs agreed to purchase the farm for $1,600 and placed the sum in escrow on March 26, to be delivered on the issuance of a warranty deed showing the property clear of all incunibrances. The bill also alleges that the Pang borns now want the bank receiver to accept a pro rata share of the purchase price to apply on the mortgage ecvering the 10 acres in question and other lands Attorney H. T. Dewhirst, who represents the plaintiffs, asks that the court direct the defendants to deliver the warranty deed to the property in: accordance with the original agreement.