9405. Stevensville State Bank (Stevensville, MI)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: September 25, 1931
Location: Stevensville, Michigan (42.014, -86.519)

Metadata

Model: gpt-5-mini
Short Digest: 01bf84f9

Response Measures

Full suspension, Books examined

Other: Receiver appointed; multiple dividends paid to depositors from receivership funds and state treasury transfers.

Description

Newspaper accounts report a depositor run draining cash (about $30,000) on Sept. 25–26, 1931; directors voluntarily closed the bank and the state banking department took charge. A receiver was appointed Nov. 1931 and multiple dividends were later paid while the bank remained in receivership (i.e., permanently closed). Cause of run attributed to panic after closing of Commercial National of St. Joseph (distress of local bank).

Events (4)

1. September 25, 1931 Run

Cause: Local Banks
Cause Details: Depositors panicked and withdrew funds after the recent closing of the Commercial National of St. Joseph; run drained about $30,000.
Measures: Directors voted to close the bank to conserve assets and protect depositors; notice posted that bank was closed and state banking department took charge.
Newspaper Excerpt: The run which closed the Stevensville bank ... depositors ... became panicky and began to drain the bank of its cash reserves. At o'clock yesterday afternoonhour before closing timethe Stevensville bank had to close its doors because it had paid out all the cash in its coffers. ... depositors had pulled out over $30,000 from the little institution.
Source: newspapers

2. September 26, 1931 Suspension

Cause Details: Voluntary closing by board of directors in response to heavy withdrawals/run to protect depositors; state banking department assumed control.
Newspaper Excerpt: The Stevensville State bank failed to open for business this morning ... notice on the front door stated that the bank had been closed by order of the board of directors and the state banking department was taking charge.
Source: newspapers

3. November 2, 1931 Receivership

Newspaper Excerpt: Benjamin Kral ... was appointed receiver of the Stevensville State bank by Circuit Judge Charles White late yesterday. ... The Stevensville bank closed several weeks ago. He was appointed upon petition of Rudolph Reichert, state banking commissioner. (article dated 1931-11-03).
Source: newspapers

4. May 5, 1932 Other

Newspaper Excerpt: Stevensville State bank, from $4,000 to $2,800. (readjustment of salaries for receivers) and related articles about dividend payments and postal fund rulings in 1932-1933 indicating the bank remained closed and in receivership.
Source: newspapers

Newspaper Articles (15)

1. September 26, 1931 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, September 26, 1931

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LOCAL, STEVENSVILLE BANKS SHUT DOORS Voluntary Closings By Directors Of Institutions Taken As Final Move To Protect Depositors To Fullest Extent Two additional banks closed their doors today in the interests of their depositors rather than to continue to pay out money to meet runs which the bank managements felt could not be checked. The Stevensville State bank failed to open for business this morning and at 10:30 this morning the Berrien County bank-Benton Harbor's smallest bank-closed its doors. The Berrien county bank opened as usual this morning. Depositors besieged the cages for their money and as they did so the bank directors met in their room in the rear of the bank and voted to close in order to conserve the bank's assets and protect all of the depositors. Will Pay Out 100 Per Cent "We will pay out 100 cents on the dollar and not depositor will lose penny, said James M. Rose, dean of Benton Harbor's bankers and cashier of the Berrien County, as he turned the keys in the front door locks.' typewritten notice on the door told the public that the bank was closed in order to the bank's assets and protest all of the depositors. Stevensville Run Surprises The run which closed the Stevensville bank was something of a surprise in local banking circles as this little Lake Shore Drive bank was generally believed to be in good condition. However, depositors in the Stevensville bank, doubtless influenced by the closing of the Commercial National of St. Joseph yesterday, became panicky and began to drain the bank of its cash reserves. At o'clock yesterday afternoonan hour before closing time-the Stevensville bank had to close its doors because it had paid out all the cash in its coffers. Last night the directors held a session and decided rather than pull in more money and face another run today it had better close and thus protect all of the depositors in the liquidation that would follow. This morning, at opening time, notice on the front door stated that the bank had been closed by order of the board of directors and the state banking department was taking charge. The Stevensville bank's deposits, according to its last statement, aggregated about $300,000 Was City's "Baby" Bank The Berrien County was Benton Harbor's "baby" bank, the youngster of the local banking group. had deposits of approximately million dollars. K. Minary, long head of the local Street Railway company, was its president. Mr. Rose, its cashier. has been identified with Benton Harbor banking circles for the best part of his life. Mayor Stouck and City Manager Barnard are among its directors. Grimly Face Situation The Berrien County officers and directors grimly faced their situation this morning. It was either a question of meeting the run until every available dollar was exhausted or closing for the protection of all its depositors. Last night there was conference of the bank's officials and other local bankers and also representatives of the state banking department from Lansing. The decision to close this morning was reached, providing this morning continued to insist on drawing out their money. Calmly Meeting Crisis The crisis precipitated by the closing the Commercial National of St. Joseph this morning was being calmly met today by Benton Harbor's banks. Even the closing this morning of the Berrien County caused no ripple of commotion among the officials of in the three other banks. Loaded with great stacks of currericy, the other three banks of the city were meeting every demand that came with perfect assurance that they could weather the storm. From the federal reserve in Chicago and other depositories the three surviving banks drew on their immense cash reserves. Officials of the banks believed that before the day was over the worst of the storm would be over; that depositors would realize what they were doing. and would refuse to promote any more bank failures. At noon today the situation peared better. even in the face of the two voluntary closings here and at Stevensville. Draw Out $30,000 The directors of the Stevensville bank voted to close last night after depositors had pulled out over $30,000 from the little institution. Fred Jung, cashier, notified Fred

2. September 26, 1931 The Herald-Palladium Benton Harbor, MI

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We Will Pay Full Percent' Cashier Rose Of County Says No One Will Lose "The Berrien County bank closed its doors this morning for one reason only and that was to protect its depositors," said James M. Rose. cashier of the bank in a formal statement to The News-Palladium at noon today. "We have had an undertsanding that if the bank became endangered by run because of the closing of the Commercial of St. Joseph we would act to protect every depositor of the bank. "This morning when it became apparent that our cash reserves were going to be depleted. and that we were going reach point where the solvency of the bank would be imperiled to an extent that depositors would not get 100 cents on a dollar, we decided close. "No depositor will lose a penny Not only will the depositors get 100 cents on the dollar but in my opinion the stockholders will get something. "No banker likes to close his doors, even in the face of run. But when we voluntarily closed this morning we had only one concern at heart and that was the safety of our depositors. They are safe now and will get every dollar they have deposited with In the last analysis that is all bank can do, all that it is expected to do-return the money that its depositors have entrusted to its safe"When the Berrien County closed its doors this morning it was solvent." W. Bartz, president of the bank, and all other members of the board of directors. The special meeting was held at the bank and they voted to close to effect reorganization. The bank's deposits totaled more than $280,000 when it closed. Organized In 1920 The Stevensville State bank was organized in 1920 by a group of prominent Lincoln township fruit growers and business men. It has prospered throughout the 11 years it has been in business and was reported one of the strongest of the smaller banks in the county. Its board of directors include the Fred W. Bartz, Sr., president; August Radde. vice president; Fred Jung; cashier; William Heyn, Ralph Emlong and Louis Mongrieg. There was little or no excitement around the institution today. The Stevensville State bank was capitalized at $25,000. The sign posted on the door of the bank read: "Bank closed for reorganization order of the board of directors. State Banking Department charge. Another Hectic Fight The effort which the Berrien County bank officers and management (Please Turn to Page Six) SPECIAL CHICKEN DINNER All day Sunday, 75c, Red Top Inn, mile E. of Fair avenue on Highland. Adv. 9-26t1

3. November 3, 1931 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, November 3, 1931

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BENJ. F. KRAL RECEIVER AT Benjamin Kral, Benton Harbor, manager of the St. Joseph Fruit Growers association of Stevensville, was appointed receiver of the Stevensville State bank by Circuit Judge Charles White late yesterday. Mr. Kral formerly was cashier of the Millburg State bank. The Stevensville bank closed several weeks ago. His bond was placed at $25,000. He was appointed upon petition of Rudolph Reichert, state banking commissioner.

4. May 5, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, May 5, 1932

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WHITE CUTS PAY BANK RECEIVERS A readjustment of the salaries for receivers of state banks in Berrien county today by Judge Charles E. White. On recommendation of the state banking department, the judge signorders which reduce the salaries the various receivers, effective May Judge White stated today that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department. The reductions were as follows: Berrien County bank, Benton Harbor, from $6,500 to $4,800. Benton Harbor State bank, from $6,000 to $4,800. Bridgman State bank, from $5,000 to $3,600. New Buffalo State bank, from $2,500 to $2,000. Stevensville State bank, from $4,000 to $2,800. Buchanan State bank, from $4,000 to $3,000. LAKE SHORE GREEN HOUSE Now open. Next to Potted plants and evergreens. Rentfrow, Phone 5-7-3t

5. May 5, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, May 5, 1932

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BANK RECEIVERS' SALARIES SLASHED BY JUDGE WHITE A readjustment of the salaries of receivers of state banking institutions in Berrien county was announced by Judge Charles E. White today. On recommendation of officials of the state banking department the judge signed orders which reduced the salaries of the various receivers to become effective May 1. Judge White stated today that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department. The reductions of the receivers salaries were fixed as follows: Berrien County Bank, Benton Harbor from $6,500 to $4,800. Benton Harbor State Bank from $6,000 to $4.800. Bridgman State Bank from $5,000 to $3,600. New Buffalo State Bank from $2,500 to $2,000. Stevensville State Bank from $4,000 to $2,800. Buchanan State Bank from $4,000 to $3,000. daughters, Mrs. Al Fuller and Mrs. Allson Post, both of Livingston. Funeral services will be conducted at 2 o'clock Saturday from the residence and at 2:30 o'clock from the Methodist church at Bridgman. Burial will be in Greenwood cemetery at Bridgman. The United States has nearly as much invested in the City of Shanghai as it has in the whole of Japan$356,000,000 and $500,000,000 respectively.

6. May 6, 1932 The Niles Daily Star Niles, MI

Article from The Niles Daily Star, May 6, 1932

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Berrien County News Briefs ST. JOSEPH-A readjustment of the salaries of receivers of state banks in Berrien county was announced by Judge Charles E. White. On recommendation of the state banking department, the judge signed orders which reduce the salaries of the various receivers, effective May Judge White stated that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department. The reductions were as follows: Berrien County bank, Benton Harbor, from $6,500 to $4,800, Benton Harbor State bank, from $6,000 to $4,800. Bridgman State bank, from $5,000 New Buffalo State bank, from $2,500 to $2,000. Stevensville State bank, from $4,000 to $2,800. Buchanan State bank, from $4,000 to $3,000. BENTON HARBOR-Warm balmy spring weather has not only brought out blossoms and buds for festival week, but has attracted tropical visit ors to the twin citles in the form of a blonde haired tarantula and a pair of alligators. Thursday morning, while unloading bananas at the A. & P. store on East Main street in Benton Harbor, a large tarantula was discovered. He was promptly but cautiously deposited in a large glass jar. The giant spider differs from the several that have been seen here from time to time in that its hair is light brown rather than On display in the meat window of the same store are pair of alligators, who slither slowly around a display of lobsters and yawning "toothfully" at spectators. BENTON HARBOR-The Blossom Queens' Alumni association, an organizatoion comprised of former queens from various cities of Michigan, was formed Wednesday evening at a banquet in the Wisteria room at the Hotel Vincent, at which a number of 1931 queens were the guests of Elwyn Simmons, a member of the Blossom festival committee. Those in attendance were the 1931 queens from Niles, Berrien Springs, Bridgman, Three Oaks, Three Rivers, Dowaglac, South Haven, Ypsilanti, Watervliet, Sturgis and Flint. Officers were elected as follows: President, Mrs. Leo Dwan; vice president, Mrs. George Parren: secretary, Gussie Leder, of Bridgman; Angelita Harmes, South Haven, and Therese Briggs, St. Joseph, co-chairmen. The purpose of the organization is to help sponsor worthwhile projects pertaining to the success of future Blossom week events, such as helping girls to enter queen cotnests, sponsoring floats and other enterprises. Annual dues are to be 50 cents each, and it is expected 600 members will enter the organization as a starter. Each 1931 queen is expected to get her predecessors to join this organization. This year's queens will be eligible for membership after Sunday. BRIDGMAN-William Baldwin, 87 for nearly 80 years a resident of Livingston, died Thursday morning at his farm home \after a long illness. He had been confined to his bed the last six months. Mr. Baldwin was born in Pennsylvania Feb. 11, 1835, and removed with his parents to Michigan at an early age. The deceased is survived by two daughters, Mrs. Al Fuller and Mrs. Allson Post, both of Livingston. Funeral services will be conducted at two o'clock Saturday from the residence and at 2:30 o'clock from the Methodist church at Bridgman. Burial will be in Greenwood cemetery at Bridgman.

7. May 21, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, May 21, 1932

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DIVIDEND TUESDAY STEVENSVILLE Ten Per Cent Payment Is Authorized by State Banking Approval of the per cent dividend by Judge Charles White in Berrien county circuit court last Thursday for the Stevensvill State bank was received today Ben Kral, receiver, from Rudolph Reichert, state banking commissioner. The approval also authorized the receiver the per cent dend Tuesday morning, starting o'clock. More than 750 depositors will handed checks return claim receipts, according 10 per cent will total and the has been transferred from the state treasury the Farmers chants Bank Trust company Benton Harbor. The dividend will be drawn the Benton Harbor bank, but can cashed either the Farmers Merchants Bank Trust company Harbor the Peoples State bank Joseph, said Mr. Receiver Kral today announced that all claimants must present claim receipt before their be issued. They will not receiver's certificate the bank The order for the per cent dividend Thursday petition Charles W. Stratton, who the receiver. This will the Berrien 1931 to in

8. May 21, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, May 21, 1932

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STEVENSVILLE DEPOSITORS DIVIDEND Court Approves 10 Percent Payment Starting Tuesday Morning Approval of the 10 percent dividend on order Judge Charles White in the Berrien county circourt Thursday the Stevensville State Bank was received today Ben Kral, the bank receiver, from Rudolph Reichert, the state bankcommissioner. The approval also authorized the receiver pay the per cent dividend Tuesday morning starting o'clock. More than 750 depositors will be handed checks in return their claim receipts, according Mr. Kral The 10 cent dividend payment will total and the money was transferred from the state treasFarmers Merchants Bank Trust Company in Benton Harbor. The dividend checks will drawn on the Benton Harbor bank, but can be cashed par either the Farmers Merchants Bank Trust Company in Benton Harbor the Peoples State Bank Joseph. Receiver Kral today announced claimants must present their claim receipts their checks will issued. They will not be in the the bank receivers. The order for the payment of the per cent dividend was Thursday petition Attorney Charles Stratton, who represents the receiver.

9. June 18, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, June 18, 1932

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STRATTON TILT FUNDS IN STEVENSVILLE BANK Postal funds in closed state banks do not claims, to an opinion received day from General Paul Voorhies' office by Charles Stratton, for Receiver Kral the Stevensville State bank. Shortly after the Stevensville bank closed its doors, Postmaster William Heyn of Stevensville filed preferred claim of $159, representing postal funds on deposit the last day the bank was open for business. Receiver Kral and Atty. Stratton protested the claim on the ground postal funds do not constitute preferred claims closed -national banks, and also because they could find no law supporting Postmaster Heyn's position. Receivers for one or more closed state banks Berrien county have recognized postal deposits as preferred claims, was revealed. Supported the eral's opinion, the Stevensville bank receiver and his attorney have anLounced they contest Postmaster Heyn's claim through the courts, necessary, before permitting it to be paid as preferred claim.

10. June 18, 1932 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, June 18, 1932

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Attorney General Rules In Case Of Bank Postal funds in closed state banks not preferred claims. according to an opinion received day from General Paul Voorhies office by Charles Stratton, attorney for Receiver Ben Kral the Stevensville State bank. Shortly after Stevensville bank closed its doors, Postmaster William Heyn filed preferred claim $159, postal funds deposit the last day the open for Receiver Kral and Atty. Stratton protested the on the ground postal funds did not per ferred claims closed banks, and because they could find no law supporting Postmaster Heyn's position. Receivers for one or more closed state banks in Berrien county have postal deposits preferred revealed. Supported by the al's opinion, Stevensville bank receiver and his attorney have announced they will contest PostmasHeyn's claim through the courts, before paid preferred claim. Funeral Services For Mother Of Six To Be Held Monday The death of Mrs. Augusta Matilda Haase, wife of Max Haase, curred o'clock this morning at the family home, Wisconsin avenue, after lingering illness. Funeral services conducted Monday afternon o'clock from the residence o'clock from Trinity Lutheran church. The Rev. Haase, pastor of Matthew's Lutheran church Benton Harbor will officiate in the absence of the Rev. Louis Trin ity pastor. Burial will be in Rivercemetery. Mrs. Haase was lifelong resident county. She was born Feb. 1889, Lincoln township and had resided in St. Joseph the past years. She was member Trinity church. the deceased the husband and six children, follows: Russell home, Mrs. Robert Mach of Joseph, and Irene, Marie, Maxine and all home. Also surviving the are her mother, Mrs. Sophie Berndt of Joseph, and four five brothers, follows: Donald McIntosh Chicago, Mrs. Fred Gast and Mrs. Robert Lucker Lincoln township and Mrs. Bertha Haase of Joseph: and Henry Berndt Lincoln township, Albert Jo. seph Joseph and Ernest Dundee, Mich. The body will be removed early this evening from the neral home the on consin avenue, where friends may

11. 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.

12. October 18, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, October 18, 1932

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White Authorizes Two Closed Banks to Make Postal Fund Payments Two orders were signed by Judge Charles White in Berrien county circuit court today authorizing payment of postal deposits in two closed banks in Berrien county. This the third order Judge White has signed granting the payments of postal deposits as preferred claims. The orders signed today grant the payment of postal deposits the Benton Harbor State bank to the Benton Harbor postmaster. The tition order were approved Attorney H. Gray, who represents the bank. The second order granted the paythe "Postmaster Money Order Account' in the Buchanan State bank to the postmaster general, petition approved the of Burns Hadsell, which represents the bank receiver. Two months ago the court granted order payment posdeposits in the Stevensville bank.

13. December 10, 1932 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, December 10, 1932

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State Bank Stevensville Dividend Pay An order was signed today by Circuit Judge Charles White authorizing the payment second dividend by the closed Stevensville State bank. The order was filed by Attorney Charles W. Stratton for Receiver Benjamin Payment of the dividend, which amounts to $23,725. will made some time next week, according the receiver. previous payment of 10 per cent made by the bank last May It was rumored about the courthouse this morning that the Baroda and New Buffalo banks also will make payments in short time, but the reports were not confirmed. Earlier this week the Buchanan National bank paid ten per cent dividend. making its total payments thus far 55 per cent of deposits.

14. February 25, 1933 The Herald-Press Saint Joseph, MI

Article from The Herald-Press, February 25, 1933

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resulted as follows: Yeas, Mr. Brown, Mr. Mr. Mr. Kneibus and Dr. Yeomans. Motion declared carried. On by Mr. Keil supported by Dr. Yeomans, the meeting adjourned. G. YEOMANS, IRA D. WAGNER, Mayor Clerk o'clock forenoon, said time and for the all claims and said thereof copy of this successive day hearing, Saturday The printed and circulated in said (Seal) MALCOLM of Probate. SPRAGUE, Register 11 (3t) In the circuit and day February, the Harbor banking substituted for Tempora Receiver the the Benton Harbor Plaintiff Enders, his circuit the rien, the the the said 11th April, in day thereof may amount due to the costs those and premises as Fifteen Block seven (7) of the City also the Lot the Original Plat the Harbor, now the WEBER, Circuit Commissioner. HUMPHREY 25-April (6t) (First Publication: 1933) FORECLOSURE SALE Default payment that mortgage, made by and Mandel and State 1926, recorded the 1926, Liber 154 Mortgages, on page 483; in the the premises described the within time the sum $542.32 and have this day been paid the undersigned, and an by so there this and that said pay thirty days after same due and ings at law instituted for the secured mortgage part State having and do dersigned Receiver the the wherein Rudolph M and ville State the Court, the has the said said the contained the half the north half of the 18 West, and lying and the in sold the highest the the City May 15, 1933, the to the amount due on said mortgage and February Receiver Stevensville Bank, Mortgagee. CHARLES STRATTON, Attorney St. Joseph, Michigan. (Last Publication May 13, 1933) ORDER APPOINTING FOR HEARING STATE OF MICHIGAN, Probate Court the said at the Office the said on the day of 1933. Present: Malcolm Hatfield, Judge of the of the Estate of Deceased. appearing to the Court that the time for be and receive, examine adjust and against and before said creditors said deare their present said the ten said

15. December 21, 1933 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, December 21, 1933

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STEVENSVILLE BANK TO PAY 3RD DIVIDEND The announcement of the impendpayment of the third percent dividend the depositors of the closed State bank was made today by Attorney Charles W. Stratton. who represents the receiver, Benjamin Kral. Funds for the payment of this dividend. which amounts approximately $23,000, have been forwarded from the state banking department at Lansing and the payment of the dividend checks will probably ed Friday. The final approval of the dividend expected momentarily from Lansing and the receiver hopes to be able to distribute all of the checks in the immediate future. 10 percent dividend payment for the depositors of the closed Baroda State bank was announced by Receiver Kral, acts both but the final approval of this dividend not rived from the state banking department. The receiver obtained permission from Judge Charles E. White in the Berrien county circuit court borrow that the dividend could be paid before Christmas. will collect taxes at the Millburg State bank, for Benton 22. Please bring property K. treas. -Adv.