9406. Stockbridge bank (Stockbridge, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 4, 1907
Location
Stockbridge, Michigan (42.451, -84.181)

Metadata

Model
gpt-5-mini
Short Digest
437f83f2

Response Measures

None

Description

The Stockbridge bank closed its doors Dec. 4, 1907 and a receiver (W. H. Dancer) was appointed; closure is tied to misappropriation/loan transactions involving partner Frank P. Glazier. No article describes a depositor run prior to suspension — events describe insolvency, receivership, and subsequent bankruptcy/claims.

Events (2)
1. December 4, 1907 Receivership
Newspaper Excerpt
Receiver W. H. Dancer, of the Stockbridge bank, obtained an order from the circuit court...; Receiver Dancer unearthed peculiar transactions in affairs of Stockbridge financial house. (Articles refer to Receiver Dancer and receiver activities in Jan. 1908 and later.)
Source
newspapers
2. December 4, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to insolvency tied to misappropriation and large insider loans involving Frank P. Glazier; bank later placed in receiver/ bankruptcy proceedings.
Newspaper Excerpt
Glazier was a partner of Martin F. Gay in the Stockbridge bank, which closed its doors Dec. 4, 1907.
Source
newspapers

Newspaper Articles (6)
1. January 10, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, January 10, 1908

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Article Text

GLAZIER BANK IN $26,000 LOAN ON DAY HE FAILED RECEIVER DANCER UNEARTHS PECULIAR TRANSACTION IN AFFAIRS OF STOCKBRIDGE FINANCIAL HOUSE. STOCKBRIDGE, Mich.. Jan. 10.-A loan of $26,000 from the Stockbridge bank, owned by State Treasurer Frank P. Glazier, was made on Dec. 2, the day that Giazier's bank at Chelsea was closed by State Banking Commissioner Zimmerman. This loan is said to have been made to either a member of Glazier's family, or to one of his personal friends. So much has been learned from Receiver Dancer, who says that the Glazier and contingent loans amount to $116,000. The $26,000 loan note was found in the Stockbridge bank since Receiver Dancer's appointment. The principal loan in the Stockbridge bank is to Mr. Glazier personally, amounting to $50,000 and interest unpaid of $1,275. The note was due June 13, 1905. It was made at the time the stove factory was started, and is secured by $50,000 of stock preferred in the Glazier Stove Co., and $50,000 life insurance, endowment, Mutual of New York. This policy has a small cash value. LANSING, Mich., Jan. 10.-Atty.Gen. Bird has made a demand on the surety companies on the bond of the Chelsea Savings bank given to the state for the safety of its funds for the full amount of the companies' obligation, $200,000. This demand was preceded by a formal demand upon the Chelsea bank for the funds of the state on deposit there. The action of the attorney general will lead to a suit for the determination of the liability of the surety companies. FLINT, Mich., Jan. 10.-Prayers for the recovery of State Treasurer Glazier were offered at the fourth of an extended series of union evangelistic meetings in the Court-St. M. E. church. The meetings are being conducted by Revs. H. T. Crossley and E. Hunter, of Toronto, Ont. Both evangelists are friends of the Glazier family. A letter came from Mrs. Glazier asking them to offer up supplications in their meetings that her husband might be restored to health.

2. September 29, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, September 29, 1908

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Article Text

MICHIGAN BRIEFS Bronson-Oral E. Clark, of this place, is among those who passed the recent competitive examinations for commission as second lieutenant in the regular army. Muskegon-The Democrats of the twenty-third senatorial district will, in convention at Grand Haven today, nominate William A. Van Eyck, of Holland, to oppose Tom Bolt, the Republican candidate. Kalamazoo-John W. Kern, who is to open the national campaign in southwestern Michigan at Kalamazoo tonight, will arrive here from Chicago accompanied by E. O. Wood, at 4:33 in the afternoon. Pontiac-The annual meeting of the Presbyterian synod of Michigan will convene at the Pontiac Presbyterian church, Oct. 13, and continue in session two days. Delegates from all parts of the state will be present and speakers of national prominence will take part in the programs. Holland-Both police and friends of E. Waffie, the aged man, and Mrs. Noel Gilmore, an attempt on whose lives was made by James C. Waffle, a son and brother, about two weeks ago, believe that the assaulter will return and endeavor to kill the other members of the family, and as a result of this belief an officer has been stationed at the home night and day. Grand Haven-Charlea Mesick, of Burnips Corners, and Charles Forester, of this city, were drowned while boating on Grand river. Forester, reaching for a postal card which was floating in the water, fell overboard. He shouted that he could not swim. Mesick plunged in after him, and both sank. The United States life-saving crew worked all night, but the bodies have not been recovered. Lansing-Receiver W. H. Dancer, of the Stockbridge bank, obtained an or der from the circuit court to pay the annual premium of a life insurance for $50,000 on the life of Frank P. Glazier. Two policies for $50,000 each were turned over to the bank at Stockbridge by Glazier to secure his personal indebtedness at the institution. Glazier's trial has been put over till after election. Pontlac-Lessie Graveline, 17, was released on probation for three years by Judge Smith in the circuit court. The girl confessed to arson at the farm home of Alfred Gale, where she was employed. She had stolen some of Mrs. Gale's clothing and confessed to the officers that she set the Gale house on fire three times the same night. Each fire was extinguished before it had gained much headway.

3. September 30, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, September 30, 1908

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Article Text

MICHIGAN BRIEFS Bronson-Oral E. Clark, of this place, is among those who passed the recent competitive examinations for commission as second lleutenant in the regular army. Muskegon-The Democrats of the twenty-third senatorial district will, in convention at Grand Haven today, nominate William A. Van Eyck, of Holland, to oppose Tom Bolt, the Republican candidate. Kalamazoo-John W. Kern, who is to open the national campaign in southwestern Michigan at Kalamazoo tonight, will arrive here from Chicago accompanied by E. O. Wood, at 4:33 in the afternoon. Pontiac-The annual meeting of the Presbyterian synod of Michigan will convene at the Pontiac Presbyterian church, Oct. 13, and continue in session two days. Delegates from all will be present and parts of spea' ational prominence will tak in the programs. Holland-Both police and friends of E. Waffle, the aged man, and Mrs. Noel Gilmore, an attempt on whose lives was made by James C. Waffle, a son and brother, about two weeks ago, believe that the assaulter will return and endeavor to kill the other members of the family, and as a résult of this belief an officer has been stationed at the home night and day. Grand Haven-Charles Mesick, of Burnips Corners, and Charles Forester, of this city, were drowned while boating on Grand river. Forester, reaching for a postal card which was floating in the water, fell overboard. He shouted that he could not swim. Mesick plunged in after him, and both sank. The United States life-saving crew worked all night, but the bodies have not been recovered. Lansing-Receiver W. H. Dancer, of the Stockbridge bank, obtained an or der from the circuit court to pay the annual premium of a life insurance for $50,000 on the life of Frank P. Glazier. Two policies for $50,000 each were turned over to the bank at Stockbridge by Glazier to secure his personal indebtedness at the institution. Glazier's trial has been put over till after election. Pontiac-Lessie Graveline, 17, was released on probation for three years by Judge Smith in the circuit court. The girl confessed to arson at the farm home of Alfred Gale, where she was employed. She had stolen some of Mrs. Gale's clothing and confessed to the officers that she set the Gale house on fire three times the same night. Each fire was extinguished before It had-gained much headway.

4. October 15, 1908 Belding Banner Belding, MI
Article from Belding Banner, October 15, 1908

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Article Text

Releases Claim on Insurance. In the circuit court Judge Wiest signed an order permitting W. J. Dancer, receiver for the Stockbridge bank, to turn over to the Security & Trust Company, trustee in bankruptcy for F. P. Glazier, an insurance policy for $50,000 on the life of F. P. Glazier. Four days before the former state treasurer went into bankruptcy he deposited in the Stockbridge bank insurance policies on his life aggregating $100,000 as collateral for loans made by the bank to him. One of the policies was for $50,000 and had recently been issued. When the premium, amounting to over $2,800, became due recently, a committee of the creditors recommended that it be dropped and the other policies which were older and had a surrender value, be carried, and the premium amounting to $1,483 be paid by the receiver. An order was secured from Judge Wiest authorizing the transaction recommended by the creditors.

5. August 5, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, August 5, 1910

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Article Text

GLAZIER CASE UP AGAIN. Stockbridge Bank Receiver Has Claim Against Estate. Referee in Bankruptcy Harlow P. Davock is engaged in hearing a claim of the receiver of the Stockbridge bank against the estate of Frank P. Glazier, former state treasurer, now serving a term in Jackson prison for misappropriation of state funds. Glazier was a partner of Martin F. Gay in the Stockbridge bank, which closed its doors Dec. 4, 1907. The claim is dated Dec. 3, 1907. The trustee in the Glazier matter denies any liability that would be a lien on the Glazier funds.

6. August 6, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, August 6, 1910

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Article Text

GLAZIER CASE UP AGAIN. Stockbridge Bank Receiver Has Claim Against Estate. Referee in Bankruptcy Harlow P. Davock is engaged in hearing a claim of the receiver of the Stockbridge bank against the estate of Frank P. Glazier, former state treasurer, now serving a term in Jackson prison for misappropriation of state funds. Glazier was a partner of Martin F. Gay in the Stockbridge bank, which closed its doors Dec. 4, 1907. The claim is dated Dec. 3, 1907. The trustee in the Glazier matter denies any liability that would be a lien on the Glazier funds.