9448. First National Bank (Ypsilanti, MI)

View Charter #155 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
155
Charter Number
155
Start Date
March 1, 1933*
Location
Ypsilanti, Michigan (42.241, -83.613)

Metadata

Model
gpt-5-mini
Short Digest
e63b636b

Response Measures

None

Receivership Details

Depositor recovery rate
65.0%
Date receivership started
1933-10-26
Share of assets assessed as good
13.4%
Share of assets assessed as doubtful
62.9%
Share of assets assessed as worthless
23.7%

Description

The bank was closed during the 1933 banking holiday and placed in receivership (Comptroller/receiver references). The articles (1940-1943) describe ongoing receivership activity, auctions of remaining assets, and final dividend payments — indicating permanent closure rather than reopening. No contemporaneous depositor run is described in these clippings.

Events (6)
1. December 14, 1863 Chartered
Source
historical_nic
2. March 1, 1933* Receivership
Newspaper Excerpt
William Ritman, receiver for the First National Bank ... Remaining assets are being liquidated ... W. S. Ritman, as Receiver of The First National Bank of Ypsilanti, Michigan will offer at public sale ... pursuant to authority of the Comptroller of the Currency of the United States.
Source
newspapers
3. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the 1933 banking holiday and subsequently placed in receivership under the Comptroller of the Currency.
Newspaper Excerpt
a five per cent payment was made available to depositors during the banking holiday of 1933.
Source
newspapers
4. October 26, 1933 Receivership
Source
historical_nic
5. August 15, 1941 Other
Newspaper Excerpt
Remaining assets of the First National Bank of Ypsilanti will be disposed of at a public auction at the receiver's office in the National Bank of Ypsilanti Aug. 15 at 11 a. m. Remaining assets consist of real estate, bills receivable, judgments, overdrafts and other choses in action and chattels.
Source
newspapers
6. January 19, 1942 Other
Newspaper Excerpt
The First National Bank of Ypsilanti will begin distribution Tuesday of the sixth and final dividend ... This distribution will amount to approximately $135,000 ... makes a total of 71.39 per cent ... The final payment has been made possible because of an agreement between the State of Michigan and the Comptroller of Currency ... termination of this receivership
Source
newspapers

Newspaper Articles (10)
1. September 2, 1940 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, September 2, 1940

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Article Text

NEXT PAYOFF AT BANK TO BE LAST DEPOSITORS RECEIVE 70 PER CENT THUS FAR; CHECKS UNCLAIMED William Ritman, receiver for the First National Bank, states that although he can not estimate the amount or time of the next dividend payment, when it is paid, it will probably be the last. Depositors have been paid 70 per cent including the five per cent which was paid at the time of the bank holiday. Remaining assets are being liq. uidated as rapidly as possible, Mr. Ritman said. but there were still several cases of litigation which will cause delay. Ypsilantians must not be too hard up, the receiver surmised, stating that there were 3,132 dividend checks still unclaimed as of June 30. Most of these are for small amounts and it would be a great help, If they were closed out, he said, as they fill two drawers, which must be taken from the safe in the basement to the sec: ond floor of the National Bank building each morning- that the offices are open, and returned in the evening. If these dividend checks are not claimed before the receivership is closed. they will be sent $0. Washington, and then depositors will be required to write to the Comptroller, Preston Delanozin the capital. Meantime all that is required to claim them is presentation of receiver's certificates properly endorsed. Mr. Ritman has recently completed closing a bank in Wyandotte and states that there depositors were paid 100 per cent with interest. His next task after closing Ypsilanti wll be Royal Oak, he said.

2. November 9, 1940 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, November 9, 1940

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Article Text

# Banks, Offices Will be # Closed on Armistice Day All banks, federal and state offices will be closed Armistice Day. City Hall offices and city stores will remain open, however. The lobby of the post office will be open from 7 a. m. to 5 p. m. but all windows will be closed. Mail will be dispatched as usual but street box collections will not begin until 1:30 p. m. Michigan State Employment offices will be closed until Tuesday morning. The office of the First National Bank receiver, National Bank of Ypsilanti and the Ypsilanti Savings Bank will close Monday.

3. January 1, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 1, 1941

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Article Text

(Continued from Page One) mission here. Bishop Frank W. Creighton confers rite of confirma. tion on class of St. Luke Church. Mar. 4-Speakers Olin C. Eckley, T. Fred Older and City Assessor Don Comstock tell Rotarians of advantages of building within the city limits. Mar. 5-Fire in Royal Tavern, E. Michigan Ave., results in loss of about $3,000. Mar. 7-Dr. Benjamin L. D'Ooga, long time professor of classical education in the Normal College, suecumbs in Allentown, Pa. hospital. Mar. 8-Dean J. Milton Hover, of the Normal College, addresses Lincoln Community League members on "Student Aid Funds." Mar. 9-W. S. Whitman, Washington, D. C., becomes new receiver of First National Bank of Ypsilanti, replacing Burt F. Schumacher, Ann Arbor. Mar. 10-The world has too many onlookers, Rev. O. C. Hendrickson, Flint, tells those assembled for Union Lenten service in First Methodist Church. Mar. 11-Villages near here hold annual spring elections. Mar. 12-Largest group in history of Farm Bureau attends annual dinner meeting " Lutheran Church. Mar. 13-Heavy coating of ice makes streets, walks, treacherous. Mar. 15-Ypsilanti Boat Club outlines plans for year at initial meeting in Ypsilanti High School. Mar. 17-Appropriate hymns feature Palm Sunday services in local churches. Mar. 19-American Legion selects Prof. Charles Elliott, head of the special education department of the Normal to receive "outstanding citizen" award. Mar. 20-King Winter makes firm last stand as spring enters. Little Cecil Richards, six, saves blind mother, Mrs. Harold Richards, from burning home. Mar. 21-Van A. Loomis, detective of Michigan State Police, gives final approval of new silent alarm system installed in Ypsilanti Savings Banak. Mar. 24-Worshipers throng local churches for Easter services. Mar. 25-Andrew J. Belanger tells Rotary Club members of benefits of industrial, national censuses. Mar. 27-Ground Hog receives vindication as heavy snows blanket city. Mar. 28-Over 500 members, friends of Washtenaw County American Legion posts attend Citizenship banquet in Ann Arbor, at which mobile unit is presented to sheriff's department, outstanding citizens receive awards and Edward Schneiberling, New York Department Commander, gives address. Mar. 29-Ypsilanti seniors present sparkling comedy, "New Fires" in auditorium before capacity crowd. Mar. 31-Students gather in Ypsilanti High School for county youth conference.

4. July 24, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, July 24, 1941

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Article Text

First National Bank to Auction Remaining Assets August 15th Remaining assets of the First National Bank of Ypsilanti will be disposed of at a public auction at the receiver's office in the National Bank of Ypsilanti Aug. 15 at 11 a. m. Remaining assets consist of real estate, bills receivable, judgments, overdrafts and other choses in action and chattels. Descriptive list of the remaining assets offered for sale may be inspected by prospective purchasers at the receiver's office and the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest bidder or bidders for cash.

5. August 11, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, August 11, 1941

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Article Text

Final Sale of Bank Assets to be Friday A variety of notes, judgments, a few securities, overdrafts and uncollected rents will be offered at the First National Bank public auction Friday at 11 a. m. in the receiver's office, National Bank of Ypsilanti. All real estate items have been cleared by the receiver. A descriptive list of the remaining assets may be inspected. by prospective buyers at the receiver's office or at the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest cash bidder or bidders. Within 60 days after the sale the receiver's force expect to have the final dividend payment made to the more than 6,000 creditors of the First National Bank.

6. August 12, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, August 12, 1941

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Article Text

Lega! Notices RECEIVER'S NOTICE or SALE To Whom it May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. W. 8. Ritman, as Receiver of The First National Bank of Ypsilanti, Michigan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941. at 11:00 o'clock a. m. the remaining assets of the First National Bank of Ypsilanti, Michigan, consisting of (real estate, bills recelvable. judgments, overdrafts, and other choses in action and chattels) less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets 80 offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Recelver of The First National Bank of Ypsilanti on all business days up to and including the date of the said sale between the hours of 9:00 a. m. and 3:00 p. m. According to law, said remainIng assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States. The sale, if approved, will be completed pursuant to general order of Court dated April 19, 1941. (Signed) W. 8, RITMAN. RECEIVER. The First National Bank of Ypsilanti. Michigan. Adv 814S STATE OF MICHIGAN, In the Circuit Court for the County of Washtenaw In Chancery George C. Handy and Lulu P. Handy. his wife, Plaintiffs vs Gabriel Godfroy. Sr., Monique Godfroy, Junathan G. Morton, Eurotas P. Hastings. Allen Buck, William K. Coil. William K. Coyle, David Edwards. Lucia M. Edwards, Nathaniel Phillips. Alva Worden. Charles 8. Worden. S. Gillette & Company. George Foote, Marianne Foote, Lottle O. Murray. or their unknown heirs, devisees, legatees and assigns, Defendants. Suit pending in the Circuit Court for the County of Washtenaw, in the city of Ann Arbor, in said county, on the 4th day of August, 1941. In this cause, It appearing from the affidavit on file that the whereabouts of the Defendants are unknown. except LOTTIE O. MURRAY. who lives in the city of Ypsilanti, Michigan, on motion of JOHN P. KIRK, Attorney for Plantiffs. it is ordered that the appearance of the Defendants, whose whereabouts are unknown. be entered in said cause within three months from the date of this order. George W. Sample, Circuit Judge. Luella M. Smith. Clerk. John P. Kirk, Attorney for Plaintiffs. Business address: Ypsilanti. Michigan. This suit is brought to quiet the title to all those certain pieces or parcels of land. situate in the city of Ypsilanti, county of Washtenaw, and State of Michigan, described as follows: A strip of land three rods wide off the north side of Lot 110. according to the recorded plat to the village, now city of Ypsilanti, except one rod wide across the west end of said parcel of land. The said Plaintilfs also having the right under their deed to pass over and use for the purpose of a lane, 80 long as it shall be used for that purpose. the following strip of land: one rod wide across the west end of said Lot 110 extending from Pearl Street north. George C. Handy Lulu P. Handy Adv. 2-916

7. September 24, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, September 24, 1941

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Article Text

BANK (Continued from Page One) all of the available fund to the creditors whose claims were proven properly. The litigation mentioned has, therefore, a direct bearing on the amount which can be paid to the creditors of the First National Bank of Ypsilanti in the way of a final dividend since should the State of Michigan be able to sustain its contention, it would be entitled to receive all of the dividends available on these dormant accounts. "It is the purpose of the office of the Comptroller of the Currency to see that a final distribution is made to the creditors of the First National Bank of Ypsilanti as early as possible and your readers may be assured that preparation of final dividend checks will go forward immediately after a decision has been rendered in this pending litigation. It is to be regretted that it is not possible to terminate this receivership immediately by payment of a final dividend but, as indicated hereinabove, it will be impossible to determine the amount of the final dividend until a decision has been rendered in the pending suit."

8. November 4, 1941 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, November 4, 1941

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Office Moved First National Bank Receiver's office has been moved from the second floor of the National Bank of Ypsilanti to the first floor. Citizens Union Loan Co. are now occupying the vacated receiver's office.

9. January 19, 1942 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 19, 1942

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Article Text

First National Plans Pay-Off The First National Bank of Ypsilanti will begin distribution Tuesday of the sixth and final dividend of 6.39 per cent in the receiver's quarters in the National Bank, W. S. Ritman, receiver, announced today. This distribution will amount to approximately $135,0000 and with previous distributions of 65 per cent, makes a total of 71.39 per cent or more than $1,500,000 paid to creditors of this bank. In addition, a five per cent payment was made available to depositors during the banking holiday of 1933. All persons who have proven claims against the bank may call at the receiver's quarters to obtain the final payment and the hours of distribution will be from 9 a. m. to 3 p. m. daily, except on Wednesday when the hours will be from 9 a. m. to 12 noon. Claimants should bring their receiver's certificate with them as they must be surrendered when this final payment is received. Persons unable to call at the receiver's quarters may mail their certificates to the receiver, and the dividend checks will be forwarded to them after receipts have been signed and returned. The final payment has been made possible because of an agreement between the State of Michigan and the Comptroller of Currency which permits Mr. Ritman to proceed with the final dividend payment and termination of this receivership The payment could not be made until a decision had been rendered by the United States Supreme Court in the suit of the State of Michigan vs. B. C. Schram, receiver of First National Bank, Detroit, et al, in which the state was attempting under its escheat laws to reach and draw down dividends on dormant accounts. Mr. Ritman announces that it will be important that creditors call for this final payment promptly as the receivership will be terminated in about four weeks and all undelivered dividend checks will be forwarded to the Comptroller of Currency in Washington. D. C. Then all claimants must correspond with the office of the Comptroller of Currency in order to obtain their checks. Many pe:sons have heretofore filed claims and received only the first or second dividends, failing to call for subsequent dividends. These persons will receive all undelivered checks due them from previous distributions when they call for this sixth final payment, Mr. Ritman announces.

10. January 1, 1943 The Ypsilanti Daily Press Ypsilanti, MI
Article from The Ypsilanti Daily Press, January 1, 1943

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Jan. 12-Michigan Bell Telephone Company announces transfer of Chester Manning, manager here since 1936. to the company's distriet office in Ann Arbor and the appointment of William Bergman, Ann Arbor, to succeed him here. Jan. 13-United States Navy awards distinguished Navy Cross to Lt. Robert J. Esslinger, son of Mr. and Mrs. A. F. Esslinger, this city. Jan. 14-Duane Chamberlain, scoutmaster of Troop 1, receives Silver Beaver award for "outstand. ing service to boyhood" at the annual meeting of the WashtenawLivingston Boy Scout Council. Jan. 15-Four hundred fifty Boy Scouts, Cubs and their parents attend annual cooperative supper and court of honor in Ypsilanti High School. Jan. 16-Workmen break ground for new $500,000 training school at the Ypsilanti Bomber Plant. Jan. 17-United States Public Roads Administration approves access highway project at the Ypsilanti Bomber Plant costing three million dollars. Jan, 18-Second Lt. Leroy Grindle, former Normal College track star. loses life in Army bomber plane crash in Oregon. Jan, 20-First National Bank of Ypsllanti begins sixth and final dividend payment to creditors. Jan. 21-Works Progress Administration establishes a fund of $26.342 to be used for recreation in the Ypsilanti Bomber Plant area. Jan. 22-Planes land on complet ed runways at airport at Ypsilanti Bomber Plant. Jan. 23-Raymond Foley, state Federal Housing Adm nistration head. tells local group of defense housing needs. Jan, 24-American Legion Post 282 organizes for civilian defense. Jan, 26-Drive for infantile paralysis funds begins here Jan. 27-Ypsilanti Community