Ypsilanti Savings Bank - Ypsilanti, MI

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: August 27, 1907
Location: Ypsilanti, Michigan (42.241, -83.613)

Metadata

Model: gpt-5-mini
Short Digest: 331edc8b

Response Measures

Partial suspension, Books examined

Other: Bank asked certificate holders to give 30-90 day notice; First National and local capitalists offered support but not needed.

Description

Article (Aug 27, 1907) describes a run started by an untraceable rumor. The bank met commercial checks, asked depositors to give statutory 30-90 days' notice for certificate deposits, and remained open; no suspension or receivership is reported.

Events (1)

1. August 27, 1907 Run

Cause: Rumor Or Misinformation
Cause Details: Run started by an untraceable rumor that prompted heavy withdrawal demands; officials asked depositors to give 30-90 days' notice on certificate deposits.
Measures: Asked depositors to give 30-90 days' notice for certificate deposits; continued to meet commercial checks; state examiner pronounced bank sound; offers of funds from First National and local capitalists.
Newspaper Excerpt: The Ypsilanti Savings bank has announced that, owing to a run started by an untraceable rumor, the bank had heavy demands on deposits last week and asks depositors to give the thirty to ninety days' notice required by law for certificate deposits.
Source: newspapers

Newspaper Articles (1)

1. August 31, 1907 The Diamond Drill Crystal Falls, MI

Article from The Diamond Drill, August 31, 1907

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Article Text

RUN ON A SAVINGS BANK Started by a Rumor It Causes the Bank Officials to Demand Time. Ypsilanti, Mich., Aug. 27. - The Ypsilanti Savings bank has announced that, owing to a run started by an untraceable rumor, the bank had heavy demands on deposits last week and asks depositors to give the thirty to ninety days' notice required by law for certificate deposits. The bank is meeting all checks on commercial deposits as usual. Vice President Glover announced that every certificate will be paid in due time. The state bank examiner pronounced the bank securities gilt-edged and the bank perfectly scund. The officers of the bank are: A. Beyer, president; H. P. Glover, vice prestdent: R. W. Hemphill, cashier, and assistant cashier, P. W. Carpenter, The directors are wealthy men and there is confidence in them. The First National bank and local capitalists offered to put large sums at their disposal, but the bank has plenty of funds for present needs and penty more comIng in, according to an officer. Peopie gathered at the bank dispersed smiling.