Ypsilanti Savings Bank - Ypsilanti, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: July 24, 1931
Location: Ypsilanti, Michigan (42.241, -83.613)

Metadata

Model: gpt-5-mini
Short Digest: 81d53bef

Response Measures

None

Description

The bank was closed (placed in receivership) July 24, 1931 (article dated 1931-12-22 states been closed since July 24) and reopened by Dec. 1, 1931 (per 1932-06-24 article listing banks reopened since Dec. 1, 1931). A 1933-03-17 article shows it was among state banks given authority to resume full banking business. No run is described in the articles; the suspension appears tied to a receivership/state banking action.

Events (3)

1. July 24, 1931 Suspension

Cause: Government Action
Cause Details: Closed and placed in receivership; awaiting State Banking Commission checks and dissolution of receivership.
Newspaper Excerpt: The bank, which been closed since July 24. will reopen soon as the State Banking Commission makes its check the receivership is dissolved.
Source: newspapers

2. December 1, 1931 Reopening

Newspaper Excerpt: He points out that, as a result of the co-operative efforts of depositors and state banking officials, assisted by new legislation, nine banks have been reopened since December 1, 1931. They are at Saline, Ypsilanti, ...
Source: newspapers

3. March 17, 1933 Other

Newspaper Excerpt: Today's releases ... Ypsilanti Savings bank ... been given leases by the state banking [department] to open their doors unlimited business.
Source: newspapers

Newspaper Articles (3)

1. December 22, 1931 Detroit Free Press Detroit, MI

Article from Detroit Free Press, December 22, 1931

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Article Text

Motor City INVESTORS' Round Table By M. WHITE Establishing the liability of bank directors for the full amount of their own assets may be one of the laws evolved to protect money and reduce bank suspensions. Such law would inflict heavy penalties on violators. The Government now conducting against the directors the National Bank of Kentucky Louisville, to recover for great deal of this come from assets than shares held by CTIVITY on moderate firmwhich its doors ness in Guardian, rather light Should the case the effects be dealings in the main list and irMoney deposited would be more regularity of price trend marked secure bank failures fewer. Monday's session on the Detroit "Considerable money Stock Exchange. have been collected from bank directors,' said they Net losses outnumbered net misused their powers and failed gains, but the larger changes were adhere prescribed by the side the Detroit law and advised by inspectors. Edison firmest issue, sell- "The the bank director ing ex-dividend at 115, where simple. He owes it his share5½ points net. Hudson Motor holders carry an honest busiCar light conducted along lines up dealings and Universal Cooler specified by The shareholder gained point in turn the depositGuardian was bid up to 17% and places his money in the closed up at 17% under ex- bank the failure of the change of nearly 1,500 shares, while small gains National Bank of Kentucky, Pole net said: registered in dozen other Losses of not quite point were recorded couple of stocks, while small recessions occurred in about dozen others. Total sales for the day were 12,0906 shares. OPELAND PRODUCTS, Inc., during the current week will issue its annual report for the year to Oct. It understood that the statement show subincrease earnings over the preceding year. For the fiscal year ended Oct 31, 1930. com pany reported net profit of $107,039 after charges and Federal taxes, equal to $2.05 share 52,265 no par common For eight ended 30 this year, net profit was share on 52,072 shares of common stock. EGISTRATIONS of new Reo R Speed Wagons and trucks during in 37 states, comprising 69 per of Reo's domestic vehicle market, show gain 51.34 per over last year, G. sales ager RCO Motor Car Co. This the fifth consecutive month that Reo vehicle sales have shown substantial gains over last year. REVISED LIST of selected A common stocks with 1931 earnings estimated to cover dividends being distributed by stone Ford, the New Detroit and Chicago Stock Exchanges New York Curb sociate). The list includes the yield and price earnings ratio as of Dec. 1931. City Attorney of Ypsilanti, been elected president of the Ypsilanti Savings Bank vice The bank, which been closed since July 24. will reopen soon as the State Banking Commission makes its check the receivership is dissolved. Co. will recall about to its Mount Dennis, Ontario, plant after the first the year to start production for Canadian according Toledo advices. The company has given increases of 10 cent receiving less than $100 month. E. SELDEN, formerly vice president of the Ainsworth Manufacturing will become associated with the Edward Budd Wheel on Jan. 1932. Mr. Selden formerly president of JosM. Smith which eph consolidated the AinsCo. 1929. He will be located in Detroit. NTERESTS usually close to Electric Autolite considerable significance in the ability of the management increase the profitmargin this that for 1930. Co. according pointed out that of this the in reflect impany good extent change for the better The stock the been mentioned frequently by several houses recently of those considered one scale buying by traders and others. improvement loan to an insolvent rubber company the bank, which had assets on the report made before its The senate finance studying this loan and others of similar Laws which will make bank directors money for deposare Making individual assets liable for compensation expected to insure honesty and promote sound banking procedure. DIVIDENDS Chicago Great Western Dividend of 50 cents share on preferred. payable Jan. record Jan Dividend, which applies the same as paid on Oct. 1931. Debenhams Securities Action postponed on dividend declaration on 71/2 per cent cumulative preference shares of one paid due 31 after consultation with Ltd. The ter tion dividend whole trading results available. Pacific Associates Quarterly dividend of 50 cents Company one quarterly divident of 50 cents October. The predecessor company Pacific AssoInc., stock which was changed on basis of five shares for one present company, previously paid $1 annually at the rate of cents quarter. Ohio Leather The first cash dividend more than years was declared Monday the company on own common stock. The payment, given stockholders "special" declaration. Standard Cap Extra dividend of 50c payable Dec. stock record Dec. similar extra dividend declared this time last year. Travelers Insurance Co. Extra dividend of $2 and regular dividend $4. both able Dec. record Dec. 21. Similar dividend paid year George Buchanan Foster was elected a director. Farr Alpaca Co. Quarterly dividend of 50 cents, payable 31, record Dec. 21, placing stock annual basis against $4 previously American Home Products Regularly monthly dividend of cents, payable Feb. 1, record Jan. Memphis Natural Gas Regular quarterly dividend of 15 cents payable Jan. 15. record Dec. 31. Michigan Steel Tube December quarterly dividend omitted. Manhattan Transit Regular of $1 payable 15, record Dec. 31. FOREIGN EXCHANGES NEW demand change is noted in markets for paint $5 red lead litharge and orange mineral in lead did not follow this although remain New being on colors but the marshows disposition mark time. Varnish gums and shellac continue quiet. NEW YORK, Dec. the face of and ing Stock bonds today maintained an trend. Although total sales $13,346,000, strong buying appeared various times session and reported that investment were bidding number of the higher class domestic Railroads retained their leadership the gains some of the carrier from points. The running average for 60 corporate loans was of point over Satup urday's close. the average for 20 rails gained point. carrier obligations that those the Baltimore Ohio, Canadian National, Chesapeake Chicago Eastern Illinois, Chicago Great Hudson & Illinois Central, Missouri Pa cific, York Haven, Northern Pacific, Reading. Southern, Southern Pacific, Union Pacific and Wabash. In the loan categories, gas and together rubber bought at slightly higher Argentine obligations were the feature the foreign group, showing gains from British were up. but French softened. 7s advanced while 5½8 dropped point heavy selling. United States Government loans were down fractionally Standard Co.) Monday

2. June 24, 1932 The Ironwood Times Ironwood, MI

Article from The Ironwood Times, June 24, 1932

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Article Text

MICHIGAN FINANCIAL SITUATION BRIGHTER More Banks Being Reorganized, Less Being Closed Throughout Michigan TWO U. P. BANKS CONSOLIDATE Interest in state banking affairs recently shifted to the Upper Peninsula as the result of a merger in Houghton of two national banks and the suspension of business by two banks at Iron River. The Houghton National Bank and the Citizens Na. tional Bank, of Houghton, were consolidated, the business of both institutions hereafter to be conducted by the Houghton National Bank. All deposit liabilities of the Citizens National have been guaranteed by the remaining institution. Houghton National Bank, headed by A. N. Baudin, was organized in 1865. It has resources in excess of $4,000,000 and deposits of approximately $3,000,000. The Citizens National Bank, organized in 1901, had resources of about $1,000,000 and deposits in excess of $750,000. Its president was A. F. Heidkamp. Merger of the two Houghton national banks, followed several days after the suspension of business by the Miners State Bank, of Iron River, and the Commercial Bank, of Stambaugh. The Iron River bank suspended on June 9. Directors declared the suspension was voted to effect a reorganization. The Commercial Bank, of Stambaugh, a neighbor institution, closed its\ doors the previous day. Two other bank suspensons were reported recently. On June 13 the Sherwood State Bank, Sherwood, organized in 1909, failed to open its doors. The suspension followed recent assessments on the stockholders and other efforts to keep the bank in operation. It is believed that depositors will be paid in full. The private bank of Churchill and Webber, at New Era, failed to open for business on June 14, and will liquidate. The bank was established in 1909 as a branch of the Churchill and Webber bank at Shelby. When the latter institution failed in 1931, the depositors fo the New Era bank agreed not to withdraw their deposts. Resources approximate $113,000. R. E. Reichert, banking commissioner, expresses satisfaction with the progress made in reorganization and reopening activities. He points out that, as a result of the co-operative efforts of depositors and state banking officials, assisted by new legislation, nine banks have been reopened since December 1, 1931. They are at Saline, Ypsilanti, Reading, Romulus, Bessemer, Bridgewater, Petosky, Caledonia and Fenton. Eight more have completed ararngements for reorganization and will reopen shortly. Reichert said that 35 other banks are working toward reorganization and are in various stages of progress, pointing either to their eventual reopening or the establishment of new banks. So far this year, sixteen banks have suspended business, while 13 were closed. Judge Frank L Doty has granted a court order approving the plan for reorganization of the First State Bank, of Milford, following a hearing which showed 89 per cent of the depositors in favor of the plan. A decree was to be signed this week providing for the bank's reopening. The Coloma State Bank, Coloma, was to be reopened late this week following an order by Judge Charles E. White terminating the receivership. A court order also was issued recently at Caro for the reopening of the State Savings Bank of Caro. R. E. Reichert, state banking commissioner, states that the Bay City Bank is in a condition to reopen at any time. This statement followed completion of an analysis and appraisal of the bank's assets. The depositors' committee of the Benton Harbor State Bank is within $100,000 of its goal in securing depositors' signatures to a reorganization plan. Forty per cent of the required amount of $850,000 of the deposits of the closed Clare County Savings Bank, Clare, has been signed to agreements for the bank's reorganization and reopening. Nearly $250,000 was paid out in dividends recently to depositors in three closed Michigan banks. H. R. Botkin, receiver, First National Bank, of Buchanan, closed last October, made a 45 per cent dividend distribution totaling $190,000 to 1,400 depositors. Depositors of the defunct State Bank, of Freeport, are receiving a 15 per cent dividend. W. R. Lobdell is receiver. The payment will total $31,100. A ten per cent dividend was distributed this week to depositors of the defunct Bridgman State Bank, closed in December 1930, by T. F. Gore, receiver. The payment totals about $27,000. The Bridgman bank has thus far paid out 30 per cent. A court hearing will be held befor Circuit Judge E. C. Pugsley, to facilitate liquidation of assets of the defunct Churchill and Webber private bank at Shelby. A plan has been proposed by which creditors would be able to obtain 20 per cent of general claims by actual purchase of notes, mortgages and security assets of the bank or by payments of cash as an alternative. The plan provides for the sale of the bank's assets at public auction. He came back a few days later and before the. officials could single him out again he had gotten on the outside of a few more free meals. Finally the county board agreed to appropriate money for the feeding of the indigent army. After that, it didn't last long. The last straw was reached when the men refused to help the city clear a municipal park. Shortly after the law was laid down. The bums had to go or something unpleasant would happen. Today men are living in jungles near the city. They are seldom seen on the streets. They do not molest anyone. The only time they ever were a nuisance was when the good people of Iron River tried to help them out. Iron River today has resumed its usual trend of life. Today We do not rub elbows with filthy bums. We are not accosted on every corner. The city hall is a clean building once again and the sidewalk in front of it may be walked over dry-shod. Better forget about the soup kitchen and flop house, Menominee.Iron River Reporter.

3. March 17, 1933 Marshall Evening Chronicle Marshall, MI

Article from Marshall Evening Chronicle, March 17, 1933

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Article Text

STATE BANKS Banking Com'r Gives Banks Authority to Do Full Banking Business Mar more state banks which not members of the Federal Reserve system today had been given leases by the state banking open their doors unlimited business They will, however. be subject to the Presidential order against withdrawls deposits for hoarding purposes. Today's releases brings the numof state banks and trust companies which have been opened during this week to 156 out of the 434 financial in Michigan The number also in addition the National banks released federal The releases are grouped as lows of 314 state banks which are members the Federal svstem 110 have been opened 99 state banks which of the Reserve system 35 been opened by federal order Of the 14 trust companies under juristiction of the state banking department six have been released Of the seven industrial banks the tate five open Today's releases Luther State bank Luther: State bank of Boyne Falls Ypsilanti Savings bank: State bank Marine Savings bank. Marine State bank Alpena: Wyandotte Savings State Lank West Branch and the Citizens Savings bank of Clare In announcing this list state banking commissioner reiterated statement that failure of banks receive leases today does not incan they in danger In instances said the de'ay caused by of department to comcheck of