gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bd5a5b707861fb8f
Response Measures
None
Receivership Details
Depositor recovery rate
96.0%
Date receivership started
1931-12-29
Share of assets assessed as good
24.7%
Share of assets assessed as doubtful
66.6%
Share of assets assessed as worthless
8.7%
Description
Receivership and dividend activity in 1932–35 confirm permanent closure rather than reopening under original charter.
Events (6)
1.February 20, 1912Chartered
Source
historical_nic
2.December 17, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed in December 1931 due to insolvency/financial failure leading to receivership.
Newspaper Excerpt
the closed American National Bank and Trust Co., of Benton Harbor... closed Dec. 17, its doors.
Source
newspapers
3.December 29, 1931Receivership
Source
historical_nic
4.December 29, 1931Receivership
Newspaper Excerpt
W. R. Payne, receiver for the closed American National Bank and Trust Co., of Benton Harbor
Source
newspapers
5.March 29, 1932Other
Newspaper Excerpt
plan reorganizing and reopening the American National and Benton Harbor State banks in Benton Harbor under one charter was formally announced today by the committee ... the two institutions closed last December
Source
newspapers
6.August 18, 1932Other
Newspaper Excerpt
An American National bank dividend of 25 percent will be paid depositors commencing ... Announcement of the dividend was made this morning by R. Payne, receiver
Source
newspapers
Newspaper Articles (18)
1.December 20, 1931Detroit Free PressDetroit, MI
Article Text
Motor City INVESTORS' Round Table M. WHITE
IZEABLE ADVANCES predominated in moderately active market the Detroit Stock Exchange Saturday. The two-hour session witnessed narrowing the list of issues embraced in the day's dealings, but some of the leaders rolled up fair turnover half holiday session. Murray leader in activnearly shares changing closed small fraction General Motors and other active Total sales for the Detroit Bankers the most buoyant issue, being bid closing up points fair activity. Mesta Machine 3% and Fourth National Investors firmed up two advanced 17% and finished the day for point an more than while full point advances marked in Burroughs and little more than half dozen fractional advances were recorded elsewhere General Foundry units set new low for point decline.
ETROIT EDISON Co., commentators point out, is in position to benefit through increased volume of business larger profits industrial activities the Detroit expand line with anticipations which have been expressed by important interIndustrial power production Detroit last month showed increase about October and there have been dictions that the month record November. Detroit Edison suffered from necessitous liquidation other utility. times the has moved forward small volume. The company earning its $8 share annual dividend.
TREND of general trade is uniformly downward on average of 20 per cent under the level of the 1930 closing weeks, cording to Dun Co.'s weekly review of trade conditions in Detroit. Christmas buying, the review active, other lines general merchandise, including men and women's wear, waiting for temperatures. hope winter the holiday business chance trieve Josses. The greater portion of the buying, appears to be the cheaper lines. review continues: shows few bright spots in the which the anomaly per cent of factories, 53 product in the State. this line and others, the volume business transacted recent slightly below the distributors are hopefully upon an because better lower than industrial plants slightly, except industry and kindred lines. While there improvement in sentiment among manufacnot, yet, been has there cent and allied Collections are fair office of the Peoples Wayne County Bank, Detroit, has been remodeled order to better care for the busithat section of the city which was transacted in temporary quarters the while the improvements were being made. The permanent office open for business Monday, with adequate facilities needs the territory. William Seyferth in the capacity of manager.
S. EDDINS, vice president and general manager of the Olds Motor Works manufacturers of the Oldsmobile, Lansing Saturday the ployees working the plant has passed the 2,000 mark for the first time this year. The announcemen follows closely upon that the new 1932 models. Eddins said than 200 additional added to the lists the this week. He said his figures do not include engineers, office personnel workers the plant the Fisher Body Corp., which The company old temporarily out of work, to their jobs. of two of A Benton Harbor's banks The American National Bank & Trust Co. the Benton Harbor closed Friday -leaving Benton Harbor and Joseph but one bank the Twin Cities, be effected was Satweeks, by bank officials. Through urday this plan about two million dollars savings and commercial deposits institutions made available depositors. The committee Klock, of BenHarbor, head of the Malleable Industries.
B. vice president of Motor Wheel Corp. Lansing, Mich. announces the opening office from which direct Detroit contact varied automotive Continued on Page
BOND AVERAGES Bonds First Rails Second Rails Public Utilities Industrials
2.March 29, 1932The Herald-PressSaint Joseph, MI
Article Text
ANNOUNCE PLAN FOR OPENING OF TWO BANKS
Built Around Agreement Depositors Will Be Asked to Sign
BLANKS READY SOON
Liquidation Only Alternative If Turn Down Proposal
The plan reorganizing and reopening the American National and Benton Harbor State banks in Benton Harbor under one charter was formally announced today by the committee that has been working the project since the two institutions closed last December. The plan, in brief, built around agreement which the depositors the two banks will be asked sign. 95 per the deposits in both banks must be secured to make the reorplan effective. The agreement be submitted to the depositors provides: That new bank shall be organized under the laws of the state Michigan with capital and surplus of not less than $160,000, of which shall be capital and surplus. Levy 100 Percent Assessment Am of 100 percent shall levied by the comptroller of the currency and the banking commissioner against the stockholders in both banks. Any stockholder in the bank upon payment of an and for stock in the new bank may, if he desires, have his used to pay his in the new bank. Any stockholder not electing to take stock will have the money paid on transferred to the depositors' trust fund. The new bank will guarantee the of 55 percent of the deposits of each old bank. Assets from the old banks will be transferred to the new bank in an amount equal the deposits guaranteed. The quick and selected assets of bank be used for this purpose. The $160,000 capital and surplus the new bank will be further guarantee of the payment of the percent. Establish Trust Fund After assets have been set aside by the directors the new bank, with the advice and consent of the state banking commissioner, for the payment the 55 percent referred to, other assets the old banks, culding' assets representing capital stock, surplus, undivided profits, gregating approximately $300,000 each bank, and including mortgages and slower paper of like quality, will be placed trust fund to protect the other 45 percent of the posits. This trust fund will be operated by the new bank with advice of positors' committee and distribution made depositors as ordered by the state banking commissioner. To make doubly safe and certain the payment of the 55 cent the state banking commissioner reserves the right within three years to substitute any asset the bank accepted for the protection of the 55 per cent with assets of equal amount from the trust fund. This means that any asset selected by the new bank goes "sour" within three years that the banking commissioner may exchange such asset for some better paper (Continued on page
3.March 29, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
Plan Outlined Bank Merger
95 PERCENT OF BANK DEPOSITORS MUST APPROVE NEW PLAN
Institution With $160,000 Capital And Surplus Proposed Under Plan Of Merger Of Assets Of American National, Benton Harbor State
Reorganization and reopening of the American National and Benton Harbor State last formally outlined today by the committee which for the past 90 days has been working on the proposed organization plan. The details the as given to The are as follows: plan, The plan for and merging the American National Bank Trust company, and the Benton AWAITS PRISON Harbor State bank built around agreement which the depositors asked sign, which provides: That new bank shall be organized under the laws of the state SENTENCE ON Michigan with capital and surplus of not than $160,000. of which shall be capital and surplus. RAPE CHARGE Levy 100 Percent Assessment
An assessment of 100 percent shall levied by the comptroller of the currency and the state banking commissioner against the stockholders in both banks Any present stockholder either bank upon payment of an assessment and who subscribes for stock in the new bank may, he sires, have his assessment used to his subscription in the new bank. Any stockholder not electing to take stock will have the money paid assessments transferred to the depositors' trust fund. The new bank will guarantee the payment unconditionally of perof the deposits of each old bank. Assets from the old banks will be transferred the new bank in an amount equal the deposits guaranteed. The quick and selected sets of each bank will be used for purpose The $160,000 capital and surplus the new bank will be further guarantee of the payment the 55 percent. Establish Trust Fund After assets have been set aside by the directors the new bank, with the advice consent of the state banking commissioner, for the payment the percent referred all other assets the old banks, including assets representing capital stock, surplus, undivided profits, aggregatapproximately $300,000 each bank, and including mortgages and slower paper like quality, will he placed in trust fund to protect the other 45 percent of the deposits. This trust fund will be operated by the bank with advice positors' committee and distribution made to depositors as ordered by the state banking commissioner. To make doubly safe and certain the payment of the percent the state banking the right withthree years to substitute any set in the new bank accepted for the protection the 55 percent with sets equal amount from the trust fund. means that if any asset selected by the new bank within three years that the banking may exchange such set for some better paper equal amount from the trust fund. The thought in mind is to make the percent gold in any market. To Protect Depositors Depositors will receive certificates deposit new bank for percent of their deposits and participation certificates in the trust fund for the other of their deposits. The certificates of deposit will draw interest at the of three percent from May payable semi-annually the trust fund pays out sufficiently the holders of participation certificates will three percent on their money for the entire period their funds are tied up If there should be any balance after payment has been made to depositors full with interest the balance, if any, will paid the stockholders (Please Turn to Page Nine)
4.April 4, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
DEPOSITORS SIGNING FOR BANK MERGER
The headquarters of the reorganization committee of the American National and the Benton Harbor State banks was thronged Saturday by depositors who signed the agreement for the opening of the banks as merged institution. The headquarters may be found in the Benton Harbor State bank building, entrance on Michigan street Mr. Hubbard. who is in charge. will be glad explain any portion of the contract which may puzzle any depositor. The program toward the opening of the reorganized bank will depend upon the promptness of the depositors in signing the agreement
POLICE RECOVER PURSE purse containing two $5 bills among other things was recovered police for Miss Florine Weber, of Searles avenue, Saturday afternoon after it had been stolen from waiting room in Dr. John Schwarz's office. 14-year-old boy who lives on Territorial road is reported by police to have stolen the purse when he entered the office to canvass shoeshining.
5.April 15, 1932The Herald-PressSaint Joseph, MI
Article Text
URGE DEPOSITORS OF CLOSED SISTER CITY BANKS FILE CLAIMS
Depositors in the closed American National and Benton Harbor State banks, which will be reorganized and reopened as one bank, were urged today not to delay in filing their formal claims. Claims are being filed with the receiver at the Benton Harbor State bank. The sooner the claims are filed the faster the work will proceed.
6.April 15, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
DEPOSITORS URGED TO FILE CLAIMS
Depositors in the closed American National and Benton Harbor State banks, which will be reorganized and reopened as one bank, were urged today not to delay filing their formal claims Claims are being filed with the receiver at the Benton Harbor State bank. The sooner the claims are filed the faster the work will proceed.
7.July 7, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
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.
8.August 18, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
American National Depositors Receive 25 Percent Friday
First Dividend Is Authorized By Bank Receiver
SLICE FOR CITY
Municipal Treasury Will Benefit To The Extent Of $38,000
An American National bank dividend of 25 percent will be paid depositors commencing be Announcement of the dividend was made this morning by R. Payne, receiver
2,857 To Get Checks The receiver said that 2,857 checks will be distributed to many positors. the first dividend the American National, which closed last December, has paid. The checks are already made out the bank staff; depositors will get their money by following the usual procedure calling at the bank, signing up and getting receiver's tificate their proof of claim, which constitutes complete record of each depositor's claim. City to Get $38,000 Receiver Payne announced that the money he will pay out will include dividend of $38,562.52 to the city Benton Harbor. The city had some $152,000 in the American National when the bank failed and only recently the city commission decided to file suit against the bank and the receiver for the purpose of prosecuting its contention that the city money constituted preferred claim and should therefore be paid in full. Mr. Payne said today that the 25 percent the city will get being paid by order of the comptroller's department Washington merely to help city finances and that has no bearing upon the city's claim that its deposit was preferred. very seldom, said the receiver, that the comptroller's department pays dividend in the case of disputed claim, preferring to wait until the queston of preference is definitely settled. The which the city will get will help considerably bolster the municipal treasury at this time city finances have been short for months, due to the fact that $200,000 in city money is tied up in closed banks locally. The city has defaulted on some of
(Please Turn to Page 11)
9.August 26, 1932The Herald-PalladiumBenton Harbor, MI
Article Text
BANK RECEIVER BRINGS FOUR SUITS
W. R Payne recei of the American National Bank & Trust Co., Benton Harbor, today filed four more suits in the circuit court to collect stock assessments from Suits were filed against Clara Pratt $1,200 Edwin G Raub $600 All suits were started through Attorney John
10.September 16, 1932The Niles Daily StarNiles, MI
Article Text
BENTON HARBOR FILES SUIT AGAINST BANK RECEIVER FOR CASH
GRAND RAPIDS, Sept. 16-(P)of Benton Harbor filed suit Th city in United States district court here today against W. H. Payne, receiver for the closed American National Bank and Trust Co., of Benton Harto recover $152,938.31 seeking of the city's funds deposited prior to 1931, when the closed Dec. 17, its doors.
The suit contended that the bank was not designated as a city depository, but that contract existed between the bank and the city, whereby the latter was to receive and disburse special fund. The city money as complaint asked the court to regard the deposit as a trust fund separate from other funds in the bank and order it returned to the city.
11.January 13, 1933The Herald-PalladiumBenton Harbor, MI
Article Text
Receiver's Report On American National Shows Progress
Another dividend for the stockholders of the American National bank may not be far the cash now hand taken as any criterion. According to the quarterly statement of the local bank's receiver, W. R. Payne, the cash hand now totals $234,004.93. The bank some time ago repaid its loan to the Reconstruction Finance Corporation Washington thus no bilities this type that would sorb available funds. The probabilities are that early spring see percent dividend percent dividend paid last summer out of funds obtained from the federal loaning agency. Nothing. Commercial The statement of the Commercial National of Joseph. which also being handled by Receiver Payne, doesn't indicate mediate prospects for dividend for the depositors that The receiver's statement shows the Commercial still owing the (Please Turn to Page Nine)
12.February 3, 1933The Herald-PressSaint Joseph, MI
Article Text
AMERICAN NATIONAL WILL START PAYING DIVIDEND SATURDAY
The second dividend which the American National bank receiver, W R. Payne, will distribute will be paid to depositors, starting tomorrow As announced earlier in the week by Receiver Payne, the dividend will be ten per cent and will amount in the aggregate to $151,000. Some 4,000 depositors will participate. The American National bank quarters in Benton Harbor will be open tomorrow from 9 to 5 and every day next week to accommodate depositors, who must bring in their receiver's certificates before receiving payment. With the ten per cent dividend to be paid tomorrow, Receiver Payne will have paid 35 per cent to American National depositors.
13.February 3, 1933The Herald-PalladiumBenton Harbor, MI
Article Text
BANK DIVIDEND WILL BE PAID HERE ON SATURDAY
The second dividend which the American National bank receiver W. R. Payne, will distribute, will be paid to depositors, starting As announced tarlier in the week by Receiver Payne, the new dividend will be 10 percent and will amount in the aggregate to $151,000. Some 4,000 depositors will participate. The American National bank quarters here will be open from to and every day next week to depositors, who must bring in their receiver's certificates before receiving their checks. With the 10 percent dividend to be paid Receiver Payne will have paid 35 percent to American National depositors.
14.May 25, 1934The Herald-PressSaint Joseph, MI
Article Text
DWAN BROTHERS SUED BY BANK RECEIVER
Two suits to collect on five promissory notes were filed in the Berrien county circuit court today by W. R Payne, receiver for the American National Bank & Trust Company, Penton Harbor, against Leo, James and E. C. Dwan, all of Benton HarThe first suit named E. and James Dwan as the defendants to collect on three notes signed by them October, 1931. for and $2,400. judgment in the sum of is The second suit names all three defendants on two notes signed in November, 1931, for and $360 and asks judgment in the sum of $2,000. Attorney Fremont Evans represents the plaintiff.
15.January 25, 1935The Herald-PalladiumBenton Harbor, MI
Article Text
Federal Judge Rules Against Benton Harbor In Bank Suit
(By Associated Press)
GRAND RAPIDS, Jan. 25.—U. S. District Judge Fred M. Raymond refused today to recognize as a trust fund $108,901.87 deposited by the city of Benton Harbor in the American National bank of that city and impounded by the bank's receiver, W. R. Payne.
The city commission brought suit to have the money declared a trust fund with prior rights on assets of the bank for quick release.
The plaintiff contended that because the bank had failed to obtain security for the deposit it should be held accountable. Testimony during the trial showed the bank had tried to purchase such protection before it went into receivership but was unable to obtain it.
Judge Raymond held that the Benton Harbor city charter did not make it mandatory upon the bank and depositories of public funds to see that adequate security was posted and therefore "in the circumstances, the general depositors of the bank ought not to be penalized.
16.January 26, 1935The Flint JournalFlint, MI
Article Text
BANK SUIT LOST BY BENTON HARBOR
U. S. Court Refuses to Recognize City's Deposit as a Trust Fund.
Grand Rapids, Jan. 26.—(By AP)—United States District Judge Fred M. Raymond refused to recognize as a trust fund $108,901.87 deposited by the City of Benton Harbor in the American National bank of that city and impounded by the bank's receiver, W. R. Payne.
The city commission brought suit to have the money declared a trust fund with prior rights on assets of the bank for quick release.
The plaintiff contended that because the bank had failed to obtain security for the deposit it should be held accountable. Testimony during the trial showed the bank had tried to purchase such protection before it went into receivership but was unable to obtain it.
Judge Raymond held that the Benton Harbor city charter did not make it mandatory upon the bank and depositaries of public funds to see that adequate security was posted and therefore "in the circumstances, the general depositors of the bank ought not to be penalized."
17.March 13, 1935The Herald-PressSaint Joseph, MI
Article Text
Fremont Evans Wins 3rd Bank Suit In U. S. Court
Attorney Fremont Evans today had won his third consecutive "bank suit" in federal courts.
His latest victory was recorded in the U. S. circuit court of appeals at Cincinnati, in a suit brought by Fletcher Gore, as receiver for the old Bridgman State bank, against W. R. Payne, as receiver for the American National bank in Benton Harbor.
Gore sued to have $8,000 which he had collected as receiver for the closed Bridgman bank, and deposited in the American National, declared a preferred trust item.
Attorney Evans, as counsel for Receiver Payne, fought Gore's contention in the U. S. district court at Grand Rapids and then in the U. S. circuit court of appeals in Cincinnati. The latter court ruled yesterday that the $8,000 deposited by the Bridgman bank receiver in the American National did not constitute a preferred trust item.
18.December 18, 1935The Herald-PressSaint Joseph, MI
Article Text
BENTON HARBOR STATE BANK TO PAY 10 PER CENT
$38,000 Trust Fund Dividend Will Be Available Thursday
There is more good news for twin city bank depositors today!
Dwight M. Ruth, cashier of the Benton Harbor State bank, announced this forenoon that starting tomorrow that institution will begin payment of $38,000, representing 10 per cent of the deposits held in trust under terms of the reorganization agreement adopted by the depositors.
The current dividend will be the first involving trust deposits, Mr. Ruth explained. The bank has achieved an enviable record by completing payment of all moratorium deposits in two and a half years, although the agreement did not call for completion of moratorium payments until September 1, 1937.
Profits to Depositors
Mr. Ruth emphasized today that all profits accruing to the bank have gone back to depositors and will continue to do so until the trust deposits are paid out in full. Additional trust dividends will be paid as rapidly as possible.
Yesterday W. R. Payne, receiver for the Commercial National Bank & Trust company of St. Joseph announced that the bank there would pay a 12½ per cent dividend to all holders of receivers' certificates. This is the third commercial dividend since that institution closed in September, 1931, and brings dividend payments to depositors up to 50½ per cent.
Mr. Payne also revealed that the American National Bank & Trust company, Benton Harbor, will pay another dividend early next year.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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American National Bank & Trust Company · UID 1014301584