gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a494d519d8597efc
Response Measures
None
Receivership Details
Depositor recovery rate
33.6%
Date receivership started
1929-05-02
Date receivership terminated
1935-04-13
OCC cause of failure
Governance
Share of assets assessed as good
73.8%
Share of assets assessed as doubtful
23.2%
Share of assets assessed as worthless
3.0%
Description
Articles state the bank closed in May 1929 and a receiver was appointed; later articles concern prosecution of the former receiver.
Events (4)
1.December 18, 1923Chartered
Source
historical_nic
2.May 1, 1929*Suspension
Cause
Government Action
Cause Details
Bank was closed in May 1929 and placed in receivership by the comptroller of the currency.
Newspaper Excerpt
Reed City National bank, which was closed in May, 1929.
Source
newspapers
3.May 2, 1929Receivership
Source
historical_nic
4.May 2, 1929Receivership
Newspaper Excerpt
Philip Holman ... has been appointed by the comptroller of currency ... as receiver for the Reed City National bank, which was closed in May, 1929.
Source
newspapers
Newspaper Articles (11)
1.June 1, 1930The Flint JournalFlint, MI
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Article Text
VIRGINIAN IS NAMED AS BANK'S RECEIVER
Reed City, May (By AP)Philip Holman, of New Cumberland, W. Va., has been appointed by the comptroller of currency at to succeed Bly, as for the Reed City National bank, which was closed in May, 1929. Mr. Bly resigned recently after his automobile had been seized on writ of attachment to satisfy debt he vas said to to the bank. Nearly $230,000,000 worth of yugar and related products were imported into the United States
2.June 1, 1930The Ludington Daily NewsLudington, MI
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Article Text
HART'S BABY TROUT GO TO PENTWATER, BALDWIN
HART. Mich., May 31.-Fingerling brook trout at the Hart fish hatchery maintained by the state department of conservation are being moved to rearing ponds. Most of the two-inch minnows already have been taken to the feeding stations on the north branch of the Pentwater river and Baldwin, and 150,000 are now being moved to the south branch of the White river near White Cloud where the department maintains one rearing pond. There are still about 75,000 baby trout left in the troughs at the Hart hatchery and the disposition of these has not yet been decided. For the first time in the history of the local plant no trout will be kept here this summer in the ponds in Brooks creek and 'it is probable that the hatchery will be closed entirely, according to Erwin Moody, superintendent of the plant.
Names New Bank Receiver. REED CITY, Mich., May 31 (P)-Phillp Holman, of New Cumberland, W. Va., has been appointed by the comptroller of currency at Washington to succeed J. Garver Bly, of Allegan, as receiver for the Reed City National bank, which was closed in May, 1929. Mr. Bly resigned recently after his automobile had been seized on a writ; of attachment to satisfy a debt he was said to have owed to the bank.
3.June 13, 1930Lansing State JournalLansing, MI
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Article Text
BANK RECEIVER ADMITS SHORTAGE IN ACCOUNTS
Bonding Company Will Cover At Allegan Institution, Man Explains Court
June 13 Garver former receiver for the First tional bank of Allegan and the Reed City National raigned Kalamazoo irregularity in handling the Allegan bank. same he promised not bondcover the Allemade the the defunct will bonded amount of Bly ousted recently receiver both banks.
4.June 14, 1930Jackson Citizen PatriotJackson, MI
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Article Text
ACCUSED BANK RECEIVER FACES SECOND WARRANT
Reed City, Mich., June for the Reed City National Bank and the First National Bank of legan, facing charges bank day was second warrant. issuance check. complaint signed Alfred Stevens, has the warrant Bly, under $5,000 left Michigan and now visiting in Indianapolis
5.June 14, 1930The Flint JournalFlint, MI
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Article Text
FORMER BANK RECEIVER FACES NEW CHARGES
Reed June Garver former for the Reed City National bank and National bank of already charges handling bank funds, yesterday was in this of worthless check. complaint signed by Alfred manager hotel has been the under $5,000 bonds, has Michigan now is visiting
6.June 14, 1930Lansing State JournalLansing, MI
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Article Text
BANK RECEIVER FACES BAD CHECK CHARGES
REED CITY, June 14 Garver Bly, former receiver for the Reed City National bank and the First National bank of Allegan, already facing charges of of bank funds, Friday named in second warrant, this one charging issuance of worthless check. The complaint signed by Alfred Stevens, manager of hotel here. It has been impossible to serve the warrant as Bly, under has left Michigan and now visiting in Indianapolis.
7.November 7, 1930Battle Creek Moon-JournalBattle Creek, MI
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Article Text
EX BANK RECEIVER INDICTED BY COURT
Grand Rapids, Nov. 7.-J. Garver Bly, of Indianapolis, former receiver of the First National Bank of Allegan and the Reed City Nation al bank. was indicted in United States district court here Thursday on two counts for abstraction and embezzlement of funds while handling the two receiverships. No specified amounts wore set Bly was a bank examiner for five years before being appointed re. ceiver of the Allegan bank in 1927.
8.November 7, 1930The Muskegon ChronicleMuskegon, MI
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Article Text
BANK RECEIVER NAMED IN THREE TRUE BILLS
Grand Rapids, Nov. 7-(P)-Three true bills, embracing 14 charges of embezzlement, abstraction, and misapplication of funds, were returned Thursday by the federal grand jury in true bill against G. Garver Bly, former for the defunct First National bank of Allegan and the Reed City National bank. An aggregate of $10,000 alleged to be involved in the counts.
9.November 12, 1930The Flint JournalFlint, MI
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Article Text
BANK RECEIVER GUILTY IN EMBEZZLING CHARGE
Grand Rapids, Nov. (By Garver Bly. former refor the First National bank of Allegan and the Reed City National bank. pleaded guilty yesterday in federal court to several of 14 counts of embezzlement, abstraction and misapplication of funds. Other counts are to be dismissed. Bly, who previously had pleaded not guilty to all the counts, will be sentenced Thursday.
10.November 12, 1930The Muskegon ChronicleMuskegon, MI
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Article Text
BANK RECEIVER PLEADS GUILTY TO EMBEZZLING
Grand Rapids, Nov. Garver former receiver for the First Allegan and Reed City National bank, pleaded guilty yesterday in Federal court to several of the 14 counts of embezzlement, and misapplication of funds. Other counts are to be dismissed. Bly, previously had pleaded not guilty the counts, be sentenced Thursday.
11.November 14, 1930The Kalamazoo GazetteKalamazoo, MI
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Article Text
BLY GIVEN FIVE YEARS IN U. S. CELL
Former Allegan Bank Receiver Pleaded Guilty to Embezzling Funds.
GRAND RAPIDS, Nov. 14-(A) Garvey Bly, former receiver for the defunct First National Bank of Allegan and Reed City National Bank, was sentenced Thursday in feberal court to five years in the United States penitentiary at Leavenworth for enibezzlement and of funds from the institutions. Bly previously had pleaded guilty. Marshal Herche, convicted this
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.