Reed City National Bank (Reed City, MI)

Episode Information

Episode UID
1247401553
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
124740 national
Charter Number
12474
Start Date
May 1, 1929*
Location
Reed City, Michigan (43.875, -85.510)

Metadata

Model
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, 1923 Chartered
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, 1929 Receivership
Source
historical_nic
4. May 2, 1929 Receivership
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)

Article from The Flint Journal, June 1, 1930

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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


Article from The Ludington Daily News, June 1, 1930

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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.


Article from Lansing State Journal, June 13, 1930

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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.


Article from Jackson Citizen Patriot, June 14, 1930

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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


Article from The Flint Journal, June 14, 1930

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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


Article from Lansing State Journal, June 14, 1930

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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.


Article from Battle Creek Moon-Journal, November 7, 1930

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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.


Article from The Muskegon Chronicle, November 7, 1930

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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.


Article from The Flint Journal, November 12, 1930

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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.


Article from The Muskegon Chronicle, November 12, 1930

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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.


Article from The Kalamazoo Gazette, November 14, 1930

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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