gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e1cfa202ac60ece6
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1933-12-28
Date receivership terminated
1940-07-19
Share of assets assessed as good
25.2%
Share of assets assessed as doubtful
70.5%
Share of assets assessed as worthless
4.3%
Description
The bank was closed by the Michigan state-wide holiday and never fully reopened, eventually being succeeded by the National Bank of Wyandotte.
Events (5)
1.January 2, 1925Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
State-wide banking holiday declared by Governor Comstock.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued in the early hours of the morning by Governor William A. Comstock.
Source
newspapers
3.February 23, 1933Other
Newspaper Excerpt
Michigan's banks opened for restricted business today... allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside. First depositors receive at the old First National Bank Building 3138 Biddle. The payoff will be completed before Christmas, and will total about $600,000. according for the old Further payoffs take place through assets of old institutions are liquidated.
Source
newspapers
4.December 28, 1933Receivership
Source
historical_nic
5.December 28, 1933Receivership
Newspaper Excerpt
Receiver W. S. Ritman, of the First National Bank of Wyandotte, announces the payment of a full interest dividend to creditors of the bank.
Source
newspapers
Newspaper Articles (20)
1.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
BY LESLIE D. HARROP
United Press Staff Correspondent
DETROIT, Feb. 14.—Every bank and financial institu-
tion in Michigan was closed today under a sweeping, eight-
day suspension order issued in the early hours of the morning
by Governor William A. Comstock.
The closing order brought to a standstill the financial
affairs of Detroit, the nation's automobile capital, and
halted similar activity in scores of farming and industrial
communities of the state, which has a population of more
than five million.
Immediate necessity for the unprecedented moratorium
was created, Governor Comstock declared, by a crisis in the
2.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
3.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now?
4.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a serip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
5.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
Vs. Runs
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar SO that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
6.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs. which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it. the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now
7.February 15, 1933Daily NewsNew York, NY
Article Text
THE MICHIGAN MORATORIUM
Shutdowns Vs. Runs
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing. on a larger scale, as has happened in many small towns in the Middle West and West during the course of this depression. It has happened all over Michigan for the same reason, which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now ?
8.February 16, 1933The Bismarck TribuneBismarck, Mandan, ND
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Article Text
# Holiday
It was a vigorous and drastic step which Governor Comstock took to curb a prospective run on Michigan's banks but one which time probably will prove to have been beneficial.
To close every bank in a state means to put an immediate halt to business. Without the services of these important institutions the holiday becomes one in fact as well as in name.
But it is a good deal better to have an eight-day respite throughout the entire state than disaster in many communities with banks permanently closed. Probably all of those banks will be able to pull through if properly supported. Eight days will give the banks ample time to liquify some of their resources but, more important, it will give the public a chance to think it over and cool down. Sometimes a holiday is a wonderful thing.
9.February 23, 1933Belleville Daily AdvocateBelleville, IL
Article Text
MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.
10.February 24, 1933Star TribuneMinneapolis, MN
Article Text
NEWS
Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page
Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2.
Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page
SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page
The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17.
MARKETE
Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page
11.August 13, 1933Detroit Free PressDetroit, MI
Article Text
Plans for New Wyandotte Bank and Payoff Completed plan for the organization of National bank for which would assume part of the assets the closed County Bank and tional Bank Wyandotte has conservators charge announced Saturday announced by Conserva Lynch and Carroll Collins, the deposits the banks for crea. tion the capital structure for the bank provides for ditional payoff cent positors the Peoples in and payoff First National depositors, 10 per cent in stock of the bank For several weeks the conserva tors have conducted campaign among depositors of the closed banks to obtain consent the tion Sufficient has been made, the assure the success the plan. already proval the comptroller of the currency The First National, of Wyanto the retain marketable for higher values, Carroll announced.
12.December 15, 1933The Niles Daily StarNiles, MI
Article Text
WYANDOTTE BANK OPENS DETROIT, Dec. 15-(P)-The new National bank of Wyandotte opened for business today simultaneously with a payoff of 40 and 30 per cent respectively to depositors of the Old Peoples Wayne County bank and the First National bank of Wyandotte.
13.December 16, 1933Detroit Free PressDetroit, MI
Article Text
Wyandotte Bank Payoff Is Begun
$5,000 Is Claimed by A and B Accounts
The new Wyandotte National Bank Friday $5,000 of $125,000 which was available, according to an made by Hays Metcalf at the close business for the day. The $125,000 money contained in accounts of depositors of the closed Peoples Wayne County Bank and First National Bank of offs of and 30 cent, per 96 per the B the old transferred their money the new institution. Total deposits of approximately $250,000 during the day's business. Metcalf whose names begin with D. and will be paid off Saturday. when the bank will be open until the evening. Depositors of the Wayne County Bank are being paid the National Bank Building on Biddle Ave Oak First depositors receive at the old First National Bank Building 3138 Biddle The payoff will be completed before Christmas, and will total about $600,000. according for the old Further payoffs take place through assets of old institutions are liquidated.
14.March 22, 1940The Wyandotte HeraldWyandotte, MI
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Article Text
BANK TO PAY $58, ,000INTEREST TO CREDITORS Receiver W. S. Ritman, of the First National Bank of Wyandotte, announces the payment of a full interest dividend to creditors of the bank. The dividend will total $58,000. Principal amount of claims totaling approximately $485.00 has been made available in dividend distributions. Distribution of interest dividends will begin March 25. The receiver requests that all chimants arrange to bring their receiver's certificate on claims for the dividend checks. in order that unnecessary delay may be avoided The distribution will take place at the office of the receiver, at 2959 Biddle avenue.
15.April 19, 1940The Wyandotte HeraldWyandotte, MI
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Article Text
FIRST NATIONAL PAYS DEPOSITORS AND HAS RESERVES The First National Bank of Wyandotte. in bankruptey. has already paid off in full all creditors. with both principal and interest. from the time of the forced closing in 1933. Not only has the bank done this, but it has additional assets by which the shareholders. who were compelled to lose their investments and a 100 per cent assessment. may be partly recompensed for their investment. The acting comptroller of the treasury. C. P. Upham, has called a meeting of the shareholders for May 14. 1940. for the purpose of electing an agent to whom the remaining assets of the bank will be transferred. or for the purpose of continuing the receivership. All of which goes to show that the forced closing of the bank in 1933 was wholly unjustified by the condition of the bank. "This bank." a man interested in another receivership. told The Herald recently. "was in about the best condition of any bank in the district."
16.May 17, 1940The Wyandotte HeraldWyandotte, MI
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Article Text
Shareholders Name A. T. Burns Agent A meeting of the shareholders of the defunct First National bank of Wyandotte was held Tuesday afternoon in the receiver's office at Biddle avenue and Elm street. The meeting was called to decide on a course in realizing on the remaining assets of the bank. The depositors have been already paid off in full, both as to principal and interest on their deposits since the closing in 1933. The shareholders named Albert T. Burns, an experienced banking man, as agent to collect the remaining assets, largely in the form of land contracts and mortgages. There is estimated to be between $30,000 and $40,000 of assets on hand. Should it be all. or nearly all collected. the stockholders may secure a return of approximately one-third of their original investment. Mr. Burns erpects to have a report of the condition of the assets ready for distribution to stockholders in about a month. Among those attending Tuesday's meeting was Carroll W. Collins of Traverse City, former cashier of the First National Bank of Wyandotte.
17.May 31, 1940The Wyandotte HeraldWyandotte, MI
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Article Text
4 CANDIDATES FOR PLACE ON SCHOOL BOARD When the hour for filing petitions for a place on the annual school ballot expired last Saturday, four candidates had filed to contest for the two places 1.1 De filled on the Board of Education. They were John R. McInerney, Thomas Allmian, Jr., Conrad P. Kreger and Fred Tacke John R. McInerney-was born in Wy. andotte 31 years ago, and was educated in the St. Pattick grade school and thisn school. Mr. MeInerney was employed for séveral years by the Wyandotte Savings bank. Upon completion et iis law Jourse at the Detroit Colleg. of Law. he was admitted to practier in September, 1930. As a member of the Houtse in the 1933 state Legislature. Mr. McInerney was appointed to several important committees. He Wils chairman of the House committee of the Boys' Vocational school. and a member of the House committee for the University of Michigan. and of the House committee on taxation Mr. Melnerney is chairman of the taxation committee for the Down River 1 hamber of Commerce and is a member of the Fourth degree, Knights of Columbus. Following the federal bank holiday, he was receiver for the First National bank of Wyandotte, the Inkster National bank. and the First NaHomal bank of Dearborn. He is at present a director of the National bank of Wyandotte. Mr. Melnerney is married and owns his own home and business mercantile property in Wyandotte. He is engaged in the private practice of law. He is the son of John F. McInerney, former owner of Cahalan Drug Stores, who was postmaster for eight years. from 1912 to 1920. His experience in banking. legislative work. and in the private practice of law should make him a valuable member of the local school board. according to those who are sponsoring his candidacy.
18.December 20, 1945The Wyandotte News-HeraldWyandotte, MI
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Article Text
Legal Notice UNITED STATES OF AMERICA IN THE DISTRICT COURT FOR EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION IN RE: THE FIRST NATIONAL BANK OF WYANDOTTE SHAREHOLEDR AGENCY No. 12971 ORDER DIRECTING MANNER OF GIVING NOTICE At a session of said Court held in the Federal Building in the City of Detroit on the 10th day of December, A. D. 1946. Present: Hon. Ernest A. O'Brien, District Judge Upon reading and filing the Petition of Charles A. Brethen Successor Shareholder's Agent for the Shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Association whereby said Shareholders' Agent has presented to this Court his Final Account in said Agency and prayed for the allowance thereof: it is further prayed that this Court set a date for the hearing on said petition and direct the manner in which notice shall be given to parties of interest in this proceeding. IT IS HEREBY ORDERED that said petition and account be set for hearing before this Court in the Federal Building in the City of Detroit, County of Wayne, State of Michigan, on Monday, the 14th day of January, A. D. 1946 at ten o'clock in the forenoon. or at such time that the matter may be adjouruned to and before such Judge of this Court as this matter may be assigned to. IT IS FURTHER ORDERED that notice of such hearing on said petition and account shall be given to the shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Associaion, by puublishing this order in any newspaper regularly printed and published in the City of Wyandotte on each day of publication of said newspaper for a period of thirty days prior to the date of said hearing. IT IS FURTHER ORDERED that said shareholders be notified of said hearing by mailing to each of them at their last known address according to the records of said The First National Bank of Wyandotte a copy of this Order nd a summary of the account set forth in said petition. Ernest A. O'Brien, District Judge Mc Inerney, Swaby & Littlewood Attorneys for Suuccessor Sharholdr's Agent
19.January 10, 1946The Wyandotte News-HeraldWyandotte, MI
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Article Text
IN RE: THE FIRST NATIONAL BANK OF WYANDOTTE SHAREHOLEDRS' AGENCY No. 12971 ORDER DIRECTING MANNER OF GIVING NOTICE At a session of said Court held in the Federal Building in the City of Detroit on the 10th day of December, A. D. 1946. Present: Hon. Ernest A. O'Brien. District Judge Upon reading and filing the Petition of Charles A. Brethen Successor Shareholder's Agent for the Shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Association whereby said Shareholders' Agent has presented to this Court his Final Account in said Agency and prayed for the allowance thereof; it is further prayed that this Court set a date for the hearing on said petition and direct the manner in which notice shall be given to parties of interest in this proceeding. IT IS HEREBY ORDERED that said petition and account be set for hearing before this Court in the Federal Building in the City of Detroit. County of Wayne, State of Michigan, on Monday, the 14th day of January, A. D. 1946 at ten o'clock in the forenoon. or at such time that the matter may be adjouruned to and before such Judge of this Court as this matter may be assigned to. IT IS FURTHER ORDERED that notice of such hearing on said petition and account shall be given to the shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Associaion, by puublishing this order in any newspaper regularly printed and published in the City of Wyandotte on each day of publication of said newspaper for a period of thirty days prior to the date of said hearing. IT IS FURTHER ORDERED that said shareholders be notified of said hearing by mailing to each of them at their last known address according to the records of said The First National Bank of Wyandotte a copy of this Order nd a summary of the account set forth in said petition. Ernest A. O'Brien, District Judge Mc Inerney, Swaby & Littlewood Attorneys for Successor Shareholder's Agent 2911 Biddle Avenue, Wyandotte, Michigan Dec. 13, 17 20, 24. 27. 31, Jan. 3, 7. 10 14
20.January 14, 1946The Wyandotte News-HeraldWyandotte, MI
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Article Text
SOUTHERN DIVISION IN RE: THE FIRST NATIONAL BANK OF WYANDOTTE SHAREHOLEDRS' AGENCY No. 12971 ORDER DIRECTING MANNER OF GIVING NOTICE At a session of said Court held in the Federal Building in the City of Detroit on the 10th day of December, A. D. 1946. Present: Hon. Ernest A. O'Brien, District Judge Upon reading and filing the Petition of Charles A. Brethen Successor Shareholder's Agent for the Shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Association whereby said Shareholders' Agent has presented to this Court his Final Account in said Agency and prayed for the allowance thereof; it 1s further prayed that this Court set a date for the hearing on said petition and direct the manner in which notice shall be given to parties of interest in this proceeding. IT IS HEREBY ORDERED that said petition and account be set for hearing before this Court in the Federal Building in the City of Detroit, County of Wayne, State of Michigan, on Monday, the 14th day of January, A. D. 1946 at ten o'clock in the forenoon. or at such time that the matter may be adjouruned to and before such Judge of this Court as this matter may be assigned to. IT IS FURTHER ORDERED that notice of such hearing on said petition and account shall be given to the shareholders of The First National Bank of Wyandotte, an Insolvent National Banking Associaion, by puublishing this order in any newspaper regularly printed and published in the City of Wyandotte on each day of publication of said newspaper for a period of thirty days prior to the date of said hearing. IT IS FURTHER ORDERED that said shareholders be notified of said hearing by mailing to each of them at their last known address according to the records of said The First National Bank of Wy. andotte a copy of this Order nd a summary of the account set forth in said petition. Ernest A. O'Brien. District Judge Me Inerney, Swaby & Littlewood Attorneys for Successor Shareholder's Agent 2911 Biddle Avenue. Wyandotte, Michigan Dec. 13, 17 20. 24, 27. 31, Jan. 3, 7, 10 14
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.
