First National Bank (Dearborn, MI)

View Charter #12989 on SPMC View balance sheet

Episode Information

Episode UID
1298901573
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
129890 national
Charter Number
12989
Start Date
January 1, 1931*
Location
Dearborn, Michigan (42.322, -83.176)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7356ed3201460336

Response Measures

None

Receivership Details

Depositor recovery rate
66.3%
Date receivership started
1931-07-03
Date receivership terminated
1938-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
29.4%
Share of assets assessed as doubtful
67.7%
Share of assets assessed as worthless
2.9%

Description

The articles confirm the bank was in receivership but do not describe the specific events leading to the 1931 closure; the 1933 holiday mentioned in Article 3 occurred after this bank was already failed.

Events (4)
1. September 11, 1926 Chartered
Source
historical_nic
2. January 1, 1931* Suspension
Cause Details
The bank entered receivership in July 1931; specific trigger for suspension not detailed in provided snippets.
Newspaper Excerpt
the Lincoln Park National bank, Inkster National and the First National of Dearborn... representing Detroit area national banks in receivership.
Source
newspapers
3. July 3, 1931 Receivership
Source
historical_nic
4. July 3, 1931 Receivership
Newspaper Excerpt
Hatch, receiver for the First National Bank of Dearborn... Hatch on Jan. 9, 1933, recovered judgment for $5,195 against Merrick, which represented bank-stock assessments.
Source
newspapers

Newspaper Articles (3)
1. August 5, 1933 Detroit Free Press Detroit, MI

Article Text

Merrick Facing Contempt Charge Judgment Is Unpaid, Court Is Informed SAGINAW, Aug. 4—Frank W. Merrick, of Saginaw, former State banking commissioner and present conservator of the Bank of Saginaw and the Peoples' American State Bank, was ordered Friday to appear next Monday before Federal Judge Arthur J. Tuttle to show cause why he should not be punished for contempt of court. Attorneys for William T. Hatch, receiver for the First National Bank of Dearborn, sought the contempt action against Merrick, alleging that he failed and refused to appear before Master of Chancery William S. Sayres in Detroit on June 15, as ordered by Judge Tuttle June 3, to give information about his present assets. Hatch on Jan. 9, 1933, recovered judgment for $5,195 against Merrick, which represented bank-stock assessments. The court order on which the contempt action is based resulted from the inability of the Dearborn bank receiver to collect on the judgment.

2. April 4, 1935 The Grand Rapids Press Grand Rapids, MI

Article Text

(The Grand Rapids Press Bureau.) Washington, April 4.—Representative Clarence J. McLeod, Republican of Detroit, was charged Wednesday by Comptroller of the Currency J. F. T. O'Connor with having obtained for his law firm fees totaling nearly $12,000 by representing Detroit area national banks in receivership. McLeod recently demanded an investigation of the comptroller's office. O'Connor stated he had acted in a nonpartisan manner in retaining the McLeod, Fixel, Abbott & Fixel law firm, after it had been appointed counsel for three banks by Republican comptrollers. O'Connor also vehemently denied that the chairman of the Democratic national organization, Postmaster General James A. Farley, ever had had anything to do with the "fixing" of fees for counselors appointed. The banks in question are the Lincoln Park National bank, Inkster National and the First National of Dearborn. "Congressman McLeod had his firm appointed because of his Republican standing," said O'Connor. "He now questions the right of any Democratic firm to be appointed in exactly the same manner." Referring to the charges aimed at Farley, O'Connor said, "The misleading statement by the congressman is positively vicious." Representative McLeod conceded his firm had represented the three banks, but also pointed out that the fees were paid for more than three years' service. This boils down to $1,250 per bank year.

3. May 31, 1940 The Wyandotte Herald Wyandotte, MI
Article from The Wyandotte Herald, May 31, 1940

Click image to open full size in new tab

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.