gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
071080ce68a4ff9b
Response Measures
None
Description
The National Bank of Bay City opened 1932-07-01 as successor to banks closed Dec 3, 1931; later affected by Michigan statewide eight-day moratorium in Feb 1933.
Events (5)
1.December 3, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Gradual withdrawal of approximately $4,000,000 over six months led directors to close the two predecessor banks to protect remaining depositors.
Newspaper Excerpt
The First National and Bay County Savings banks closed Dec. 3, 1931.
Source
newspapers
2.June 28, 1932Chartered
Source
historical_nic
3.July 1, 1932Reopening
Newspaper Excerpt
Bay City's financial structure took on new strength Friday when the National Bank of Bay City, successor to the First National and Bay County Savings banks, opened its doors for business. From the hour of the opening, the bank was crowded with patrons, many of them reestablishing savings and commercial accounts, ... July 1.—Bay City's financial structure took on new strength Friday when the National Bank of Bay City ... opened its doors for business.
Source
newspapers
4.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Governor Comstock to halt prospective bank runs and stabilize finances after crisis involving Union Guardian Trust Company of Detroit.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
5.February 23, 1933Reopening
Newspaper Excerpt
Michigan's banks opened today for limited business ... allowing depositors to withdraw 5 per cent of their deposits ... most banks were 'doing business in the best possible way.'
Source
newspapers
Newspaper Articles (19)
1.July 1, 1932The Saginaw NewsSaginaw, MI
Article Text
Position Sound.
The financial position of the new bank is believed to be exceptionally sound. Similar plans have been followed in the city of Ypsilanti and the village of Saline and both are working satisfactorily.
With the organization of the National Bank of Bay City, all assets and liabilities of the two closed banks were transferred to the new institution.
Officers of the new bank Friday were in receipt of many telegraphic messages of congratulation. Large bouquets of flowers adorned the lobby. Bank patrons were grouped in amiable circles laughing and chatting while waiting their respective turns at the paying and receiving windows. There was none of the grimness and tensity that might be expected when a new financial institution was opening its doors for the acid test. Instead, there were evidences of a new era of confidence.
WILL ROGERS says:
July 1, 1932.
Chicago, Ill,
Editor The Daily News,
Saginaw, Mich.:
Did the Democrats go wet? No, they just laid right down and wallowed in it. They left all their clothes on the bank and dived in. They are wetter than an "organdie" dress at a rainy day picnic.
The plank was made from cork wood nailed together with sponge. Both conventions, minds and time, have been so taken up with getting the country wet that they forgot to put in a plank to provide the price of this much talked of drink. It's going to be lawful to get a drink, but not possible.
Al Smith was by far the sensation of the convention and had by far the best speech. I just want to know what all these old dry office holders that went wet overnight are going to tell those Baptist preachers back home. They're going to say: "Father, I can't tell a lie, I saw the votes going and I had to go after 'em."
Yours,
2.July 1, 1932The Saginaw NewsSaginaw, MI
Article Text
BAY CITY CHEERED BY BANK'S OPENING
Otto Schupp of Saginaw Factor in Organizing Institution.
BY HENRY G. HUNT.
(Daily News Staff Correspondent.)
BAY CITY, Mich., July 1.—Bay City's financial structure took on new strength Friday when the National Bank of Bay City, successor to the First National and Bay County Savings banks, opened its doors for business.
From the hour of the opening, the bank was crowded with patrons, many of them reestablishing savings and commercial accounts, while other availed themselves of the opportunity to reclaim part of their savings that were included in the assets of the two closed institutions.
M. W. Carroll, Bay City produce dealer, a quiet, grey-haired Irishman, is the financial Moses to whom Bay City is looking to lead the city from the bewilderment that gripped it when the Bay City bank closed its doors and was heightened when the First National and Bay County Savings banks collapsed.
Mr. Carroll is one of Bay City's best known men. To watch him circulate through the crowded lobby of the bank Friday morning, shaking hands with grizzled farmers, slapping the back of a business associate or stopping for a brief visit with some elderly lady in whose hand was clenched a worn bank book, was to know that those who had organized the new bank had chosen well in selecting Mr. Carroll as president of the institution.
It is of more than passing interest to set forth that a Saginaw banker, Otto Schupp, president of the Bank of Saginaw, was influential in directing the early steps of the bank's reorganization.
The First National and Bay County Savings banks closed Dec. 3, 1931. Mr. Schupp was then a director of the one-time National Credit corporation. He immediately counseled with the Bay City men who had been prominent in the affairs of the bank before its closing.
Mr. Carroll commented Friday on the aid extended by Mr. Schupp in the plans for the establishment of the new bank.
"Mr. Schupp came to us when the sky was the darkest," declared the president of the new bank. "We were at loss which way to turn. We had ordered the First National and Bay County Savings banks closed to protect those depositors who had not withdrawn their money.
"Then Mr. Schupp entered the picture. He counseled with us and went both to Detroit and Chicago where we discussed with federal bank examiners the possibility of opening a new bank to take over the assets of the two that were closed.
"It was the inspiration he provided that heartened our group to continue the fight to establish the new bank and we are extremely grateful to him for what he did."
Mr. Schupp was on hand for the bank's opening Friday to congratulate the bank's officials on their success.
3.July 1, 1932The Saginaw NewsSaginaw, MI
Article Text
BAY CITY CHEERED BY BANK'S OPENING
Otto Schupp of Saginaw Factor in Organizing Institution.
BY HENRY G. HUNT.
(Daily News Staff Correspondent.)
BAY CITY, Mich., July 1.—Bay City's financial structure took on new strength Friday when the National Bank of Bay City, successor to the First National and Bay County Savings banks, opened its doors for business.
From the hour of the opening, the bank was crowded with patrons, many of them reestablishing savings and commercial accounts, while other availed themselves of the opportunity to reclaim part of their savings that were included in the assets of the two closed institutions.
M. W. Carroll, Bay City produce dealer, a quiet, grey-haired Irishman, is the financial Moses to whom Bay City is looking to lead the city from the bewilderment that gripped it when the Bay City bank closed its doors and was heightened when the First National and Bay County Savings banks collapsed.
Mr. Carroll is one of Bay City's best known men. To watch him circulate through the crowded lobby of the bank Friday morning, shaking hands with grizzled farmers, slapping the back of a business associate or stopping for a brief visit with some elderly lady in whose hand was clenched a worn bank book, was to know that those who had organized the new bank had chosen well in selecting Mr. Carroll as president of the institution.
It is of more than passing interest to set forth that a Saginaw banker, Otto Schupp, president of the Bank of Saginaw, was influential in directing the early steps of the bank's reorganization.
The First National and Bay County Savings banks closed Dec. 3, 1931. Mr. Schupp was then a director of the one-time National Credit corporation. He immediately counseled with the Bay City men who had been prominent in the affairs of the bank before its closing.
Mr. Carroll commented Friday on the aid extended by Mr. Schupp in the plans for the establishment of the new bank.
"Mr. Schupp came to us when the sky was the darkest," declared the president of the new bank. "We were at loss which way to turn. We had ordered the First National and Bay County Savings banks closed to protect those depositors who had not withdrawn their money.
"Then Mr. Schupp entered the picture. He counseled with us and went both to Detroit and Chicago where we discussed with federal bank examiners the possibility of opening a new bank to take over the assets of the two that were closed.
"It was the inspiration he provided that heartened our group to continue the fight to establish the new bank and we are extremely grateful to him for what he did."
Mr. Schupp was on hand for the bank's opening Friday to congratulate the bank's officials on their success.
Unusual Feature.
What is there about this new Bay City bank that smacks of the unique and has attracted nationwide attention during the process of its organization?
The most unusual feature is that part of the new bank's charter calls for the establishment of a trust fund of approximately $3,000,000 that will receive all the bank's earnings until such time as the depositors of the two closed banks have been paid 100 cents on the dollar for their old accounts.
Briefly, the plan for the new bank follows:
The National Bank of Bay City will pay immediately to any depositor 10 per cent of the amount of his original account. On or before the end of the first year of the bank's existence it will make available an additional 10 per cent. For the next three years it will provide for the payment of 10 per cent each year until 50 per cent of all deposits will have been paid if the depositors to withdraw.
Stock in Trust Fund.
Meantime, the trust fund, made up of the remaining 50 per cent of the bank's assets, will remain intact. It will receive all the earnings of the new bank. All stock, except that held necessarily by the directors in accordance with law, will be held in the trust fund. No stockholder will receive a dime in the shape of a bank dividend until the trust fund appreciates to a point where all deposits of the two closed banks are guaranteed.
That there is good psychology in this arrangement was proved by comment heard from Bay City business men. Many depositors Friday were making no effort to withdraw the 10 per cent that was made available to them. Many were establishing new accounts. Public sentiment is strongly favorable to the new institution.
The closing of the first National and Bay County Savings banks followed the withdrawal of approximately $4,000,000 over a period of six months. At no time was there a run on the bank. Public confidence slipped after the Bay City bank closed its doors and the gradual reduction of the bank's resources led its directors to close that other depositors might be protected.
4.July 1, 1932The Saginaw NewsSaginaw, MI
Article Text
Position Sound.
The financial position of the new bank is believed to be exceptionally sound. Similar plans have been followed in the city of Ypsilanti and the village of Saline and both are working satisfactorily.
With the organization of the National Bank of Bay City, all assets and liabilities of the two closed banks were transferred to the new institution.
Officers of the new bank Friday were in receipt of many telegraphic messages of congratulation. Large
5.July 2, 1932The Saginaw NewsSaginaw, MI
Article Text
BAY CITY CHEERED BY BANK'S OPENING
Otto Schupp of Saginaw Factor in Organizing Institution.
BY HENRY G. HUNT.
(Daily News Staff Correspondent.)
BAY CITY, Mich., July 1.—Bay City's financial structure took on new strength Friday when the National Bank of Bay City, successor to the First National and Bay County Savings banks, opened its doors for business.
From the hour of the opening, the bank was crowded with patrons, many of them reestablishing savings and commercial accounts, while other availed themselves of the opportunity to reclaim part of their savings that were included in the assets of the two closed institutions.
M. W. Carroll, Bay City produce dealer, a quiet, grey-haired Irishman, is the financial Moses to whom Bay City is looking to lead the city from the bewilderment that gripped it when the Bay City bank closed its doors and was heightened when the First National and Bay County Savings banks collapsed.
Mr. Carroll is one of Bay City's best known men. To watch him circulate through the crowded lobby of the bank Friday morning, shaking hands with grizzled farmers, slapping the back of a business associate or stopping for a brief visit with some elderly lady in whose hand was clenched a worn bank book, was to know that those who had organized the new bank had chosen well in selecting Mr. Carroll as president of the institution.
It is of more than passing interest to set forth that a Saginaw banker, Otto Schupp, president of the Bank of Saginaw, was influential in directing the early steps of the bank's reorganization.
The First National and Bay County Savings banks closed Dec. 3, 1931. Mr. Schupp was then a director of the one-time National Credit corporation. He immediately counseled with the Bay City men who had been prominent in the affairs of the bank before its closing.
Mr. Carroll commented Friday on the aid extended by Mr. Schupp in the plans for the establishment of the new bank.
"Mr. Schupp came to us when the sky was the darkest," declared the president of the new bank. "We were at loss which way to turn. We had ordered the First National and Bay County Savings banks closed to protect those depositors who had not withdrawn their money.
"Then Mr. Schupp entered the picture. He counseled with us and went both to Detroit and Chicago where we discussed with federal bank examiners the possibility of opening a new bank to take over the assets of the two that were closed.
"It was the inspiration he provided that heartened our group to continue the fight to establish the new bank and we are extremely grateful to him for what he did."
Mr. Schupp was on hand for the bank's opening Friday to congratulate the bank's officials on their success.
6.July 2, 1932The Saginaw NewsSaginaw, MI
Article Text
able to the new institution.
The closing of the first National and Bay County Savings banks followed the withdrawal of approximately $4,000,000 over a period of six months. At no time was there a run on the bank. Public confidence slipped after the Bay City bank closed its doors and the gradual reduction of the bank's resources led its directors to close that other depositors might be protected.
Position Sound.
The financial position of the new bank is believed to be exceptionally sound. Similar plans have been followed in the city of Ypsilanti and the village of Saline and both are working satisfactorily.
With the organization of the National Bank of Bay City, all assets and liabilities of the two closed banks were transferred to the new institution.
Officers of the new bank Friday were in receipt of many telegraphic messages of congratulation. Large
7.February 14, 1933The Indianapolis TimesIndianapolis, IN
Click image to open full size in new tab
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
8.February 14, 1933Imperial Valley PressEl Centro, CA
Click image to open full size in new tab
Article Text
By LESLIE D. HARROP United Press Staff Correspondent DETROIT, Feb. 14.-Every bank and financial institution in the state of Michigan was closed today under a sweeping, eight day suspension order issued in the early hours of the morning by Gov. 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 crelated, Comstock declared, by a crisis in the affairs of the Union Guardian Trust company of Detroit. He said he understood the trust company would have had to close its doors. Emergency measures were started by Michigan banking department officials to provide the necessary cash to tide the state over the holiday. Plans, under which small and necessary bank withdrawals could be made were considered by R. E. Reichert, state banking commissioner. A possibility that the eight day banking holiday "might be modified in a day or so after the (Continued On Page 6)
9.February 14, 1933The TimesHammond, IN
Article Text
EIGHT DAYS
Governor Takes Dictator's Powers to Prevent Financial, Chaos in State
DETROIT, 14. William Comstock today, formal an ruling soften the effects ruling the the trust for today, order. Banks reopen his taking small and checks day with this ruling the banks state. Virtually peninsula mained the Michigan officials with Union and the state's banking strueture."
By PAUL WEBER ISTAFF CORRESPONDENT SERVICE] DETROIT. Feb. ing the power of a dictator to save the state from financial chaos, William A. Comstock today closed every bank and trust m Michigan for an period. The state legislature was to be asked later today to approve his action. tied up in posits and trust funds. Five hundred banks trust companies affected. governors of the Detroit would closed for duration the OF EDICT The edict with dramatic while the state's millions, in their cities, lages and farms, slept of the danger threatened. Only of financial and political leaders remained In sleepless conferences behind doors of the dilemma. statement financial situation which made the "holiday" necessary, centered in Detroit's gigantic Union Trust of which (Continued on Page Three)
10.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?
11.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?
12.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?
13.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?
14.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
15.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 ?
16.February 16, 1933The Bismarck TribuneBismarck, Mandan, ND
Click image to open full size in new tab
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.
17.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.
18.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
19.March 17, 1933The Blade-Crescent and the Progress-AdvanceSebewaing, MI
Article Text
162 Michigan Banks Have Received Orders to Open
Four in Tuscola County in First List to Receive Order. Huron Banks Expect It Soon.
Among the first 162 banks opened by order of the federal and state are several in this territory. They include four in Tuscola county, namely, the State ings Bank, Reese: State Sav Bank, Gagetown; State Savings Bank. Union ville: and the State Bank, Mayville. Others the territory are the Bay City National Peoples Commercial Savings, Bay City; Second National, Saginaw, and First National, Lapeer. All these banks opened for regular business Thursday. Up to the time of going to press none of the Huron county banks had received opening orders, but they expected to come through withthe next few days. The Farmers and Merchants State Bank of Sebewaing is member of the Federal Reserve system and will receive its orders to open directly from Washington.
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.
