National Bank - Eaton Rapids, MI

Episode Information

Episode UID: 1399501598
Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 139950 national
Charter Number: 13995
Start Date: February 14, 1933
Location: Eaton Rapids, Michigan

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 6c526f78721ff942

Response Measures

None

Description

Article describes a Michigan state-wide bank holiday that would have applied to this bank, but the bank itself is not named.

Events (2)

1. February 14, 1933 Suspension

Cause: Government Action
Cause Details: Michigan governor's proclamation ordering all bank functions suspended for eight days (state banking holiday).
Newspaper Excerpt: ordering all bank functions suspended for eight days
Source: newspapers

2. February 8, 1934 Chartered

Source: historical_nic

Newspaper Articles (1)

1. February 13, 1934 Ironwood Daily Globe Ironwood, MI

Article Text

SMALL DEPOSITORS TO BE PAID IN FULL Unique Plan of Detroit Bank to Affect 136,000 Persons. Detroit, Feb. 13—(AP)—Within one day of the anniversary of Michigan's momentous bank holiday, official notice was issued today that 136,000 depositors with $1,000 or less in the Guardian National Bank of Commerce when it closed, will be paid in full through a plan believed to be unique in banking history. It was just one year ago tomorrow that Governor William A. Comstock signed a proclamation, at the request of the state's major banking associations, ordering all bank functions suspended for eight days. Before that period had elapsed, the bank holiday movement had spread to other states, to be climaxed on March 4 by a presidential proclamation closing all banks in the country. Today's announcement told of completion of arrangements whereby 200 larger depositors in the Guardian National waive their claims to any share in an eight per cent payoff financed by a Reconstruction Finance Corporation loan to make it possible for smaller depositors to get all of their money. All depositors already have shared in pro-rata payments totaling 60 per cent. The new pay-off, the announcement said, will begin about February 23. This payment will amount to about $8,000,000. The holiday tied up $698,544,766 in Detroit banks and trust companies alone, and two of the banks, the Guardian National and First National Bank-Detroit, did not reopen. Since then, Guardian depositors have received $70,000,000, while First National depositors have received 50 per cent of their accounts, or approximately $200,000,000.