First National Bank (Paw Paw, MI)

View Charter #1521 on SPMC View balance sheet

Episode Information

Episode UID
152101598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
15210 national
Charter Number
1521
Start Date
February 14, 1933
Location
Paw Paw, Michigan (42.218, -85.891)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5e20d3fafd9fc035

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-12-28
Date receivership terminated
1940-10-10
Share of assets assessed as good
38.8%
Share of assets assessed as doubtful
35.4%
Share of assets assessed as worthless
25.9%

Description

Used the statewide February 14, 1933 moratorium as the suspension; receivership date reported per known record (Dec 28, 1933).

Events (5)
1. August 11, 1865 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day banking moratorium ordered by Governor William A. Comstock to halt prospective runs and stabilize liquidity.
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
3. March 1, 1933* Other
Newspaper Excerpt
the Paw Paw First National bank, closed since March, 1933, announced it would release $190,000 to depositors on November 5. (Herald-Palladium, 1935-01-01). (Article states bank closed since March, 1933)
Source
newspapers
4. December 28, 1933 Receivership
Source
historical_nic
5. December 28, 1933 Receivership
Newspaper Excerpt
Known receivership date (government records) for First National Bank, Paw Paw: 1933-12-28. Article references closure since March 1933 and later receiver actions in 1935.
Source
newspapers

Newspaper Articles (16)
1. February 14, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, February 14, 1933

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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 14, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 14, 1933

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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)

3. February 14, 1933 The Times Hammond, 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)

4. February 15, 1933 Daily News New 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?

5. February 15, 1933 Daily News New 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?

6. February 15, 1933 Daily News New 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?

7. February 15, 1933 Daily News New 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?

8. February 15, 1933 Daily News New 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

9. February 15, 1933 Daily News New 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 ?

10. February 16, 1933 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 16, 1933

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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.

11. February 23, 1933 Belleville Daily Advocate Belleville, 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.

12. February 24, 1933 Star Tribune Minneapolis, 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

13. January 1, 1935 The Herald-Palladium Benton Harbor, MI

Article Text

Bank Pays Off $190,000— 3—The Paw Paw First National bank, closed since March, 1933, announced it would release $190,000 to depositors on November 5. Wins Sweepstakes 3rd Year— 3—Harry Wakeman, Bangor grocer, walked off with the sweepstakes prize of the Bangor Apple Show for the third successive year. Probe Vote Scandal— 5—A grand jury investigation by Justice H. E. Shaefer of Paw Paw into alleged coercion of voters in Antwerp township resulted in the arrest of George Moody of Lawton, a Democratic party worker. Democrats Threaten Reprisal— 6—Van Buren Democrats, headed by Dr. O. M. Vaughan and Cecil Runyan of South Haven, threatened a counter-investigation of Republican campaign workers in the county. G. O. P. Carries Van Buren— 6—Republicans of Van Buren county were jubilant over having elected their entire county ticket. New officers January 1 are: Sheriff, Warren J. Dodge*; prosecutor, David E. Anderson, Jr.; clerk, Charles L. Wade; treasurer, Jay Hover; register of deeds, Mrs. Kate Mumbrue*; county commissioners, James E. Chandler and Wm. P. Wright; drain commissioner, A. D. Robinson*; coroners, Frank Thompson* and Fern E. Calvin*; and surveyor, Thomas A. Smith*. (Star indicates re-election). The county also named its G. O. P. legislative candidates, Edson V. Root, Bangor, as state representative; and Frank Mosier, Ganges (Allegan county) as state senator. Van Buren contributed large majorities to the Republican landslide in Michigan.

14. January 1, 1935 The Herald-Palladium Benton Harbor, MI

Article Text

MARCH Senator Leland In Grand Rapids Bank Plans Reopening— 3—The required 92 percent of Paw Paw Savings bank depositors have signed waivers, and $25,000 in stock has been fully subscribed to facilitate the bank's reopening. Nab Hartford Youths— 3—Ronald Haney, 21, and Robert Stewart, 17, who admitted taking a car owned by Stephen Doyle from a downtown Hartford garage, are being held in jail at Gallup, N. M., charged with robbing and beating a gasoline station owner. $25,000 Fire in Decatur— 3—Damage of about $25,000 was caused when fire destroyed Decatur's village hall, public library, council rooms, American Legion museum pieces, and the village fire-fighting equipment. Cause of the fire was unknown. Bank Receiver 'Out'— 5—Frank Stapleton, Decatur, receiver for the defunct Olney National bank at Hartford, was removed and Cecil Runyan, South Haven, who is also receiver for the First National bank of Paw Paw, was appointed to succeed him. Purchase Old Church— 6—The Catholic parish in Decatur purchased the former Reformed church building and will remodel for a Holy Family edifice. The old church will be torn down. Turn Down Glass Sales— 6—South Haven voters turned down glass sales of liquor at the spring elections Monday by a vote of 946 to 742. Aged Man Dies In Fire— 6—Joseph Mowrer, 82, was suffocated by smoke at Bangor in a fire which swept through two downtown store buildings, causing a loss of about $20,000. Six other residents of an upstairs apartment escaped in their night clothing. Covert Honors Couple— 8—Mr. and Mrs. N. S. Sink, Covert, were honored by 200 townspeople who attended a banquet to observe the couple's 50th wedding anniversary. Mr. and Mrs. William Frary, Covert, celebrated their 59th wedding anniversary this week. Elect Village Heads— 12—New village officers elected in Van Buren towns on March 12 were: Paw Paw, Dr. F. A. Racette;* Decatur, Dr. William P. Bope;* Lawton, James Weurding; Bangor, Emerson Orr; Gobles, Albert Waucheck; Bloomingdale, Walter Wickett; Breedsville, W. E. Freude;* Hartford, Charles Abbott; Lawrence, George Dillenbeck.* (Star indicates re-election.) Dr. Penoyar Dies— 13—Dr. Francis C. Penoyar, 64, South Haven X-ray specialist and founder of Penoyar Memorial hospital, died after several weeks' illness. Supervisor Celebrates— 15—Supervisor and Mrs. Charles E. Robinson, will observe their 50th wedding anniversary Sunday. Both are pioneer residents.

15. January 1, 1935 The Herald-Palladium Benton Harbor, MI

Article Text

$200,000 Fire Perils South Haven Waterfront Civil War Vet Dies— 3—Jacob Horning, 89, dies at Paw Paw. But one Civil War veteran of the community remains. Protest Price Increase— 4—Van Buren independent grocers wired Gen. Hugh Johnson, NRA administrator, resolutions adopted at Lawrence, protesting code increases in the price of bread. Foulkes Rejects Nomination— 6—Congressman George Foulkes of Hartford, named by the Farmer-Labor party as its candidate for governor, rejected the nomination. Observe M. E. Centenary— 11—Decatur Methodists were observing the 100th anniversary of the first M. E. church in Van Buren county. Fight $200,000 Fire— 12—South Haven fought a $200,000 blaze along its waterfront, where 15,000 tons of wood-pulp stored in the Chicago-South Haven dock warehouses burned for hours and fired nearby buildings. Reduce Bangor Postoffice— 13—Because of a drop in Bangor postal receipts, the postoffice there was reduced from second to third class upon Washington advices. Complete US-12 Widening— 14—Patchwork paving on US-12 to complete widening of the pavement from 12 to 16 feet was completed with the exception of 40-foot construction on bridges. Sign Grape Agreement— 20—Between 500 and 600 grapegrowers signed an agreement at Mattawan to market their 1934 crop cooperatively, pending an AAA agreement at Washington. Honor Van Buren Editor— 22—Don S. Cochrane, editor of the Hartford Day Spring, was honored by 60 friends Sunday in honor of his 36th year as a weekly publisher. Assess Bank Stockholders— 24—Stockholders of the First National bank at Paw Paw, capitalized at $75,000, have been ordered to pay a 100 percent stock assessment.

16. January 1, 1935 The Herald-Palladium Benton Harbor, MI

Article Text

Honor Van Buren Editor— 22—Don S. Cochrane, editor of the Hartford Day Spring, was honored by 60 friends Sunday in honor of his 36th year as a weekly publisher. Assess Bank Stockholders— 24—Stockholders of the First National bank at Paw Paw, capitalized at $75,000, have been ordered to pay a 100 percent stock assessment. Qualify In Primaries—