gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9a177cc9f665fced
Response Measures
None
Receivership Details
Depositor recovery rate
65.0%
Date receivership started
1933-10-26
Share of assets assessed as good
13.4%
Share of assets assessed as doubtful
62.9%
Share of assets assessed as worthless
23.7%
Description
Statewide eight-day moratorium (Feb 1933) applied to this bank; later placed in receivership (known govt receivership date).
Events (5)
1.December 14, 1863Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Governor Comstock issued an eight-day statewide moratorium closing all banks and trust companies in Michigan to avert runs.
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.February 23, 1933Reopening
Newspaper Excerpt
MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS ... allowing depositors to withdraw 5 per cent of their deposits ... banks were doing business in the best possible way, and congratulated the state's bankers on their cooperation during the emergency.
Source
newspapers
4.October 26, 1933Receivership
Source
historical_nic
5.October 26, 1933Receivership
Newspaper Excerpt
William Ritman, receiver for the First National Bank, states that ... Depositors have been paid 70 per cent including the five per cent which was paid at the time of the bank holiday.
Source
newspapers
Newspaper Articles (22)
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 14, 1933Imperial Valley PressEl Centro, CA
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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, 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)
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 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, 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?
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 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, 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?
8.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
9.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 ?
10.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.
11.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.
12.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
13.September 2, 1940The Ypsilanti Daily PressYpsilanti, MI
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Article Text
NEXT PAYOFF AT BANK TO BE LAST DEPOSITORS RECEIVE 70 PER CENT THUS FAR; CHECKS UNCLAIMED William Ritman, receiver for the First National Bank, states that although he can not estimate the amount or time of the next dividend payment, when it is paid, it will probably be the last. Depositors have been paid 70 per cent including the five per cent which was paid at the time of the bank holiday. Remaining assets are being liq. uidated as rapidly as possible, Mr. Ritman said. but there were still several cases of litigation which will cause delay. Ypsilantians must not be too hard up, the receiver surmised, stating that there were 3,132 dividend checks still unclaimed as of June 30. Most of these are for small amounts and it would be a great help, If they were closed out, he said, as they fill two drawers, which must be taken from the safe in the basement to the sec: ond floor of the National Bank building each morning- that the offices are open, and returned in the evening. If these dividend checks are not claimed before the receivership is closed. they will be sent $0. Washington, and then depositors will be required to write to the Comptroller, Preston Delanozin the capital. Meantime all that is required to claim them is presentation of receiver's certificates properly endorsed. Mr. Ritman has recently completed closing a bank in Wyandotte and states that there depositors were paid 100 per cent with interest. His next task after closing Ypsilanti wll be Royal Oak, he said.
14.November 9, 1940The Ypsilanti Daily PressYpsilanti, MI
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Article Text
# Banks, Offices Will be
# Closed on Armistice Day
All banks, federal and state offices will be closed Armistice Day. City Hall offices and city stores will remain open, however.
The lobby of the post office will be open from 7 a. m. to 5 p. m. but all windows will be closed. Mail will be dispatched as usual but street box collections will not begin until 1:30 p. m.
Michigan State Employment offices will be closed until Tuesday morning.
The office of the First National Bank receiver, National Bank of Ypsilanti and the Ypsilanti Savings Bank will close Monday.
15.July 24, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
First National Bank to Auction Remaining Assets August 15th Remaining assets of the First National Bank of Ypsilanti will be disposed of at a public auction at the receiver's office in the National Bank of Ypsilanti Aug. 15 at 11 a. m. Remaining assets consist of real estate, bills receivable, judgments, overdrafts and other choses in action and chattels. Descriptive list of the remaining assets offered for sale may be inspected by prospective purchasers at the receiver's office and the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest bidder or bidders for cash.
16.July 30, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
TO Whom it May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned, W. 8. Ritman, as Receiver of The First National Bank of Ypsilanti, Michigan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941, at 11:00 clock a. m. the remaining assets of the First National Bank of Ypsilanti, Michigan, consisting of (real estate, bills receivable. judgments, overdrafts, and other choses in action and chattels) less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets $0 offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Receiver of The First National Bank of Ypsilanti on all business days up to and including the date of the said sale between the hours of 9:00 a. m. and 3:00 p. m. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States. The sale, if approved, will be completed pursuant to general order of Court dated April 19, 1941. (Signed) W. 8. RITMAN. RECEIVER The First National Bank of Ypsilanti, Michigan. Adv 8148
17.July 31, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
RECEIVER'S NOTICE OF SALE To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned, W. S. Ritman, as Receiver of The First National Bank of Ypsilanti, MichIgan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941, at 11:00 o'clock a. m. the remaining assets of the First National Bank of Ypailanti, Michigan, consisting of (real estate, bills receivable. judgments, overdrafts, and other choses in action and chattels) less such Items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Receiver of The First National Bank of Ypsilanti on all business days up to and including the date of the said sale between the hours of 9:00 a. m. and 2:00 D. m. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. The sale, If approved, will be completed pursuant. to general order of Court dated April 19, 1941. (Signed) W. 8. RITMAN, RECEIVER. The First National Bank of Yoailanti, Michigan. Adv 8148
18.August 1, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
RECEIVER'S NOTICE OF SALE To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned W. S. Ritman. as Receiver of The First National Bank of Ypsilanti. Michigan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941, at 11:00 o'clock a. m. the remaining assets of the First National Bank of Ypsilanti, Michigan, consisting of (real estate. bills receivable. judgments. overdrafts, and other choses in action and chattels) less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets 80 offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Receiver of The First National Bank of, Ypsilanti on all business days up to and including the date of the said sale between the hours' of 9:00 a. m. and 3:00 p. m. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. The sale, If approved, will be completed pursuant to general order of Court dated April 19, 1941. (Signed) W. S. RITMAN, RECEIVER. The First National Bank of Ypsilanti, Michigan. Adv 814S
19.August 2, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
RECEIVER'S NOTICE or SALE To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. W. S. Ritman, as Receiver of The First National Bank of Ypsilanti, Michigan will offer at public sale to the highest bidder or bidders for cash, at his office in the National Bank of Ypsilanti Building on the Southeast corner of Michigan Avenue and Washington Street on August 15, 1941, et 11:00 o'clock a. m. the remaining assets of the First National Bank of Ypsilanti, Michigan, consisting of (real estate. bills recelvable. judgments, overdrafts, and other choses in action and chattels) less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets 80 offered for sale may be inspected by prospective purchasers at The National Bank of Ypsilanti and the office of the Receiver of The First National Bank of Ypsilanti on all business days up to and including the date of the said sale between the hours of 9:00 a. m. and 3:00 p. m., m. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. The sale, if approved, will be completed pursuant to general order of Court dated April 19, 1941. (Signed) W. S. RITMAN, RECEIVER The First National Bank of Ypsilanti, Michigan. Adv 8148
20.August 11, 1941The Ypsilanti Daily PressYpsilanti, MI
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Final Sale of Bank Assets to be Friday A variety of notes, judgments, a few securities, overdrafts and uncollected rents will be offered at the First National Bank public auction Friday at 11 a. m. in the receiver's office, National Bank of Ypsilanti. All real estate items have been cleared by the receiver. A descriptive list of the remaining assets may be inspected. by prospective buyers at the receiver's office or at the National Bank of Ypsilanti daily from 9 a. m. to 3 p. m. Sales will be made to the highest cash bidder or bidders. Within 60 days after the sale the receiver's force expect to have the final dividend payment made to the more than 6,000 creditors of the First National Bank.
21.September 24, 1941The Ypsilanti Daily PressYpsilanti, MI
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Article Text
BANK (Continued from Page One) all of the available fund to the creditors whose claims were proven properly. The litigation mentioned has, therefore, a direct bearing on the amount which can be paid to the creditors of the First National Bank of Ypsilanti in the way of a final dividend since should the State of Michigan be able to sustain its contention, it would be entitled to receive all of the dividends available on these dormant accounts. "It is the purpose of the office of the Comptroller of the Currency to see that a final distribution is made to the creditors of the First National Bank of Ypsilanti as early as possible and your readers may be assured that preparation of final dividend checks will go forward immediately after a decision has been rendered in this pending litigation. It is to be regretted that it is not possible to terminate this receivership immediately by payment of a final dividend but, as indicated hereinabove, it will be impossible to determine the amount of the final dividend until a decision has been rendered in the pending suit."
22.November 4, 1941The Ypsilanti Daily PressYpsilanti, MI
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Office Moved First National Bank Receiver's office has been moved from the second floor of the National Bank of Ypsilanti to the first floor. Citizens Union Loan Co. are now occupying the vacated receiver's office.
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.
