First National Bank (Saginaw, MI)

View Charter #1768 on SPMC View balance sheet

Episode Information

Episode UID
176801563
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
17680 national
Charter Number
1768
Start Date
March 27, 1930
Location
Saginaw, Michigan (43.419, -83.951)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c9fe0dffaaa48ab

Response Measures

None

Description

By March 1930 the bank already had a receiver; by late 1933 it was being liquidated with a new consolidated bank planned.

Events (5)
1. January 16, 1871 Chartered
Source
historical_nic
2. February 6, 1899 Voluntary Liquidation
Source
historical_nic
3. March 27, 1930 Receivership
Newspaper Excerpt
Charles Draper, receiver for the bank, and neighbor cashier...they looked at each other and shook their heads.
Source
newspapers
4. March 27, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent for about a year; cashier had killed himself and vaults were empty.
Newspaper Excerpt
Charles Draper, receiver for the bank...This bank has been broke since year ago.
Source
newspapers
5. November 24, 1933 Other
Newspaper Excerpt
The old banks will be liquidated under receiverships...new bank will open before the middle of December.
Source
newspapers

Newspaper Articles (2)
1. March 27, 1930 The Saginaw News Saginaw, MI
Article from The Saginaw News, March 27, 1930

Click image to open full size in new tab

Article Text

Robbers Foiled in Looted Bank Find Receiver and Friend in Charge But Only Dust and Musty Odor. (By Associated Press.) March banking men sat in the First National Bank here Wednesday chatting about money that used to be there. Two other men, with criminal intentions walked in and roughly ordered "hands up!" The bankers. Charles Draper, receiver for the bank, and neighbor cashier, just sat and stared incredulously They looked at each other and shook their heads. "Can't you see you're being held up one of the robbers. "That's bad," Draper "This bank has been broke since year ago. The cashier who was here then killed himself. There's not a penny in the vaults. Just the same robbers wanted to for themselves. They searched- found what the receiver had promisednothing but dust and a musty odor. The robbers backed out the door staring somewhat incredulously themselves. They took their guns with them and drove away. military were killed near Prossnitz Wednesday when their machine crashed from a thousand feet.

2. November 24, 1933 The Saginaw News Saginaw, MI

Article Text

EXPERT TO SEEK BANKING SOLUTION Mark A. Wilson Coimng to Saginaw Tuesday-Appointed by Reichert. Page One) representing the state banking for Mr Reichert also conferred terday members of the Bank of depositors by Miss Margaret Called Back to Help Banks. Mr of job the Reichert the situation in the mobile his most difficult son at to back to higan for this task making him the Savings bank Union Industrial Trust He reorganized the the basis of of its deposits and had it open early in June. H president and Buick is president of the institution The Union Industrial bank of bank to replace was applied for In the First National Bank approval its plan but the that would be to but one bank out of these two and was then that situation itself sintilar to. but more than that confronts Mr. Wilson Saginaw Solves Flint Bank Problems. The plan for the National Bank to the Union Industrial and First National then capital struepreferred and the remaining to be obtained from the funds that would be released to them the plan. The campaign for the stock rather for hr and finMr. ilson drafted by the of the depositors and to head the drive, since he had conducted the involved negotiations the various for approv. al of the plan. The quota was subscribed and Mr. Willnow is completing the work on the board personnel with the prospect that the new bank will open before the middle of December Depositors $10 and less and all school in the Union Industrial bank are being paid in full Other depositors will have 35 per cent made available to them through the new institution and it will per for those of the board of the hospital and park boards their the stock which 20 per of the amount which will be released immediThere were 000 shares of nonassessable stock of $20 par value but selling $35, the additional being divided $10 toward surplus and $5 toward undivided profits The old banks will be liquidated under receiverships in such manner produce the largest posto the Additional payments will be made to them as the assets are disposed of.