Grand Rapids National Bank (Grand Rapids, MI)

View Charter #3293 on SPMC View balance sheet

Episode Information

Episode UID
329301598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
32930 national
Charter Number
3293
Start Date
February 14, 1933
Location
Grand Rapids, Michigan (42.961, -85.656)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dbea6855aee6d389

Response Measures

None

Receivership Details

Depositor recovery rate
70.0%
Date receivership started
1933-09-25
Share of assets assessed as good
42.5%
Share of assets assessed as doubtful
43.6%
Share of assets assessed as worthless
14.0%

Description

Bank closed under Michigan statewide moratorium Feb 1933, later reorganizations failed and receiver appointed Sept 1933.

Events (7)
1. January 22, 1885 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium ordered by Michigan Governor William A. Comstock to halt runs and stabilize banks.
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 21, 1933 Other
Newspaper Excerpt
Directors ... placed before depositors a plan expected to create within few days an entirely new Grand bank ... It would open for a complete and unrestricted banking business.
Source
newspapers
4. March 29, 1933 Reopening
Newspaper Excerpt
GRAND RAPIDS TRUST COMPANY IS REOPENED ... the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to reorganize within few days.
Source
newspapers
5. June 30, 1933 Other
Newspaper Excerpt
G. R. BANK DIRECTOR NAMED CONSERVATOR ... appointed interim conservator the institution to handle its affairs ... The bank has been doing only limited business since the banking holiday.
Source
newspapers
6. September 25, 1933 Receivership
Source
historical_nic
7. September 26, 1933 Receivership
Newspaper Excerpt
Grand Rapids Bank Receiver Is Named ... the defunct Grand Rapids National bank has been changed ... will start liquidating frozen assets of the old bank immediately.
Source
newspapers

Newspaper Articles (22)
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 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?

3. 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?

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

5. 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 ?

6. 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.

7. 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.

8. February 24, 1933 Star Tribune Minneapolis, MN

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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

9. March 21, 1933 The Grand Rapids Press Grand Rapids, MI

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Moves to Wipe Out Former Guardian Group Holdings for New Capital. ISSUE COMMON SHARES TO Subscriptions to Embrace 25 Per Cent of Impounded Deposits. Following advices from Chicago and Washington the directors of the Grand Rapids National bank Tuesday morning placed before depositors a plan expected to create within few days an entirely new Grand bank, completely wipe out the former Guardian group stockholdings and substitute new capital in the form of common stock provided by subscriptions of 25 per cent of existing impounded deposits in the bank. The bank would thereafter be owned by its own depositors, with additional capital supplied by the Reconstruction Finance corporation. It would open for a complete and unrestricted banking business. Immediate enthusiastic reception of the plan was announced after five meetings with the depositors of the bank and promptly upon securing the necessary subscriptions it was planned to communicate with the RFC for final arrangements. Pointing out the usually fine position in which the plan will place the recapitalized bank, Joseph H. Brewer, president, sketched the situation as follows: "For three years this bank has been regularly off all on loans other instructed by the strictest all examiners, the national banksystem. With each writing off of losses the bank's surplus duced accordingly. Following the last examination just preceding the bank holiday stood with impaired capital of $1,000,000 and surplus. "This position we felt should have entitled the bank to ahead, but subsequent requests have brought insistence that every "doubtful" should off and all depreciation on bonds loss, regardless of probabilities that the loans would be restored sound basis and the bonds would rise in price. Recognizing the great inconcommunity from the lack banking facilities the rather than to for more favorable in this the go length and have offered the wiping out of clared the federal examiners to -and, to-place the bank and take of funds under which depositors themselves, 25 per cent of imto the new stock. would retheir bank. "The has been favorably hoping for reopenthough exact of determined." Board in Statement. The board directors the Grand Rapids National bank thorized the following statement: last business day governor's proclaimed for all Michigan banks, bank functioning banking customers in Grand Rapids and all of western Michthe regular semi-annual examination bank begun by national bank Feb. 1933, was shown that after charging off all actually determined its capital unimpaired and that had surplus. Like most banks, was carrying ing of made to and ordinarily able their debts. The report included list of bonds on which interest was being paid. but which like all bonds were depreciated value. The bank not borrowed at time from finance and on Feb. was not indebted federal bank Ample funds and assets were on hand which to continue functioning in normal and meet requirements of its customers Cites "Sound Policy." March the federal government licenses permitting banks that had (Continued on Page 2. Column 5.) Dance tonight, 949 Division. Admission 15c; check

10. March 29, 1933 Battle Creek Moon-Journal Battle Creek, MI

Article Text

GRAND RAPIDS TRUST COMPANY IS REOPENED Grand Rapids, Mich., March 29. of the Grand Rapids Trust company for regular business under restrictions prohibiting withdrawals for hoarding today eased the strained banking situation here. Two other banks, the Grand Rapids Savings bank and the Grand Rapids National bank, reported reorganization plans virtually complete. They expect to rewithin few days. The savings bank asked Its depositors purchase preferred stock with 20 per cent of their ings, while the national bank will be reorganized with original stockholders surrendering their stock.

11. June 30, 1933 The Flint Journal Flint, MI

Article Text

G. R. BANK DIRECTOR NAMED CONSERVATOR Grand June Burch, director of the Grand Rapids National bank, today was appointed interim conservator the institution to handle its affairs organization of bank on the foundations of the old can be The bank has been doing only limited business since the banking holiday The appointment, made by the

12. June 30, 1933 The Flint Journal Flint, MI

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G. BANK DIRECTOR NAMED Grand Rapids, June K. the Grand Rapids National bank, today interim the institution to its affairs until organization of bank foundations of can be The bank has been doing only limited business since the bankholiday. appointment. made by the office comptroller of the treasury Washington, nounced today the federal serve board and the comptroller's office.

13. August 4, 1933 The Kalamazoo Gazette Kalamazoo, MI

Article Text

NEW GRAND RAPIDS BANK CHIEF NAMED Brewer to Head Institution He Says Probably Will Open August 14. GRAND RAPIDS, Aug. president of the Grand National announced Friday been and confir National Bank of Grand old His to replace the approved by appointment federal reserve Reconthe er said. of bank will directors elect bank organized to the Grand Rapids National which been doing limited state 14, according to

14. September 26, 1933 Lansing State Journal Lansing, MI

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Grand Rapids Bank Receiver Is Named GRAND RAPIDS, Sept. 26 (AP) of the defunct Grand Rapids National bank has been changed to and David Uhl, in circles the bank, the National Bank of Grand Rapids, has been organized take over the assets of the old institution. Uhl will start liquidating frozen sets of the old bank immediately, he said.

15. October 3, 1933 The Grand Rapids Press Grand Rapids, MI

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CITY, COUNTY WIN SUIT from First Page.) faith is not urged to be excessive, must While the suit the two to only was paid under protest the City Frank Thomas Vidro all that the county expected collect from the Had the plaintiff the county likely would have been whatever this part the tax that had lected as Frank Peterson, chairman the committee, announced time that those who paid without would have been accorded the same those budget this might have been difficult. Led by League. Under of the league tax to City Treasurer Smith under pro test pending outcome the suit. That part of the collection involved in the segregated Smith, was the agent, left the Grand Rapids National bank, which closed the banking holiday and since reorganized. decision the high court Thaddeus B. Appearing for the league case was Attorney Hall. Attorney Souter, attorney when the city and Prosecutor Bartel an assistant, N. Searle, for the county.

16. January 13, 1934 The Baltimore Sun Baltimore, MD

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Senate Witness Testifies President Wanted No More Failures TO GUARDIAN Edsel Ford Reveals How His Father Precipitated Banking Holiday In Michigan By (Continued from Page represented entertaining that opinion. Defends Banking System Mr. Leyburn also defended the tional banking system against tee criticism based the fact that although, the record shows, bank examiners frequently criticized the group, action their reports was taken by the Comptroller's office. Senator Couzens (Rep., What your interpretation of his A.-Because he told by the leged higher command. Senator are you from hearsay from your knowledge? from my own knowledge. From my knowledge was told by the higher mand do rock and not any more failures. Quizzed By Couzens Senator Couzens asked the witness meant by "the higher command,' and the and the Secrethe Treasury.' the committee's counsel, brought out that, until the 1933 banking was the passed, tional bank examiners without power remove bank officials cause mismanagement. Otherwise, their only power close bank because to take away that necessitated court Mr. adding that the in the act, tion referred teeth in question of power to take away national bank's has been law since Mr. has been resorted to only of Maryland the First National Bank Hagerstown, fourteen fifteen Banking Act Violated The Hagerstown bank, he said, "violated section the National Banking looked for more The Comptroller, he powerless other than bring action the Federal court 1921 away the bank's precipitated run on the bank forced receivership. The bank's offered to resign and sell their stock others drawn and that was done, their stock Mr. Leyburn, but the publicity the that recovered shock" later close. other words," continued, sounds good that you anything to with offending bank, but you give medicine the patient." Concerning the true condition of the group banks, Mr. Leyburn. reviewing what happened them since the banking holiday, could talk forhappened them.' unit banks that reopened, had been able to do so only reorganization. Bank Reorganized "The Grand Rapids National cember 1932, had in said. been reorganwith RFC aid under fifty Asked what he meant by fifty waiver,' he replied: depositors got cents on the and gamble the The Ionia bank under servator hopes reorganize and RFC aid basis. bank Lansing, said. similar condition, proceeded list the other units the group like fashion. One For When he got the Union Guardian Trust Company, keystone in the group and the institution where group's collapse began, he said: don't think any attempt has been reopen that bank. matter would take Houdini open dead. the bank. have been made Detroit the Guardian National (biggest the group) others the group because of some Wall Street you know A.-No, think it's wonderful fairy Government Defended Mr. Pecora asked if the witness wished before being excused, Mr. Leyburn plied: "Only that the the Treasury and the RFC of being the big, Detroit dark virgin and baby Most of that from some big politicians there they're trying to out of depositors insult the people Michigan." The collapse the Guardian due number things, to follows: mouthful when say that. Then,

17. March 9, 1934 The Grand Rapids Press Grand Rapids, MI

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IS SEEKING FURTHER PAYOFF Grand Rapids National Bank Receiver Confers With C. in Detroit. David E. Uhl. receiver for the Grand Rapids National bank, in Detroit Friday. understood being made the RFC for of deposits by the local bank. Ladies' beautiful rectangular and the 182 $1 down. $1 weekly.

18. July 19, 1934 The Grand Rapids Press Grand Rapids, MI

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Grand Rapids National bank has $89,000 not withdrawn since the 50 per cent dividend was declared a year ago and $142,000 still unclaimed of the recent 10 per cent payoff. David E. Uhl, receiver for the bank, urges depositors to present their claims.

19. November 5, 1934 The Grand Rapids Press Grand Rapids, MI

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BANK RECEIVERS CLOSE OFFICES ELECTION DAY Receivership offices for the Grand Rapids Savings bank, Grand Rapids National bank, American Home Security bank, GalewoodWyoming bank and East Grand Rapids will be closed all day Tuesday because of the election.

20. July 4, 1935 The Saginaw News Saginaw, MI

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M'CURDY GETS NEW RECEIVERSHIP POST Allan A. McCurdy, a former vice-president of the Bank of Saginaw, has been named receiver of the Grand Rapids National bank, according to word received here today. He succeeds David E. Uhl, resigned. Mr. McCurdy has been receiver for the National Bank of Ionia since July 7, 1934.

21. July 5, 1935 The Flint Journal Flint, MI

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Named Bank Receiver Grand Rapids—AP — Allan A. McCurdy, receiver for the National Bank of Ionia since July 7, 1934, has been named receiver of Grand Rapids National bank, succeeding David E. Uhl, resigned. McCurdy formerly was vice president of a bank in Saginaw. It is estimated that there are between 100 and 150 million mature sugar maple trees in forests and woodlots of Canada.

22. December 1, 1942 The Daily Monitor Leader Mount Clemens, MI
Article from The Daily Monitor Leader, December 1, 1942

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McKAY BUYS BUILDING GRAND RAPIDS - (AP) Sale of the Grand Rapids National Bank building to Frank D. McKay for $478,000 was approved Monday by Federal Judge Fred M. Raymond over objections of major creditors, among them the city of Grand Rapids. The creditors claimed that the 16-story building, in receivership since 1933, would bring a better price if sale were delayed a year, but the court held that any such increase probably would be offset by added receivership costs.