National Bank (Ionia, MI)

View Charter #5789 on SPMC View balance sheet

Episode Information

Episode UID
578901598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
57890 national
Charter Number
5789
Start Date
February 14, 1933
Location
Ionia, Michigan

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6dc5b607bdc80fba

Response Measures

None

Receivership Details

Depositor recovery rate
92.5%
Date receivership started
1934-06-26
Share of assets assessed as good
37.0%
Share of assets assessed as doubtful
60.4%
Share of assets assessed as worthless
2.7%

Description

Bank was closed statewide in Feb 1933 and reopened, but later placed in receivership (June 1934).

Events (5)
1. April 23, 1901 Chartered
Source
historical_nic
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
Statewide eight-day moratorium issued by Governor Comstock closing all Michigan banks and trust companies.
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, 1933 Reopening
Newspaper Excerpt
MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS ... 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.
Source
newspapers
4. June 26, 1934 Receivership
Source
historical_nic
5. June 26, 1934 Receivership
Newspaper Excerpt
Named bank receiver ... Crimmins ... has been named receiver of the National Bank of Ionia by the comptroller ... announced today
Source
newspapers

Newspaper Articles (17)
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. June 27, 1934 Battle Creek Moon-Journal Battle Creek, MI

Article Text

NAMED BANK RECEIVER Ionia, June Crimmins, formerly of the Grand Rapids National Bank, has been named receiver of the National Bank of Ionia by the comptroller the announced today by Willard cashthe County National opened ago to place the old

14. August 3, 1934 The Grand Rapids Press Grand Rapids, MI

Article Text

IONIA BANK STOCKHOLDERS GET ASSESSMENT NOTICE Ionia, Aug. 3 — Stockholders of the old Ionia National bank are receiving notice of a levy of 100 per cent on them. The assessment totals $150,000, to be used for the benefit of the depositors in the old National. In order to clear up evident misunderstandings concerning the operations of the old and the new bank organizations, Receiver Allen A. McCurdy announced: "Neither the receiver of the National Bank of Ionia, nor any one in his employ, has anything whatever to do with the operation of the new bank, the Ionia County National Bank of Ionia."

15. November 19, 1934 The Flint Journal Flint, MI

Article Text

ST. PAUL BANK LOANS $800,000 TO CO-OPS St. Minn., Nov. of St. Paul Bank for Co-operatives to operatives on totaled it TREASURY POSITION AP) The the treasury Nov 16 ance, customs receipts for the Receipts the fiscal expendiemergency penditures) excess expenditures, gold SINK GIVEN STATE POST Lansing today former Charles A. Ann Arbor Republican as a memMichigan the William L. Clements of Bay City. Crystal N. County Per Cent Unsecured Deposits Paid Frozen Through Deposits ReorName of Bank Involved ganization City Adrian Battle Creek Tr. 7,911,000 Harbor N. B. Tr. Co. 2,461,000 Benton First B 2,301,000 Caspian N. B. 299,000 Caspian Coldwater Coldwater 569,000 Crystal Falls 452,000 Crystal Falls N. First Detroit Guardian N. B. of Commerce 108,103,000 Eaton Rapids First 411,000 Evart N. Flint First Tr. Co. 6,867,000 Gladstone First 347,000 B-Grand Rapids Grand Rapids N. 11,080,000 Hancock Superior Hastings Hastings Hillsdale 760,000 Howell First N. 405,000 Hubbell 583,000 Nat'l Bank of Ionia 1,135,000 Ionia Mountain First 1,856,000 Iron Iron River First Ishpeming Miners Jackson Union Peoples N B. 7,450,000 Lake Linden First B. Lansing Capital of Lansing 12,552,000 Lawton Ludington First B. & Manistique First in Manistique 315,000 Marshall First Monroe 2,277,000 Niles B. Tr. Co. 1,221,000 Norway First B. 1,057,000 Ontonagon First Pontiac First Pontiac 6,154,000 Richmond First N. B. 766,000 Rochester First 1,474,000 St. Ignace First 601,000 Utica 648,000 Wakefield First 537,000 -Wyandotte First 667,000 Ypsilanti First 2,320,000 Totals 44 Banks additional subsequently by receiver. B-An additional 10 per cent subsequently C-An per subsequently Following is list the unlicensed National Banks which have declared and placed in the hands of showing the percentage unsecured deposits subsequently releasd Subsequently Dividends Total Paid by Name of Bank Deposits Receivers City Almont First Avoca First B. First 138,000 Brighton Peoples B. 237,000 Bronson First B. 337,000 40 Hart Hartford Olney B. First 554,000 Manistee Paw Millington N. B Paw First 478,000 Romo Millington Citizns N. B. 518,000 Totals 10 Banks $3,104,000

16. June 5, 1935 The Flint Journal Flint, MI

Article Text

Assessment Paid To Bank Receiver Schram Gets $5,040,000 Compromise Fund Detroit, June 5.—(AP)—The compromise assessment against stockholders of the Guardian National Bank of Commerce and its five outstate subsidiaries, was paid over to B. C. Schram, receiver of the Guardian National today by representatives of the Guardian Depositors corporation which will take over the assets of the closed concerns and liquidate them for the larger depositors. The compromise assessment amounted to $5,040,000 and was placed literally on a barrel head in Schram's office. On the barrel head also were placed the contracts for transferring the compromise assessments. Within a week the $76,914,341.19 in assets will be transferred to the corporation, headed by William R. Catton, as president. The assets to be transferred come from $92,794,455.68 of proved and allowed claims. Claims of $1,000 and less have been paid. The stock assessment against the Guardian National Bank of Detroit originally was $10,000,000 and this was compromised at $4,000,000. The levies against the out-state subsidiaries was $2,600,000, which was compromised at $1,040,000. The subsidiaries and their compromise assessments are: Capitol National Bank of Lansing, $240,000. Grand Rapids National bank, Grand Rapids, $400,000. Union and Peoples National Bank of Jackson, $280,000. National Bank of Ionia, $60,000. City National Bank & Trust company, Niles, Mich., $60,000.

17. 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.