Bank of Kalamazoo (Kalamazoo, MI)

Episode Information

Episode UID
74004471599
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7400447 routing
Routing Number
74-0044
Start Date
March 1, 1933*
Location
Kalamazoo, Michigan (42.292, -85.587)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
392a9b4348f5c87a

Response Measures

None

Description

Articles reference a 1933 state banking holiday closure and later receivership; exact suspension date and receiver appointment month have minor inconsistencies.

Events (3)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the 1933 state banking holiday / banking holiday ordered by state authorities
Newspaper Excerpt
closed since 1933 state bank holiday
Source
newspapers
2. April 11, 1934 Other
Newspaper Excerpt
began its 40 percent pay-off to depositors. Those whose names ... began its 40 percent pay-off to depositors. Those whose names ... The Bank of Kalamazoo, Kalamazoo, closed since 1933 state bank holiday today began its 40 percent pay-off to depositors. Those whose names ... were available to receive payments (Kalamazoo Gazette 1934-04-11).
Source
newspapers
3. September 12, 1934 Receivership
Newspaper Excerpt
Schutz took over the receivership Sept. 12, 1934. and BECOMES BANK RECEIVER ... has resigned become receiver of the Bank of Kalamazon ... at the request of the state banking department, it was announced today. (articles Aug–Sep 1934).
Source
newspapers

Newspaper Articles (10)
1. June 29, 1933 The Kalamazoo Gazette Kalamazoo, MI

Article Text

CALL TO MEET JULY Members of Recent Committee to Seek 51 per Cent Support. meeting of depositors of the Bank of Kalamazoo, for the of cent more to for per legally represent them, called from Wednesday the Arcadia range in of meeting issued Thursday Chas. LeRoy Coambs, and Johnson, executive committee of the former deposiwhich Saturday was The former solved, according to statement issued by last Saturday and printed in Gazette, because, per cent of depositors, was refused legal status hesday the first effort obtain the support of the sary legal of deposits in Bank of Kalamazoo obtain recognition the state banking

2. October 21, 1933 Lansing State Journal Lansing, MI

Article Text

Install Giant Bell At Lutheran Church new bell weighing 2,000 pounds installed Emanuel First Evangelical church. North Capitol avenue at Kilborn street, Saturday morning. and will dedicated Sunday The giant was hoisted belfry from the the church opening cut through the ture. KALAMAZOO BANK PAYS OFF ment 25,000 depositors the bank of Kalamazoo announced Saturday. The money represents percent deposits in bank which has been operating limited basis advanced Reconstruction Finance corporation. OPERATION SAVES BATTLE CREEK. Oct. delicate removal bone fragments from her brain believed saved the life Mrs. Mary Buroker Powell, 24, who was wounded Jack Haan, rejected suitor. Haan later killed Physicians Powell probably would be partially paralyzed.

3. March 14, 1934 The Kalamazoo Gazette Kalamazoo, MI

Article Text

APPROVES $100.000 BANK ASSETS ORDER Court Authorizes Receiver ot Take Over Holdings of Bancshares, Inc. Order authorizing Earle D. receiver of the Bank of take over from sets value was made afternoon Judge Weimer Albertson's petition. The order Albertson to sell the assets, and to apply the toward the stock liability court meeting which the directors Inc. transfer of the assets to Albertson, in the petition filed Tuesday afternoon, stated that advisory mission the E. Reichert banking an the statutory liabilities of holders of the Bank of Kalamazo he the registered holder of stock of par value, under the action the state banking indebted to bank on statutory liathe to the as Bank of to to bank He the petition that cation for loan depends on to certain assets part payment of its Judge Welmer, in his order rected Albertson shares, receipt credit on statutory liability than from the of the an additional receipt will be given. CONSIDER NEW CODE copper wholly code prepared the national reto industry by United States Copper

4. April 11, 1934 Battle Creek Enquirer Battle Creek, MI

Article Text

NEWS NOTES Decree Granted-A divorce decree granted to Ruth Hack from Matthew Hack in circuit court today. Is in Chicago-Loren Kuehnle of 81 Latta. in Chicago on business. Mr. Kuehnle expects turn to Battle Creek about Friday. Suit Is missing the suit of Witalia Antuck vs. Mary Antuck was filed in circuit court at Marshall today. Seeks R. Lutz seeks from his Pearl Lutz. in bill of complaint filed in circuit court. Mr. Lutz charges cruelty Attended and Mrs John Conroy 107 Burr the of Mrs. Anna Flynn Marshall this Mr. Conroy pallbearer Took Examinations Leon Snyder and H. Nelson spent the day Ann Arbor where they took the state board examination Loses Straight Clelland of Hill reported to that he had lost hanger's edge Hill and Kingman avenue Tuesday Seeks allowance of least pending of suit filed day by Pendill Van Pendill, Battle undertaker Missing Girl Bryner reported day that town but changed address Want to license office the county today Ted and Florence of 27 Warren. Will Lecture Tonight-Dr Walter Martin an illustrated lecture on the Body Defends Itself Against Disease" o'clock tonight in mezzanine parlor the Legion Meets Tomorrow regular Legion and held the tomorrow night o'clock and Case Is transferring the cause from the progress to calendar filed in circuit court today suit of Anna Frederick Schmidt Rose C. Noneman, et al Checks Available City Clerk Thorne today that checks for workers election his office The have Thorne they will not be Returns to Earl Owen who been confined home illness for last six months, has turned the hospital Hines. Ill. Mrs. Owen was an overseas army nurse. Welfare Board Meets- board directors Battle Creek Welfare fund held their regular meeting in the Athelstan club Tuesday Monthly agency appropriations were approved and Was Here for D. Byer East Lansing companied by her sister. Miss Edna spent Monday in Battle Creek where she underwent an amination the office of her physician Returned Theodore of Prof. John left this for his home Chicago He iting brother for and featured Monday evening by Battle Creek Defendants appearance of defendants filed circuit court at Marshall today The Edward Almira Conklin. Clifton Horton Carrie and Clyde Marguerite Brandimore George Brandimore To Have Council bers of the council of eligious cation of the First Baptist church will meet this evening for busimeeting and program. Miss Ava Seedorff has charge of the program. Preceding the meeting per will be served Sanitarium guests and patients from six states registered at the Sanitarium yesterday They came from Illinois, Indiana Michigan Ohio, Oklahoma and Among was John Hosack of Okla. Set Date for May 18 has been set the of the annual Daughters Liberty May party will be held in school with music from 12 Miss Marion Galton advisor on the decorations Students to Visit Factory-Word was Sanitarium today from Paul superof Fennville public schools, that he is planning to bring 31 students to Battle Creek Thursday to visit the Kellogg plant and, if possible. the Sanitarium. Hearing Notice that hearing be circuit court 14 days from April in the matter the appeal of Louis Stavfrom decision of the sioners claims denying his claim estate of late Georagainst Belcher filed in circuit giana court at Marshall today Knights to Meet-Lansing will entertain the conclave of Michigan Knights Templar June. At least 3,000 are expected to mobilize The grand will convene Lansing for several days the pageant mobilization being scheduled about the second day of the grand meet Pay-Off Is Started-The Bank of Kalamazoo, Kalamazoo, closed since 1933 state bank holiday today began its 40 percent pay-off to depositors. Those whose names

5. June 14, 1934 The Kalamazoo Gazette Kalamazoo, MI

Article Text

BANK RECEIVER WILL SELL TWO MORTGAGES Order was ternoon by Judge George mer E. Albertson as receiver of the Bank of Kalamazoo to sell two mortgages held by the bank to the American National bank. and accept Home Owners bonds in settlement of third mortgage. The mortgage which will be exchanged for bonds was given in 1925 by Florence and Isaac Goldfor $3,600. The amount now due is stated to The bonds will be given by the federal corporation in a sufficient suni to cover the full amount due. Of the be sold to the American National bank, was given by Edwards and Grace B. Wicks in August, 1932. on land in Bleyker's addition. to secure note for $2,000. The amount now due is $1,466. The in 1919 by John W. and Susan M. Adams on land in Prouty's addition. to secure note for $4.200. The amount due is $2,180.75. At least eight people are look for in the north west section of the city An apartment at 821 Simpson St. which in the Want Ads for the past four days was rented of the nine interested who responded to the Why not use the Want Ads tell them about your vacant place?

6. August 10, 1934 Battle Creek Moon-Journal Battle Creek, MI

Article Text

BECOMES BANK RECEIVER. Mt. Clemens, Aug 10.-(U. Charles H. Schutz. cashier of the reorganized Mt. Clemens Savings Bank, has resigned become ceiver of the Bank of Kalamazon. Kalamazoo, at the request of the state banking department, it was announced today.

7. October 21, 1934 The Kalamazoo Gazette Kalamazoo, MI

Article Text

BANK RECEIVER ASKS 6,200 TO CLAIM $145,000 In Eyes of Law Depositors Have Until Nov. 5 to File Proofs. Loud and prolonged was the clamor when the Bank of Kalamazoo closed its doors in 1933 and impounded 23,000 accounts. Receiver Charles H. Schutz revealed Saturday that approximately 6,200 accounts for a total of $145,000 are unclaimed to date. In the eyes of the law the depositors have only slightly more than two weeks to file their proofs of claims. WOULD PAY OUT $58,000 Of the amount, the receiver stands ready to hand out about $58,000 under the 40 per cent payoff plan, he said, but there are no takers. After Nov. 5, 1934, the depositors could be "forever barred against the filing of such proof of claim." This week, over his name, Receiver Schutz sent out several thousand notices addressed to those of the 6,200 depositors whose claims amount to more than $2. In many cases, however, he said, no good addresses are available, and the notices may not be delivered. WILL REVERT TO STATE About $82,000 of the unclaimed money was in commercial accounts and $63,000 in savings accounts. The money which is not claimed will automatically revert to a mysterious place known only to lawyers—"the board of escheats of the State of Michigan."

8. December 7, 1934 The Kalamazoo Gazette Kalamazoo, MI

Article Text

BANK RECEIVER TO ASK $367 FOR DEPOSITORS C. H. Schutz Will Sue Bank of Kalamazoo Building Owners. Charles H. receiver of the Bank of Kalamazoo, stated Friday that he found himself in the of an official sued to force an action that had already taken all to bring about. The relieve the from the the first and second mortgage bond issues of the Kalamazoo Building that had instituted Nov. pointed in order to be in sition to seek for depositors of the Bank of the time of the construction of the Bank of Kalamazoo BuildSchutb issue of $750,000 bonds was and second of 000 mortgage bonds was disposed of. Due to causes, the proceeds from the first and second mortgage bonds to complete the building. WILL SEEK $367,000 Kalamazoo then advanced about to complete the equip it and it tenable and save the investment of the first and second The bank. under the terms of the trust denture. lien on the over the first second mortgage bonds, for the money thus advanced sum receiver of the Bank of am attempting to recover from building or the Kalamazoo Building Company in the interest of the positors of the bank. Suit will be instituted by myself as receiver for the ing to 000 and interest. Because of the bank be ing both trustee for the and claiming prior lien on resigning trustee of the bond in the claim for recovery the advanced by the bank. This action necessary before suit be started for this is action the general sought in the suit he in the EFFECTIVE DEC. 12 of this sum will recovery mean great deal for the depositors of the and every effort be made to claim. The and the Bank of and holders the bonds of the Building will be keenly interested in the of the bank's said that notice of his resignation trustee for the first was served Company Nov. and that the resignation be effective Dec. 12. that time trustee will be provisions of the The indenture provides, he pointed out, in order to resign, it for receiver of on the Company and to advertise resignation daily paper. published in amazoo and for three weeks, one issue appearing each week for three successive weeks.

9. September 15, 1935 The Kalamazoo Gazette Kalamazoo, MI

Article Text

RFC LOAN CUT TO $939,455, BANK RECEIVER SAYS Schutz Discloses 42.85 per Cent Assessment on Stock Is Paid. Report of the receiver of the Bank of Kalamazoo, Charles H. Schutz, made as of the close of business Sept. 7, reveals that already 42.85 per cent of the $600,000 assessment against stockholders has been collected, that the $2,054,567.31 loan from the RFC has been reduced to $939,455, and that he "hopes to make a further substantial payment to depositors after the loan to the RFC is repaid." A 40 per cent dividend, $2,228,334.19, has already been paid. "No further distribution can be made to depositors until the loan is paid and the collateral returned," Schutz continued. "During the last 12 months the average repayment to the RFC has been approximately $91,000 per month. Upon payment by the receiver of the loan to the RFC the collateral is returned, and the receiver will then pay dividends as quickly as the sums are collected from the returned assets in amounts from time to time large enough to justify distribution."

10. September 15, 1935 The Kalamazoo Gazette Kalamazoo, MI

Article Text

$939,455, BANK RECEIVER SAYS Schutz Discloses 42.85 per Cent Assessment on Stock Is Paid. Report of the receiver of the Bank of Kalamazoo, Charles H. Schutz, made as of the close of business Sept. 7, reveals that already 42.85 per cent of the $600,000 assessment against stockholders has been collected, that the $2,054,567.31 loan from the RFC has been reduced to $939,455, and that he "hopes to make a further substantial payment to depositors after the loan to the RFC is repaid." A 40 per cent dividend, $2,228,334.19, has already been paid. "No further distribution can be made to depositors until the loan is paid and the collateral returned," Schutz continued. "During the last 12 months the average repayment to the RFC has been approximately $91,000 per month. Upon payment by the receiver of the loan to the RFC the collateral is returned, and the receiver will then pay dividends as quickly as the sums are collected from the returned assets in amounts from time to time large enough to justify distribution. INTEREST $89,602 It is to be remembered, Schutz said, that in addition to the principal of the loan, the bank has paid interest totalling $89,602.42. It has also been required to pay all costs of administration, all costs of the loan negotiations, and also the expense of maintaining the RFC representative at the bank. Schutz took over the receivership Sept. 12, 1934. "Every possible effort is being made," he said, "to retire the RFC loan in order to save the interest charge which is taken out of the earnings, and which would otherwise accrue to the benefit of depositors. Net earnings, from the beginning of the receivership, Dec. 3, 1933, to date after payment of all expenses, are $7,190.03." This record, Schutz said, which he feels is most gratifying, has been made possible by the very earnest effort made by the majority of the persons who owe the bank money to pay or reduce their obligations. He also credits the "splendid co-operation" given the receivership by the state banking department and the RFC for the showing. MAKES DAILY REPORTS "The RFC has a daily report of all collections and the activities," Schutz said, "and the state banking department receives a quarterly itemized report of all collections and disbursements. In addition to this, any matters of policy or pending negotiations regarding loans, etc., are reported on and submitted for approval of both supervisory authorities. "It may be of interest to the depositors to know that every precaution is taken to protect the assets which belong to them. Before any compromise settlement is allowed, it must be presented in writing with a sworn financial statement attached, recommended by the receiver after thoroughly checking the contents of the statement through other sources, approved by the state banking department, the RFC, and finally allowed upon an order of the circuit court. "If it should develop that any statements were false or were made for the purpose of defrauding depositors of the bank (the creditors), the party making such statements would be criminally liable and subject to prosecution. EXPENSES KEPT DOWN "The crew of the receivership and its expenses are kept to the minimum. To anyone not familiar with the amount of paperwork required, involved in a receivership under the direction of Washington, it is hard to realize the amount of work demanded. Every individual collection or disbursement is received by and approved by Washington, through the Detroit agency, to which the bank reports. "While every effort is being made to liquidate the affairs of the bank as rapidly as possible, the same effort is being made to conserve for the depositors as much as possible in order to minimize their loss upon final distribution. Assets are sold or disposed of only upon the united judgment of the receiver and the supervisory authorities."