Union Trust & Savings Bank (Flint, MI)

Episode Information

Episode UID
74005371270
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7400537 routing
Routing Number
74-0053
Start Date
October 18, 1905
Location
Flint, Michigan (43.013, -83.687)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eecb3f2ef8720a9d

Response Measures

None

Description

The bank experienced a run in 1905 but remained open. It later suspended during the 1933 banking holiday and never reopened, entering receivership.

Events (4)
1. October 18, 1905 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor of unknown source triggered withdrawals by over 100 depositors.
Measures
Officers and stockholders declared the bank in good condition; received offers of assistance from Detroit and Jackson.
Newspaper Excerpt
A run on the Union Trust and Savings bank of Flint, resulting from a rumor the source of which cannot be traced, was started Wednesday afternoon
Source
newspapers
2. February 14, 1933 Suspension
Cause
Government Action
Cause Details
The bank was placed under a conservator following the Michigan and federal banking holidays.
Newspaper Excerpt
Union Industrial Trust & Savings bank Flint. Mark Wilson [as conservator]
Source
newspapers
3. June 29, 1933 Receivership
Newspaper Excerpt
hearing in Presiding Judge James division circuit court in which Rudolph E Reichert state banking commisUnion Trust Savings ordered to show temporary should not appointed for the institution.
Source
newspapers
4. March 16, 1934 Other
Newspaper Excerpt
July 9 has been set by the state banking department as the time limit for payment of released funds to depositors of the closed Union Industrial Trust & Savings bank.
Source
newspapers

Newspaper Articles (11)
1. October 19, 1905 Belding Banner Belding, MI
Article from Belding Banner, October 19, 1905

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Article Text

Run on a Flint Bank. A run on the Union Trust and Savings bank of Flint, resulting from a rumor the source of which cannot be traced, was started Wednesday afternoon and was in full swing Thursday. More than 100 depositors drew out their money before the bank closed and Thursday morning a crowd of between 200 and 300 assembled in front of the bank waiting for its doors to open. The officers and stockholders of the bank, who include some of the wealthiest men of the city, declare that the institution was never in better financial condition than at present and that all deposits will be paid on demand. Offers of assistance were received from Detroit and Jackson and many local merchants and manufacturers were ready to draw their money out of their banks and deposit it with the Union Trust and Savings. The Durant-Dort Co. offered to transfer all its accounts to this bank if the money is needed. It is thought that the run will subside after the people understand the situation.

2. March 27, 1933 Marshall Evening Chronicle Marshall, MI

Article Text

Banks Under Conservators In 58 Towns (Concluded from Page 1) First State SAVINGS bank. Bronson, Frank Coward Clarkston State bank Clarkston. D. King George First State Bank of Mendon, C. H. Rogge Mendon. First Commercial Savings bank Wolf Brothers State bank. Centerville, C. D. Mosher State Savings bank. Bannister. C. D. Bates. State Savings Bank of Elsic. First State Bank of Allegan. Allegan. Herman Vaupell State Savines bank. Clinton. W. P. Van Tyle. American State bank. Frankenmuth. John L Gever First State Savings bank. Holly. B. State Savinas bank. Stanton D. Birch Starks Run State bank. Birch Run. Herbert Walter. First State Bank of Kingsley. Kingsley. Carl J Brown Pinney State bank. Cass City. F State Punney Bank of Harbor Beach. Harbor Beach John C. Prieskorn. Marysville Savings bank. Marysville. John C. Barron Farmers Savings bank. White Pigeon. J. M Benjamin. Springport State Savings bank. Springpert. Allen Crawford Jr Peninsula Bank. Ishpeming. PetGenesee County Savings bank, Flint. Mark Wilson Union Industrial Trust & Savings bank Flint. Mark Wilson First State bank, South Haven. R. B. Van Haaften Farmers & Merchants State bank. Lakeview D S. Griffith. Big Rapids Savings bank. Big Rapids. Wm. C. Taggart Rockford State bank. Rockford. E J. Muir Byron Center State bank. Byron Center. Frank Wierenga. Farmers State bank. Alto. Earl V. Colby. Peoples State bank Milan. J. Laskey. Farmers State bank. Breckenridge. R. L. Baldwin. Woodland State bank. Woodland. J. V. Hilbert Eaton County Savings bank Charlotte Phil H. Barber Hillsdale Savings bank. Hillsdale C F. Cook. Jr. Guardian Bank cf Trenton. Trenton. C. A. Smith Cadillac State bank. Cadillac J. J. Beldman Peoples Bank Sparts. Leslie Anderson

3. June 29, 1933 The Flint Journal Flint, MI

Article Text

CLASHES MARK RECEIVER SUIT Question of Counsel Branded as Political in Nature by State's Attorney. Frequent clashes counsel this the hearing in Presiding Judge James division circuit court in which Rudolph E Reichert state banking commisUnion Trust Savings ordered to show temporary should not appointed for the institution. The order request attorneys for Middle Roads company. depositor. Charges of "polities" arose Howard for the ed "Can declare an emergency, and legislature pass legislation which plainly on basis of an emergency that "That purely political nature, and apparently purpose here." shouted of was in court represent Judge Parker told the attorneys that he wished to as far political matters as possible and asked the attorneys There Cline then proceeded his he (Turn to Page Column 3)

4. February 20, 1934 The Flint Journal Flint, MI

Article Text

BANK RECEIVER SUES OVER TAXES A test to determine whether a county can collect taxes from a bank while it is being financed by the R. F. C., a federal agency, was started in the Genesee county circuit for a $10,000 judgement, the county made defendant in a suit for a $10,000 judgement, the action being started by Mark A. Wilson, as receiver for the Union Industrial Trust & Savings bank. The judgement is asked to secure the return of money paid to the county under protest on the ground that the tax is illegal under the circumstances. The action was filed by Wilson & Hoffman, attorneys for the receiver, by summons only, made returnable March 10.

5. March 16, 1934 The Flint Journal Flint, MI

Article Text

Time Limit for Payment From Closed Bank Funds July 9 has been set by the state banking department as the time limit for payment of released funds to depositors of the closed Union Industrial Trust & Savings bank. A similar limitation will be set for the First National Bank & Trust company but the comptroller of the currency has not yet sent notification of the date. The total of claims not yet called for is about 15,000 for the two institutions, representing about $900,000 for the Union Industrial and about $500,000 for the First National. Union Industrial depositors are receiving 35 per cent of their impounded funds and those of the First National, 50 per cent. The former are obtaining their releases at the National Bank of Flint and the latter at the quarters of the First National receiver, First National bank building. Apparently some believe there is a deposit to their credit to the amount of their portion of these released funds. This is not the case. For each bank, the receiver has on deposit in his name with the National Bank of Flint the total of unpaid releases. The depositor must establish his claim, receive a check which he may cash or place on deposit. Until this is done, there is no transaction as far as his claim is concerned. If this is not done before the expiration of the time which already has been fixed for one and soon will be for the other bank, the depositor will experience some difficulty in obtaining his funds. The formal notice which is being served by publication on all Union Industrial depositors, says in part: "That all persons having claims of whatever kind or nature against said Union Industrial Trust & Savings bank failing to file such claims on or before July 9, 1934, shall thereafter be forever barred from filing their claims against the said Union Industrial Trust & Savings bank, and shall be deemed to have no valid claim of any kind against any of the assets of the Union Industrial Trust & Savings bank, in the hands of said receiver, unless time for filing has been extended on cause shown. "That on or before July 19, 1934, said receiver shal file with the said commissioner of banking, a schedule of all claims presented to him, together with his recommendation thereon as to their allowance or rejection; that a hearing will be had in the offices of the receiver at Flint, Mich., on the 25th day of July, 1934, at 9 o'clock in the forenoon, at which time the banking commissioner, or one of his representatives will be prepared to hear objections on the allowance of any claims filed."

6. March 16, 1934 The Flint Journal Flint, MI

Article Text

July 9 has been set by the state banking department as the time limit for payment of released funds to depositors of the closed Union Industrial Trust & Savings bank. A similar limitation will be set for the First National Bank & Trust company but the comptroller of the currency has not yet sent notification of the date. The total of claims not yet called for is about 15,000 for the two institutions, representing about $900,000 for the Union Industrial and about $500,000 for the First National. Union Industrial depositors are receiving 35 per cent of their impounded funds and those of the First National, 50 per cent. The former are obtaining their releases at the National Bank of Flint and the latter at the quarters of the First National receiver, First National bank building. Apparently some believe there is a deposit to their credit to the amount of their portion of these released funds. This is not the case. For each bank, the receiver has on deposit in his name with the National Bank of Flint the total of unpaid releases. The depositor must establish his claim, receive a check which he may cash or place on deposit. Until this is done, there is no transaction as far as his claim is concerned. If this is not done before the expiration of the time which already has been fixed for one and soon will be for the other bank, the depositor will experience some difficulty in obtaining his funds. The formal notice which is being served by publication on all Union Industrial depositors, says in part: "That all persons having claims of whatever kind or nature against said Union Industrial Trust & Savings bank failing to file such claims on or before July 9, 1934, shall thereafter be forever barred from filing their claims against the said Union Industrial Trust & Savings bank, and shall be deemed to have no valid claim of any kind against any of the assets of the Union Industrial Trust & Savings bank, in the hands of said receiver, unless time for filing has been extended on cause shown. "That on or before July 19, 1934, said receiver shall file with the said commissioner of banking, a schedule of all claims presented to him, together with his recommendation thereon as to their allowance or rejection; that a hearing will be had in the offices of the receiver at Flint, Mich., on the 25th day of July, 1934, at 9 o'clock in the forenoon, at which time the banking commissioner, or one of his representatives will be prepared to hear objections on the allowance of any claims filed."

7. October 1, 1935 Battle Creek Moon-Journal Battle Creek, MI

Article Text

BANK'S RECEIVER SUES EX-OFFICIAL Flint, Oct. 1.—Herbert R. Wilkin, former executive vice president of the closed Union Industrial Trust & Savings Bank, and his wife Greta were named defendants in a foreclosure suit filed in circuit court Monday by Mark Wilson, receiver for the closed bank. The suit alleges that Wilkin bought from the bank a $15,000 home in the Woodside subdivision while he was an officer of the bank and failed to make any of the $100-a-month payments or the down payment of $2,500. Sale of the property for as much as it will bring and the balance from Wilkin is requested in the litigation. The overdue payments from October, 1930, amount to $3,514 and unpaid taxes total $564, according to the suit.

8. November 2, 1935 The Saginaw News Saginaw, MI

Article Text

FLINT BANK RECEIVER GETS LOAN FROM RFC WASHINGTON - (INS) - The Reconstruction Finance Corporation has announced authorization of a loan of $3,220,541 to the receiver of the Union Industrial Trust & Savings bank of Flint, Mich. The loan, revealed in the corporation's report for September, was to be used to permit a 30 per cent payoff to depositors in the bank's savings department, it was said. The total for this purpose, however, was reduced to approximately $1,000,000 corporations officials explained by use of $734,000 to repay a previous RFC loan and $625,000 for payment of taxes.

9. November 2, 1935 The Saginaw News Saginaw, MI

Article Text

FLINT BANK RECEIVER GETS LOAN FROM RFC WASHINGTON - (INS) - The Reconstruction Finance Corporation has announced authorization of a loan of $3,220,541 to the receiver of the Union Industrial Trust & Savings bank of Flint, Mich. The loan, revealed in the corporation's report for September, was to be used to permit a 30 per cent payoff to depositors in the bank's savings department, it was said. The total for this purpose, however, was reduced to approximately $1,000,000 corporations officials explained by use of $734,000 to repay a previous RFC loan and $625,000 for payment of taxes.

10. November 14, 1935 The Flint Journal Flint, MI

Article Text

Court Approves Loan Settlement New Lumber Company Notes Given Bank Receiver Court approval of a settlement of notes and mortgages owed to the receivership of the Union Industrial Trust & Savings bank by the Michigan Lumber & Fuel company was granted Wednesday by Circuit Judge Black on petition of Mark A. Wilson, receiver. According to the petition, the amount due on notes and mortgages with accrued interest is $177,713.84. The loans were secured by mortgages on the company plant and several hundred lots in and near Flint. The terms of the settlement follow: The receiver is to discharge a $55,000 mortgage on the plant at 1919 Clifford street and accept a first mortgage of $35,000 payable in 10 years. Company stock is pledged as additional security. The receiver is to receive quit claim deeds on 354 lots in Burton township. A blanket mortgage of $40,000 covering the lots is to be canceled.

11. November 14, 1935 The Flint Journal Flint, MI

Article Text

Court approval of a settlement of notes and mortgages owed to the receivership of the Union Industrial Trust & Savings bank by the Michigan Lumber & Fuel company was granted Wednesday by Circuit Judge Black on petition of Mark A. Wilson, receiver. According to the petition, the amount due on notes and mortgages with accrued interest is $177,713.84. The loans were secured by mortgages on the company plant and several hundred lots in and near Flint. The terms of the settlement follow: The receiver is to discharge a $55,000 mortgage on the plant at 1919 Clifford street and accept a first mortgage of $35,000 payable in 10 years. Company stock is pledged as additional security. The receiver is to receive quit claim deeds on 354 lots in Burton township. A blanket mortgage of $40,000 covering the lots is to be canceled. Quit claim deeds on 69 lots and parts of two other lots in Flint are to be given the receivership. Mortgages covering these properties are to be discharged. The receiver is to receive a full assignment of three mortgages now held as collateral for loans. The properties to be assigned to the receiver have an approximate income of $400 a month. By making the settlement, the bank can save about $15,000, the expense of foreclosure and tax payments. In addition to the property assignments, an unsecured note of Anton L. Olson, president of the company, is to be settled for $2,000 cash. The amount due, including interest, is $3,793.76.