Saranac State Bank (Saranac, MI)

Episode Information

Episode UID
74047371599
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7404737 routing
Routing Number
74-0473
Start Date
March 29, 1933
Location
Saranac, Michigan (42.929, -85.213)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c7c8832bc46a7a51

Response Measures

None

Description

Conservator appointment (March 1933) by state commission preceded receiver activity and liquidation.

Events (3)
1. March 29, 1933 Suspension
Cause
Government Action
Cause Details
State banking commission appointed conservators for Saranac State Bank (conservator named Charles Huhn).
Newspaper Excerpt
Saranac State bank. Saranac Charles Huhn.
Source
newspapers
2. January 23, 1935 Receivership
Newspaper Excerpt
blanket authority to dispose of a list of $66,588.44 in slow bonds and securities from time to time ... for the Saranac State bank, James L. Barker, receiver for the Saranac State bank, blanket authority ... was granted by the state banking department.
Source
newspapers
3. December 31, 1935 Other
Newspaper Excerpt
the books, records and assets of the bank would be taken to Saranac, where Barker is also receiver for the Saranac State bank.
Source
newspapers

Newspaper Articles (3)
1. March 29, 1933 Battle Creek Moon-Journal Battle Creek, MI

Article Text

CONSERVATORS ARE APPOINTED (Continued from Page One.) State Bank of Linwood, Linwood, Joseph A. Ouillette Lincoln State bank, Lincoln, W. G. Anderson. Rockwood State bank. RockWagar. and Merchants State bank, Wheeler. Henry Mead. Armada State bank, Armada. James Neeley. State bank, Brighton, Savings bank. MoAddison State Savings bank AdB. Zeeland State bank. Zeeland. Den Herder. State Bank of Vestaburg. Vesta burg. Andrew W. Orr Blanchard State bank, BlanchAndrew Orr. State Bank of Six Lakes. Six Lakes. Andrew Orr. Newport State bank, Newport. Thomas Rabbitt Farmers Merchants State bank. Mesick, Lewis M. Hilton First State bank. Ashley, Garland State bank, Van Dyke, Eugene Carey Saranac State bank. Saranac Charles Huhn. First State Bank of Swift First State bank, Maple Rapids, H. Annis Moline State bank, Moline. Joe Haveman. First State bank, White H. Gustin. Algonac Savings bank, Algonac, W. Folsom. American Home Security, Grand Rapids, Howard Lawrence. Appointment of the following torneys to represent conservators was announced by the commission: Flint Union Industrial bank, Guy Wilson. Genesee County Savings Neithercut and Neithercut. Detroit Trust company, Anderson, Wilcox, Lacey and Lawson.

2. January 23, 1935 The Grand Rapids Press Grand Rapids, MI

Article Text

Ionia, Jan. 23.—A new system for the disposal of bonds and securities held by state banks in receiverships has been placed in effect by the state banking department. This was revealed here Tuesday in an order granting James L. Barker, receiver for the Saranac State bank, blanket authority to dispose of a list of $66,588.44 in slow bonds and securities from time to time in a manner recommended by the state banking department. The order was approved by Circuit Judge Royal A. Hawley. Request for the order was made by Glenn Mathews, attorney for the receiver, after a receipt of a letter from Rudolph Reichert, state banking commissioner, urging such action. May Obtain Better Prices. Reichert pointed out that blanket disposal order would enable the bond division, which the state banking department has established, to help receiverships liquidate their holdings to take immediate and better advantage of market fluctuations in security prices. In the past it has been customary to secure court approval for each individual sale or refunding transaction. By the time this could be obtained, a temporary advance in the security under consideration sometimes has been wiped out. Commissioner Reichert pointed out that similar blanket releases are being sought on securities held by all state bank receiverships and that the grouping of various blocks of securities might permit better trading terms. He likewise indicated a blanket disposal order would save the cost of repeated court hearings. His communication was cited in Receiver Barker's plea for the Saranac order.

3. December 31, 1935 The Kalamazoo Gazette Kalamazoo, MI

Article Text

EX-HOTEL MAN DIES MIDDLEVILLE - Services for William J. Cisler, 68, retired hotel operator of Caledonia, were to be held Tuesday at Caledonia Methodist church, under auspices of the I. O. O. F. lodge. Burial will be in the Middleville cemetery. Mr. Cisler died Sunday morning in St. Mary's hospital. MOVE BANK RECORDS HASTINGS - In order to cut the expense in the remaining business of the Woodland State bank, Receiver James L. Barker has announced that after Jan. 1, 1936, the books, records and assets of the bank would be taken to Saranac, where Barker is also receiver for the Saranac State bank.