Roseville State Savings Bank (Roseville, MI)

Episode Information

Episode UID
74110671596
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
7411067 routing
Routing Number
74-1106
Start Date
December 22, 1932
Location
Roseville, Michigan (42.497, -82.937)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
21b77f916baf89ad

Response Measures

None

Description

Articles state the bank suspended in Dec 1932 and remained in receivership with final liquidations through 1944.

Events (5)
1. December 22, 1932 Receivership
Newspaper Excerpt
Receiver Joseph E. Riesterer ... receivership of the closed Roseville State Savings Bank was expected today to be made within two months, ... bank was closed shortly before the nationwide banking holiday of 1932. (article describes receiver and receivership ongoing).
Source
newspapers
2. December 22, 1932 Suspension
Cause Details
Article reports suspension without specifying cause or link to a run; reason not given.
Newspaper Excerpt
The Roseville State Savings Bank has suspended business, it was revealed Thursday with the appointment of E. Earl Kay as cashier.
Source
newspapers
3. February 13, 1941 Other
Newspaper Excerpt
Expect Final Bank Payoff ... a final payment to depositors which will conclude the receivership of the closed Roseville State Savings Bank was expected today to be made within two months, according to an announcement by Receiver Joseph E. Riesterer.
Source
newspapers
4. August 3, 1942 Other
Newspaper Excerpt
Roseville Bank to Pay $30,700 Depositors to Get 10 Per Cent Dividend ... depositors may obtain their dividends by presenting their certificates at bank any time on or after Augus 3.
Source
newspapers
5. July 5, 1944 Other
Newspaper Excerpt
Roseville Bank Makes Last Payoff Latest Dividend Is Awarded 700 ... Final distribution of a 5.84 per cent dividend to approximately 700 depositors in the old Roseville State Savings Bank was made July 5, by Joseph E. Riesterer, Receiver.
Source
newspapers

Newspaper Articles (4)
1. December 23, 1932 Detroit Free Press Detroit, MI

Article Text

Owners of Bonds to Start Litigation Seek to Guard Huge Drain Investments MT. CLEMENS, Dec. 22—Holders of $10,000,000 in Macomb, Oakland and Washtenaw County drain bonds are preparing to start a Federal Court action, it was announced Thursday, to prevent their investments from becoming worthless through default and refunds to taxpayers. A Bondholders' Protective Committee, attorneys said, has been compiling information for use in the case. Macomb County already has defaulted on $383,300 worth of drain bonds due this year, while $54,347.10 has been refunded to assessment payers from the Martin Drain fund and $7,056 from the Center Line Relief Drain fund. * * * Sheriff Elect George Smith announced that the following would be appointed to his force when he takes office: Robert D. Peltier, Albert A. Phippen, Paul A. Schram, Harley B. Ensign, Homer and George J. Smith, the new Sheriff's sons, Edwin Wermsbacher, Harold Shield, Edward Curlett, Charles O'Grady, Henry Kuhn, Warren Township treasurer, Anthony Schmitz, Edward Cahill, and Albert Lefevre. * * * School District No. 2, Warren Township, Thursday started a mandamus action against Henry Kuhn, Township Treasurer, to force him to surrender $1,453.08 in delinquent tax collections. Judge James E. Spier set Dec. 29 for hearing. * * * Charles H. Schutz was appointed custodian of the Mt. Clemens Savings Bank Thursday, pending reorganization. His bond was fixed at $100,000. * * * Mrs. Angele Harris, 45 years old, was seriously injured Thursday, and Mrs. George Klein, of Detroit, was slightly hurt, in an automobile collision. * * * The Roseville State Savings Bank has suspended business, it was revealed Thursday with the appointment of E. Earl Kay as cashier. His bond was set at $25,000.

2. February 13, 1941 The Daily Monitor Mount Clemens, MI
Article from The Daily Monitor, February 13, 1941

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Article Text

Expect Final Bank Payoff ROSEVILLE-A final payment to depositors which will conclude the receivership of the closed Roseville State Savings Bank was expected today to be made within two months, according to an announcement by Receiver Joseph E. Riesterer. Riesterer stated that the payment will release funds totaling approximatley 10 per cent of the total deposits on hand when the bank was closed shortly before the nationwide "banking holiday" of 1932. Only two or three parcels among the assets of the institution remain to be liquidated to clear the way for the final payment which will terminate the receivership. There are approximately 700 depositors to whom funds are still due, Riesterer said. Following the payment, which is expected to be made early in April, Riesterer will apply to the State Banking Department for a release from receivership under the circuit court.

3. July 30, 1942 The Daily Monitor Leader Mount Clemens, MI
Article from The Daily Monitor Leader, July 30, 1942

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Article Text

Roseville Bank to Pay $30,700 Depositors to Get 10 Per Cent Dividend ROSEVILLE-A 10 per cent dividend, amounting to approximately $30,700, will be paid to depositors of the Roseville State Savings Bank starting next Monday, it was announced today by Joseph E. Riesterer, receiver. The latest dividend is the seventh declared by the bank since it went into receivership. The dvidend raises the bank's total payoff to date to 40 per cent, Riesterer said. Depositors may obtain their dividends by presenting their certificates at bank any time on or after Augus 3. Weekday hours of the bank are from 10 a. m. to 4 p. m., while on Saturdays the hours are from 9 a. m. to noon.

4. July 6, 1944 The Daily Monitor Leader Mount Clemens, MI
Article from The Daily Monitor Leader, July 6, 1944

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Article Text

Roseville Bank Makes Last Payoff Latest Dividend Is Awarded 700 ROSEVILLE - Final distribution of a 5.84 per cent dividend to approximately 700 depositors in the old Roseville State Savings Bank was made July 5, by Joseph E. Riesterer, Receiver. The final liquidation of assets which makes possible this latest return to the depositors is made under authority of a court order signed last week by Circuit Judge Alton Noe. Payments may be obtained by presentation of the Receiver's Certificate for cancellation at the office of the bank at Utica road and Gratiot. Claimants are asked to call for their dividend immediately as this office is closing in the very near future.