Detroit Bank (Detroit, MI)

Episode Information

Episode UID
9000971598
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
900097 routing
Routing Number
9-0009
Start Date
February 1, 1933*
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
187e712768b71b7d

Response Measures

None

Description

Articles mention Detroit Savings Bank resuming limited business after gubernatorial proclamation; a later receivership inquiry (1934) may refer to a related or different Detroit bank — more records recommended.

Events (3)
1. February 1, 1933* Suspension
Cause
Government Action
Cause Details
State proclamation/banking restrictions under Michigan governor limited withdrawals and payments (state banking holiday measures).
Newspaper Excerpt
withdrawals temporarily will be limited ... under the terms of the second proclamation issued by Gov. William A. Comstock.
Source
newspapers
2. February 27, 1933 Reopening
Newspaper Excerpt
Walter H. Dunham, president of the Detroit Savings bank, had announced that the bank he heads would resume its clal business, but would be unable to accept checks upon other institutions except subject to final payment. It will operate upon limited withdrawal basis, ... under the terms of the second proclamation issued by Gov. William A. Comstock.
Source
newspapers
3. June 20, 1934 Receivership
Newspaper Excerpt
FEDERAL JURY OPENS INQUIRY - Detroit Bank Receiver One Of First Witnesses
Source
newspapers

Newspaper Articles (3)
1. January 25, 1933 The Herald-Press Saint Joseph, MI

Article Text

JOBS, PAYROLLS HOLD THEIR OWN CHICAGO, Jan. 25 (AP). — The number of persons employed and the money they earned were almost unchanged on Dec. 15 from the month before in the states of the seventh Federal Reserve district, the Chicago Federal Reserve bank announced today. Employment gained one per cent during the month and payrolls declined about the same extent, the report said. In factory employment the increase was slight while in the non-manufacturing group it was insignificant, the report said. A notable exception in the former classification was the automobile industry which for the second successive month reported larger working forces and for the third month, increased payrolls. CARO, (AP). — Tuscola county's new $178,000 court house was dedicated yesterday afternoon before an audience estimated at 10,000 persons, who came from all sections of the state. The building is completely paid for. Justice George M. Clark and W. W. Potter, of the Michigan supreme court, were principal speakers. custodians of their own selection despite the fact the law says they must be recommended by the banking commissioner. He held the courts exceeded their authority in the appointment of receivers for Detroit, Clare and Mt. Clemens banks. If action is taken it will be a petition in the supreme court for a writ of mandamus to force the judges to comply with the law, according to O'Brien.

2. February 27, 1933 Chicago Tribune Chicago, IL

Article Text

FORD PUTS HUGE FORTUNE BEHIND 2 DETROIT BANKS Will Establish and Run Both Institutions. [Continued from first page.] creation of two new banks and will match the total necessary capital, which we understand is $8,250,000, with the good brains of those who are willing later to unite these banks into one institution founded on what we think sound banking should be, provided you have confidence in our ability to select the men whom we all believe will merit future public confidence. The institutions so established will be the type of structure that will merit public faith in the ability of industrial Detroit to rehabilitate itself. HENRY FORD, EDSEL FORD." It is understood that Ford will leave his deposits in the old banks, estimated at around $7,000,000. on the same as the other depositors. 78 Million R. F. C. Loans. Under the terms of the Reconstruction Finance corporation loans the First National bank was to have received $54,000,000 and the Guardian National $24,000,000. In subscribing for all the capital stock of the two banks Ford anhis and his desire to take over the liquid assets of both institutions, which enable them to carry on. However. he reserves the right to name his own board of directors there will be no stockholders. The banks will be his own personal property, as he will own every share in them. Alters Banking Situation. Ford's entry into the picture alters banking conditions here materially. It provides new hope and it leaves control in the hands of Detroit man. Although they to comment on the new turn of affairs. bankers of the city evidently greatly pleased. They feel that the financial power of Mr. Ford. fortified with one of the largest stores of liquid cash and securities in the country. would in themselves be all that is necessary to place the city's financial situation on a solid rock foundation. Earlier in the day Walter H. Dunham, president of the Detroit Savings bank, had announced that the bank he heads would resume its clal business, but would be unable to accept checks upon other institutions except subject to final payment. It will operate upon limited withdrawal basis, he said, in so far as the savings deposits are concerned. Mr. Dunham said that withdrawals temporarily will be limited to cases of real necessity, under the terms of the second proclamation issued by Gov. William A. Comstock.

3. June 20, 1934 The Times Herald Port Huron, MI

Article Text

FEDERAL JURY OPENS INQUIRY Detroit Bank Receiver One Of First Witnesses (By The June gation to whether are to be returned former bank officials or result of the of two leading got in eral the of the The of 16 women and several weeks after the federal of asserted that of in that preceded now mous Feb. 13, The of only three witnesses advance. They are of the Bank Fred his chief and Richard H. of staff. long list of others probably will be called during the month the vestigation is expected to continue.