Fidelity Trust Company (Detroit, MI)

Episode Information

Episode UID
9007371582
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
900737 routing
Routing Number
9-0073
Start Date
October 7, 1931
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8a6729862b662203

Response Measures

None

Description

Closure taken by Michigan State Banking Department in Oct 1931 followed by receivership and final accounting.

Events (4)
1. October 7, 1931 Suspension
Cause
Government Action
Cause Details
Bank was taken over by the State Banking Department and closed to conserve assets for depositors.
Newspaper Excerpt
DETROIT, Mich., Oct. 8.-The Fidelity Bank & Trust Co. closed yesterday, an announcement said it had been taken over by the State Banking Department to conserve assets for the depositors.
Source
newspapers
2. October 17, 1931 Receivership
Newspaper Excerpt
Application filed in court today by Reichert receiver for Fidelity Bank & Trust company. The bank ... closed fortnight ago; deposits Sept. 29 amounted to $6,507,000.
Source
newspapers
3. March 2, 1932 Other
Newspaper Excerpt
investigation into the receivership of banks and trust ordered today by Gov. Wilber M. Brucker ... complaints that dual receiverships for the Metropolitan and Fidelity Trust companies of Detroit constituted an unnecessary drain upon resources.
Source
newspapers
4. July 26, 1933 Other
Newspaper Excerpt
Hearing on the final accounting in the Fidelity Bank Trust ordered held Wednesday by Circuit Judge Ormond Hunt ... final accounting in the Fidelity Bank & Trust Co. receivership as submitted by J. Walter Drake and Harry J.
Source
newspapers

Newspaper Articles (16)
1. May 13, 1931 Marshall Evening Chronicle Marshall, MI

Article Text

Jackson Bank: Receivers Enjoined JACKSON, Mich May 13 -A temporary injo netion barring the Fidelity Bank & Trust company or Detroit fre " selling $286.900 worth of bonds, held as collateral for loan 01, $111.000 w the circuit bank here, was Lined yesterday in court The injunet U asked by the strains the " etroit bank from seeking to col' ct on the loan Receivers the Farmers & Workingmen's bank also Illed bill for an AJ counting naming the Lambs, its Tormer vice president acting as Investment adviser was resp Insible for exchanging the Jackson bank's high-grade securi(ies for "leas stable" securities that The dealings OI the defunct bank were faulty.

2. October 8, 1931 The Palm Beach Post West Palm Beach, FL

Article Text

Six Northern Panks In Hands of State Oct Medford commercial in this closed At the request of who acted on the bank bethe bank the bank The bank reported total 30 of $7,000,000 and deposits of $5,350. Philadelphia banks by state banking department Wednesday and the directors of fourth announced after meeting open Thursday The latter institution the Gir Avenue Title Trust Com pany In statement 30 reported and deposits of $2,909,619 It individual funds $937 The which were smaller Detroit Oct Fidelity Bank Trust closed Wednesday An accompany ing announcement the bank has been taken by the state banking department sets for the Alfred Wilson widow of the late John of the founders of the Dodge Motor chairman the bank's board She announced she would that depositors are in full. Deposits on September 29 amounted $6,507,000

3. October 8, 1931 St. Louis Post-Dispatch St. Louis, MO

Article Text

DETROIT BANK CLOSES; DEPOSITS $6,507,000 Woman Chairman Guarantees Payment of Savings and Trust Accounts. By the Associated Press. DETROIT, Mich.. Oct. 8.-The Fidelity Bank & Trust Co. closed yesterday, an announcement said it had been taken over by the State Banking Department to conserve assets for the depositors. Mrs. Alfred G. Wilson, widow of the late John Dodge, one of the founders of the Dodge Motor Mo., is chairman of the bank's board of directors. She announced that she would see that savings depositors and trust deposits are paid in full. Deposits on Sept. 29 amounted to $6,507,000. Fourth Bank Suspension in Two Days in Philadelphia. Baby Foods By the Associated Press. PHILADELPHIA, Oct. 8.-Three 25c Eagle Brand Milk 17c 25c Mennen's Borated Talc::: Philadelphia banks were taken 1.00 Horlick's Malted Milk: 68c 25c Zinc Stearate:: over by the State Banking Depart5.00 Horlick's Malted Milk, 1.50 Castile Soap ment yesterday and the directors 5 lb. 2.79 of a fourth announced that it 25c Imported Castile Soap:::: 65c Dryco 41c would not open today. 35c Olive Oil, 4 OZ. The latter bank is the Girard 2.50 Dryco 1.69 OTHERS will Avenue Title & Trust Co. In a 25c Hygienic Baby Talc: M 1.00 Walgreen Malted Milk, 59c statement June 30 it reported re- appreciate the 5.00 Walgreen Malted Milk, sources of $4,300,127 and deposits extensiveness of this 5 lbs 2.49 of $2,909,619. It also had individual special Sale on Baby trust funds of $937,402. Michael 1.00 Borden's Malted Milk 52c Needs Friday and J. Ryan, former City Solicitor, is 5.00 Borden's Malted Milk, 25c Pyrex Bottles: president. Saturday. Check over 5 lbs. 2.49 Tufto Bottle Brush The other three banks that this list carefully, for 1.25 S. M. A. Powder 81c closed were the Haddington Title it will mean a consid- 1.25 Lactogen: Anti-Colic Nipples: 84c & Trust Co., the Hamilton Trust erable saving to you. 50c Robinson's Barley, lb. 37c 25c Infant Syringe, 1 OZ. Co. and the Wharton Title & Trust Co. The Hamilton Trust listed deposits of $1,882,046, Haddington Trust deposits of $1,326,581, Wharton $275,000. State Secretary of Banking Gordon announced 10 leading Philadelphia bankers had agreed to serve on an Advisory Committee in liquidating closed banks. $60,901,000 of $225,975,000 Deposits Paid by Closed Banks. By the Associated Press. NEW YORK, Oct. 8.-The 11 banks which closed in Greater New York in the last year, have repaid $60,901,000 of deposits totaling $225,975,000, a survey disclosed. The Chelsea Bank and Trust Co. and the World Exchange Bank have paid depositors in full with $19,901,000. Depositors in the Bank of United States have received a 30 per cent dividend, and depositors of seven banks are expected to obtain a 50 per cent return soon.

4. October 8, 1931 The Buffalo News Buffalo, NY

Article Text

FIRMER STOCK EXCHANGE Transactions on the New York Stock Exchange Majority of Issues Rise Fractionally But Trading Volume Is Lighter. NEW YORK Oct. stock pushed confidently in early transactions in sponse to the widespread approval of formation credit corbanks also by the character yesterday's under turned gains of to points appearing Steel Telephone General Motors General Electric New York Southern North sagged for few minbut Trading The approval the speed with being operation the was larly improvement was observed immedibe in the vestment months had commentators garded by thought taking without damage. was out that the ket had and give of the Banks of England and France showed gains and increases in holdings The British Central bank made its discount rate Other Bourse Sterling cables opened at 3.84 off FIDELITY BANK & TRUST. DETROIT, CLOSES DOORS Bank Trust company was closed Wednes day accompanying stating the taken over the State to for Mrs G. Wilson. late a Dodge board She that she see that and are paid in Deposits Sept. 29 to 000 PHILADELPHIA CLOSING the Avenue last the affairs bank the Banking this morning. The doors did not open bank had resources of and deposits of last 30. Former City is president the founded in 1905 under charter N Oct The National Bank of Newark closed Wednesday run two and half hours. Officials acted to protect depositors RETIRE PREFERRED NEW has made an offer its stock now BUILDING PERMITS

5. October 8, 1931 The Buffalo News Buffalo, NY

Article Text

Farm and Garden Produce Markets extra By DR. MAX WINKLER Copyright NEW Oct phere in the realm of and finance to assumed more encouraging aspect. While it is true that many of the difficulties confronting the United States might have avoided, had the which President Hoover has proposed been adopted year nevertheless considerable encouragement is derived from the fact that are taken in still not alone United but the rest of As has out on numerdifficulty with which the United States and to certain extent still confronted the continuance of bank failures and the resultant fear that conditions would grow before drastic steps would be taken to President Hoo above all, the formation of national with resources of chief function will be the ing banking which are not eligible at present for rediscount at the Federal Reserve In this way the financial institutions the be assured may liquidity in case and will enabled to contheir the striction of their credits or the sacrifice of their assets Considerable aid is also expected from the proposed Congress to permit the broadening of the Federal Reserve act pertaining to the eligibility should in greater liquidity for bank assets and greater to the bankers in the of credits, making for to obtain legitimate on sound securities in times of stress. Once the United States has taken to put own house order the solution the of the of America an integral part with the of at least fair of The President's message contains a the forthcoming visit to the United States of Premier Laval of France, with whom Washington him to take up the question relative to further changes in the status of as may seem pression. An the one in June is confidently anticipated Considerable benefits are to derived by the Gas. Electric Light and Power company of Baltimore as result of contract from the Pennsylvania railroad to supply all the use from the river to Havre de Grace, contract of the most substantial of the kind ever made at one and will run for 20 years It should be reflected the of the shares of Consolidated which are selling currently At about 60 per cent the high the current year reon the substantially in excess of per FIDELITY BANK & TRUST, DETROIT, CLOSES DOORS DETROIT Oct. Bank & Trust company was closed Wednesan stating the bank had taken over by the State Banking department to Mrs Alfred the late founder of Dodge Motor chairman of the She that she that savings depositors and trust are in full. Deposita on Sept. 29 amounted to $6 507 000 PHILADELPHIA CLOSING Oct of of the Girard Avenue Trust company last night decided the affairs of the to the State Department of Banking this morning. The doors did The bank had resources of $4 300 127 and deposits of $2,909,619 according last statement June 30. Former City Solicitor Michael was founded in 1905 under a charter BANK NEWARK Oct The First National Bank of Newark closed Wednesday and half hours. Officials acted to protect depositors.

6. October 8, 1931 The Roanoke Times Roanoke, VA

Article Text

BANKS IN THREE STATES ARE CLOSED Philadelphia, Oct. Philadelphia taken banking today the directors that would open latter is the Girard Avenue Title Trust statement reported and deposits individual trust funds of Detroit, Oct. Fidelity Trust closed today. stated the bank been taken over the state department for the the the Motor chairthe bank's board would see are full. Deposits to $6,507,- New banks New the last year have deposits totaling survey Medford, Mass., Oct. Med. Trust cial banking in this city, closed today. the request directors who acted after the bank began yesterday, state possession the bank. deposits of $5,350,000.

7. October 17, 1931 The Saginaw News Saginaw, MI

Article Text

ASKS RECEIVER FOR BANK. DETROIT, Application filed in court today by Reichert receiver for Fidelity Bank & Trust company. The bank, of which Mrs. Alfred Wilson chairman of the board, closed fortnight September 29 amounted to $6,507,000.

8. March 2, 1932 The Muskegon Chronicle Muskegon, MI

Article Text

BANK RECEIVER PROBE ORDERED Governor Takes Notice of Complaints of Drain on Resources Lansing, March investithe of banks companies was ordered toby Governor Brucker petition for an was filed recently by E. Nowack. Lansing Publisher who charged that dual receiverships for the and Fidelity Trust companies of De. troit constituted an unnecessary drain upon resources of investors. investigation into complaints which have been made in the and me that there have grown up abuses which must be corrected immediately Governor Brucker said. have requested the to make inquiry take such as may to prevent their recurrence. should be the duty all public officials to safeguard the interests depositors stock holders by insisting that none competent selected as ers. that the work be expeditiously as possible. and that the fees for such services be small as possible so they will not be drain on the assets of the institution.'

9. March 3, 1932 Detroit Free Press Detroit, MI

Article Text

BANK RECEIVERS' PROBE ORDERED Gov. Brucker Acts on Charge of Abuses LANSING, March investigation into the receivership of banks and trust ordered today by Gov. Wilber M. Brucker. petition for such an inquiry recently by Nowack, Lansing publisher, who charged that receivership Metropolitan Fidelity Trust companies Detroit, constituted drain upon into which have made the press me that there grown abuses must corrected Gov. Brucker "Accordingly, requested the Attorney Genmake thorough inquiry take such action may necessary prevent their recurshould be considered the duty all public officials to safeguard the depositors and stockholders that none but that the posthat the fees for services be as they will not drain on the of the institution.'

10. March 20, 1932 Detroit Free Press Detroit, MI

Article Text

CITY OFFICIALS FOR FIDELITY CASH Action Being Planned Against Controller and Treasurer AIMS TO REGAIN FROZEN DEPOSIT $100,000 against Confor and Treasurer contemplated as the deposit of City tax Fidelity Bank Trust the failed ago, assistant said Saturday money deposited by September with the bond would Controller imnever the bank failed along with those other depositors. To Await Adjudication Mr. Dwyer said suits will not be bankruptcy prohad been terminated. Drake receiver the City has priority stated. According to Dwyer. Treasurthe legal custodian but this power has the several years. Mr. WilSaturday that 1922 the sole authority City funds. In that Henry Steffens, then City bids the bank highest interest rate redeposit. Controller's Advice Followed Mr. Williams said the treasurer's has, since 1922. the all matters said he funds with the Fidelity Trust orders from He said that either for deposits been left with controller and that his judgbe the Council Counsel Wilcox deposit like have it undermy office has nothing depositing funds,' Mr. informed council. "The that the City this bank came when the about the bank closed its The approval bond the functions my ever submitted for Banker Gave Assurance Roosevelt said that had been posted his bank the was the president of assurance that immediately be That the bond was was not ascertained was closed, Mr. RooseRoosevelt is bonded in the and Mr. Williams event the its prior event that the not sufficient the the corpora proceed against the Mr. Dwyer said. Former Official of Bank days before the AmerBank failed bank of Mr. Roosemonths before president the institution become concheck for the withthis upon hours before the taken by the PeoCounty institution honored the trial Robert M. president of the American alleged that the City's demand the run upon the its deposit the American was not bonded.

11. March 24, 1932 Detroit Free Press Detroit, MI

Article Text

SURETY BOND QUIZ ORDERED Firm's Failure Brings Action by City Drastic changes in regulations governing posting surety bonds upon City officials and contracts, will ployees, and upon investigation of all follow the bonds now standing. the Common Council indicated, Wednesday. instructed City Controller G. Hall Roosevelt Assistant Corporation Counsel Paul submit upon all bonds not than for complete The check of all bonds made by Councilman John S. Hall, result of the failure New York Southern Surety Co. This the holds the bonds upon several firm millions in City contracts. seized, Tuesday, by the New York State Insurance Department. Under present provisions of the City all officials having charge of dealings are bond. Mr. Roosequired post told the Council, Wednesday, that had endeavored some months provide insurance public officials, addition to the bond. but that no insurance comwould take the risk. Lloyds pany Inc., large British insurance company. was approached, but declined risk. Mr. Dwyer was questioned by Dr. Hall and Councilman John W. Smith the City's deposit $100,000 the Fidelity Bank Trust Co., which money is now held result the appointment for that concern. The City is awaiting the final counting this receivership before taking action to recover the money lost, Mr. Dwyer said.

12. June 18, 1932 Detroit Free Press Detroit, MI

Article Text

MRS. WILSON'S Court Upholds Plea of Bank Receivers Receivers for the Fidelity Bank Trust Co. Friday filed supplemental report in Circuit Court terially reducing the allowances on claims against the company Mrs Matilda Dodge Wilson, who was chairman of the board and largest stockholder and depositor The request of the receivers, Walter Drake and Harry that the bank's of Horace Dodge, automobile from $632,294 granted by Circuit Judge Ormond Hunt. Bank Deposits Heavy Mrs. Wilson the time of the bank's closing deposit In addition she the holder shares of stock val$174,000. She liable 100 cent assessment under and the declare she the 10,000 shares contracted for, but money ever paid. Mrs. Wilson denies that she liable for this stock. The stated that no satisfactory agreement been reached the status of $351 000 in bonds placed the bank's disposal by safeguard State Highway Department deposit like amount. When the bank closed the turned over and Mrs. Wilson has as yet not been reimbursed receivers stated Friday that the present value the bonds but and they are ready claim that amount if presented by Mrs. Wilson. Dispute Halts Settlement No effort has been made Mrs. Wilson, they told court. pay her stock liability This was blamed the dispute over the contested 10,000 shares. Small have been in meeting their responsibility, the receivers reported. Mrs. Wilson's first claim against the closed filed May 10 and was for $632,294 The shrinkthe receivers explained. the discovery her additional liability as an officer and stockholder.

13. September 17, 1932 The Herald-Press Saint Joseph, MI

Article Text

Last Minute News Flashes SURETY COMPANIES LIABLE LANSING, Sept. 17 opinion handed down today by Circuit Judge Charles B. Collingwood held that five surety companies were liable in amounts for losses state the failure of the Fidelity Bank and Trust company, of Detroit, state depository, on October 1931. WATERSPOUT ON LAKE POCHESTER, Y., Sept. 17 nuge rare phenomenon on the Great lakes, was observed today by coast guardsthe station. They described the spout huge black pipe extending from cloud to within thirty feet of the water, then swirling cone. REICHSTAG VOTE NOV. BERLIN, Sept. 17 ordered reichelection today for Nov. The reichstag dissolved the current week Chancellor Von Papen with the backing of President Hindenburg. FEAR RESCUE FLIER LOST BERLIN, Sept. that Ernst Udet, German ace who aided in the search for the Hutchinson family off the Greenland early this week, himself be lost expresshere today. He has not been heard from for three days. ASKS RHINE REOCCUPIED PARIS, Sept: occupation of the Rhineland by French troops proposed newspaper article today by Jean Fabry, member the chamber deputies, as the French reply Germany's demand for equality in armaments. EXONERATES HURLEY PORTLAND, Ore., Sept. 17 for placing Secretary War Patrick Hurley's statement "bonus marchers Washington" before American Legion delegates their recent convention here ,has been accepted today by Brig. Gen. Joseph P. O'Neil, retired.

14. July 26, 1933 Detroit Free Press Detroit, MI

Article Text

Fidelity Hearing to Be Wednesday Final Accounting Will Be Explained Hearing on the final accounting in the Fidelity Bank Trust ordered held Wednesday by Circuit Judge Ormond Hunt, after counting had been submitted to him The accounting was ordered by Judge Hunt after Harry Fox appointed co-receiver with Walter Drake in tendered his resignation assume the duties receiver for the Detroit Trust An explanation of certain items the final made Wednesday by Paul attorney Receiver Fox. This. Judge Hunt pointed out, was made by informal objections the on the part of the State Banking The Commissioner, through Assistant Attorney General Byron Geller, pointed out that included in the assets stock the Detroit Bankers and the Group, Inc., held in the receivers' name. Wieselberg stated that he would that this stock was held only as collateral Objections were made, was stated, to the payment of $68,000 torney's fees, paid to Wieselberg and the firm Beaumont, Smith Harris. contended that these fees were not excessive for the amount of work the attorneys have done, claimed having been awarded by Judge Hunt. they were subject to question by the Attorney General's office.

15. July 27, 1933 Detroit Free Press Detroit, MI

Article Text

Judge Indorses Accounting of Fidelity Bank Receivers Circuit Judge Ormond F. Hunt approved Wednesday the final accounting in The Fidelity Bank & Trust Co. receivership as submitted by J. Walter Drake and Harry J. Simultaneously he accepted the resignation of Fox as receiver. The hearing on the final accounting was ordered after Fox tendered his resignation June 18 to become receiver for The Detroit Trust Co. of the State Banking Commissioner did not appear at the hearing to reiterate their objections to the accounting.

16. July 10, 1941 Detroit Evening Times Detroit, MI
Article from Detroit Evening Times, July 10, 1941

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Article Text

RETIRED IN 1924 His industry and savings enabled him to buy control of the Central Savings Bank in 1900 and he thereafter occupied an important position in the city's financial life. He retired in 1924 but after the bank crash of the early '30's, reentered the banking business as receiver for the Fidelity Trust Company and later became conservator for the Detroit Trust, of which he subsequently was appointed board chairman.