Granader V Public Bank, 281 F Supp 120 Ed Mich

The unpublished September 20 condition report dated October 6, 1966, was signed by officer Charles Scribner and directors James McGuire, Chester Meldrum and A. 84.) During this period of time there were days from August 26th through October 11th when Public was unable to meet its clearing except for such borrowings from the Federal Reserve. As of October 11, 1966, Public had from $2.5 million to $3 million worth of U. S. Government Bonds still available and eligible as security for continued borrowings at the Federal Reserve. 82.) The interest rate paid on the borrowings by Public from the Federal Reserve System was 5½%. The U. S. Government Bonds pledged as security had an average yield of 4%. Bonds were pledged with the Federal Reserve on a basis of 90% of the market value of such bonds. Later the loans were made on a basis of 95% of market value of the bonds based on bid prices. Beginning September 23, 1966, the notes given by Public to Federal Reserve were 24 hour notes and each note would have to be renewed each day. 71.) Following the withdrawal by the City National Bank from its merger agreement, a proposal for recapitalization was proposed to Public by Directors Mebus, Sr. and Mebus, Jr., on August 16, 1966.

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• He reflected that “none of the foregoing would in anyway affect my ability to hear and adjudge all matters in this case fairly and impartially.” The case was then adjourned for two weeks until November 17, 1966.
• At this hearing Judge Burdick made a statement on the record reflecting his relationship to the parties and counsel in this case.
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The petition was filed and the hearing commenced as previously outlined and found. 118.) At no time were these proposals accepted and approved by the Board of Directors of Public. Both the second Zimmerman proposal and its rejection were included in the proposed proxy statement of Public. 98.) Agreement B is the so-called “standby agreement” relating to the method of appraising assets and recognizing liabilities in the event FDIC should be appointed receiver for Public and a Court should approve a sale by the receiver to Commonwealth. Agreement B embodied a $10 million guaranty fund and in this respect as with respect to the asset appraisal formulas was parallel to Agreement A. Agreement A contemplated a direct purchase by Commonwealth from Public with Public stockholder approval. Agreement B contemplated a similar acquisition but through the route of involuntary receivership with Court approval.

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51.) The State Report of Examination of March 28th was submitted on June 27th and mailed to Public and its directors about July 19, 1966. The FDIC Report of Examination was submitted on or about the same time. No evidence was offered to reflect that Public, its officers and directors ever made to any State or Federal official any overt objection or challenges to either examination report or to any of the classifications, conclusions or recommendations made therein. 30.) During the 15 month period prior to December 31, 1965, Public purchased $29,264,584.21 in gross amount of home improvement installment contracts from two sources. Its purchases however diminished in 1966 when as on August 31, 1966 the bank held a total of approximately $31,500,000.00 of such home improvement installment contracts from the two sources. 17.) The handling of the unearned interest account by Public was brought to the attention of the State Banking Commissioner in September, 1965 by an officer of Public Bank.

On the contrary, a run precipitated by wild rumor would have further depreciated the interests of stockholders. It is recognized that banks may carry on their books the U. Securities, municipal securities and FHA mortgages at amortized costs and not at market value, although the latter value reflects the actual work of such securities at a particular time. 119.) On October 7, 1966, Commissioner Slay met with Mr. Irwin J. Kasoff at the request of Mr. Kasoff, who made inquiry as to what would be necessary to come up with an acceptable offer to alleviate the distressed financial condition of Public Bank. In response Commissioner Slay indicated that “he was no school teacher”, that if an offer were to be made that he would review such offer. No additional specific offer was submitted prior to October 12, 1966. Such borrowing is permitted from the Federal Reserve to non-member banks only under “unusual or exigent circumstances”.

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Such initial run was disputed and required further detailed checking in the opinion of other officers of Public Bank. At the November 3rd meeting with the Board, the State Banking Commissioner requested that an audit of the unearned interest account be made to determine any deficiency. There were substantial differences of opinion as to the most prudent method for accounting to appropriately reflect whether there was any deficiency or not. Shortly after the meeting of November 3rd between the Commissioner and the Board of Public Bank, the President of Public Bank, Mr. Hay, resigned on November 10th, effective November 30, 1965. James Quayle – Thrivent Financial in Iron River, Wisconsin, offers in-person lending and online loans at over 1,400 physical locations.

With all the facts at hand this Court is in a sounder position to determine whether the actions taken ex parte on October 11th and 12th, were proper and justified or whether due process was obliterated or whether the bank was not insolvent or the action taken was not expedient. An ex parte hearing was held on October 11th and 12th during which some limited evidence was presented. Such was sufficient to cause the Court to enter its orders now contested. The Court’s order contemplated a further hearing at which time all issues could be tried under adversary proceedings. It would be unjust to some respondents Installment Loans Iron River Michigan who desire to find out about all the facts, to be limited to the technical positions of other protestors. Likewise, it would be unjust to permit full license to respondents but restrain the petitioner, who carries the burden, from further asserting his position. This Court is not convinced that the best course is the proposed avenue that sheds the least amount of light. The fact that the case was started after hours also was unusual but not unlawful. No prejudice was shown by the after hour filing which also helped assure there would be no publicity or run on the bank prior to the Court’s determination.

ISSUE NO. IXThis issue raises a question of whether the FDIC as receiver must be a “disinterested person” under the attendant facts. ISSUE NO. VIIIThe question was raised whether the appointment of the FDIC as receiver was authorized and appropriate under the Michigan Financial Institutions Act. Finally, if any appeal is sought, the Appellate Court should have the benefit of the background of all pertinent factors that led up to the Court’s initial action. Calculation in its capital impairment letter of July 19th which set bond depreciation Group I at $1,004,991.80. 96.) Commencing shortly after the bank-to-bank agreement was prepared on September 1, 1966, the FDIC and Commonwealth representatives had numerous arm length negotiation sessions that eventually culminated in two agreements being Agreement A and Agreement B of September 19, 1966. 74.) The records of Public disclose that there was a downward trend of deposits made with Public in the amount of approximately $24 million from December 31, 1965, to October 11, 1966.
Such practice according to this report was “reasonable and similar to the practice followed by other banks”. This report also suggested, however, that such interest earned on installment loans be reflected on a 78’ths method in the future and proposed that such change be made after January 1, 1966. The opinion of Ernst concluded that the present method be continued on the books through December 31, 1965 to avoid “an abnormal adjustment as of December 31, 1965 which might have serious effect on the bank’s image in the financial community”. 31.) Such home improvement installment contracts from one of the sources had more than doubled since February 15, 1965 through March 28, 1966 with an amount in excess of over $10,600,000.00 having been purchased in such period.

It is clear that night sessions may be held after normal adjournment time within the reasonable discretion of the trial judge. Throughout the hearing respondents took varying positions with relation to the issues presented to the Court. Some respondents eventually concurred with the petitioner. Some respondents raised several issues, while concurring with the remainder. Now, based on the foregoing factual findings, the listed issues will be determined. The foregoing reflects the conviction of this Court that all the pertinent facts relating to this matter should be determined.

Such proposal, however, was withdrawn on August 25, 1966. 67.) In July of 1966, some discussion was had between Public’s President and representatives of Michigan Bank concerning a merger. No plan evolved as the discussion was brief and principally related to the quality of Public’s assets. Public’s President reported the discussion to Public’s Board. 64.) With respect to conclusions reached regarding the home improvement installment contracts by the examinations, no investigation was made into the solvency of the individual makers of the notes. 14.) It was determined by Federal and State authorities that a joint examination of Public Bank be conducted in the spring of 1966. Such examination is known as the examination as of March 28, 1966. The examination commenced on March 28th and continued until June 10, 1966. Such examination was under the joint direction of Murray Miller, Senior Michigan State Bank Examiner with 14 years experience, and of Paul O’Neill, FDIC Field Examiner with 33 years experience with the FDIC.

This Court Rule sets forth certain hours, “except as otherwise ordered by the Court”. Such language clearly permits a judge within his reasonable discretion, to hold court at other times other than the minimum hours specified. Or for vacating, modifying, or otherwise disturbing a judgment or order, unless refusal to take such action appears to the court inconsistent with substantial justice. The court at every stage of the proceeding shall construe these rules to secure the just, speedy, and inexpensive determination of every action so as to avoid the consequences of any error or defect in the proceeding which does not affect the substantial rights of the parties.” 129.) The Commissioner on October 11, 1966, just before noon, made a determination to apply to the Court for the appointment of a receiver for Public. It was the intention of the Commissioner to follow through https://cashnetusa.biz/ under the terms and provisions of Agreement B between the FDIC and the Bank of the Commonwealth if the Court were to approve the appointment of FDIC as receiver. 128.) In addition, Public met the demands of all of its depositors in accordance with the terms under which such deposits were incurred and met and satisfied its bank clearings as of October 11, 1966. Public furthermore had sufficient funds on deposit with its clearing house representative to meet and satisfy its bank clearings on October 11, 1966. 127.) Public on October 11th met its obligations in the ordinary course of the conduct of its business and did not refuse to pay its deposits or obligations in accordance with the terms under which said deposits or obligations were incurred. 122.) Then officials of the State Banking Department and FDIC were seriously concerned that Public Bank would fail at any time.
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After WW1 had concluded, the trench became a symbol of WW1 and its horrors. In some cases, a large trench is dug and deliberately preserved , often for transport purposes. This is typically done to install depressed motorways, open railway cuttings, or canals. However, these large, permanent trenches are significant barriers to other forms of travel, and often become de facto boundaries between neighborhoods or other spaces. Some trenches are created as a result of erosion by running water or by glaciers . Others, such as rift valleys or oceanic trenches, are created by geological movement of tectonic plates. Some oceanic trenches include the Mariana Trench and the Aleutian Trench. The former geoform is relatively deep (approximately 10 kilometres (6.2 mi)), linear and narrow, and is formed by plate subduction when plates converge. A trench is a type of excavation or in the ground that is generally deeper than it is wide , and narrow compared with its length . See Chief Judge Knox District Court exhaustive opinion of the same case reported in D.C., 91 F.

This Court appreciates that the findings are only based on evidence presented at this hearing. Some persons represented herein chose not to affirmatively present evidence. Such persons may desire to do so at a later date relating to pending future shareholder, derivative, or other actions. It is possible that such may cause some different specific fact findings relating to these other suits. However, all persons are bound for purposes of this hearing to the findings and conclusions of this Court relating to the issues and determinations herein. 104.) A Commonwealth-Public merger was announced to the public from September 23rd to September 26th and the FDIC guaranty fund was reflected in the resultant publicity and news articles. Route to effectuate the continued operation of Public in case the basic bank-to-bank agreement between FDIC and Commonwealth could not or would not be effectuated. 99.) After execution of these agreements on September 19, 1966, Commonwealth officials actually executed the agreement between the two banks which was dated as of September 1, 1966. 91.) The June report was signed by officer Charles Scribner and directors James McGuire, Bernard Youngblood and Emmett Tunney.

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Such proxy material was subject to the prior approval by the FDIC under the Full Disclosure Act. The State Banking Commissioner had no jurisdiction or authority with respect to the approval of the proxy statement. 105.) In order that Agreement A become effectuated, it was necessary by agreement and under law that such proposed purchase be approved by Public’s stockholders. Originally an October 3rd date of closing was established. Subsequently, by amendment executed on September 30th but dated September 23rd, the closing date was set at October 14, 1966, at which time all conditions precedent, including the shareholders approval, must have been completed. 89.) The aforesaid “condition report” is required by law to be published in a newspaper of general circulation.