On January 2, 1933, 420 state and 68 national banks were operating in Michigan. On February 13, the Governor of Michigan proclaimed a banking holiday for eight days which was extended in effect on February 22. On March 4, the President proclaimed a national banking holiday until March 9. Under the provisions of the President's proclamation lifting the national banking holiday, 198 state and approximately 30 national banks were reopened by the appropriate authorities as "sound" banks. State bank conservators assumed the management and custody of 215 state banks which did not open, on appointment by the Commissioner of the State Banking Department, with the approval of the Governor, under Act 32, Public Acts of 1933. National bank conservators were appointed by the Comptroller of the Currency, under the provisions of the Emergency Banking Act, signed March 9, 1933, to take charge of the national banks remaining closed. The deposits in the banks for which conservators were appointed approximated $665,000,000. Some of the assets representing such deposits were "sound and liquid," others were "sound but slow," some were possibly "doubtful," others possibly "loss." The available cash balances in such banks, moreover, generally amounted to but a small percentage of the total deposits, and the aggregate value of their assets apparently did not, in the opinion of the authorities, justify their resumption of business.
Ellis B. Merry,
BANK REORGANIZATION AND RECAPITALIZATION IN MICHIGAN,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol32/iss2/2