40.) With respect to the “excessive loan volume”, the ratio of loan to deposits was 82.1%, an all time examination high. During the past three years much of the bank’s available funds were channeled into the purchase of home modernization loans from two major sources. 28.) In addition to the foregoing, it was determined by the directors of Public Bank to amortize the $1,500,000.00 deficiency as reflected in the above mentioned footnote over a period of years by charging it to current earnings computed on the 78’ths method. The first entry of such amortization was made on Public’s books in March of 1966. The effect of such amortization program would be to decrease current earnings and in effect divert a portion of such current earnings in order to correct the overstatement of earnings in prior years which was recognized in the footnote mentioned above. 26.) At a Board Meeting of Public on January 10, 1966, a report was made by the counsel of Public relating to his conference with United States District Attorney assistants and further heard from representatives of the two accounting firms, Touche, and Ernst & Ernst. Directors at such meeting then determined to adopt, in effect, Method No. 3 of the Touche report mentioned heretofore which would reflect that by footnote explanation, income of Public Bank had been overstated by $1,500,000.00 on December 31, 1965.
It was clearly contemplated in this specialized area that the general principals of a strictly disinterested receiver would not be applicable. It is apparent that Section 115 clashes with respondent’s proposed interpretation of Section https://cashnetusa.biz/ 125 of the Act. A statutory construction must be made to avoid absurdity and to carry out underlying Legislative intent. It is this Court’s opinion that Section 125 is not a limitation upon the authority of the Court under Section 115.
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The situation then was not such as could “afford the luxuries of of litigation and long delays which preliminary hearings traditionally have entailed.” Bowles v. Willingham, 321 U.S. 503, 64 S. It was essential that a court hearing be conducted without attendant publicity and the extreme risk of precipitating a hiatus which would have commenced a run and destroyed the very end which was in fact secured, i. An exhaustive opportunity to raise objections, full protection of depositors, a continuation of the banking operation, an orderly handling of Public’s affairs as a going concern and a transfer under the best deal available. These respondents assert that the Court should not have appointed the FDIC as receiver without notice and an opportunity to be heard and secondly, should not have approved the sale of the assets by the receiver to Commonwealth without prior notice and the opportunity for a hearing. The instant case was unusual in that in a matter deeply effecting the financial stability of this community, prior time arrangements with the Court were essential to help provide the opportunity for a court hearing without premature publicity. No evidence was presented which reflected that merits were discussed between the Petitioner and the selected Judge prior to the commencement of the action. In this respect there must not be any preferred litigant and such did not occur in this case. 133.) Within three days following October 12th a copy of the Court’s order of October 12th approving the receiver’s sale agreement and setting November 2nd as the date for hearing of any objections was mailed to all shareholders of Public in accordance with its provisions. The various court hearings then followed as has been set forth heretofore.
This Court, based upon the record now made, ratifies and confirms the findings and orders entered October 11th and 12th, 1966. In addition, this Court, on the basis of the record of the April 6 hearing, has determined that on October 11, 1966, Public Bank was “insolvent” and that the appointment of a receiver under the attending circumstances was then “expedient”. In addition, this Court has concluded that the appointment of the FDIC was valid and appropriate. Furthermore, based on the full record, the propriety of the receiver’s sale agreement of the assets of Public to Commonwealth is considered fair and is approved. The FDIC prior to its appointment as receiver, attempted to assist Public and made every reasonable effort to obtain the best possible offer for the purchase of the assets and assumption of the liabilities of that bank. Upon becoming acutely concerned regarding the condition of Public in the summer of 1966, the Chairman of the Board of the FDIC, with Mr. Roddy, visited every major bank located in the Detroit area, save one, in an effort to ascertain a prospective purchaser of Public. Two banks reflected no interest at all; a third only expressed vague interest in concert with others; a fourth bank expressed some interest but placed unascertainable conditions of aid upon FDIC. The best possible and obtainable offer with reasonable FDIC assistance was that from Commonwealth Bank.
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However, in Stewart v. Algonac Savings Bank, 263 Mich. 272, 248 N.W. 619, the Michigan Supreme Court held that the 1929 Banking Code by implication had preempted the banking field and superceded former laws on the subject. Accordingly, during the period that the general Banking Act of 1929 was effective prior to the enactment of the MFIA, the term “insolvency” was not implied in the Act as a separate and distinct ground from refusing to pay obligations. In view of the great similarity between the statutory provisions of the National Banking Act and the MFIA in describing the powers and duties of a receiver, it logically follows that a similar interpretation should be placed. Reasoning does not suggest that a state banking institution should be handled differently than a national banking institution particularly when the provisions of the state and federal acts are greatly similar. The ultimate impression upon the community would be parallel. This adjusted capital account represented 1.18% of the quarterly average for the past year of the total assets of Public. The average capital asset ratio for banks in the State of Michigan as of October 13th was 8.01%.
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A general view of the Comptroller’s representatives was a negative one with respect to the proposed merger. 55.) On July 19th the Commissioner again wrote to the Directors of Public stating that it was then mandatory that he require the directors to levy such assessment as outlined in the prior correspondence of June 28th within two months which would then be August 28, 1966. A copy of the Examination Report was enclosed in this correspondence. Commissioner Slay met with the Board of Public Bank from the time he became Commissioner in 1961 through October 11, 1966, more times than with all other Michigan Banks put together. 12.) Public Bank is a State Bank chartered under the Michigan Financial Institutions Act. It is not a member of the Federal Reserve System but is an insured bank with the Federal Deposit Insurance Corporation. It is subject to examination by both the State Banking Department and the FDIC. A formal letter was sent from Judge Burdick to Judge Murphy and a copy of his statement was filed November 15, 1966. Thereupon Judge Murphy “for the reasons set forth in Judge Burdick’s statement”, reassigned the subject cause by blind draw to this Judge by order dated November 15, 1966. On November 2nd Judge Benjamin Burdick of the Wayne County Circuit Court to whom this case was originally assigned, conducted a preliminary hearing with the purpose of developing a plan of procedure regarding the above defeasance provision in the sale order of October 12th.
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The time to consummate such direct agreement between the banks, however, had expired. Under such emergency circumstances, prior notice and a lengthy hearing were not necessary nor possible. In the opinion of the cashier of Public, Mr. L. Paul Dixon, the Zimmerman proposals offered nothing. In contrast, microfinance organizations have a minimum number of requirements. To get payday loans, you need to confirm your solvency, age and provide some personal details.
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- However, at that time this cause was removed to the Federal Court and thereafter interlocutory appeals were pursued.
- 97.) Agreement A is the so-called support agreement for the “Bank-to-Bank Agreement” between Commonwealth and Public dated September 1, 1966.
- 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.
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- Loans would have realized less in the hands of an existing commercial bank.
- Upon becoming acutely concerned regarding the condition of Public in the summer of 1966, the Chairman of the Board of the FDIC, with Mr. Roddy, visited every major bank located in the Detroit area, save one, in an effort to ascertain a prospective purchaser of Public.