Union Trust and Savings Bank (Michigan)
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1893 |
| Founder | Ira H. Wilder and group of investors |
| Defunct | 1929 |
| Fate | Merged with Industrial Savings Bank to form Union Industrial Trust & Savings Bank; later collapsed during the Great Depression |
| Headquarters | Flint , United States |
Union Trust and Savings Bank was a financial institution located in Flint, Michigan, founded in 1893. It merged with another bank in 1929 and eventually collapsed amid the economic turmoil of the Great Depression.
History
The bank was created by Ira H. Wilder, a former bank examiner, alongside a group of affluent investors. The original board featured Flint's mayors Mathew Davison and William A. Paterson, who was known for his work in carriage and automobile manufacturing. James Hurley, recognized for his charitable contributions to Hurley Hospital, also held a director position. Charles T. Bridgman served as the inaugural president, while Wilder took on the role of cashier; subsequently, Davison replaced Wilder as cashier. Later additions to the board included George H. Durand and William F. Stewart. By 1916, Paterson and W. H. Edwards were appointed vice-presidents, Davison acted as board chairman, L. H. Bridgman assumed the cashier role, and J. E. Storer worked as assistant cashier.
On May 1, 1929, Union Trust combined with Industrial Savings Bank to create Union Industrial Trust & Savings Bank. That same year, multiple top executives were accused of misappropriating $3.5 million from the bank’s funds. Ultimately, the bank succumbed during the financial crisis of the Great Depression.