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SOUTHGATE BANK v. STATE BANKING COMM'R

Docket No. 879.

3 Mich. App. 204 (1966)

142 N.W.2d 47

SOUTHGATE BANK v. STATE BANKING COMMISSIONER.

Michigan Court of Appeals.

Leave to appeal granted June 21, 1966.

Attorney(s) appearing for the Case

Wm. Henry Gallagher and Reymont Paul, for plaintiff.

Frank J. Kelley, Attorney General, Robert A. Derengoski, Solicitor General, and Maurice M. Moule, Assistant Attorney General, for defendant.

Leave to appeal granted by Supreme Court June 21, 1966. See 378 Mich. 720, 379 Mich. 1, 380 Mich. 282.

McGREGOR, J.

The plaintiff Southgate Bank, since its organization in 1958, has operated within the city of Southgate, in Wayne county. The bank met with annual losses from the start with resultant dissension among and frequent changes of directors. Losses had reached $80,000 by 1962,...

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