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Early Michigan Early Banks Of Michigan
The first bank charter granted by the legislative council was to the Merchants' and Mechanics' Bank of Michigan, which was approved by the governor April 2,1827. The bank was to be established at Detroit with a capital of $200,000, with liberty to increase it to $500,000. This charter, in addition to the usual provisions, contained a full grant of power to insure against fire and the casualties and dangers of transportation by water, and authorized the issuing of policies for that purpose. It contained also a provision requiring the corporation to subscribe for and lake $4,000 of the stock of a steam mill company, at or near Detroit, to be thereafter incorporated. The steam mill company was incorporated a few days after, but it does not appear that the bank subscribed for any of its stock. Indeed, it does not appear that a banking company was ever organized under this charter.
Michigan
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