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Commonwealth Bank (Detroit)

$24.00

SKU: 7367

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Product Details

 

Beautifully engraved antique specimen stock certificate from the Commonwealth Bank dating back to the early 1900's. This document was printed by the Western Bank Note Company and measures approximately 11 3/4" (w) by 7 3/4" (h).

 

This piece features a great vignette of the Detroit River and the city's skyline.

Images

You will receive the exact certificate pictured. 

Historical Context

This bank was originally incorporated under Michigan laws in 1916 as Commonwealth Savings Bank. In 1919, the bank was consolidated with the Federal State Bank, forming the Commonwealth Federal Savings Bank.

 

On June 27, 1927, the bank consolidated with Commercial State Savings Bank under the name Commonwealth-Commercial State Bank.

 

The Commonwealth Bank name was adopted on January 11, 1938.

 

The bank was part of a federal bailout in 1972. It was the first bank with more than $1 billion in assets to be bailed out. The bank was considered essential to Detroit’s inner city, so the FDIC provided $35.5 million in loans. The FDIC was never paid back.

 

The bank eventually became part of Comerica.