Moran v. State Banking Commissioner

Following some preliminary interviews with the defendant State banking commissioner, plaintiffs in July, 1947, made application to the banking commissioner for a State bank charter, the contemplated bank to be located in the Penobscot building in Detroit, and to have a “capital of $2,500,000 or more.” On September 18, 1947, the banking commissioner denied plaintiffs’ application. Thereafter, pursuant to the statutory provision (Act No. 341, § 21, Pub. Acts 1937 [Comp. Laws Supp. 1940, § 11897-21, Stat. Ann. 1943 Rev. § 23.-739]), plaintiffs brought suit in Ingham county circuit court in…