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The stock market crash of 1929 had devastating effects on the Union Trust Company, causing it to fail. It was reincorporated as The Union Guardian Trust Company. The building was renamed the Union Guardian Building before becoming known simply as the Guardian Building.
The Union Trust Company fell victim to the crash, but was saved by investors who believed in the future of Detroit and was reorganized into the Union Guardian Trust Company. The building became known as the Union Guardian Building and today is known as the Guardian Building.
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In a period of about two and one-half years prior to February 11, 1933, about $250,000,000 was withdrawn from the First National Bank of Detroit, and large sums were also withdrawn from the Union Guardian Trust Company and the Guardian National Bank of Commerce.
The skyscraper was built by the Union Trust Company, founded in Detroit in 1890 by Senator James McMillan, and Dexter M. Ferry, along with investments from Russell A. Alger, Col. Frank J. Hecker, and Christian H. Buhl. During World War II, the Guardian Building served as the U.S. Army Command Center for war time production.
- 1929
Union Trust, similar to most other banks in Michigan, failed in February 1932 less than four years after the building was completed. One of the attempts at reorganization used the name Union Guardian Trust Company, hence the presence name for this structure. The building was underutilized for about a decade.
Union Trust Company Building. 1927–1929, Wirt C. Rowland of Smith, Hinchman and Grylls. 500 Griswold St. This National Historic Landmark is one of the most exuberant Art Deco skyscrapers built in America. From its location on an entire block in the financial district, the warm and colorful bank building exudes a friendly cordiality.
Aug 6, 2014 · This was the scene when plans were laid to construct what is now known as the Guardian Building for a bank called the Union Trust Company. At 85 years old, this building has stood for the...
