gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d152f05fe63bac49
Response Measures
Capital injected, Partial suspension, Full suspension, Books examined
Other: The bank initially closed (full suspension) in June 1893. It later reopened after obtaining extensions from depositors (partial suspension/debt restructuring) and was eventually placed in a solvent condition with unimpaired capital (injection) before ultimately deciding to go into voluntary liquidation in 1894.
Receivership Details
Date receivership started
1893-07-01
Date receivership terminated
1893-12-21
OCC cause of failure
Losses
Description
The bank suspended following a run in June 1893, reopened in December 1893, but later entered voluntary liquidation in November 1894.
Events (9)
1.April 8, 1889Chartered
Source
historical_nic
2.June 6, 1893Run
Cause
Local Banks
Cause Details
Panic and runs triggered by the failure of the Bank of Spokane Falls and other local institutions.
Newspaper Excerpt
hard run on the Citizen's National forced it to close its doors one hour before closing time
Source
newspapers
3.June 6, 1893Suspension
Cause
Local Banks
Cause Details
Suspended due to a heavy run following the failure of other local banks.
Newspaper Excerpt
relief came too late for the Citizens' National, which closed its doors at 2 o'clock.
Source
newspapers
4.July 1, 1893Receivership
Source
historical_nic
5.July 1, 1893Receivership
Newspaper Excerpt
Comptroller Eckles has appointed J. H. Adams receiver for the failed Citizens' National bank
Source
newspapers
6.December 21, 1893Restored To Solvency
Source
historical_nic
7.December 22, 1893Reopening
Newspaper Excerpt
The Citizens' National Bank of Spokane Falls... has today been permitted to reopen its doors for business.
Source
newspapers
8.November 21, 1894Other
Newspaper Excerpt
The Citizens' National bank will not open for business... The bank will go into liquidation.
Source
newspapers
9.December 13, 1894Receivership
Source
historical_nic
Newspaper Articles (20)
1.June 7, 1893The Record-UnionSacramento, CA
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Article Text
BANK FAILURES. Three Spokane Institutions Close Their Doors. SPOKANE (Wash.), June 6.--Three banks closed their doors to-day. They have assets largely in excess of the liabilities, and have been conducted with sound management. They were caught in a sudden whirl and flurry. The public suddenly became alarmed, and distance from the money centers prevented timely fortification. When the banking hours arrived this morning the Washington National and Washington Savings Banks, allied institutions, failed to open their doors. They had been subjected to a heavy run the day before, and although they had made arrangements for money, it failed to arrive in time. This startled the public, and a run was started anew upon all banks. By 1 o'clock it had almost entirely subsided, but relief came too late for the Citizens' National, which closed its doors at 2 o'clock. The other banks stood the strain with no visible signs of weakening, and since they have been strengthening themselves, and the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions.
2.June 7, 1893The Anaconda StandardAnaconda, MT
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Article Text
Spokane Banks Close. SPOKANE. Wash.. June 6.--The Washington National bank and its adjunct. the Washington Savings bank. closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. Other banks were subjected to a severe run. At 2 o'elock this afternoon. the Citizens' National bank closed its doors. It is reported here. on apparently reliable authority. that the Palouse City bank of Palouse. has also suspended.
3.June 8, 1893The Wilmington Daily RepublicanWilmington, DE
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Article Text
Latest Bank Failures. SPOKANE. Wash., June 8.-As a result of the suspension of the Bank of Spokane three other banks in this city have closed their doors. They are the Washington National, the Washington Savings and the Citizens' National. Other banks which have just suspended payment are: First National bank, of Palouse, Wash.: the Bedford bank, Bedford, Ind.; New Albany Banking company, New Albany, Ind.; the State bank, Cortland, Neb.
4.June 8, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
: Confidence Returning at Spokana , June 7.--[Special.]-Bank Exanimer K. T. Wilson is in charge of the Washington National and Citizen's National banks, which closed their doors yesterday. A better feeling prevails and there is no run on the other national banks. Merchants offer to take certificates of deposit and checks on any of the suspended banks at par.
5.June 10, 1893The Kootenai HeraldBonners Ferry, Kootenai, ID
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Article Text
Spokane Banks Fail. Last Monday the Bank of Spokane Falls closed its doors. This was the oldest banking institution in Spokane. It was a private institution owned by A. M. Cannon who was supposed to be as solid as adamant financially. The failure of Cannon's bank caused a panic among depositors and immediately a run started on all the banks of the city. On Tuesday morning the Washington National, the Washington Savings and the Citizens National were unable to open their doors for business. The run on the other banks continued, but they were able to stand the run and quiet was resumed. Confidence seems to have taken hold again and everything appears to be all right. Of the four banks that have closed all will pay dollar for dollar and that speedily, it is believed. Cannon's bank has assets three times in access of its liabilities. The Citizens' has $400,000 gilt edge security against $200,000 deposits. There were a series of misfortunes which led up to the financial crash in Spokane. First, depositors caught the infection of foreign alarm. The failures in other states produced a spirit of uneasiness among depositors. Then some accident started a run on the Bank of Spokane and the panic followed. All the banks were perfectly solvent, but four found themselves short of ready money to meet a, run, and it was impossible to get cash in their vaults in time to meet the demands. Every bank in Spokane will pay dollar for dollar upon its deposits, but the temporary failure will doubtless bring ruin to many a man.
6.June 15, 1893Courier DemocratLangdon, ND
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Article Text
PANICKY FEELING GONE. Spokane, Wash., June S.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
7.June 20, 1893Evening StarWashington, DC
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Article Text
Will Not Resume. Controller of Currency Eckles this morning received Merars. Newberry and Wood of the Citizens' National Bank of Spokane. Washington, who wished to arrange for the reopening of that bank. No agreement satisfactory to Mr. Eckles could be made. The bank will either go into voluntary liquidation or a receiver will be appointed.
8.June 21, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
Will go Into Voluntary Liquidation. WASHINGTON, June 20.-The comptroller today received Messrs. Newberry and Wood of the Citizens' National bank of Spokane, Washington, who are here to arrange for reopening that bank. No agreement satisfactory to Mr. Eckles could be made. The bank will either go into voluntary liquidation or a receiver will be appointed.
9.June 21, 1893The Record-UnionSacramento, CA
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Article Text
Citizens' National Bank of Spokane. WASHINGTON, June 20.-The Comptroller to-day received Messrs. Newberry and Wood of the Citizens' National Bank of Spokane, Wash., who wished to arrange for the reopening of that bank. No agreement satisfactory to Eckels could be made. The bank will either go into voluntary liquidation or a receiver will be appointed.
10.June 21, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Eckels Not Satisfied. WASHINGTON, June 20.-The comptroller today received Messrs.Newberry and Wood, of the Citizens' National Bank of Spokane, Wash., who wished to arrange for the reopening of that bank. No agreement satisfactory to Mr. Eckels could be made. The bank will either go into voluntary liquidation or a receiver will be appointed.
11.July 2, 1893The Daily Morning AstorianAstoria, OR
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Article Text
BANK RECEIVER APPOINTED. Washington, July 1.- Comptroller Eckles has appointed J. H. Adams receiver for the failed Citizens' National bank, of Spokane, Wash.
12.July 2, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
Provo's Failed National Bank. WASHINGTON, July 1.-Comptroller Eccles has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane and also directed Bank Examiner Swan to take charge of the failed First National bank of Provo.
13.July 22, 1893The Washburn LeaderWashburn, ND
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Article Text
PANICKY FEELING GONE. Spokane, Wash., June 8.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, -vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
14.December 22, 1893Evening StarWashington, DC
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Article Text
It is Solvent. The Citizens' National Bank of Spokane Falls, Washington, heretofore in the hands of a receiver, has been placed in a solvent condition, with unimpaired capital, and has today been permitted to reopen its doors for business.
15.February 1, 1894The Seattle Post-IntelligencerSeattle, WA
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Article Text
The Spokane Bank Consolidation. SPOKANE, Jan. 31.-[Special.]-There is every indication that the suggestion of Comptroller Eckels that the Washington and Citizens' National banks of this city be consolidated will be carried out. At a meeting of the officials of the two banks last night, a letter was prepared and sent to the comptroller, asking for instructions how to proceed. There is little doubt that the consolidation will take place. Itis proposed to call the new institution the Union National bank, and the capital is to be placed at $500,000. Both banks suspended in June, but have since reopened. The Citizens' National now has a capital of $150,000 and the Washington National a capital of $250,000.
16.November 22, 1894Deseret Evening NewsSalt Lake City, UT
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Article Text
Will Not Open Again. SPOKANE, Wash., Nov. 22.--The Citizens' National bank will not open for business. This decision was announced at is directors' meeting. The bank will go into liquidation. Its assets are $425,000; habilities $240,000. This institution closed its doors during the panic of 1893
17.November 22, 1894The HeraldLos Angeles, CA
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Article Text
Bank Failure at Spokane. SPOKANE, Wash., Nov. 21.-The Citizens National bank will not open for business. This decision was reached at a directors' meeting this afternoon. The bank will go into liquidation. The assets are $425,000; liabilities, $240,000; This institution closed its doors during the panic of 1893, but afterward r6opened under authority of the comptroller of the currency. At that time it obtained extensione from ite depositors for $172,000. All these have been paid but $12,000. The city alone has taken $70,000 out of the bank.
18.November 24, 1894The Dalles Times-MountaineerDalles, OR
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Article Text
The Spokane Bank. SPOKANE, Wash., Nov. 21-The Citin zen's National bank will not re-open for business tomorrow. This decision was reached at a directors' meeting this afternoon. The bank will go into liquidation, a receiver will be appointed to pay off depositors, after which the remaining assets will be turned over to the stockholders. The assets are $425,000, and the habilities only $240,000. The bank's naper is understood to be first class. This institution closed its doors during the panic of 1893, and afterwards ren opened under the authority of the controller of the currency. At that time, it obtained extensions from its depositors for $172,000. All of this has been paid, except $12,000. The city alone has taken $70,000 out of the bank.
19.November 14, 1897The HeraldLos Angeles, CA
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BROKEN BANKS Indiana and Wisconsin Depositors Are the Sufferers ENGLISH, Ind., Nov. 13.-The English Bank has failed to open its doors today. Coupled with this came the report that President Willett, of the Leavenworth branch. had not been seen for three days and that his mind was temporarily unbalanced over the death of his mother. As soon as the failure became known, the bank's branches at Leavenworth, Cannelton and Marengo, also closed. Nearly every farmer and business man in Crawford and Perry counties is said to be concerned in the failure for amounts ranging from $200 to $3000 County Treasurer Brown had placed more than $10,000 with the suspended bank. No schedule of assets and liabilities can be given, but both are large. ANTIGO, Wis., Nov. 13.-The Bank of Antigo closed its doors today by order of the Board of Directors on account of irregularities in the books as found by the bank examiner. An application was made for a receiver. Deposits will be paid in full. The extent of the irregularities is not known. LEAVENWORTH, Nov. 13.-Three banks, respectively located in this city and at Marengo and English, with deposits estimated to aggregate $160,000, have closed their doors. R. H. Willett, cashier of the parent bank in this city, and principal stockholder in the other two concerns, has left for parts unknown. His wife has received a letter from him stating that he has almost lost his mind and that he will not return to the scene of financial disaster. County officials and educational trustees are sufferers from the crash, and one death may be the direct result. Treasurer E. P. Brown of Crawford county, had upwards of $30,000 county funds deposited in the bank in this city. When told today of the failure he fainted and tonight he is in a critical condition. The revenue collected for school purposes was all on deposit in the banks and it is feared that all of the public schools in Crawford and Perry counties will have to be closed, as the trustees have lost all their money. SPOKANE-Postmaster Mallon today caused the arrest of Mayor Olmstead, A. A. Newberry, E. B. Hyde and D. F. Wetzel, all prominent citizens. They were officers and directors of the defunct Citizens' National bank, which failed with a deposit of $8,110 of postoffice money. As the bank was not a United States depository the loss fell upon Postmaster Mallon's bondsmen. He charges the defendants with taking his deposits "knowing that the bank was then and there insolvent and in failing circumstances."
20.December 17, 1929The Spokane PressSpokane, WA
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Pioneer Talks
As Told to Robert Owen By HARRY GOETZ
The courage and faith of the citizens of Spokane Falls met its first severe test the of Au gust 1889 that practically wiped out the town much improved and prosperous city of brick appear ed from the ruins, and under the impetits of mining lopment in Alenes, increasing set and cultivation of the farm ing lands the Inland Empire and the appearance of the lumber busi as an important the city enjoyed rapid grow and splendid prosperity for several years But the courage of the citizens and the soon to tested in the wide panic 1893. There was little in dication of impending to warn people of the financial situa tion that was near Trade and industry prospered in 1892, this prosperity being reflecte in large increase in railway freight tonnage Spokane looked forward to big year in Great North ern was completed and the public still hoped for lower rates Mining had been resumed in the Cocur Alenes an scale, and the territory to the north the neighborhood Old Dominion mine Colville booming Heavy falls promised good crops and was now being used effectively various points in Inland Empire More than million dollars had building in Spokane in 1982 including the new city hall Roller Mills the Marble Bank building erected by Cannon But Cannon had unfortunately allowed himself to be come interested in too many distant and doubtful enterprises Under the leadership of Paul Mohr. W. Durham tells us, "He had been lured into beavy ments coal mines in the Cascade portage railroad scheme around the rapids in the Columbia river above The Dalles. Mohr went east in desperate ef. fort to unload these elephants on New York and Mr. Can non, realizing the critical condition eagerly scanned his agent's ports.' Mohr failed to get aid in the and Cannon forced to ask for help from the Spokane banks After examination his affairs on the June: 1893. the Bank Spokane Falls failed to open its doors for business This news created sensation, and no blame attached to Mr. Cannon by the general public, the popular being one deep sym pathy for the kind hearted pioneer had done so much make Spokane the little city which it had become Twenty hours after the Bank of Spokane Falls closed. the Washington National and the Washing ton Savings bank suspended pay ment and hard run on the Citizen's National forced it to close its doors one hour before closing time: On July the Washington National business in quar ters previously occupied by the broken Spokane National at been side and property that had These banks disasters the remaining heavy and July the First National after on steady run of 50 days, became in solvent
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
