Exchange National Bank (Spokane, WA)

View Charter #4044 on SPMC View balance sheet

Episode Information

Episode UID
404401122
Episode Type
Run Only
Bank Type
national
Bank ID
40440 national
Charter Number
4044
Start Date
June 7, 1893
Location
Spokane, Washington (47.659, -117.426)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a4b5cf157e0c57ba

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1929-01-18
Date receivership terminated
1936-09-16
OCC cause of failure
Governance
Share of assets assessed as good
73.0%
Share of assets assessed as doubtful
12.0%
Share of assets assessed as worthless
15.0%

Events (3)
1. May 23, 1889 Chartered
Source
historical_nic
2. June 7, 1893 Run
Cause
Local Banks
Cause Details
Panic and runs triggered by failure/closure of other local banks (Bank of Spokane Falls, Washington National, Washington Savings, Citizens National) leading depositors to press other banks.
Measures
Cashier publicly urged depositors to come in and take money to calm crowds; bank remained open and served customers.
Newspaper Excerpt
If you fellows want your money, come in and get it; if you don't, clear out and attend to your business.
Source
newspapers
3. January 18, 1929 Receivership
Source
historical_nic

Newspaper Articles (5)
1. June 7, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, June 7, 1893

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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 8, 1893 The Dalles Daily Chronicle Dalles, OR
Article from The Dalles Daily Chronicle, June 8, 1893

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Article Text

BETTER FEELING AT SPOKANE. Indications Are That the Worst Is Over. SPOKANE, June 7.-A better feeling prevails today, with indications that the storm has passed. The Exchange National bank was open at 7 o'clock this morning, and the other banks opened on time and announce that they are prepared for all comers. There is no crowd at either of the banks. It 18 impossible to obtain statements of the exact liabilities and assets of the suspended banks. Bank Examiner Wilson is here and the book-keepers are at work preparing information, but for the present the officers refuse to give out the exact figures. All say, however, that the assets largely exceed the liabilities, and this is believed by every one here. Merchants and others are offering to take certificates of deposit or checks on any of the suspended banks at par, and depositors refuse to take less. As time clears up the situation, it becomes more and more apparent that the flurry was unjustifiable. The suspensions were purely accidental.

3. June 10, 1893 The Dalles Times-Mountaineer Dalles, OR
Article from The Dalles Times-Mountaineer, June 10, 1893

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Article Text

More Bank Failures. SPOKANE, June -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 the money in time for the sudden whirl. The other banks are being sub jected to a severe run, but seem to be standing the strain weil. At the hour of 1:15 a quieter feeling prevaile, and there is nothing to indicate that a heavy run is being made on any of the banks. Shortly before noon Cashier Cowley, of the Exchange National, came out and said to a crowd of loafers hanging around the steps: "If you fellows want your money, come in and get it; if you don't, clear out and attend to your business." This had a good effect; he crowd dispersed and confidence was restored. Since closing its doors, the Washington National has received a large amount of money and more is expected tomorrow. It is thought the bank will immediately resume. At 2 o'clock the Citizens' National closed its doors. It is impossible to get reliable information. It is reported here on apparently reliable authority that the Palouse City bank has also suspended.

4. June 10, 1893 The Dalles Times-Mountaineer Dalles, OR
Article from The Dalles Times-Mountaineer, June 10, 1893

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Article Text

Better Feeling at Spokane. SPOKANE, June 7-A better feeling prevails today, with indications that the storm has passed. The Exchange Na tional bank Was open at 7 o'clock this moining, and the other backs opened on time and announce that they are prepare I for all comers. There is no crowd at either of the banks. It is impossible to obtain statements of the exact liabilities and assets of the suspended banks. Bank Examiner Wilson is here and the book keepers are at work preparing in formation, but at present the officera refuse to give the exact figures. All say however, that the assets largely exceed the liabilities, and this 18 believed by every one here. Merchants and others are offering to take certificates at deposit or checks on any of the suspended banks at par, and depositors refuse to take less. As time clears up the situation, it becomes more and more apparent that the flurry was unjustifiable. The suspen sions were purely accidental.

5. June 10, 1893 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, June 10, 1893

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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.