Bennett National Bank (Bellingham, WA)

View Charter #4171 on SPMC View balance sheet

Episode Information

Episode UID
417101151
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
41710 national
Charter Number
4171
Start Date
November 5, 1895
Location
Bellingham, Washington (48.760, -122.488)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
da2d1bf0d1208cfd

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
82.3%
Date receivership started
1896-09-19
Date receivership terminated
1902-02-24
OCC cause of failure
Losses
Share of assets assessed as good
18.5%
Share of assets assessed as doubtful
64.4%
Share of assets assessed as worthless
17.1%

Description

New Whatcom used interchangeably with Bellingham; receivership appointment date in papers (Nov 7) differs from provided known receivership date (1896-09-19).

Events (7)
1. December 4, 1889 Chartered
Source
historical_nic
2. November 5, 1895 Run
Cause
Rumor Or Misinformation
Cause Details
Sudden run on Nov. 5, 1895 forced suspension; article gives no bank-specific scandal cause and describes it as a sudden run.
Newspaper Excerpt
forced by a sudden run to suspend Nov. 5
Source
newspapers
3. November 5, 1895 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension on Nov. 5, 1895 was a direct consequence of the sudden run.
Newspaper Excerpt
forced by a sudden run to suspend November 5
Source
newspapers
4. December 19, 1895 Reopening
Newspaper Excerpt
was reopened for business today. (Dec. 19, 1895).
Source
newspapers
5. September 14, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and reduction of deposits beyond the bank's ability to respond; bank had experienced prior withdrawals since July.
Newspaper Excerpt
The Bennett National bank suspended today.
Source
newspapers
6. September 19, 1896 Receivership
Source
historical_nic
7. September 19, 1896 Receivership
Newspaper Excerpt
Receiver appointed. Comptroller ... has appointed P. W. Strader receiver of the Bennett National bank, of Whatcom, Wash.
Source
newspapers

Newspaper Articles (15)
1. June 24, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 24, 1893

Click image to open full size in new tab

Article Text

THE DAILY LIST. Banks and Business Houses Forced to Suspend-New York Troubles. NEW YORK, June 23.-Sheridan and Byrne, builders, are financially embarrassed. Their liabilities exceed $225,000. Abraham Steers, one of the largest lumber merchants and planing mill men in the city is temporarily embarrassed. being unable to get further accommodations. His creditors today granted an extension. His liabilities are $380,000, assets $475,000. Its Doors Still Closed. SAN FRANCISCO, June 23.-The Pacific National bank did not reopen its doors today. The deposits amount to about $1,500,000. Its loans and discounts are said to be $2,500,000. The embarrassment appears to be entirely due to the recent monetary troubles, and it is expected the depositors will lose nothing. The officers of the bank say they will resume in a short time. It may be that the closing down of the Pacific bank will result in the suspension of the People's Home Savings bank, a collateral institution, under practically the same management. Its total deposits are about $1,700,000. There is no apprehension as to runs on other banks. Cataract Bank Fails. NIAGARA FALLS, June 23.-The Cataract bank of this city the largest bank in Niagara county, closed its doors at noon. There is great excitement among the business men in consequence as over $700,000 of their money was on deposit there. Resources More Than the Liabilities. SAN FRANCISCO, Cal., June 23.-The People's Home Savings bank closed its doors this morning. It affiliated with the Pacific bank which closed its doors yesterday. The resources are said to exceed the liabilities. Depositors Forced the Suspension. MINNEAPOLIS, Minn., June 23.-The state bank of this city suspended payment this morning. Assurance is given that it will resume in a few days. The bank has a paid up capital of $75,000. Steady withdrawals by depositors were the cause of the action. A Week's Disasters. NEW YORK, June 23.-Bradstreet's reports 360 failures in the United States this week, against 159 for the week a year ago. Stood the Run for Five Days. SAN BERNARDO, Cal., June 23.-The First National Bank closed its doors today, after undergoing a run for the past five days. ) Banks Reported as Failed. WASHINGTON, June 23.-Controller Eckels has been officially informed of the failure yesterday of the following national banks: The First national bank of Kendallville, Ind.: the First national bank of Santal Ana, Cal., and the First national bank of Whatcom, Wash.

2. June 29, 1893 The Farmers' Union Memphis, MO
Article from The Farmers' Union, June 29, 1893

Click image to open full size in new tab

Article Text

BANKS SHORT OF CASH The Siringency on the Pacific Coast Be ing Felt With Full Force. SAN FRANCISCO, Cal., June 26.-The People's Home Savings Bank failed to open its doors yerterday morning. On the door was the following notice: Bank closed temporarily in order to protect depositors and give them time to collect on securities We have sufficient assests. more than our liabilities." Columbus Waterhouse deeded all his property to the People's Home Bank. that they might raise money on it to tide them over the crisis This property is far in excess of all liabilities of the bank. Failure to realize on securities immediately is the cause of the suspension. The directors of the bank have ordered the regular dividend to be paid July 1. The stock dividend will be withheld. SAN BARNARDINO. Cal.. June 24. The First National Bank closed its doors yesterday morning. This notice was posted on the door: "Owing to the stringency of the money market and the unusual withdrawal of deposits during the last five days this bank is forced to close its doors temporarily.' SEATTLE. Wash.. June -The Columbia National Bank of New Whatcom suspended yesterday. NIAGARA FALLS, V. Y., June :4.The Cataract Bank of this city, the largest bank in Niagara county, closed itsdoors yesterday. There is great excitement among business men in consequence. as over $800,000 of their money was on deposit The suspension was totally unexpected and was not preceded by a run on the bank. The bank officers confidently expected to receive help from out of town vister day morning, but the money dil not come. Cashier Rankin says that the assets will be far in excess of the liabilities. The bank people claim to have plenty of securities, but when they tried to get them rediscounted at other banks they were refused. President Porter IS confident the bank will resume and he does not think a receiver will be necessary. WASHINGTON. June ":4.-Comptroller Fekels has been officially informed of the failure of the following national banks: The First National Bank " Kendallville, ind., the First National Bank of Santa Ana. Cal.. the First National Bank of Whateom. Wash He has ordered Bank Examiner Cleary to take charge of the Whateom bank and Bank Examiner Packard to take charge of the Kendallville bank temporarily. CINCINNATI, Ohio. June :4.-Samuel W. Coflin & Son. owners of th Cincin nati Dry Docks Company, assigned yesterday to Val P. Collins and H. D. Peck. Assets and liabilities are esti mated at $50,000 each.

3. March 11, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 11, 1894

Click image to open full size in new tab

Article Text

George B. Blanchard, receiver of the First National Bank of Whatcom, is in the city.

4. December 19, 1895 Evening Star Washington, DC
Article from Evening Star, December 19, 1895

Click image to open full size in new tab

Article Text

The Bennett National Bank of New Whatcom, Wash., which was forced by a sudden run to suspend November 5 with aggregate liabilities of $81,000, was reopened for business today.

5. December 20, 1895 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, December 20, 1895

Click image to open full size in new tab

Article Text

New Whatcom's Bank Reopened, New Whatcom, Wash., Dec. 19.-The Bennett National bank, which was forced by a sudden run to suspend Nov. 5, with aggregate liabilities of $81,000, was reopened for business today.

6. December 20, 1895 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 20, 1895

Click image to open full size in new tab

Article Text

Bank at New Whatcom Reopened. NEW WHATCOM, WASH., Dec. 19-The Bennett National Bank reopened its doors to-day. It was forced to suspend November 5, when it was found that the liabilities were only $81,000.

7. December 26, 1895 The Weiser Signal Weiser, ID
Article from The Weiser Signal, December 26, 1895

Click image to open full size in new tab

Article Text

NEW WHATCOM BANK OPENS AGAIN The Bennett National Doing Business a: the Old Stand. New Whatcom, Wash., Dec. 19.-The Bennett National bank, which was forced by a sudden run, to suspend November 5, with aggregate liabilities of $81,000, was reopened for business today.

8. December 27, 1895 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, December 27, 1895

Click image to open full size in new tab

Article Text

NEW WHATCOM BANK OPENS AGAIN The Bennett National Doing Business at the Old Sand. New Whatcom, Wash., Dec. 19.-The Bennett National bank, which was forced by a sudden run, to suspend November 5, with aggregate liabilities of $81,000, was reopened for business today.

9. September 17, 1896 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, September 17, 1896

Click image to open full size in new tab

Article Text

BANK SUSPENDED. New Whatcomb, Wash., Sept. 14.-The Bennett National bank suspended today.

10. September 18, 1896 Great Falls Weekly Tribune Great Falls, MT
Article from Great Falls Weekly Tribune, September 18, 1896

Click image to open full size in new tab

Article Text

Bennett's Bank Busted. NEW WHATCOM, Wash., Sept. - -The Bennett National bank posted a notice of suspension today. The reason given for the failure was the withdrawal of deposits beyond the power of the bank to respond. The bank promises to pay all depositors in full. The liabilities aggregate $125,000, of which $90,000 is in bille receivable. Today marks the second suspension of the Bennett National bank within a year. The heavy run on November 4 and 5, last year, forced the institution into the hands of a receiver for six weeks. On July 14 last its statement showed deposite of 8106,000, and cash resources $52,000. Since that date more than half the deposite have been withdrawn.

11. October 2, 1896 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, October 2, 1896

Click image to open full size in new tab

Article Text

Whatcom, Wash, -La Bennett National Bank, de New Whatcom, a suspendu see payements. La faillite a causé un certain émoi dans la région; mais on affirme que tous les dépôts seront remboursés intégralément.

12. November 8, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 8, 1896

Click image to open full size in new tab

Article Text

Receiver Appointed. WASHINGTON, Nov. 7.-The comptroller of the currency has appointed P. W. Strader receiver of the Bennett National bank, of Whatcom, Wash.

13. November 8, 1896 The Morning Times Washington, DC
Article from The Morning Times, November 8, 1896

Click image to open full size in new tab

Article Text

Bank Receiver Appointed. Comptroller Eckels has appointed P. W. Strader receiver of the Bennett National Bank of New Whatcom, Washington.

14. November 8, 1896 The Herald Los Angeles, CA
Article from The Herald, November 8, 1896

Click image to open full size in new tab

Article Text

A BANK BROKEN. WASHINGTON, Nov. 7.-The comptroller of the currency has appointed H. P. Strader receiver of the Bennett National bank of New Whatcom, Wash.

15. February 10, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 10, 1899

Click image to open full size in new tab

Article Text

FEDERAL COURT NOTES. An order for dismissal of the case of P. W. Strader, as receiver of the Bennett National bank, of New Whatcom, vs. Hen-