Article Text
Another New Whatcom Failure. SEATTLE, Wash., June 23. - The Columbia National bank of New Whatcom suspended today. No statement is given. The cashier says the assets are $226,000; liabilities $110,000.
Columbia National Bank (Bellingham, WA)
Episode Information
- Episode UID
435101122- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
43510national - Charter Number
- 4351
- Start Date
- June 23, 1893
- Location
- Bellingham, Washington (48.760, -122.488)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
3e6233e770861505
Response Measures
None
Receivership Details
- Depositor recovery rate
- 18.2%
- Date receivership started
- 1893-06-27
- Date receivership terminated
- 1898-01-07
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 51.3%
- Share of assets assessed as doubtful
- 46.7%
- Share of assets assessed as worthless
- 2.0%
Description
Articles use New Whatcom/Whatcom for Bellingham; suspension followed by receiver appointment and long receivership.
Events (5)
1.
June 28, 1890
Chartered
- Source
- historical_nic
2.
June 23, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Inability to realize on gilt-edge securities / failure to realize on securities forced the bank to close.
- Newspaper Excerpt
- The Columbia National bank of New Whatcom suspended today.
- Source
- newspapers
3.
June 27, 1893
Receivership
- Source
- historical_nic
4.
June 27, 1893
Receivership
- Newspaper Excerpt
- George B. Blanchard, of Tacoma, had been appointed receiver for the banks.
- Source
- newspapers
5.
September 24, 1893
Other
- Newspaper Excerpt
- George B. Blanchard...began suit in the United States court yesterday against twenty-two debtors of the insolvent institutions for the collection of promissory notes.
- Source
- newspapers
Newspaper Articles (14)
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THE BROKEN PACIFIC COAST BANKS. BAD MANAGEMENT IN SAN FRANCISCO-SIGNS OF IMPROVEMENT VISIBLE. San Francisco, June 24.-The Concrete opinion of the bankers of San Francisco is that the Pacific Bank was compelled to suspend payment because It made unwise Investments In securities from which it could not get out its money. and that the People's Home Savings Bank was compelled to suspend because it had not on hand coin enough to stand the run sure to follow the announcement of the suspension of the Pacific Bank, its business associate. In other words. the failure of the Pacific Bank was not more due to the present financial troubles than to fundamental weakness in Its management. The flurry seems to have passed in this city, and no anxiety is felt that other banks will succumb. Bankers say they have ample funds to meet all demands. The run on the Union Savings Bank continues to-day, though with less excitement than yesterday. There was also a run on the Hibernia Bank to-day. Seattle, Wash., June 24.-A special from New Whateom says: Inability to realize on gilt-edge securities forced the Columbia National Bank to close its doors yesterday morning. Their assets are placed at $226,762. with liabilities not exceeding $100,000. Confidence is felt In the other banks and no further trouble Is expected. The Columbia Bank Is capitalized at $100,000. The Controller of the Currency has been advised and will take charge of the affairs of both the Columbia and the First National, which suspended yesterday. The cashier of the falled First National Bank says the assets are $428,000: liabilities, $110,000. San Bernardino. Cal., June 23.-The First National Bank closed its doors yesterday after undergoing a run for the last five days. Washington, June 24.-Controller Eckels this mornIng received a telegram from the San Bernardino Bank asking permission to reopen. He answered that he would consider the request when his examiner made Bank Examiner Lazaer, who is at Los report. Angeles, has been directed to take charge of the San Bernardino Bank. while Mr. Wightman, the examiner "ii San Francisco. will relleve bim at the first named place. Bank Examiner Clarey, of Tacoma, has been directed to go to New-Whatcom. Application has been received by Controller Eckels from all the banks in Spokane requesting him to allow the Washington National Bank of Spokane to reorganize. The Board of Trade of San Diego, Cal., and the president of the dispended First National Bank of that place, have requested that the bank be allowed to resume busttress. The request will be considered when the exuniner's report Is in. Los Angeles, Cal., June 24.-The East Side Bank opened Its doors this morning. This 13 the first of the closed banks to resume. A feeling of confidence has returned. The other banks will open on Monday, except the City Bank, which is in the hands of a recelver.
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Bank Receiver Appointed United States Bank Examiner Charles Clary, who has been examining into the condition of the First National and Columbia National banks of Whatcom, yesterday received a telegram stating that George B. Blanchard, of Tacoma, had been appointed receiver for the banks. Mr. Blanchard is expected to arrive this morning and enter upon his duties. "It is probable," said a stockholder yesterday, "that the First National will resume business within a few days."
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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.
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Debtors of Suspended Banks Sued. George B. Blanchard, who was appointed receiver of the Columbia National and First National banks of Whatcom by Comptroller Eckels on June 27, began suit in the United States court yesterday against twenty-two debtors of the insolvent institutions for the collection of $18,$11.50 in promissory notes. The debtors of the Columbia National bank are: Michael Anderson, $600; Francis D. and E C. Graves, $400; N. C. Hadley, F. N. Barney and W. L. Miller, $500: Kildall Bros., $78.62; W. L. Miller, $132.21; E. T. Vernon, $150; Samuel Wadell, $1,450; J. F. Wardner, $3,000; Charles D. Winkler and W. H. Eddy, $1,000. Those of the First National bank are: W. 8. Anderson, $472: W. L. Miller, $738; W. L. Ellis, Alex M. Sneath and E. Griffin, $300; D. C. Jenkins, $2,000; J. R. Jenkins, $176; Mamie $9,810. E. Jenkins, $760; W. D. Jenkins,
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Collecting Broken Bank's Assets. George B. Blanchard, receiver of the Columbia National bank of Whatcom, yesterday brought suit in the United States district court to have foreclosed a real estate mortgage given by W. D. Jenkins and wife and D. C. Jenkins and wife to secure a promissory note for $4,684.25. Sixteen similar suits were brought by the receiver Saturday.
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A Whatcom Bank to Be Reopened. WASHINGTON CITY, March 26.-[Special.] -J. E. Baker, cashier of the Columbia National bank, of Whatcom, which is now in the hands of Receiver George B. Blanchard, made a personal call upon Comptroller Eckels the other day, seeking his consent to the bank's resumption of business. The comptrpller went over the affairs of the bank with Mr. Baker and gave certain conditions which must be complied with before the bank could be allowed to reopen. These conditions, Mr. Baker assured the comptroller, would be readily complied with. The conditions imposed are that the directors shall pay up or secure their full indebtedness to the bank, obtain the necessary extensions from depositors, and raise a sufficient sum of money to make good the impairment of the bank's capital stock. Mr. Eckels thinks likely the bank will have complied with all these conditions and will be permitted to open early in the month of April, Comptroller Eckels has authorized a second dividend of 20 per cent. by the Linn County National bank, at Albany, Or., making in all 55 per cent. of the claims proved. The total money now paid
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The W hateom Hank Troubles. WHATCOM, May 23-[Special.]-Receiver Blanchard, of the Columbia National bank, returned from Seattle this morning. With reference to comments and reflec tions upon his management of the bank's affairs and the statements made at meetings of depositors, he says he is unable to express himself as freely as he would be glad to do, because of the instructions governing him. He suggests that if the depositors and others interested desire he will name three disinterested gentlemen of high standing in the community, who shall be acceptable to the people interested, to whom, if the comptroller permits, he will make a complete showing of the bank's affairs and let the question of approval or condemnation of his actions as receiver rest with them. The suggestion is regarded as a very fair one, and will likely be acted upon. Concerning the First National bank, of which he is also receiver, he saya there are more than forty depositors who have not yet called for the dividend of 15 per cent. declared March 17.
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# THE COLUMBIA NATIONAL BANK. Attorney for Receiver Blanchard Denies Some Charges. Charges are said to have been made by some of the depositors in the Columbia National bank, of Whatcom, against Receiver Blanchard. Attorney T. R. Shepard, of Burke, Shepard & Woods, who has been advising Mr. Blanchard in legal matters connected with the bank, says the charges are groundless. "Mr. Blanchard, as an officer of the court," said Mr. Shepard, speaking of the matter, "is in such a position that he cannot deny the charges so long as they are a subject of newspaper controversy. I can say for him, however, that it is not true he has interfered to prevent the reopening of the bank, or that he has neglected to perfect judgment liens on property until it was placed beyond the reach of execution. He has not, as charged, released securities for a considerable sum or failed to take securities he might have obtained. He released some securities to an inconsiderable amount in place of some that were more available. In all that he has done he has acted under legal advice and has been exceedingly conscientious in the discharge of his duty."
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Depositors Want the Receiver Removed WHATCOM, June 15.-[Special.]-A meeting of the Columbia National bank depositors was held last night and the committee of fifteen appointed some time ago to examine into the bank's affairs rendered its report, which was adopted and ordered forwarded to the comptroller of the currency with a request for the removal of Receiver Blanchard and the appointment in his stead of an "impartial and competent business man." This request will be accompanied by various charges against the receiver, alleging, among other things, that he hasinterfered in an unwarranted manner to prevent the reopening of the bank, even after the conditions imposed by the comptroller had been complied with; that he has failed to take securities that he might have obtained to protect the interests of the bank: that he has released securities for a considerable sum held by the bank at the time it closed, and neglected to perfect judgment liens on property until it was placed beyond the reach of execution. The chairman of the committee which makes the report and prefers the charges is one of the leading lawyers of the city, and nearly all the other members of the committee are prominent business or professional men. It was stated at the meeting that the receiver had collected only $5,000 or $6,000 out of $100,000 of assets, and that the expenses of the receivership have been from $225 to $250 a month. A committee on finance, composed of C. I. Roth, J. Marcuse and R. S. Simpson, was appointed, and the meeting adjourned subject to call of the chairman, J. W. Rayburn, city attorney.
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Whateom's Bank Troubles. Whatcom, May 18.-Special.-Some of the depositors in the Columbia National Bank complain bitterly about the treatment they have received from the government officials since the Institution went into the hands of a receiver. Nearly two years have elapsed since the bank failed, and although the receiver's statement, as published in the Post-Intelligencer last year. showed that be estimated the assets to be over $100,000 in excess of the Habilities, only a single payment of 15 per cent. has been made to the depositors, and they are unable to obtain any information from the receiver or comptroller as to the probable time of another payment. The capital stock was $100,000. and upon the advice of the receiver the comptroller levied an assessment upon it of 18
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Federal Court Affairs. Judge Hanford yesterday issued an order addressed to J. B. Dawson, recelver of the Columbia National bank, of New Whatcom, authorizing the sale of land, part of the bank's assets, and the settlement of claims by compromise. The order was Issued upon a petition signed by the receiver. The report of A. H. Ross, receiver of the Blaine National bank. was filed in Judge Hanford's court yesterday. The filing was made a. part of the case of Addie 8. Bryant vs. the Blaine National Bank et al.
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A Big Judgment. In the Federal court yesterday judgment for $26,000 was entered in favor of Receiver Dawson, of the Columbia National bank, of Whatcom, against J. E. Baker, formerly of Tacoma, but more recently of Whatcom. Suit was originally brought by Receiver George B. Blanchard for amounts aggregating over $40,000. The Puget Sound Fruit Company and the Pacific Loan and Trust Company, of Whatcom, were made co-defendants with Mr. Baker, he having, it is alleged, an interest in those two concerns. On stipulation by the attorneys the action was dismissed as far as three counts in the complaint were concerned. In these counts judgment was asked for on a note made by Mr. Baker to the Washington National bank. of Tacoma, for $3,982, & note made by the Puget Sound Fruit Company for $8,450, and an overdraft by the same company for $7,767. These counts were dismissed without prejudice. Judgment against Mr. Baker was entered in favor of the receiver for $26,000, on & promissory note for $9,900, $4,400 interest and $286 attorneys' fee, and on an overdraft for $7,767. with $3,646 interest.
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Bank's Assets Sold for a Song. Special Dispatch to the Post-Intelligencer. WHATCOM. Wash., Aug. 28.-The assets of the Columbia National bank disposed of at the receiver's sale yesterday represented a face value of $193,773.80. and the amount realized was $9,647.75. The most valuable real estate asset disposed of was the vacant lot on the corenr of Elk and Holly street, which sold for about $2,000.