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BANK FAILURE
South Bend, WW., August 12.-The First National Bank of South Bend suspended payment today. The officers say that the depositors will be paid in full.
First National Bank (South Bend, WA)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- August 12, 1895
- Location
- South Bend, Washington (46.663, -123.805)
- Bank Type
- national
- Charter Number
- 4467
Metadata
Receivership Details
- Depositor recovery rate
- 35.0%
- Date receivership started
- 1895-08-17
- Date receivership terminated
- 1905-07-18
- OCC cause of failure
- Excessive lending
- Share of assets assessed as good
- 6.8%
- Share of assets assessed as doubtful
- 69.2%
- Share of assets assessed as worthless
- 24.0%
Events (5)
1.
November 15, 1890
Chartered
- Source
- historical_nic
2.
August 12, 1895
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank loaded with worthless paper and real-estate securities and was unable to furnish a satisfactory statement when called in July.
- Newspaper Excerpt
- The First National bank of South Bend suspended payment this morning. The officers say depositors will be paid in full.
- Source
- newspapers
3.
August 17, 1895
Receivership
- Newspaper Excerpt
- The comptroller of the currency today appointed Joseph Helm receiver of the First National bank of South Bend, Wash., which suspended payment Aug. 12.
- Source
- newspapers
4.
August 17, 1895
Receivership
- Source
- historical_nic
5.
May 17, 1896
Other
- Newspaper Excerpt
- Comptroller Eckels has declared a first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06.
- Source
- newspapers
Newspaper Articles (20)
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SOUTH BEND, Wash.-The First National Bank of South Bend suspended payment this morning. The officers say depositors will be paid in full.
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Gone Under SOUTH BEND, Wash., Aug. 12.-The First National bank of South Bend suspended payment this morning. The oflicers say depositors will be paid in full.
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National Bank Suspends Payment
SOUTH BEND, Wash., Aug. 13.-The First National bank of this city has suspended payment. The officers say depositors will be paid in full.
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To Pay in Full
SOUTH BEND, Wash., Aug. 12.-The First National Bank of South Bend suspended payment this morning. The officers say depositors will be paid in full.
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SOUTH BEND'S BANK FAILURE
The Closing n Surprise, as the Institution Was in Good Standing. South Bend. Aug. 13.-Special.-The fallure yesterday of the First National Bank of South Bend was a complete surprise to every one. The last statement of the bank. published in May, showed an improvement in its financial condition. Times have improved greatly of late in the county and city, and It was generally supposed that the bank was prospering as well. Little blame is attached to the present management of the bank, but rather to the board of directors of three or four years ago, when It was loaded up with what has proved to be worthless paper and real estate securities upon which little could be realized. The bank bore the crisis of a year and a half ago bravely, which fact greatly increased public confidence in it. For over a month and a half there has been a constant withdrawal of deposits from the bank, not through lack of confidence, but for investment in new local enterprises and by merchants for the purchase of fall goods. Early in July the bank was called on for another statement and was not able to furnish a satisfactory one, which was the immediate cause of its suspension. It had nearly all of the county deposits. amounting to about $16,000, which is well secured to the county by the treasurer's bonds. The city had about $2,000 on deposit, also well secured. Pending the arrival of the bank examiner. who is expected tonight, the officers of the bank refused to talk concerning the condition further than to state that it will pay all depositors In full If the assets are properly managed. The general fear of stockholders and depositors is that some receivers will be sent here from Georgia or Texas who will be unacquainted with local conditions and sacrifice the securities. The officers of the bank are: President, R. H,
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South Bend Bank Suspended
South Bend, Wash., Aug. 12.-The First National bank of South Bend suspended payment this morning. The officers say the depositors will be paid in full.
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South Bend Bank Suspended
South Bend, Wash., Aug. 12.-The First National bank of South Bend suspended payment this morning. The officers say the depositors will be paid in full.
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South Bend Bank Suspended
South Bend, Wash., Aug. 12.-The First National bank of South Bend suspended payment this morning. The officers say the depositors will be paid in full.
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District Attorney Shelton
Washington, Aug. 17.-The comptroller of the treasury to-day appointed Joseph Helm receiver of the First National bank of South Bend, Wash., which suspended payment Aug. 12. George F. Shelton of Helena has been appointed assistant United States attorney for the district of Montana.
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The South Bend Bank Receiver
Washington City, Aug. 17.-The comptroller of the currency today appointed Joseph Helm receiver of the First National Bank of South Bend, Wash., which suspended payment August 12. South Bend, Aug. 17.-Special.-Receiver Heim's bonds are placed at $25,000. He is propritetor of the Hotel Albee. a leading Democrat, and a man of undoubted integrity and good business capacity. His appointment meets with general satisfaction.
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APPOINTMENTS
WASHINGTON, Aug. 17.-The comptroller of the currency today appointed Joseph G. Helm receiver of the First National bank, South Bend, Wash., which suspended payment on August 12. George F. Shelton, of Helena, has been appointed assistant United States attorney for the district of Montana.
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"Will be Paid in Full
" SOUTH BEND, Wash., Aug 14.-Th First National bank of South Ben suspended payment today. The offi cers say depositors will be paid in full
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Receiver Appointed
WASHINGTON, Aug. 17.-The comptroller of the currency today appointed Jos eph Heim receiver for the First National bank of South Bend, Wash., which sus. pended payment on August 12. George F. Shelton of Helena bas been appointed assistant United States attorney for the district of Montana.
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Bank Receiver Appointed
Washington, Aug. 17.-The comptroller of the currency today appointed Joseph H. Heim receiver of the First National bank of South Bend, Wash., which suspended payment August 12.
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Bank Receiver Appointed
Washington, Aug. 17.-The comptroller of the currency today appointed Joseph H. Heim receiver of the First National bank of South Bend, Wash., which suspended payment August 12.
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Bank Receiver Appointed
Washington, Aug. 17.-The comptroller of the currency today appointed Joseph H. Heim receiver of the First National bank of South Bend, Wash., which suspended payment August 12.
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Suspended Bank Dividends, Washington, May 17.-Comptroller els has declared dividends as follow first dividend, 15 per cent, in favor creditors of the First National ban South Bend, Wash., on claims P amounting to $52,302.06. A first divid 15 per cent, in favor of the creditos the Bellingham Bay National ban New Whatcom, Wash., on claims P amounting to $64,325.39.
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Suspended Bank Dividends
Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.20.
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Suspended Bank Dividends
Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.29.