gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8dd8214b9cde3602
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1895-08-07
Date receivership terminated
1896-08-03
OCC cause of failure
Fraud
Share of assets assessed as good
6.5%
Share of assets assessed as doubtful
23.1%
Share of assets assessed as worthless
70.4%
Description
Comptroller appointed a receiver July 22; bank later permitted to reopen Oct 23–24.
Events (5)
1.September 23, 1892Chartered
Source
historical_nic
2.July 5, 1893Suspension
Cause
Correspondent
Cause Details
Refusal of eastern banks/correspondents to honor heavy drafts on offered securities; inability to realize on securities.
Newspaper Excerpt
On account of inability to realize on securities the Puget Sound National bank of Everett suspended today. The suspension is said to be due to the refusal of Eastern banks to honor heavy drafts on the security offered.
Source
newspapers
3.July 22, 1893Receivership
Newspaper Excerpt
The controller of the currency has today appointed Mr. William A. Rice receiver of the Puget Sound National Bank of Everett, Wash.
Source
newspapers
4.October 23, 1893Reopening
Newspaper Excerpt
The Puget Sound National Bank of Everett, Wash., which closed its doors during the recent financial panic, reopened for business today.
PRINT SHOP ASSIGNS. Be veral Banks Close Their Doors In the West. KANSAS CITY, July 7.-The HaskemShaw printing company, one of the largest concerns of the kind in the West, made an assignment yesterdav. EVERETT, Wash., July 6.-The Puget Sound National bank of Everett suspended vesterday. OTTUMWA, Ia., July 6.-A. C. Leighton, a prominent capitalist and speculator, assigned yesterday. Liabilities about $89,000; assets $300,000. WORTHINGTON, Minn., July 6.-The NUNIES company bank closed its doors yesterday. Its money is tied up. SUMAS, Wash., July 6.-Bank of Sumas suspended payment Monday. TOPEKA, Kan., July 6.-Two Kansas banks closed their doors yesterday, the Finney County bank, at Garden, and the bank of Leroy, Coffey county.
2.July 6, 1893The Morning CallSan Francisco, CA
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Article Text
COULD NOT REALIZE. The Everett National Bank Shuts Its Doors. EVERETT. Wash, July -On account of inability to realize on securities the Puget Sound National Bank of Everett suspended to-day. The suspension is said to be due to the refusal of Eastern banks to honor heavy drafts on the security offered. No statement is made. The bank was organized last fall with a capital of $100,000.
3.July 6, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Washington Banks Suspend. SUMAS, Wash., July 5.-The Bank of Sumas suspended payment today. No statement was made, but it is thought creditors will be paid in full. EVERETT, Wash., July 5.-On account of inability to realize on securities the Puget National Bank of Everett suspended today. The suspension is said to be due to the refusal of Eastern banks to honor heavy drafts on security affirmed. No statement has yet been made. The bank's capital is $100,000
4.July 6, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
Bank of Everett Suspends. EVERETT, Wash., July 5.-On account of inability to realize on securities, the Paget Sound National bank of Everett suspended today. The suspension is said to be due to a refusal of eastern banks to honor drafts on security offered. No statement was made. The bank was organized last fall with a capital of $100,000.
5.July 7, 1893Richmond DispatchRichmond, VA
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Article Text
Western Banks Suspend. [By telegraph to the Dispatch.] EVERETT. WASH.. July 6.-On account of inability to realize on securities the Puget-Sound National Bank, of Everett, suspended yesterday. TOPEKA, KAN., July 6.-Two Kansas banks closed their doors yesterday. The failure of the Finney-County Bank, at Garden City, was not unexpected, as the bank has for some time been in a bad condition. The bank of Leroy, Coffey county, is also closed. WORTHINGTON, MINN., July 6. - -The NobleCounty Bank closed its doors yesterday morning, its owner. Peter Thompson. having made an assignment. Several thousand dollars of county money is tied up. SUMAS, WASH., July 6.-The Bank of Sumas suspended payment Monday. No statement is made, but it is thought the creditors will be paid in full.
6.July 7, 1893The SunNew York, NY
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Article Text
Failure or the Paget Sound Bank. EVERETT. Wash.. July 6.-On account of inability to realize on securities the Puget Sound National Bank of Everett suspended yesterday. The suspension is said to be owing to the refusal of Eastern banks to honor heavy drafts on security affirmed. No statement is yet made. The bank's capital is $100,000.
7.July 15, 1893Chicago EagleChicago, IL
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Article Text
NATIONAL BANKS COLLAPSE. Five More Placed in Charge of Examiners -Other Business Troubles. Five national banks failed Thursday, as reported to Comptroller Eckels. They were; The American National Bank of Pueblo, Col. : the Central National Bank of Pueblo, Col.: the Puget Sound National Bank of Everett, Wash.: the National Bank of Ashland, Ashland, Neb.; and the First National Bank of Winston, N. Y. Comptroller Eckels has directed Examiner Brown to assume charge of the two failed banks at Pueblo, Examiner Hovine of the failed Ashland bank. Examiner Cleary of the failed Everett Bank. and Examiner Carskadon of the failed Winston Bank At Omaha. the American Savings Bank suspended. with deposits of $153,000 and assets of $259,000. It was involved by the embarrassment of the American Loan and Trust Company, through the latter's enterprise, the Omaha and South Texas Land Company. L. C. Lock & Co., merchants of Alma. Ark., have been closed up on attachments aggregating $20.000. Receivers were appointed for the Northwestern Hardware Company. an Illinois corporation. with offices in Philadelphia
8.July 22, 1893Evening StarWashington, DC
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Article Text
Bank Receivers Appointed. The controller of the currency has today appointed Mr. William A. Rice receiver of the Puget Sound National Bank of Everett, Wash., and Mr. George B. Hoffman receiver of the Bozeman National Bank, Bozeman, Mont.
9.July 23, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Lucky Ex-St. Paulite. Special to the Globe. W ASHINGTON, July 22.-On the recommendation of Col. Chauncey W. Griggs, of Tacoma. but formerly of St. Paul, William A. Rice became receiver of the Puget Sound National bank at Everett, Wash. Mr. Rice formerly resided in St. Paul. His new position pays $3,000 per year.
10.July 23, 1893The Helena IndependentHelena, MT
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Article Text
Selected by the Comptroller. WASHINGTON. July 22.-The comptreller has appointed Wm. A. Rioe receiver for the Paget Sound National bank, Evereit. Wash.. and Goo. B. Hoffman, receiver for the Bozeman National bank, as Bozeman, Mont.
11.July 23, 1893The SunNew York, NY
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Article Text
Western Banks that Are Closed. GREELEY. Col., July 22-The Union Bank made an assignment yesterday morning to James F. Benedict of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditors take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. TACOMA. Wash., July 22.-A. G. Foster was appointed receiver of the Traders' Bank yea. terday. President Fitch states that the assets will pay all the obligations and leave a large surplus. Henry A. Strong of Rochester. N. 1.0 and John D. Rockefeller were the largess stockholders. It is expected that the bank will resume soon. TOPEKA. Kan., July 22.-The First National Bank of Anthony closed its doors yesterday and posted up notice of assignment. Its ase sets are $154, 000 and liabilities $50,000. RUSSELL. Kan., July 22.-The First National Bank of this place closed this afternoon. and was taken possession of by C. M. Sawyer on order of the Comptroller of the Currency. No statement is made. WASHINGTON. July 22.-The Comptroller has appointed William A. Rice receiver of the Puget Sound National Bank of Everett. Wash., and Mr. George 8. Hoffmann receiver of the Bozeman National Bank. Bozeman. Mont.
12.July 23, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
Texas Banks Collapse. WASHINGTON, July 22.-In addition to the heavy failure of government depositors at Louisville three other failures of national banks were reported to Comptroller Eckels this morning. The State and First National banks of Vernon, Texas, capital $100,000, assets $80,000, respectively. The comptroller has appointed William A. Rice receiver of the Puget Sound National bank at Everett, William and George Hoffman receivers of the Bozeman National, Bozeman, Montana.
13.July 26, 1893The Indiana State SentinelIndianapolis, IN
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Article Text
Three Southern Banks Fail. WASHINGTON, July 22.-In addition to the heavy failure of the government depository at Louisville three other failures of national banks were reported to Comptroller Eckels this morning, the failures occurring in sections wide apart. The failed banks are: The State national bank of Vernon, Tex., capital $100,000; the First national bank of Vernon, Tex., capital $80,000, and the State national bank of Knoxville, Tenn., capital $1,00,000. All these banks are small institutions, the deposits in each being in the neighborhood of $100,000. Governor Cooper, connected with the National bank of commerce of Denver, had an interview with Comptroller Eckels this morning as to the bank resuming business. While not assured, it is probable that arrangements may be perfected by which the bank can resume in a short times. The comptroller has appointed William A. Rice receiver of the Puget Sound national bank of Everett, Wash., and Mr. George B. Hoffman receiver of the Bozeman national bank, Bozeman, Mont.
14.October 24, 1893The Record-UnionSacramento, CA
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Article Text
A Bank Reopens for Business. PORTLAND (Or.), Oct. 23.-The Puget Sound National Bank of Everett, Wash., which closed its doors during the recent financial panic, reopened for business today.
15.October 24, 1893The Daily Morning AstorianAstoria, OR
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Article Text
ANOTHER ONE REOPENED. Everett, Wash., Oct. 23.-The Puget Sound National Bank, which suspended in August, reopened for business today.
16.October 24, 1893Evening StarWashington, DC
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Article Text
Bank in Washington State Resumes. The Puget Sound National Bank of Everett, Wash., which closed its doors July 5 and was placed in the hands of a receiver July 22, 1893, has been permitted to reopen for business.
17.October 25, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Two Banks Reopen. PORTLAND, Or., Oct. 24.-The Puget Sound National bank, of Everett, Wash., and the First National Bank of Ellensburg, Wash., which closed their doors during the recent financial panic, have reopened for business.
BANKS REOPEN. PORTLAND. Ore., Oct 24-The Puget Sound National bank of Everett. Washington, and the First National bank of Ellensburg, Washington, which closed their doors during the recent financial paule have reopened. of
19.October 25, 1893The Morning CallSan Francisco, CA
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Article Text
Two Banks Reopen. PORTLAND, Oct. 24.-The Puget Sound National Bank of Everett, Wash., and the First National Bank of Ellensburg, Wash., which closed their doors during the recent financial panic, have reopened for business.
National Banks Reopened. PORTLAND, Oct. 24.-The Puget Sound National bank of Everett, Wash., and the First National bank of Ellensburg, Wash., which closed their doors during the recent financial panic have reopened.
Prepared For Business. PORTLAND, Or., Oct. 25.-The Puget Sound National bank of Everett, Wash., and the First National bank of Ellensburg, Wash.. which closed their doors during the recent financial panic have reopened for business.
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.
