gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
56004c999061b9f6
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%
Events (4)
1.September 23, 1892Chartered
Source
historical_nic
2.July 17, 1895Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank due to lack of funds / insolvency.
Newspaper Excerpt
Closed by order of the directors. The directors telegraphed to Comptroller Eckels this morning that lack of funds compelled them to close their doors.
Source
newspapers
3.August 7, 1895Receivership
Source
historical_nic
4.August 7, 1895Receivership
Newspaper Excerpt
The comptroller of the currency has today appointed Louis K. Church receiver of the Puget Sound National Bank of Everett, Washington. The bank suspended payment July 17, 1895.
Source
newspapers
Newspaper Articles (15)
1.July 18, 1895The Seattle Post-IntelligencerSeattle, WA
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Article Text
AN EVERETT BANK FAILS. The Puget Sound National, of That City, to Be Wound Up. Everett, July 17.-Special.-The Puget Sound National bank of this city did not open its doors this morning. A notice was posted on the door as follows: "Closed by order of the directors." The directors telegraphed to Comptroller Eckels this morning that lack of funds compelled them to close their doors. The liabilities are $55,000. It is expected that a receiver will be appointed and the affairs of the bank wound up. The bank's capital stock is $50,000. The president is A. J. Hayward; cashier, A. S. Taylor. Snohomish, July 17.-Special.-Upon being interviewed this afternoon County Treasurer Mish said that while the county had some money on deposit with the Puget Sound National bank at Everett, which closed its doors this morning, it was fully protected. Neither the county nor the treasurer will lose any money. The stockholders are mainly Milwaukee people of wealth, and the assessment which will be made will pay the obligations.
2.July 18, 1895The Providence NewsProvidence, RI
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Article Text
National Bank Closed, Tacoma, Wash., July 18.- - A Ledger special from Everett, says the Puget Sound National Bank, there has closed its doors by order of the directors. Th liabilities are $55,000. The bank will liquidate. It is thought the comptroller will appoint a receiver in a few days. A. J. Hayward was president.
3.July 18, 1895San Antonio Daily LightSan Antonio, TX
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Article Text
Puget Sound Bank Closes. Tacoma, Wash., July 18.- A Ledger special from Everett, says : The Puget Sound National bank has closed its doors by order of the directors. Liabilities $55,000. The bank will liquidate. It is thought the comptroller will appoint a receiver in a few days. A. B. Hayward was president.
4.July 20, 1895The Silver BladeRathdrum, ID
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Article Text
EVERETT NATIONAL BANK CLOSED Liabilities, $55,000-Assets So Far Have Not Been Stated, Tacoma, July 17.-A Ledger special from Everett says: The Puget Sound National bank closed its doors today by order of the directors. The liabilities are $55,000. The bank will liquidate. It is thought the comptroller will appoint a receiver in a few days.
5.August 7, 1895Evening StarWashington, DC
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Article Text
Bank Receiver Appointed. The controller of the currency has today appointed Louis K. Church receiver of the Puget Sound National Bank of Everett, Washington. The bank suspended payment July 17, 1895.
LATE NEWS BY WIRE Items of General Interest From All Over the Universe. Brooklyn, Aug. 7.-The funeral of Mrs. T. DeWitt Talmage took place today. Lockport, N. Y., Aug. 7.-John Hodge dropped dead today of heart disease. He was grand master of the Masons of this state last year and a prominent and innuential citizen. Washington, Aug. 7.-The comptroller of the currency has appointed Hon. Lewis K. Church receiver of the Puget Sound National bank of Everett, Wash. The bank suspended July 17, 1895. Washington, Aug. 7,-Word reaches this city of the precarious. illness of Justice Strong, of the supreme court (retired) at Lake Minewski, N. Y., where his family is staying. The justice's illness is due to the results of a fall down a flight of stairs by which he received severe Internal injuries. His advanced age renders his condition crit ical.
7.August 8, 1895The Seattle Post-IntelligencerSeattle, WA
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Article Text
L. K. CHURCH RECEIVER Of the Puget Sound National Bank of Everett. Everett, Aug. 7.-Special.-Ex-Gov. L. K. Church has been appointed receiver of the Puget Sound National bank of this city, Bank Examiner Carson, now in charge. receiving a telegram to that effect today.
8.August 8, 1895The HeraldLos Angeles, CA
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Article Text
Receiver Appointed WASHINGTON, Aug. 7.-The comptroller of currency has appointed Hon. Lrwis Church receiver of the Puget Sound National bank of Everett, Wn. The bank suspended July 17.
9.August 8, 1895The San Francisco CallSan Francisco, CA
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Article Text
Receiver for a Bank. WASHINGTON, D. C., Aug. 7.-The Comptroller of the Currency has appointed Louis Church receiver of the Puget Sound National Bank of Everett, Wash., which suspended July 17.
10.August 8, 1895The Salt Lake HeraldSalt Lake City, UT
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Article Text
BANK RECEIVER APPOINTED. WASHINGTON, Aug. 7.-The comptroller of the currency has appointed Hon. Lewis K. Church receiver of the Puget Sound National Bank of Everett, Wash. The bank suspended July 17, 1895.
11.August 10, 1895The Silver BladeRathdrum, ID
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Article Text
Everett Bank Receivership. Washington, Aug. 7.-The comptroller of the currency has appointed Hon. Lewis K. Church receiver of the Puget Sound National bank of Everett, Wash.
12.August 15, 1895The Pioneer PressMiller, SD
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Article Text
Receiver Appointed. Washington, Aug. 9.-The controller of the currency has appointed Hon. Lewis K. Church receiver of the Puget Sound National Bank of Everett, Wash. The bank-suspended July 17, 1895.
13.October 23, 1895The Seattle Post-IntelligencerSeattle, WA
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Article Text
Treasurer Mish Gave Up the Securities Everett, Oct. 22,-Special.-In the suit brought by Receiver Church, of the Puget Sound National bank of Everett, against W. M. Mish. county treasurer. to recover certain securities held as collateral for the deposit of county funds, a settlement was made by the return of the collateral, defendant being satisfied that he could not hold it. The county funds in the bank are amply protected, and it would not pay the treasurer to go to the expense of litigation to retain these securities.
14.May 9, 1896The Seattle Post-IntelligencerSeattle, WA
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Article Text
Everett News. Everett, May &-Special.-A. S. Taylor, cashier of the Puget Sound National bank of this city, which passed into the hands of Receiver ex-Gov. Churchill a few months ago, has been very successful in raising funds in the East, and telegraphs County Treasurer Mish that $11,283.73, half the amount of the county funds on deposit at the date of the bank's suspension, has been forwarded and the balance of $23,000 will be forthcoming. Mr. Taylor. It is said, has arranged with the comptroller of the currency to have the receiver discharged in a month or two. Retrenchment is still the order in the eouncil. A resolution was passed laying off one policeman, the janitor, discontinuing the telephone in the clerk's office and the services of the city engineer.
15.May 25, 1897The Seattle Post-IntelligencerSeattle, WA
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Article Text
That Everett Bank Case. In the case of Snohomish county against the Puget Sound National bank, Everett, Judge Hanford yesterday. denied the plaintiff's motion to appoint a receiver of the remaining assets in place of A. S. Taylor, the agent elected by the shareholders, and to enjoin the agent from disposing of the assets: and he directed Taylor to proceed with his disposition of the property and to pay all cash realized into the court pending the final result of the suit.
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.
