First National Bank (Salmon, ID)

Episode Information

Episode UID
808001338
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
80800 national
Charter Number
8080
Start Date
June 16, 1911
Location
Salmon, Idaho (45.176, -113.896)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6c7af8e904ad20d7

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1911-08-08
Date receivership terminated
1920-10-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
45.0%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
14.4%

Description

Closed by a special federal/national bank examiner; receiver subsequently administered assets.

Events (5)

1. February 7, 1906 Chartered
Source
historical_nic
2. June 16, 1911 Suspension
Cause
Government Action
Cause Details
Closed by a special national bank examiner due to heavy/overlarge loans exhausting available funds.
Newspaper Excerpt
FIRST NATIONAL BANK SALMON CITY CLOSED Action Ordered by Special Bank Examiner-Large Loans the Cause of Failure
Source
newspapers
3. August 8, 1911 Receivership
Source
historical_nic
4. August 8, 1911 Receivership
Newspaper Excerpt
Mr. McCormick, who was receiver for the First National Bank ... was returned to Salmon to close up the affairs of the defunct bank at this place. (1914 article referencing the receiver.)
Source
newspapers
5. March 31, 1920 Other
Newspaper Excerpt
The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder, without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day.
Source
newspapers

Newspaper Articles (13)

Article from The Idaho Republican, June 16, 1911

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Article Text

FIRST NATIONAL BANK SALMON CITY CLOSED Action Ordered by Special Bank Examiner-Large Loans the Cause of Failure The First National Bank of Salmon City, in Lemhi county, closed its doors today. A message was received in the city late this afternoon from Salmon bearing the above announcement. The bank was closed up by special nation al bank examiner from Washington D. C. Other than this information the telegram gave no details. The First National bank of Salmon was organized about five years ago and was regarded as one of the principal financial institutions of the Salmon City country. It was capitalized at $50,000 with a surpus of $7500. H. G. King, who is well known in Boise, was the president of the defunct institution and John Lottridge was cashier. Both of these men, as well as all others connected with the bank, have always been held in high regard by the patrons and friends of the institution, and have occupied enviable positions among the banking fraternity of the state. The only reason assigned by local parties for the failure of the bank at this time is the practice of mak ing heavy loans so great in volume that the institution's available funds were not sufficient to meet up with the demand. While the true state of affairs which brought about the closing are not known here, the belief prevails among men well informed upon the subject that this practice of overloaing is doubtless the direct cause of the failure. Charles S. Loveland, who is known to Boise citizens, is the regularly employed examiner for national banks but in this instance the bank was closed by a special federal agent. There are two other banks located at Salmon City, both of which are in excellent shape.


Article from Montpelier Examiner, April 26, 1912

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Article Text

IDAHO STATE NEWS Idaho Falls has received an offer for her municipal power plant from the Byllsby people of Chicago. Governor Hawley is exerting every effort to secure the 1913 session of the International Dry Farming con. gress for Boise. That a motor car service will soon be in active operation between Idaho Falls and the several towns adjacent in the very near future is a foregone conclusion. North Idaho is second in the United States in the production of lead. this year, according to the annual advance statement of the United States geological survey. Indicative of interest in the movement for better educational facilities, figures show that $250,000 is to be expended in northern Idaho this year for school buildings. Work on the Burley sugar factory is progressing very rapidly. Over 100 men are now employed on the building, and twenty-five carloads of machinery have been received. "Hamp" (J. H.) Peacock, a printer, aged 49, died at McCammon from heart failure last week. Peacock had worked in a number of printing offices throughout the state. Several of the negroes who have been giving the police department of Boise all kinds of trouble lately have been escorted to the city limits and shown the way out of town. More than 21,040 acres of land in the dry farming belt of Ada. Boise and Canyon counties have been added to the enlarged homestead classifications of the interior department. The comptroller of the currency has authorized the payment of a second dividend of 10 per cent to the creditors of the First National bank of Salmon, which was closed last June. That Bonneville county will soon -140 si officials her JOJ home B base denced by the act that the county commissioners are already figuring on such a building, says an Idaho Falls dispatch. The Soda Springs Commercial club is urging the county commissioners of Bannock county to appropriate $1,500 for the construction of a road from Soda Springs through the Tin Cup country. The last of the work of grading the Salt Lake & Idaho railroad has been completed. The roadbed is now ready for the steel for the entire sixty-five miles from Burley to Kelton Summit, near the Utah line. Mike Davis, who held up Mike Ryan at Mountain Home and robbed him of $2.50, must serve a term in the penitentiary The sheriff heard of the robbery and ran out in his night clothes and arrested Davis. William Martinsen of Idaho Falls, who owns extensive ranch interests near Grant, has been shipping baled alfalfa to the St. Louis markets and has received a price ranging from : $24.50 to $26 per ton for it there. The village board of Burley has had prepared an ordinance calling an election for voting upon the question of bonding for $85,000 to extend the electric lighting and power station, and put in water works and sewers. Legal authorities in Adams county have requested an opinion from the office of Attorney General McDougall as to whether the question of removing the county seat from Council to some other city within the county may be submitted to the people at the general election this fall. Notice of intention to circulate petitions for a vote on the question of moving the county seat of Cassia county from Albion to Burley has been published, and the petitions will be circulated within a few weeks, and the question will be settled at the polls in November. The interior department. notwithstanding the action of the attorney general in dismissing the .criminal suits against the Barber Lumber company, says a Washington dispatch, has recommended and urged that an appeal be taken to the supreme court in the civil cases against this company. After waiting nearly ten years for water, the people of Dead Ox Flat last week saw water lifted 110 feet high at the rate of twenty cubic feet a second and running in three of the ditches, one fifty, one eighty, and one 110 feet lift. It is estimated this section will now furnish homes for from 500 to 1,000 families. Mrs. Mary A. Rich, widow of


Article from The Idaho Recorder, September 17, 1914

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Article Text

The Harry White family are enjoying a visit this week from Chester Gould, of St Anthony. Mr. Gould is the father of Mrs. Harry White. Frank R. McCormick, accompanied by his wife, son and sister-in-law, Miss Thomas, came in on Monday's train. Mr. McCormick, who was receiver for the First National Bank was transferred to Netraska some months.ago, but having settled up the affair there has been returned to Salmon to close up the affairs of the defunct bank at this place.


Article from The Idaho Recorder, September 10, 1915

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Article Text

Frank McCormick and wife and son came in Tuesday from their home at Sutton, Nebraska. They came all the way by auto and enjoyed the trip very much. Mr. McCormick is here to attend to matters pertaining to the settling up of the affairs of the First National Bank, of which he was appointed receiver. They will be here several weeks.


Article from The Idaho Recorder, October 15, 1915

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Article Text

Depositors Meeting. In response to the call which was made for the depositors of the First National Bank last Friday evening a very good representation was present. omething like fortv or fifty thousand dollars of the deposits of that bank was represented. The First National Bank closed Its doors on June 8, 1911, over four years ago. Since that time there have been five dividends of 10 per cent paid to the depositors, the last one being in March 1914. The object in calling the meeting way to consult together as to the best way to proceed toward getting the affairs settled up. They felt that unless some action was taken the matter would drag along until the funds would go to the ones who were employed to settle the business. The general opinion of the leading depositors was that it would be advisable to procure the services of an attorney and commence suit in the Federal court against Frank W. McCormick, receiver of the defunct bank. Steps are being taken to begin the suit and it will be watched with keeen interest. It only a portion of the rumors have any foundation there will be some interesting things develop be. fore it is settled.


Article from The Idaho Recorder, July 14, 1916

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Article Text

Sheriff's Sale. NOTICE OF FORECLOSURE SALE BY SHERIFF. The First National Bank of Salmon, a corporation By C. A. Korbly, General National Bank Receiver, Plaintiff, VS. Winslow T. Smout, Defendant. Under and by virtue of an order of sale and decree of fore. closure and sale, issued out of the district court of the SIXTH JUDICIAL DISTRICT in and for the county of Lemhi, State of Idaho, on the 1st day of July, 1916, in the above entitled action. wherein The First National Bank of Salmon, a corporation, By C. A. Korbly, General National Bank Receiver, the


Article from The Idaho Recorder, July 21, 1916

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Article Text

Sheriff's Sale. NOTICE OF FORECLOSURE SALE BY SHERIFF. The First National Bank of Sal mon, a corporation By C A. Korbly, Ge eral National Bank Receiver, Plaintiff. VR. Winslow T. Smout, Defendant. Under and by virtue of an order of sale and decree of fore closure and sale, issued out of the district court of the SIXTH JUDICIAL DISTRICT in and for the county of Lemhi, State of Idabo, on the 1st day of July, 1916, in the above entitled action. wherein The First National Bank of Salmon, a corporation, By C. A. Korbly, General National Bank Receiver, the


Article from The Idaho Recorder, August 4, 1916

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Article Text

July 7-28. PUBLIC NOTICE is hereby given that the sale, wherein THE FIRST NATIONAL PANK. a corporation, by C. A. KORBLY, general NATIONAL BANK RECEIVER, is Plaintiff and WINSLOW T. SMOUT is Defendant, which was advertised to take place in front of the Court House door in the City of Salmon, County of Lemhi, State of Idaho, on Saturday, the 29th day of July, A. D. 1916, at 2 o'clock P. M. of that day, 10 hereby postponed until Tuesday, 8th day of August, A. D. 1916, at 2 o'clock, at which time the said sale will take place as aforesaid. Dated this 29th day of July, 1916. THOMASJ. STROUD, Sheriff.


Article from The Idaho Recorder, February 27, 1920

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I.EGAL ADVERTISING SALE OF BANK ASSETS. The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder, without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day. A list of the assets may be had upon application to Harry Kelly, Salmon, Idaho, Hon. J. M. Stevens, Pocatello, Idaho, or to the receiver. Specific data may be obtained from Judge Stevens at Pocatello, Idaho. C. D. HAMNER. Receiver, 1422 F. St. N. W., Washington, D. C.


Article from The Idaho Recorder, March 5, 1920

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I.EGAL ADVERTISING SALE OF BANK ASSETS. The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder. without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day. A list of the assets may be had upon application to Harry Kelly, Salmon, Idaho, Hon. J. M. Stevens, Pocatello, Idaho, or to the receiver. Specific data may be obtained from Judge Stevens at Pocatello, Idaho. C. D. HAMNER, Receiver, 1422 F. St. N. W., Washington, D. C.


Article from The Idaho Recorder, March 12, 1920

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I.EGAL ADVERTISING SALE OF BANK ASSETS. The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder. without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day. A list of the assets may be had upon application to Harry Kelly, Salmon, Idaho, Hon. J. M. Stevens, Pocatello, Idaho, or to the receiver. Specific data may be obtained from Judge Stevens at Pocatello, Idaho. C. D. HAMNER, Receiver, 1422 F. St. N. W., Washington, D. C.


Article from The Idaho Recorder, March 19, 1920

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SALE OF BANK ASSETS. The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder, without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day. A list of the assets may be had upon application to Harry Kelly, Salmon, Idaho, Hon. J. M. Stevens, Pocatello, Idaho, or to the receiver. Specific data may be obtained from Judge Stevens at Pocatello, Idaho. C. D. HAMNER, Receiver, 1422 F. St. N. W., Washington, D. C.


Article from The Idaho Recorder, March 26, 1920

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SALE OF BANK ASSETS. The remaining assets of the First National Bank of Salmon, Idaho, will be sold at public auction to the highest bidder. without recourse, on Wednesday, the 31st day of March, 1920, at the front door of the courthouse in the city of Salmon, Lemhi county, Idaho, beginning at 10 a. m. of said day. A list of the assets may be had upon application to Harry Kelly, Salmon, Idaho, Hon. J. M. Stevens, Pocatello, Idaho, or to the receiver. Specific data may be obtained from Judge Stevens at Pocatello, Idaho. C. D. HAMNER, Receiver, 1422 F. St. N. W., Washington, D. C.