Farmers National Bank (Pomeroy, WA)

View Charter #11416 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
May 16, 1931
Location
Pomeroy, Washington (46.475, -117.603)
Bank Type
national
Charter Number
11416

Metadata

Episode ID
Bank ID
City ID
531512575
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-05-19
Date receivership terminated
1938-04-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
35.8%
Share of assets assessed as doubtful
54.6%
Share of assets assessed as worthless
9.6%

Notes

Articles report the bank failed in May 1931 and was placed in receivership; later dividends were paid by the receiver.

Events (8)
1. August 1, 1919 Chartered
Source
historical_nic
2. May 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank failed May 16 and was placed in receivership (receiver James E. Drain).
Newspaper Excerpt
which failed last May 16
Source
newspapers
3. May 19, 1931 Receivership
Newspaper Excerpt
Receiver Pomeroy ... James A. Drain ... handling the affairs of the National at Pomeroy; known receivership date 1931-05-19 reported in bank records or metadata above and consistent with press references about the receiver's handling of affairs in Spokane offices around that time.
Source
newspapers
4. May 19, 1931 Receivership
Source
historical_nic
5. November 1, 1931* Other
Newspaper Excerpt
A first dividend of 20 per cent was paid last week. ... Rising grain prices may help the Farmers National bank at Pomeroy, which failed last May 16, to pay its obligations in full, James E. Drain, receiver, said.
Source
newspapers
6. February 28, 1935 Other
Newspaper Excerpt
He expected to examine the receivership records of ... the Farmers' National of Pomeroy.
Source
newspapers
7. October 26, 1935 Other
Newspaper Excerpt
The Farmers' National bank, of Pomeroy, will pay deposits.
Source
newspapers
8. January 2, 1936 Other
Newspaper Excerpt
Depositors of the Farmers' National bank of Pomeroy will receive a dividend of 15 per cent, for a Christmas present, the receiver announces.
Source
newspapers

Newspaper Articles (6)
1. August 13, 1931 The Spokesman-Review Spokane, WA

Article Text

POMEROY BANK FUNDS DRIBBLE IN

Assessment of 100 Per Cent Against $50,000 Capital Stock Being Paid.

James A. Drain spent Monday and Tuesday he of the which failed May of An per cent was against the capital the bank, payable by August 10 stated yesterday that is coming in this price of wheat and business conditions. The bank deposits Drain is handling the Receiver Pomeroy as of the with City both of Spothe he has the affairs of visits to Pomeroy Farmers' National handled his office Spokane Janasen of the receiver's office spending all his time the office the National at Pomeroy.

2. November 19, 1931 White Bluffs Spokesman White Bluffs, WA
Article from White Bluffs Spokesman, November 19, 1931

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Article Text

WASHINGTON NEWS ITEMS OF INTEREST Brief Resume of Happenings of the Week Collected for Our Readers. THE MARKETS Portland Wheat - Big Bend bluestem. hard white, 85c soft white and western white, hard winter, northern spring and western red, 70c. Hay-Buying price, f. O. b. Portland: Alfalfa, $14@14.50; valley timothy, $15@15.50; eastern Oregon timothy, $18@18.50; clover, $11; oat hay, $11; oats and vetch, $12@12.50. Butterfat-28@31c. Eggs-Ranch, 17@29c. Cattle-Steers, good, $6.00@6.75. Hogs-Good to choice, $4.65@5.25. Lambs-Good to choice, $5@5.50. Seattle Wheat-Soft white, western white, 72c; hard winter, northern spring, 74c; western red, 73c; bluestem, 84c. Butterfat-33e. Eggs-Ranch, 18@35c. Cattle-Choice steers, $6@6.75. Hogs-Good to choice, $5.25@5.35. Lambs-Choice, $5@5.50. Spokane Cattle-Steers, good, $5.25@6. Hogs-Good to choice, $4.85@5. Lambs-Medium to good, $4@4.50. The Seattle Gas company announced a new rate, offering reductions of from 5 to 30 per cent on former schedules, taking effect on November 16. Fire, believed to have started from refuse, damaged the Gruber-Docherty lumber mill at Yelm to the extent of $60,000, according to reports made to fire department officials. Walla Walla has spent $209,056 in public improvements this year. Of this amount $116,248 was spent in restoring sidewalks and bulkheads damaged by a flood in March. Sir Harry Lauder, Scottish comedian, has sent an order from his home in Scotland for six boxes of Washington apples, two each of Winesaps, Spitzenbergs and Newtons. Edward Remy, widely known fruit grower, died at his home in Yakima. He was a leading horticultural experimenter and developed the King Albert cherry, named after the king of Belgium. William H. Hobson, superintendent of the Greenwood Logging company, was killed in an accident in the Wishkah valley when a speeder he was riding jumped the track and crushed him beneath it. The dairy industry in the state, particularly east of the Cascades, is in a healthy condition, according to State Dairy Inspector Kennewick. Low feed costs and favorable butterfat returns are responsible. Rising grain prices may help the Farmers National bank at Pomeroy, which failed last May 16, to pay its obligations in full, James E. Drain, receiver, said. A first dividend of 20 per cent was paid last week. What is believed to be the first inter-school algebra contest was held in Olympia recently, when Olympia high school's freshman squad of mathematicians won a 9 to 0 victory over the six-man team of Littlerock high. Only a few moments before he would have entered it, the car of Jack McCauley, Twisp, was utterly demolished in an explosion in what apparently was an attempt on McCauley's life. McCauley is a brother of the sheriff. Elsie May Crego, 16-months-old, the daughter of Captain and Mrs. William Crego of the Salvation Army post at Kelso, is alive as a result of the successful removal of a three-cornered piece of chicken bone from her throat by three Portland specialists. The Kelso-Portland Navigation company is planning to run a small boat to Toledo to augment service by a larger boat between Kelso and Portland. It is 20 years since boats were operated between Kelso and Toledo giving freight and passenger service. Police dogs have a reputation for being a bit stern and impatient, but the rule does not always apply. This was proven at Hoquiam recently. A two-year-old female police dog, owned by Mrs. Harry Madsen arrived home

3. February 28, 1935 The Spokesman-Review Spokane, WA

Article Text

Inspector [unreadable], who has been with the federal government since 1907 looking after bank receivers, said he had conferred already with six of the former directors and officers of Exchange seeking information concerning the receivership administration.

He said he expected to examine the receivership records of the City National of Spokane; the First Exchange National bank of Coeur d'Alene, First National of Colville and the Farmers' National of Pomeroy. The work will require several weeks.

4. October 26, 1935 The Bellingham Herald Bellingham, WA

Article Text

NORTHWEST NEWS

SEATTLE, Oct. 26.—(AP)—An unidentified man died under the wheels of an automobile as he crept on his hands and knees in a street. The man had been drinking, Coroner Otto Mittlestadt said. The driver of the car, Harold Slippern, Seattle, reported he did not see the man until too late. The death raised King county's 1935 automobile fatality list to 114.

SPOKANE, Oct. 26.—(AP)—Depositors of three Eastern Washington banks in liquidation will receive their deposits in full. Thomas A. E. Lally, bank receiver, said the Exchange National bank, of Spokane, and the Whitman County National bank, of Rosalia, will pay deposits and 6 per cent interest. The Farmers' National bank, of Pomeroy, will pay deposits.

SPOKANE, Oct. 26.—(AP)—The courts will decide how much Stephania Sundbye should receive for breaking an ankle in a dance revue last New Year's night. She filed a $10,000 damage suit against the Davenport hotel on the ground a rubber mat slipped and she broke her ankle while dancing in the hotel.

SPOKANE, Oct. 26.—(AP)—The Eastern Washington Historical society's museum will have a new director, Frank S. Hall, former director of the University of Washington museum. Mrs. W. S. Ramage, president of the society, said Hall accepted the position, effective November 1.

WENATCHEE, Oct. 26.—(AP)—A jail wedding held the possibility of a jail-delayed honeymoon for Mr. and Mrs. Marvin Island, both of Everett. Sheriff Tom Cannon served as best man at their marriage, but chilled festivities by recalling the Snohomish county authorities want Island on a burglary charge when he finishes a sixty-day sentence for drunken driving. Mrs. Island was formerly Alice Lancaster.

BURKE, Idaho, Oct. 26.—(AP)—Mrs. Gus Benson called her husband to lunch and he did not answer. She looked outside the house and found him dead of a broken neck. He had fallen from a neighbor's roof.

5. October 26, 1935 The Bellingham Herald Bellingham, WA

Article Text

SPOKANE, Oct. 26.—(AP)—Depositors of three Eastern Washington banks in liquidation will receive their deposits in full. Thomas A. E. Lally, bank receiver, said the Exchange National bank, of Spokane, and the Whitman County National bank, of Rosalia, will pay deposits and 6 per cent interest. The Farmers' National bank, of Pomeroy, will pay deposits.

6. January 2, 1936 Coulee City Dispatch Coulee City, WA
Article from Coulee City Dispatch, January 2, 1936

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Article Text

WASHINGTON NEWS ITEMS OF INTEREST Brief Resume of Happenings of the Week Collected for Our Readers Pomeroy-Depositors of the Farmers' National bank of Pomeroy will receive a dividend of 15 per cent. for a Christmas present, the receiver announces. Seattle-Pursuing a robber suspect, Smith Christensen, a Seattle taxicab driver, pinned the man against the wall with his cab and then subdued him with an automobile crank. Christensen used his car because he had a wooden leg and was unable to give chase on foot. Seattle-Five stories above third avenue a seagull knocked a butter dish off a window sill, and H. G. Leschander, elderly Port Blakely man, had to be told later what hit him. Leschander was knocked unconscious by the falling dish. Passersby picked him up and took him to a doctor's office. Aberdeen - Police, called to a down-town corner here by a report of a fist fight, saw two aged men exchanging furious blows. One gave his age as 74, the other 70. The elder claimed it was his first fight. Because both are "fine old gentlemen" their names were withheld. They were released after first-aid treatment. The fight started after an argument over the merits of the Townsend plan. Chewelah-Bank of Chewelah depositors received through the mail checks for an 8 per cent. dividend. According to a 10 per cent. dividend of $9000 last year, it will mean about $7200 more in circulation. More than 500 depositors will receive checks. It was the fifth dividend paid by the defunct bank and brought the total paid to 47 per cent. The checks were released by M. O. Page, Deer Park, Wash., liquidator. Wenatchee-Reading about the apple crop freeze in central Washington, a Minnesota storekeeper has sent 12 pairs of overalls, shoes and overshoes and other clothing to be distributed to children of ranchers who lost their crops. At a Rotary luncheon it was announced that 480 suits of underwear and several hundred pairs of shoes, overshoes and stockings had been supplied pupils so far this year by private and public relief agencies. Hoquiam-Hoquiam looks forward to its largest industrial payroll in four years. The employment increase will be made possible through-the addition of 300 men to payrolls of the Grays Harbor Lumber company, Hoquiam, and the Greenwood Logging company within the next two weeks. The lumber company officials said its plant will go on a two-shift basis January 2. The logging company announced its camps, closed since May 6, will reopen soon after Christmas. Gig Harbor-Another call for the ichthyologists-and a hurry call at that. The present subject is a chocolate brown fish, seven feet long-and weighing over 100 pounds. Its meat is white-like halibut-and investigators reported it has a craw like a chicken. The fish was washed up on Wauna tideflats and thus far has stymied local experts who sought to identify it. The hurry? Well, nearby residents just think it's been sitting around about long enough. Okanogan-The E. Wagner & Son sawmill here has just completed its season's run and Otto H. Wagner, manager, said it broke all records for production, consuming 225,000 manhours of labor and turning out more than 13,000,000 feet of lumber. It was almost double the production last year. Wagner believes 1936 will be an excellent year for the lumber business The has in the