First National Bank - Fairbanks, AK

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 7718
Charter Number: 7718
Start Date: January 6, 1911
Location: Fairbanks, Alaska (64.838, -147.716)

Metadata

Model: gpt-5-mini
Short Digest: daba259c

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Following the suspension of the Washington-Alaska Bank (a different bank), depositors approached First National; the bank was 'prepared for a run' and experienced a 'slight attack by depositors' but did not suspend and continued business (displayed gold to reassure depositors). Dates in articles reference Jan 5-6, 1911.

Events (2)

1. May 2, 1905 Chartered

Source: historical_nic

2. January 6, 1911 Run

Cause: Local Banks
Cause Details: Run or heavy withdrawals triggered by the suspension of the Washington-Alaska Bank in Fairbanks.
Measures: Displayed gold resources on hand to reassure depositors; continued normal business operations.
Newspaper Excerpt: The First National and American banks were prepared today for a run ... but the course of business ran smoothly the display of gold resources on hand reassuring the depositors
Source: newspapers

Newspaper Articles (3)

1. January 7, 1911 Arizona Republican Phoenix, AZ

Article from Arizona Republican, January 7, 1911

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Article Text

TWO ALASKAN BANKS PREPARED FOR A RUN A Feared Consequence of a Fairbanks Institution. Fairbanks Alaska Jan 6 The First National and American banks were prepared today for a run as result of the suspension of the Washington-Alaska bank but the course of business ran smoothly the display of gold resources on hand reassuring the depositors The depositors of the closed bank held a mass meeting last night and passed a resolution asking the federal court to appoint E H Mack. former ly clerk of that court. co-receiver with F W Hawkins, formerly cashier and acting manager of the bank now in charge of that institution as receiver Hawkins said today that there was no likelihood of the bank reopening The United States court today or dered the receiver to refund Tuesday's deposits amounting to $27,000 which were accepted when the suspension of the bank was impending Receiver Hawkins states that the assets of the Washington Alaska bank are $1,000,000 including $341,000 of Gold Bar Lumber company stock now in the Dexter-Horton National bank of Seattle cash on hand. $75,000; loans and discounts $610,000; realty and personal mining property $50,000 The liabilities are $900,000 \ majority of the depositors are working men, miners and clerks.

2. January 7, 1911 Bisbee Daily Review Bisbee, AZ

Article from Bisbee Daily Review, January 7, 1911

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Article Text

DISPLAY OF GOLD PREVENTS BANK RUN FAIRBANKS, Alaska, Jan. 6.-The First National and American banks were prepared for a run as the result of the suspension of the Washington-Alaska bank, but the course of business ran smoothly and the display of gold resources on hand was reassuring to depositors. The depositors of the closed bank held a mass meeting last night and passed a resolution asking the federal court to appoint E. H. Mack, formerly clerk of the court, co-receiver with F. W. Hawkins, formerly cashier and acting manager of the bank, now in charge of the institution as receiver. Hawkins said today there was no likelihood of the bank reopening. The United States court today ordered the receiver to refund Tuesday's deposits amounting to $27,000, which were accepted when suspension of the bank was impendIng. Receiver Hawkins states the assets of the Washington-Alaska bank amout to $1,000,000, in cluding $341,000 of Gold Bar Lumber company stock now in the Dexter-Horton National bank of Seattle; cash on hand $75,000; loans and discounts $610,000; realty and personal mining property, $50,000. Liabilities $900,000. The majority of depositors are working men, miners and clerks.

3. January 15, 1911 Iditarod Pioneer Iditarod, AK

Article from Iditarod Pioneer, January 15, 1911

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Article Text

Fairbanks, Jan. 5-Following a suspension of pay ments yesterday by the Washington-Alaska bank, recently consolidated with the Fairbanks Banking mpany an attachment was sued out by Jack Robarts, a depositor, and the institution was thrown into the hands of a receiver. Assuming charge of affairs as a court of equity, Judge Overfield appointed Frank Hawkins receiver and a gradual adjustment of the affairs of the bank will be bad. There are deposits to the amount of a million dollars, and the bank appears to be in bad shape, at least for the time be. ing. Business has received a severe check, but the First National and the American Bank of Alaska are bearing up under a slight attack by depositors and further trouble is not anticipated.