Quinn River Bank - McDermitt, NV

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: January 28, 1931
Location: McDermitt, Nevada (41.997, -117.718)

Metadata

Model: gpt-5-mini
Short Digest: f85c338a

Response Measures

Full suspension, Books examined

Other: Closed by State Bank Examiner; audit ordered.

Description

Article (The Sacramento Bee, 1931-01-29) reports a run that preceded the State Bank Examiner taking the bank into charge. Examiner closed the bank pending audit; cites loans on hay as cause of distress. Examiner expressed hope for early reopening and full payment, but no reopening date provided in these articles, so final status is uncertain.

Events (2)

1. January 28, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Loans on hay are understood to have caused the financial troubles leading depositors to withdraw.
Newspaper Excerpt: The bank was closed after run started, but the bank examiner stated Wednesday afternoon he was hopeful of its early reopening and full payment of depositors.
Source: newspapers

2. January 29, 1931 Suspension

Cause: Government Action
Cause Details: State Bank Examiner took the bank into charge and closed it pending an audit after the run and reported troubles from hay loans.
Newspaper Excerpt: The Quinn River Bank at McDermitt... taken in charge by State Bank Examiner E. Seaborn yesterday afternoon. The bank remain closed until an audit of the books has been made.
Source: newspapers

Newspaper Articles (1)

1. January 29, 1931 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, January 29, 1931

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Article Text

Bank Examiner Closes Institution In Nevada WINNEMUCCA (Nev.). Jan. The Quinn River Bank at McDermitt, northern Humboldt Countaken in charge by State Bank Examiner E. Seaborn terday afternoon. The bank remain closed until an audit of the books has been made. The bank was founded in 1918 and is one of the smallest in Nevada. capital $20,000 and surplus $5,000. with deposits of $65,000 loans on hay are understood to caused the financial troubles. The bank was closed after run started, but the bank examiner stated Wednesday afternoon he was hopeful of its early reopening and full payment of depositors.