15945. First Island National Bank (Pendleton, OR)

View Charter #13576 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13576
Charter Number
13576
Start Date
October 19, 1932
Location
Pendleton, Oregon (45.672, -118.789)

Metadata

Model
gpt-5-mini
Short Digest
d796c8cdfbeb9e14

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1934-02-01
Date receivership terminated
1940-09-20
Share of assets assessed as good
35.9%
Share of assets assessed as doubtful
38.1%
Share of assets assessed as worthless
26.0%

Description

OCR in the prompt's bank name ('First Island') appears to be a typo; all articles consistently reference the First Inland National Bank of Pendleton, Ore. In Oct 1932 the bank suspended operations under a mayor-declared 12-day financial holiday to avoid forced sales of wheat and heavy withdrawals driven by low wheat prices and reduced crop. Officers discussed reopening if depositors signed waivers, but no confirmed successful reopening is reported. In Feb 1934 a receiver was appointed by the Comptroller, indicating ultimate closure. Classification: suspension (Oct 1932) followed later by closure/receivership (Feb 1934) -> suspension_closure. Cause of the 1932 suspension is local_shock (agricultural price collapse and related withdrawals).

Events (5)
1. October 19, 1931 Chartered
Source
historical_nic
2. October 19, 1932 Other
Newspaper Excerpt
the institution may again open for business, providing depositors sign waivers on deposits. This action, if approved, will take about two weeks to complete.
Source
newspapers
3. October 19, 1932 Suspension
Cause
Local Shock
Cause Details
Mayor ordered a two-week financial holiday to halt withdrawals and avoid forced sales of wheat at ruinous prices; bank had experienced large withdrawals amid low wheat prices and a reduced Umatilla crop.
Newspaper Excerpt
Officers of the First Inland National bank, which suspended operation yesterday when two-weeks' financial holiday was ordered by the mayor.
Source
newspapers
4. February 1, 1934 Receivership
Source
historical_nic
5. February 3, 1934 Receivership
Newspaper Excerpt
office comptroller of the currency announced today appointment of Charles [Reynolds] receiver the First Inland National bank of Pendleton Ore
Source
newspapers

Newspaper Articles (10)
1. October 19, 1932 Baker City Herald Baker City, OR
Article from Baker City Herald, October 19, 1932

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Article Text

Voluntary Liquidation DeposMay Not Lose LA GRANDE Oct The First National bank of La Grande did not open its doors for business It was announced that the the only one in this closed for voluntary quidation The bank. faced with shrinkage deposits the last few months coupled with low prices of commodities that made collection of accounts impossible some cases. that voluntary liquidation would best protect the interests of all concerned. The directors said they pected no one would lose any part deposits through liquidation No further statement was expectuntil tomorrow representative the comptroller of currency en route to La Grande to take charge the The First National bank ganized March this year through consolidation of the assets of the La Grande National and the United States national banks. Officers are: cashier: Seigrist, vice ident: and Zurbrick, assistant cashier Directors are Perkins, Lee Bouvy Robert Fred Clyde Bunting and William Siegrist Capital stock was with $25,000 surplus On Oct. the announced Pendleton May Open Doors Officers of the First Inland Nationbank which suspended operation yesterday when ancial holiday" was ordered by the mayor. said today the institution may again open for business depositors sign waivers on This action. if approved. will take about two weeks to complete The bank holiday was declared Mayor George R Lewis toward protecting the bank and farmThe mayor said that business continued usual the bank would be obliged to call in loans with the result that farmers would have sell their wheat at less than production cost The bank's offices said today solvent No Holidays Here As announced by the First tional bank yesterday. there will no bank holidays or other terruption normal banking ness in Baker. The local institution in one the strongest liquid positions in its history.

2. October 19, 1932 The Capital Journal Salem, OR
Article from The Capital Journal, October 19, 1932

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Article Text

PENDLETON REOPENING Pendleton, Oct. ficers of the First Inland National bank which suspended operation yesterday when nancial was ordered mayor, said tdoay the institution again for busimay providing sign deposits. This action, if approved, will take about two weeks complete. The holiday declared Mayor George Lewis toward protecting the bank farmers. The mayor said that business continued usual the bank would be obliged to call in loans with the result that farmers would have to sell their wheat than production cost The bank's officers said today solvent.

3. October 19, 1932 The Observer La Grande, OR
Article from The Observer, October 19, 1932

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Article Text

12-Day Financial Holiday Adopted In Pendleton, Ore. ficers of the First Inland National bank which suspended operation yes. terday when two-weeks' "financial holiday was ordered by the mayor. said today the institution may again open for providing depositors sign waivers on deposits. This action. If approved. will take about two weeks to complete The bank holiday was declared by Mayor George R. Lewis as step toward protecting the bank and farmere. The mayor said that if business continued as usual the bank would be obliged to call in loans with the result that farmers would have to sell their wheat at less than production cost. The bank's officers said today it is solvent. PENDLETON, Ore., Oct. 19 (P)-A "financial holiday, designed to protect bankers and farmers. opened here Tuesday, to continue until Oct. 29, under order of Mayor George R. Lewis. In formal proclamation Mayor Lewis designated the days between Oct. 18 and 29 inclusive as legal holidays in order to allow financial institutions here to meet maturing obligations, and to protect farmers who might be forced to sell wheat at prices below the cost of production urge,' the mayor said. "that the banks and other financial institutions having control of grain and other commodities, refrain from forcIng or urging the sale of such commodities at the present low and ruinyus prices, or enforcing collection of obligations secured by such commod ties to the extent, if necessary. of closing their doors against withdrawof deposits." Fears Collapse Selling below the cost of production at present prices, Mayor Lewis explained. "would cause complete collapse of the financial structure of the region.' "It has become impossible, he said, "for many individuals, banks and other institutions to meet their maturing obligations and unnecessary withdrawals of deposits without forcing the sale of immense amounts of grain and other commodities at ruinous prices and consequent flnancial disaster to the citizens of this city and of the country generally.' "But," he continued, "If the withdrawals of money and bank deposits from circulation can be halted. and the citizens generally can be permitted to market their commodities in an orderly manner and without forced sale sacrifice, the financial stability of the community can be Colonel J. H. Raley, chairman of the board of directors of the First In land National bank, and George Hartman, vice president of the institution. said the "financial holiday' was suggested to protect depositors. They added that the bank is solvent and that there will be no ultimate loss to depositors The officials said that since the bank was reorganized year ago by consolidation of the First National and Inland Empire banks, the institution has suffered withdrawals approximating $120,000 month. The low price of wheat and other farm products, added to the circumstance that the Umatilla crop was only two-thirds of normal, caused the difficulties The bankers said they acted to protect farmers against the forced sale of wheat at prices below production cost.

4. October 20, 1932 The Oregonian Portland, OR
Article from The Oregonian, October 20, 1932

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Article Text

REOPENING OF BANK TALKED Depositors of Pendleton Institution May Sign Waivers. Officers of the First Inland National bank, which suspended operation yesterday, when two weeks 'financial holiday was ordered by the mayor. said today the institution may again open for business, providing depositors sign waivers on deposits. This action, approved. will take about two weeks complete The bank holiday was declared by Mayor George Lewis as step toward protecting the bank farmers. The mayor said business continued as usual the bank would be obliged call loans with the result that would have sell their wheat at less than production cost. Mine Stockholders Meet. The annual meeting of stockholders of the Amalgamated Mining company, near Mehama, Or., was held in the Postal building Monday night and officers for the coming year elected. Charles gren, president, presided James P. mine superintend week Casaba and Christmas melons are being received but are meeting with slow demand. Supplies of peaches are light. stock from being offered but demand

5. October 20, 1932 The Idaho Statesman Boise, ID
Article from The Idaho Statesman, October 20, 1932

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Article Text

LA GRANDE'S BANK DECIDES TO CLOSE LA GRANDE, Ore. Oct. 19 National bank La Grande did not open for business Wednesday its announced had closed for untary liquidation the only bank in the city to about 900 Officers said the faced with shrinkage of the last few months, coupled with commodity that made collection of some felt voluntary liquidation best protect the interests of the bank and its depositors. was said depositors will stand no loss TO REOPEN PENDLETON 19 Officers the First Inland National bank, which suspended operation

6. October 20, 1932 Star-Herald Scottsbluff, NE
Article from Star-Herald, October 20, 1932

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Article Text

Pendleton Bank Likely To Reopen in 2 Weeks Pendleton, Ore., Oct. 19. cers of the First Inland National bank which suspended operation yesterday when two "financial holiday was ordered by the mayor, said today the institution may again open for business providing depositors sign waivers on deposits. This action. if approved. will take about two to complete. The bank holiday was declared by

7. October 20, 1932 The Havre Daily News Havre, MT
Article from The Havre Daily News, October 20, 1932

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Article Text

Transcript Of Evidence Made The transcript of the evidence offered in the proceedings relative to the removal of Mayor W. B. Rogers before the Havre city council, has been completed and turned over to the city by Paul J. Moody, court reporter. OFFICERS STUMPED BOVILL, Id., Oct. 20. (AP) Ted Collins, buried several months ago by his family and friends, returned today to visit them. Townspeople silently stared when Collins strolled down the street. Collins explained that he had been on the coast and that the man buried could not have been him. Authorities are wondering who they buried. MAY REOPEN PENDLETON, Ore., Oct. 19. Officers of the First Inland National bank, which suspended operation when the "two week financial holiday" was ordered by the Pendleton mayor, said the institution may reopen providing the depositors sign waivers on deposits. EMPLOYMENT GAINS TOLEDO, Ohio, Oct. 19. (AP) Employment has been almost doubled here since the last week August when payrolls showed 7,000 workers. NOT SO POOR BREMERTON, Wash., Oct. 19. The low-down tale worldly possessions of blonde whose of Seymour Abrams, 80, Indian man "done her wrong!

8. October 20, 1932 Livingston Enterprise Livingston, MT
Article from Livingston Enterprise, October 20, 1932

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OF SAN FRANCISCO, Oct. that about million animals Asserting on the highways of the United States yearly by Frank erford, Philadelphia, asked the American society advocate protection for these creatures. SPOKANE, shot he approached hunters examine their game censes, Minnick, deputy game warden, died an hour later. Austin, Spokane, whose shotgun shifted the gun his charged left hand and reached for his license, not held, the coroner holding that the shooting accidental. WALLA WALLA, Oct. Chief Police Vogel, 48, killed and several firemen were stantly seriously injured when police patrol collided with fire truck. Both the vehicles traveling high speed and demolished. CHICAGO, Oct. upward flury wheat prices board of trade today when unthe circulated among rumor Henry Ford to traders plan tonight to buy nounce million bushels of wheat for sale five China. After the market closed, representative Ford said that there basis whatsoever for such PENDLETON, Ore., Oct. of First Inland National Officers the bank, which suspended operations Tuesday, when two-week ordered by the mayor, holiday" said today that the institution may providing the depositors sign open, on their deposits. TOLEDO, Ohio, Oct. almost doubled here ployment week August, when since showed seven thousand payrolls Lammot Du of Demours Co., chairman the Pont directors of the General Moboard announced tonight that tors intends to vote the republican ticket. Oct. manager of the Pittsurgh Gibson, signed contract baseball tonight continue his job next year.

9. February 3, 1934 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, February 3, 1934

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RECEIVER AT BANK WASHINGTON office comptroller of the currency announced today appointment of Charles receiver the First Inland National bank of Pendleton Ore GOTHAM BELOW ZERO NEW YORK York experienced its second the winter today when the thermometer dropped record low for February

10. February 5, 1934 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, February 5, 1934

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Article Text

RECEIVER AT BANK Feb. office of comptroller of the currency announced today the appointment Charles Reynolds, Silverton. Ore., receiver the First Inland National bank of Pendleton, Ore.