First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6295
Charter Number: 6295
Start Date: July 6, 1932
Location: Burns, Oregon (43.586, -119.054)

Metadata

Model: gpt-5-mini
Short Digest: f5fd0845

Response Measures

None

Receivership Details

Depositor recovery rate: 65.9%
Date receivership started: 1932-07-07
Date receivership terminated: 1938-04-11
Share of assets assessed as good: 39.2%
Share of assets assessed as doubtful: 39.8%
Share of assets assessed as worthless: 21.0%

Description

The First National Bank of Burns suspended operations (article dated 1932-07-06). No article describes a depositor run triggering suspension. A receiver is mentioned in Oct 1932 and a receivership change is described Apr 28, 1934, indicating the bank remained closed and in liquidation. OCR errors in Article 1 were corrected (e.g., 'failed to doors for yesterday' -> 'failed to open its doors yesterday').

Events (5)

1. June 9, 1902 Chartered

Source: historical_nic

2. July 6, 1932 Suspension

Cause Details: Article reports the bank suspended but gives no specific cause (no mention of rumor, correspondent failure, or local shock).
Newspaper Excerpt: Burns Bank Suspended. The First National bank of Burns, Or. ... failed to open its doors yesterday.
Source: newspapers

3. July 7, 1932 Receivership

Source: historical_nic

4. October 17, 1932 Receivership

Newspaper Excerpt: Hall receiver for the First National bank of Redmond and for the First National bank of Burns.
Source: newspapers

5. April 28, 1934 Receivership

Newspaper Excerpt: Disposal of a large number of papers and personal possessions left with the now suspended First National bank of Burns ... according to Herbert Champneys, receiver. Mr. Champneys, who this week took over the receivership following resignation of G. McGuire Pierce...
Source: newspapers

Newspaper Articles (3)

1. July 6, 1932 The Oregonian Portland, OR

Article from The Oregonian, July 6, 1932

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Article Text

Burns Bank Suspended. The First National bank of Burns, Or. in 1902, failed to doors for yesterday. The its bank, of which Damschen, cashier, officer, is member of the federal system. The bank's deposits June 30, 1932, were listed at $242,855, and its capital and surplus at $80,000. It is one of two banks in the Burns community. The other bank, the Harney County National bank, operating as usual Foreign Exchange. NEW YORK, July Foreign exbills France, cables demand Italy, demand Switzerland, Mexico peso, 26.75 *Nominal rate. New York Money Silver. NEW YORK, July money steady, all day; time steady days per per unchanged 30 days per months per London Money Silver. bills 1@11 month per Bank Portland Spokane *1,718,000.00 Portland Foreign Exchange The bank of Portland furdaily basis exclusive following wire quota Selling rates nominal to sterling francs 100 100 kroner kroner finmarks dinara 100 Hongkong currency 100 dollars currency per silver 18 per Easy NEW futures 18c; sales, 800,000 High. Low. and July September October January

2. October 17, 1932 The Bulletin Bend, OR

Article from The Bulletin, October 17, 1932

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Article Text

California Folk Visit With Redmond Relatives Oct. and Mrs. M. W. Huffman of Oakland, California, are visiting her parents, Mr. and Mrs. Pete Marnach. Mrs. Marnach's mother, Mrs. Child, has returned to Portland following visit with her daughter daughter was born October 13 Mr. and Mrs. Milton Cain at the Redmond hospital. Cains live on Crooked Mrs. Victor Luthey has returned from Seaside where she was called the death of her father, Kimbell. Her mother accompanied her home Mrs. Max Wurtzweiler is visiting her mother in Portland Mr. and Mrs. Frank Reibboff have returned from Portland where they attended Knights of Pythias grand lodge. Mr: and Mrs. H. H. Hall have returned from trip to Burns. Hall receiver for the First National bank of Redmond and for the First National bank of Burns. Borden Beck, instructor agriculture at Redmond high school in Portland Saturday. accompaning Lynn Waggoner, Loyd Peterson and Arthur Holt, high school boys. They attended Livestock Exposition. Mrs. Beck accompanied them to Portland. Other Redmond folk in included Sam Wood and his son. Robwood The body of Miss Myrtle Wilson, Warmsprings school teacher killed last Sunday, was shipped last week to Batavia, lown for burial.

3. April 29, 1934 The Sunday Oregonian Portland, OR

Article from The Sunday Oregonian, April 29, 1934

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Article Text

OLD DOCUMENTS FOUND Bank Receiver Seeking Owners of Many Forgotten Papers. BURNS. Or., April 28.-(Special.) Disposal of a large number of papers and personal possessions left with the now suspended First National bank of Burns for safekeeping during the concern's 30 years of operation is creating quite in liquidation, according to Herbert Champneys, receiver. Mr. Champneys, who this week took over the receivership following resignation of G. McGuire Pierce, stated there is revealed by records that 421 people have left various with the bank and failed to call for them. -possibly most of these have left the community or died, while others may have bad memories. The collection includes deeds, stocks and bonds, wills, insurance policies and a profuse miscellany of less ordinary An effort is being made to locate the people who have intrusted these things with the bank