18316. Condon National Bank (Condon, OR)

View Charter #8261 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8261
Charter Number
8261
Start Date
November 30, 1923
Location
Condon, Oregon (45.234, -120.185)

Metadata

Model
gpt-5-mini
Short Digest
a3680b31

Response Measures

None

Receivership Details

Depositor recovery rate
66.8%
Date receivership started
1923-12-18
Date receivership terminated
1930-04-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
36.5%
Share of assets assessed as doubtful
36.7%
Share of assets assessed as worthless
26.8%

Description

The bank suspended business in late November 1923 (articles give Nov. 20, 23 or 30 variants). There is no mention of a depositor run. The institution remained closed, a receiver was appointed June 15, 1927, and remaining assets were sold in January 1930. I corrected minor OCR date variations and reconciled multiple publication reports.

Events (5)
1. June 12, 1906 Chartered
Source
historical_nic
2. November 30, 1923 Suspension
Cause
Voluntary Liquidation
Cause Details
Articles state the bank suspended business of its own volition in late November 1923; no run is reported.
Newspaper Excerpt
The bank suspended business November 30, 1923.
Source
newspapers
3. December 18, 1923 Receivership
Source
historical_nic
4. June 15, 1927 Receivership
Newspaper Excerpt
Schiller was appointed receiver by the controller of currency on June 15, 1927. (H. F. Schilling, receiver.)
Source
newspapers
5. January 7, 1930 Other
Newspaper Excerpt
Confirmation of the sale of the remaining assets of the Condon National bank ... to A. B. Clough for $615. The bank suspended business November 30, 1923.
Source
newspapers

Newspaper Articles (8)
1. May 3, 1928 The Oregonian Portland, OR
Article from The Oregonian, May 3, 1928

Click image to open full size in new tab

Article Text

DIRECTORS OF BANK SUED BY RECEIVER Four Hamed as Defendants in Federal Court Action. SPECIFIC CHARGES MANY Officials of Defunct Condon National Accused of Series of Improper Actions. Flagrant violations of the national banking act and reckless disregard for the depositors is charged against G. W. Parman, L. E. Fowler, W. Maidment and A. K. York, directors of the defunct Condon National bank, in a suit filed in the federal district court here yesterday by H. F. Schilling, receiver. The bank suspended business November 30, 1923, and Schiller was appointed receiver by the controller of currency on June 15, 1927. The suit against the directors was instituted upon order of the controller, the complaint recites. Jay H. Upton, attorney of Bend, represents the bank. The complaint recites that on March 28. 1921, the paid up capital of the bank was $50,000 and the surplus not more than $15,000. By November 23, 1923, it is claimed, the surplus was completely exhausted. Violations charged against the defendants as directors include granting of excessive loans which amounted to more than 10 per cent of the unimpaired capital and surplus to individual borrowers, unwarranted and illegal extension of lines of credit, refusal to follow and disregarding of orders and instructions of the controller, failure to demand sufficient security for loans and loans to insolvent persons who at the time were known to be insolvent, failure to institute suits to collect loans long after they had become due, renewal of bad loans, approval of loans without inquiry and failure to keep a proper reserve Following these charges a number of loans and extensions of lines of credit to individuals and business organizations with whom the bank did business are recited. The suit seeks the recovery from the directors of $68,894.02 and interest on this amount and other sums from various dates.

2. May 3, 1928 The Oregon Daily Journal Portland, OR
Article from The Oregon Daily Journal, May 3, 1928

Click image to open full size in new tab

Article Text

Receiver Files to Recover $68,894 From Bank Heads On order of the national comptroller of currency, suit was filed Wednesday in federal court for H. F Schilling as receiver of the Condon National bank against G. W. Parman, L. E. Fowler, J. W. Maidment and A. K. York, directors of the bank which suspended business of its own volition Rate Maintenance November 23. 1923. The suit charges flagrant violations of the national banking laws and For Roads Sought asks recovery on loans amounting to $68,894 02. made by the directors. in addition to interest on this amount Washington, May 3.-(U.P)-The necesand interest on other notes not yet sity of rates that will due. Jay H. Upton of Bend. attorney produce fair return on Western ter- for the receiver, filed the suit. ritory railroad property was urged today in letter President Harrison of THIEF GETS $27 the National Association of Owners While Mr. and Mrs. John Stodmier. of Railroad and Public Utilities SeNo. 48 Vancouver asleep curities sent to the interstate comearly today, a prowler entered and merce stole 827 in cash

3. May 3, 1928 Baker City Herald Baker City, OR
Article from Baker City Herald, May 3, 1928

Click image to open full size in new tab

Article Text

CONDON BANK OFFICERS HELD PORTLAND (By The Associated of the banking act and disregard for the depositors is charged against G. W. Parman. L. E. Fowler, J. W. Maidment, and K. York, directors of the defunct Condon National bank in a suit filed in the federal district court here yesterday by "H. F. Schilling, receiver. The bank suspended business November 30, 1923. The suit against the directors was instituted on order of the controller. J. H. Upton, attorney of Bend, represents the bank. The complaint recites that on March 28, 1921 the paid up capital of the bank was $50,000 and the surplus not more than $15,000. By November 23, 1923, it is claimed, the surplus was exhausted.

4. May 3, 1928 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, May 3, 1928

Click image to open full size in new tab

Article Text

PORTLAND BANKERS SUED Condon National Receiver Alleges Banking Act Violated. the banking and for the W. Parman, W. York, directors of the defunct Condon bank. filed the district today by H. F. Schilling, reThe bank suspended business The against the directors was Instituted on order the The complaint recites that March 28, paid the $50,000 surplus than $15,000 claimed, the surplus was exhausted.

5. May 4, 1928 The Register-Guard Eugene, OR
Article from The Register-Guard, May 4, 1928

Click image to open full size in new tab

Article Text

BANK DIRECTORS CITED RECEIVER OF CONDON INSTITUTION FILES SUIT PORTLAND. Ore., May 8. Violation of the national banking act and disregard for the depositors is charged against G. W. Parman, L. E. Fowler, J. W. Maidment, and A. K. York, directors of the defunct Condon National Bank, in suit filed In federal district court here today by H. F. Schilling, receiver. The bank suspended business November 20, 1923. The sult against the directors was instituted upon order of the controller. Jay H. Upton, attorney of Bend, represents the bank. The complaint recites that on March 28, 1921, the paid up capital of the bank was $50,000 and the surplus not more than $15,000. By November 23, 1923, It is claimed the surplus was completely ex. hausted.

6. January 7, 1930 The Oregonian Portland, OR
Article from The Oregonian, January 7, 1930

Click image to open full size in new tab

Article Text

BANK CASE CLEARED BY COURT Remaining Assets Sold for $615 to Highest Bidder. DOWNING Man Convicted of Mail Fraud in Mining Stock Sale Gets No Further Probation. Confirmation of the sale of the reof the Condon Namaining tional bank, which suspended busi30, 1923, to B. Clough "$615 yesterday by Federal Judge Bean in fedcourt. The assets total $55,381.43. to the order, and consist of bills for $49,799.60. judgment E. Clough for $4808.90 against Wade for An offer $500 had been previously sented, but the higher bid was received yesterday. Other important business in federal court cipally Judge McNary petition for probation from A. E. Downing, serve 13 months in federal prison McNeil island and pay fine of $500 upon the charge the defraud, in the sale mining Delay Cited by Court. Downing had been after had guilty last spring Judge dered to report at United States marshal's office last Friday begin serving his sentence, but on that day time until when his petition for probation heard by Judge McNary. Judge McNary the petition on the grounds that Downing eight or months apply for probation and did not do so until the day was to begin serving his was convicted with H. Collins, at McNeil island Anderson, tenced to the Multnomah county jail, W. Gunther, whose case dismissed after the federal court appeals case back to disFred was by Judge months McNeil island charges of sale manufacture of liquor at North He guilty the charges Ulrich had once before, according court records. Loggers Plead to Liquor. Axel and Lund, logwho pleaded guilty charges possession liquor and maintaining public nuisance, were sentenced jail. Johnson drew in county jail fine and Lund was to days and $500 fine. them agents, alleged the had operated at Couch street. E. sentenced to months jail after pleaded guilty to of liquor and still, and manuliquor. His true name was given court Rohlf. Trial of Otto Paul Ressel, who pleaded not guilty to of posof for Febru10, while trial for Fritz Aminoff, with was set for February 12. By stipulation, judgment was entered for the plaintiff by Bean the risk suit by Robert Clark States to recover $4992, the face policy, and $200.83 expenses and disbursements issued to Raymond Clark, estate Robert Gilmore was Raymond June causes attributed to sulting from according to the complaint.

7. January 7, 1930 The Bulletin Bend, OR
Article from The Bulletin, January 7, 1930

Click image to open full size in new tab

Article Text

Women's and Local Organizations County Body To Meet Here Declamatory Contest to be Held by Members of the Deschutes county Woman's Christian Temperance Union will come to Bend Friday for meeting to be held in the afternoon at the Presbyterian church and matrons' silver medal declamatory contest to take place Friday ning. The Bend union will meet at m. Friday for short business sion, to be presided over by its president, Mrs. Cavaness, and the county meeting will convene at 2:30 o'clock. There will be election of officers and reports of the year's work. A number of papers are be read, and luncheon will be served by the Bend members at o'clock. Representatives from Terrebonne, Redmond and Bend are to compete in declamatory contest at o'clock in the Presbyterian church. Other numbers on the evening program will include talk by Rev. Lewis on benefits derived from prohibition in the ten years has been in effect. Rev. Jones will sing, and instrumental numbers will be given by Mildred Bowman, and Carol Brobert. Marie Schwab is to sing solo, and Eloise Merchant will give reading. Mrs. Cavaness is in charge of the medal contest. Mrs. Frank Brobert, county president. will preside at the afternoon meeting. Anyone interested in the work of the union is invited to the meetings. The Past Matrons club of the Eastern Star will hold dinner at 6:30 o'clock tonight in the Masonic club rooms, to which husbands of members will be invited. Pine Forest grange will meet tonight in the grange hall for its regular business session. Dorcas society will hold business meeting tomorrow afternoon in the ladies' parlors of the Methodist church. Mr. and Mrs. George Ludowitz, 164 Roosevelt avenue, entertained surprise party Saturday night. honoring Mrs. Littlefield. High scores 500 were received by Mrs. Littlefield and N. Nelson, and Mrs. B. Gaines and J. W. Littlefield received second. Those participating were Mr. and Mrs. Littlefield, Mr. and Mrs. Nelson, Mr. and Mrs. Gaines, Mr. and Mrs. Frank Riley, Mr. and Mrs. George S. Lynch, Mr. and Mrs. Lloyd Craven, Mr. and Mrs. A. Lewis and Mr. and Mrs. Ludowitz. Officers will be elected by the Christian Ladies aid at its meeting Wednesday afternoon the home of Mrs. Gordon Hall, 532 Newport avenue. The executive board of the society met last Thursday the home of the president, Mrs. W. Spickelmier, to nominate officers. SELL BANK ASSETS Portland, Ore., Jan. eral Judge Bean late Friday ordered confirmation of the sale of the remaining assets of the Condon National bank A. B. Clough for $615. The bank suspended business November 30, 1923. The order listed total assets of the institution at $55,381 and bills receiveable for $49,799.60, judgment against Clough for $4808.90 and judgment against Sherman Wade for $473.43. Mr. and Mrs. Julian Jones of Klamath Falls, former Bend residents, spent the visiting Mr. and Mrs. George Pearson and Miss Mildred Pearson. Mrs. E. Pearl of Seattle is the house guest of her daughter, Mrs. John A. Runge. Mrs. Pearl will main in Bend several weeks. Mrs. M. E. Pearl will be the speaker at the Civic league's meeting afternoon at the Pilot with Butte Inn. and will tell of recent trip through the eastern and southparts of the United States. Miss Janet Moffat, county nurse, who was scheduled to give talk, will be unable to be present because of illness. The league will meet at with the chamber of commerce at luncheon, and the business meeting will follow. to The American Legion auxiliary will meet Thursday night at the has gion headquarters for initiation. All reinstated and old members are urged to be present, and new members are requested to come to the meeting. The Knights of Pythias and Pythian Sisters will hold joint installation of officers tomorrow night Sather hall. Following the ceremonies, there will be dance for members the two lodges and their friends. CLUB CALENDAR Tonight Royal Neighbors hold business at Sather hall. meeting Moro. Pine Forest grange to meet at hall. grange Wednesday Civic league to meet at 12:10 at pox. Pilot Butte Mrs. Frank Parsyck, 1047 Harmon boulevard. to entertain Wednesday Loyalty club. short Knights of Pythias and Pythian Sisters to hold joint installation at Sather hall. followed by dance. Mrs. C. M. McKay to entertain Bridge club. Dorcas society to hold business meeting Methodist church. Mrs. Gordon Hall. 532 Newport avenue, entertain Christian Ladies Aid. Thursday Peter Pierson, 162 East Mrs. Kearney street, to entertain Thimble club, assisted by Mrs. Frank Riley. American Legion auxiliary to meet at legion headquarters. W. to entertain Mrs. G. Ager P. Mrs. Clark to entertain JustBridge club. Methodist Missionary society to meet at home of Mrs. Samuel Tyler, 139 St. Helens place. ists. Friday County meeting Woman's Christian Temperance Union at Presbyare: terian church. called here from Chehalis by the serious illness of her mother, Mrs. Burton. Mr. Mrs. R. L. Howard and family have moved into the Davidson apartments. Mr. and Mrs. John Bowers moved Monday into the George Demas property from Powell Butte. Bowis employed the Ford garage. Jeff MacDaniels, grandson of Mr. and Mrs. B. MacDaniels of Redmond, is ill at the Redmond hospital pneumonia. Denton Jr. and Bronson Burdick returned to their home in Portland Sunday after visit with their grandparents, Mr. and Mrs. N. Little Betty Jean Weston of Bend ill with bronchial pneumonia the home of her grandparents, Mr. and Mrs. Richard Mitchell Earl Rodman took load of stock Portland B. Kelly of Madras, who has been working in Brown's barber shop, gone to A. Sanford of Sisters spent Monday in town. Miss Eugenia Gideon has returned to Baker where she is teaching school. Mr. and Mrs. H. D. Schmeltzer of the Lone Pine ranch were in Redmond Monday. W. A. Pickett of Terrebonne was in Redmond Monday on business. Mr. and Mrs. H. R. Smith and daughter Ida Walla Walla visited Albert McCormick Sunday. They are en route to California. Clem Brown returned Sunday from week's stay in Portland. Mrs. R. Workman returned from visit with her parents at Robert Nichols, son of Mr and Mrs. B. E. Nichols, has the chickenJames Toney left Monday for his work on the highway. Mrs. Hance and daughter June are leaving Tuesday for stay in Portland. Mrs. Edwards will be hostess for members of Thursday afternoon at her home.

8. January 8, 1930 The Register-Guard Eugene, OR
Article from The Register-Guard, January 8, 1930

Click image to open full size in new tab

Article Text

REMAINING ASSETS OF CONDON BANK MUST GO PORTLAND, Ore., Jan. Federal Judge Bean late Friday ordered confirmation of the sale of the remaining assets of the Condon Na. tional bank to A. B. Clough for 8615. The bank suspended business November 1923. The order listed total assets of the institution at $55,381 and bills recelvable for $49,799.60, a judgment against E. J. Clough for $4,808.90 and judgment against Sherman Wade for $473.43.