Lexington State Bank - Lexington, OR

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1927*
Location: Lexington, Oregon (45.445, -119.684)

Metadata

Model: gpt-5-mini
Short Digest: ac4ab466

Response Measures

None

Description

Article (The Lebanon Express, 1927-12-28) states the board voted the Lexington State Bank in Morrow County did not open its doors and that the bank had operated at a loss; arrangements were made to pay depositors 80 cents on the dollar. No run is described. OCR in the article is noisy; I corrected phrasing to read as did not open its doors and located the bank in Morrow County, Oregon. The wording implies permanent closure with payout rather than a temporary suspension and reopening.

Events (1)

1. December 1, 1927* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had been operating at a loss; directors voted not to open and arranged payout of depositors 80 cents on the dollar.
Newspaper Excerpt: By vote of its board of directors the Lexington State bank in Morrow county did not open its doors last ... For the last the bank operated at a loss. Arrangements been made to the depositors 80 cents pay on the dollar without delay.
Source: newspapers

Newspaper Articles (1)

1. December 28, 1927 The Lebanon Express Lebanon, OR

Article from The Lebanon Express, December 28, 1927

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Article Text

NEWS ITEMS OF OREGON STATE Resume of Events of the Week Collected for Our Readers Linn county's total indebtedness for Albany bridge has been to $47.300. The original debt, contracted 1926, was $112,500. Mrs. Emma Hufstater has been nominated by President Coolidge as postmistress at Knappa, position she has held for many years. Approximately 600 carloads broo coll will be shipped from the Umpqua valley during the coming season, according to present estimates. The Red Cross chapter The Dalles of the most prosperous the state. It now has membership of 900, nearly double that of last year. There are 1628 children of school age in Albany this year, according to Hackelman, school clerk. This of only five over the 1926 gain census. The Bert Mullins confectionery and in Heppner was robbed early Wednesday and about $70 taken from the safe, which may have been unlocked. The Fowler-street bridge was opened Roseburg last week, eliminating long highway detour, over which traffic has been routed for the past six weeks. Yamhill county closed the books its treasury November 30 with cash on hand amounting to $230,115.59, the largest cash balance in the history of the county. Charles Hamlin, past log scaler at Mike Morrison's camp above Bridge, Myrtle Point, was killed when he was struck falling tree. Rural delivery route No. has been established at St. Helens. route 120 families distance of serves over 26 miles with one carrier salary $1890 year. Officials of the First National bank of Eugene last Friday celebrated the anniversary founding the institution. The bank first opened December 16, 1883. weather conditions, all Owing work has suspended at the Moon Lumber planing mill company's Ashland until March, throwing 20 men out of employment. snowfall has covered the to depth of more than six ground inches has caused the temporary shutdown of nearly all the logging camps the Nehalem country. total of 356 stray horses have been rounded up in Pine and Eagle valleys near Baker and sold Mr. Martin of Portland for shipment to meat cannery there. The newly created office city marshal provided the 1928 budget, be filled R. Bernhardt, being made last by the city council. Mrs. Mary Henderson, 90, an Oreploneer 1843, and since resident Baker county, died last week at the home of her daughter, Mrs. Jennie Baisley, in Baker. Fall-sown crops are looking fine around Dayton and the mild weather for them. Farmers have been able to finish seeding, was perfect condition. An organization known as the East ern Clackamas Business Men's Credit association was recently organized Estacada and meeting held the city hall last Friday evening. Believed to be oldest Mrs. 103 years Angeline and days of age, died the home her daughter, Mrs. John Pugh, last Thursday. Alfred Richardson, 38, negro emblinded last week when lye being used to cleanse drain exploded. sicians feared blindness may permanent. aggregating $159,170 re- released by the United States depart Damage department acres forest fixed value of the quarter's exports total from this state $11,067,328, comland during the past made public pared with $17,818,029 in the report just period of decline of Elliott, state forester. The value of second quarter exports Fatally injured when struck this state placed 22d among the wood states of the union year, broke while he was working pared with 16th place in the same lathe the Bend high school manual Pitman, year. training shop, Norland died hospital. The defunct Bank of Stanfield declared its third per cent dividend Benton county farmers held their The total balance due depositors. first auction sale Corvallis at the time the bank closed The stock was cleaned out Tuesday. doors was slightly over $30,000. an hour and half. Representative bank receiver has been able The farmers from all sections of Benton $18,000 to date. county few from Lincoln county Benjamin Ostlind said under construction of factory Fred Bangs, farmer Marshfield be finished in March Eugene, was killed when the would persons. The employ tomobile which riding with be addition the factory his wife and daughter was struck Coos Bay company Oregon Electric train business. about one mile north station. Search for Thomas Cormier, Port land man lost since December the wilds of upper Drift creek, near Taft, has been Searching parties combed the entire only found clothing. Drilling was scheduled to be resumat the well of the Guaranty company near Eugene last week. Bunk houses and mess hall have been prepared and everything ready for tive operations, was announced. Siuslaw chamber of commerce organized Florence last Satur day when group of men representing West Lane county met there Each district chose two to represent them. Earl Hill Cushman was elected president and Jack Pensler Florence, secretary. 60-foot plunge off the Soap stone bridge on the Roosevelt high way, near Astoria, proved fatal Bergdahl, laborer, Tuesday Bergdahl was materials for the bridge the skeleton when he misstepped and fell to the bottom of the narrow gorge. By margin votes the clal held in Seaside last day, the measure to provide for fund of $2500 "to advertise the beauties and advantages of the city Seaside, pleasure and health resort" was defeated. The vote stood 104 in favor of the measure and 130 against. State highway crews have not only kept the McKenzie open Lost Creek ranch, winter sports center miles above bridge, but have scraped the snow far enough off the center to allow two cars pass almost any place, according to Smith Taylor, national forest ranger of McKenzie bridge. saved the life of Otto Karstens, farmer of the Knox Butte district of Albany last week. An angered bull attacked Karstens and gored him in the body and legs, breaking one of his ankles. farm hand tried the bull, chased tree. The infuriated animal finally was diverted by the dog. By vote of its board of directors the Lexington State bank in Morrow county did not open its doors last turned state banking department. For the last the bank operated loss. Arrangements been made to the depositors 80 cents pay on the dollar without delay. proposal to improve reclamation Klamath by expending between and $250,000 on new drains and deepening existing drains has aroused the interest the United States bureau of that drainage engineer, Lakisch, has been sent to the Klamath country investigate the feasibility of ect. H. Hunt, principal of Stadium school, Tacoma, has accepted invitation address the high school principals of Oregon when they semble at the University of Oregon, Eugene, January and 14, for the first annual principal's conference be held in conjunction with the regular conference of student editors and officers. For the first time Gresham was without protection last week, due to the disbanding the Gresham fire department. disband unanimous, all 25 members joining in Lack of co-operation the city council, and refusal of that body purchase adequate cause for the department's disbanding. The Douglas county court was formed last week that the government has approved the 1926 Douglas county claim for tax refund money the sum of less than claimed by the county. $121,500 will be retainthe county fund and the remaindistributed school districts, Port of Umpqua and trict. Merchandise exports from Oregon the second quarter the current year declined rather sharply from those of the same quar ter in 1926, according to report just