First National Bank - Pendleton, OR

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2630
Charter Number: 2630
Start Date: January 6, 1904
Location: Pendleton, Oregon (45.672, -118.789)

Metadata

Model: gpt-5-mini
Short Digest: 6705529f

Response Measures

Books examined

Other: Later articles (1940) describe a government suspension in 1932 and a receivership/takeover in 1934; these are separate, later events.

Description

Multiple January 1904 articles report a short run precipitated by the cashier C. B. Wade's financial failure and misuse of depositor funds. Stockholders' announcement and bank officials' explanations stopped the withdrawals. The 1940 article refers to a separate later suspension (1932) and is not part of this 1904 episode.

Events (3)

1. February 16, 1882 Chartered

Source: historical_nic

2. January 6, 1904 Run

Cause: Bank Specific Adverse Info
Cause Details: Cashier C. B. Wade failed/assigned his property after using depositors' funds for private mining investments; rumors of his insolvency led depositors to withdraw funds.
Measures: Stockholders publicly announced Mr. Wade's affairs were separate; bank officials explained the situation to reassure depositors; cashier resigned and outside cashier examined affairs.
Newspaper Excerpt: The rumor that Wade's affairs were involved was circulated Saturday and it caused a run on the bank which was only stayed by the announcement from stockholders that Mr. Wade's affairs were entirely separate.
Source: newspapers

3. February 1, 1932 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (4)

1. January 7, 1904 The Morning Astorian Astoria, OR

Article from The Morning Astorian, January 7, 1904

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Article Text

Charles B. Wade Invests Too Heavily In Unproductive Mining Properties. CAUSES BIG RUN ON BANK Announcement That Affairs of Officials and Institution Are Separate Causes Depositors to Slack Up-Cashier Prosecuted. I Pendleton, Ore., Jan. 6.-Charles B. Wade, cashier of the First National bank of Pendleton, and one of the most prominent men in the state, today assigned his property to W. F. Matlock and T. C. Taylor for the benefit of creditors. It is estimated that Wade failed for $200,000 or $250,000, although W. F. Matlock, one of the trustees, does not believe that the liabilities will exceed $150,000. Wade has resigned his position and is at home stricken with nervous prostration. Wade has been a heavy investor in eastern Oregon mines, and it is stated that, the heavy drain of unproductive properties has occasioned his embarrassment. His friends state his financial troubles are only temporary. The rumor that Wade's affairs were involved was circulated Saturday and it. caused a run on the bank which was only stayed by the announcement from stockholders that Mr. Wade's affairs were entirely separate.. Senator ABkeny is president of the bank.

2. January 8, 1904 The Evening Statesman Walla Walla, WA

Article from The Evening Statesman, January 8, 1904

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Article Text

Failure of Wade Caused Uneasiness of Depositors. MANY DREW OUT THEIR MONEY Officials Experienced Some Trouble in Convincing Them the Bank Was All Right. Special to Statesman. PENDLETON, Jan. 8.-The failure of C. B. Wade. who for seven years was cashier in the First National bank of Pendleton. has precipitated, more or less, a flurry in Senator Ankeny's financial institution, and on Monday and Tuesday of this week there was a small run on the bank. Depositors who drew out their money, however, were for the most part unacquainted with the actual situation, giving a great deal of credence to the many rumors circulated on last Satfurday and Sunday. Some had been informed that the bank would be affected by reason of Mr. Wade's difficulties, and without waiting to investigate further, appeared at the bank on Monday to make requisition. The bank officials, it is said, experienced some difficulty in convincing a number of depositors that there was no cause for alarm. While acting as cashier of the bank it is said that Mr. Wade received large amounts from depositors, which he used to further his private schemes, giving the depositors personal memoranda of the amounts instead of giving the regular certificates of the bank. By this means Mr. Wade is said to have been able during the past two years to obtain as much ready money as he desired to invest in his numerous enterprises. It is said that several of Mr. Wade's friends, whose money he had been using, learned of the condition of affairs a few weeks ago and pressed him for the amounts loaned and succeeded in securing their money. This action finally leaked out with the result that many bona fide depositors of the bank began to feel shaky. This condition of affairs has been explained by the officials of the bank to their patrons, and now matters seem to be progressing in the usual way. A. R. Burford, cashier of the First National bank at Walla Walla was in the city the past three days, looking over the affairs of the institution. While he was here there was considerable speculation as to some irregularity in the management of the bank under Mr. Wade, but to what extent and of what nature no intimation has been made.

3. January 13, 1904 The Sumpter Miner Sumpter, OR

Article from The Sumpter Miner, January 13, 1904

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Article Text

C. B. WADE. OF PENDLETON, BANKER, FAILS FOR $200,000 Charles B. Wade, cashier of the First National bank of Pendleton, and one of the most prominent men in the state, yesterday assigned his property to F. W. Matlock and T. C. Taylor for the benefit of his creditors. It is estimated Wade failed for $200,000 or $250,000, although W. F. Matlock. one of the trustees, does not believe the liabilities will exceed $150,000. Wade has resigned his position and is at home stricken with nervous prostration. Mr. Wade has been a heavy investor in eastern Oregon mines, and it is stated the heavy drain of unproductive properties has occasioned his embarrassment. His friends state that his financial troubles are only temporary. The rumor that Wade's affairs were involved was circulated Saturday and it caused a run on the bank, which was only stayed by the announcement from the stockholders that Mr. Wade's affairs were entirely separate. Senator Ankeny is president of the bank.

4. March 20, 1940 The Tacoma Times Tacoma, WA

Article from The Tacoma Times, March 20, 1940

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Article Text

Depositors Favored In Court Ruling PORTLAND - Federal Judge McColloch ruled late Monday that the First National Bank of Pendleton, Ore., must pay its depositors $339,151 in interest, as well as their deposits, which have already been recovered. The decision came down in the case of Raymond L. Elliott, receiver, against the bank and stockholders. The bank, a result of the consolidation of the old Inland Empire and First National banks in 1931, was taken over Feb. 1, 1934, by the comptroller of currency. He declared the bank as having been suspended Oct. 17, 1932, and it is from that date that interest on deposits run.