18368. First State Bank (Philomath, OR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 20, 1911
Location
Philomath, Oregon (44.540, -123.368)

Metadata

Model
gpt-5-mini
Short Digest
dcf9d879

Response Measures

None

Description

Articles (Oct 1911) report the First State Bank of Philomath has closed / suspended last week with reserves below requirements and subsequent arrest of the cashier over questionable loans to a creamery in which he was interested. There is a contemporaneous rumor it might reopen, but no article confirms reopening; arrest and investigation point to a suspension due to adverse bank-specific information. Classified as suspension_closure because suspension is reported and no reopening is documented.

Events (2)

1. October 20, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reserves ran below requirement; later reporting reveals loans of $5,000 to Philomath Creamery company in which the cashier was interested, prompting investigation and arrest of the cashier.
Newspaper Excerpt
The First State Bank of Philomath has closed, its reserve running below the requirements. It is said it will reopen.
Source
newspapers
2. October 31, 1911 Other
Newspaper Excerpt
James Evars, cashier of the First State bank of Philomath, which suspended last week, is out on $5,000 bonds pending investigation. Loans of $5,000 were made by the bank to the Philomath Creamery company in which Evars is interested.
Source
newspapers

Newspaper Articles (2)

Article from Daily Capital Journal, October 20, 1911

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Article Text

STATE NEWS. George Buzias, while sitting as a juror in a murder case at Medford. suddenly fell senseless from his chair He was able to resume his duties after a couple of hours, but may/not be able to complete the case, which will necessitate calling another jury, and a new trial. A six-foot vein of high grade bituminous coal was struck at the Crescent coal mine, near Medford, on the slope of Roxy Ann, Tuesday afternoon, Mrs. Elizabeth Dobley, a pioneer, died at Forest Grove Wednesday. She was 81 years old: So much property is changing hands in Lane county that the clerk's office is not large enough to accomremodate the crowds wantir deeds corded. Harrisburg is having a big potato show, or rather a big show of potatoes. Indications are now that the Oregon electric will not stop at Eugene, but may be continued on to Cottage Grove. Albany played even on births last month, there being 16 boys and 16 girls in the cribs-this is not 16 to 1-but one for each. The old foundation stones of the first house ever built in Linn county can still be seen. They are on the farm of Ira Cox, about a mile from the Santiam river. George McCoy, a p'oneer of the Cottage Grove section, died at his home in Gowdyville last Friday. Paisley is incorporated, the vote being taken yesterday, and only three votes being cast against it. John Day has established a high school. and is also holding a series of revivals. The First State Bank of Philomath e has closed, its reserve running below the requirements. It is said it will reopen. e Lake county's grand jury has just returned 35 indictments. W An itemized statement of state pure chases shows that about one-sixth of 8 the supplies for the state are bought 1. of Salem merchants. Orville Patterson, aged 47 years. g 1was killed by running in front of and being crushed by a trolley car at ; n Astoria yesterday.


Article from The Tacoma Times, October 31, 1911

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Article Text

von Cashier Is Buss Arrested (By United Press Leased Wire.) CORVALLIS, Ore., Oct. 31.James Evars, cashier of the First State bank of Philomath, which suspended last week, is out on $5,000 bonds pending investigation. Loans of $5,000 were made by the bank to the Philomath Creamery company in which Evars is interested.