18408. State Bank (Portland, OR)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 16, 1922
Location
Portland, Oregon (45.523, -122.676)

Metadata

Model
gpt-5-mini
Short Digest
770aadb0

Response Measures

None

Description

The State Bank of Portland (referred to in articles as State Bank of Portland) was closed/failure to open on Feb 16, 1922 and put in the hands of the state bank examiner to forestall a run prompted by malicious rumors. Articles state the bank expected to reopen after reorganization; no evidence of an actual depositor run or permanent closure is given.

Events (2)
1. February 16, 1922 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors/president closed the bank to forestall a run expected because of malicious rumors about the institution; state examiner put in charge.
Newspaper Excerpt
The State Bank of Portland failed to open for business this morning...the closing was necessitated by a desire to prevent a run on the bank.
Source
newspapers
2. * Reopening
Newspaper Excerpt
President Olson declared...the reopening of the institution certain within a short time; expects to reopen in a short time after reorganization and analysis of securities takes about ten days.
Source
newspapers

Newspaper Articles (8)
1. February 16, 1922 The Seattle Star Seattle, WA
Article from The Seattle Star, February 16, 1922

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Article Text

OREGON BANK CLOSES DOORS PORTLAND, Ore., Feb. 16.-The State Bank of Portland failed to open for business this morning. The institution is capitalized at $300,000, with deposits of $2,700,000 and loans of $1,900,000. Conrad P. Olson, president of the Institution since February 1, in a statement today declared that he anticipated no loss to creditors, that the bank's affairs are in sound, condition, but that the closing was necessitated by a desire to prevent a run on the bank. A considerable amount of "slow" paper was given by Olson as the hasis for the bank's uncertain condition. O. B. Robertson, state bank examiner, is in charge. President Olson declared the bank's reserves to be in good condition, with the reopening of the Institution certain within a short time.

2. February 16, 1922 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, February 16, 1922

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Article Text

PRESIDENT SAYS BANK IS IN GOOD CONDITION PORTLAND, Feb. 16.-(A. P.)The State Bank of Portland today is in the hands of O. B. Robertson, state bank examiner. as the result of an action by Conrad P. Olson, president. Olson said the action was taken to forestall a run expected because of "malicious rumors." He said affairs of the bank are in good shape and expects to reopen in a short time.

3. February 16, 1922 Capital Journal Salem, OR
Article from Capital Journal, February 16, 1922

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Article Text

TAX HARDING ADVISES SALES FOR BONUS Man's Bail Paid High School Jammed; ROBBERY DOORS OF HARDING By Wagon Load Fall POSTPONEMENT OF Problem Looms; of Half Dollars PORTLAND OF TAYLOR ASKED No Solution Yet Seen Oakland, Cal., Feb. 16. * RELIEF ACTION IS An express wagon load of * BANK SHUT SUSPECTED silver half dollars-$2000 * Just what is the Salem school worth of them-was brought * unsolved at several board meetFOR DATA board to do with its Salem high to the Oakland police station * ings because the directors were in school students next fall? by George Bruno, manager * Movie Director's Oil no position to take any definite ONLY ALTERNATIVE Affairs Taken Over by Enrollment in the school grows of an Italian bank, to pro- * action. Talk there has been of a Senate Passes ResoluExaminer; Malicious Stocks and Money -and continues to grow. J. C. vide bail money for Lorenzo * new building, of another annex, Nelson, principal, announced this Suissi, under arrest today * tion Reguesting Deor portable schools-but nothing Rumors Blamed by Not Yet Found, Inafternoon that there are now 823 Recommendation Leaves Situation More Com has been done. on a charge of failing to ren- * tailed Inf ormation President students registered-13 more than vestigator Declares der assistance to a woman * In the meantime months roll by, plicated Than Ever; Home Republicans were in attendance earlier in the who had been run down by * the fall term comes closer, and the On Treaty Session Los Angeles, Cal., Feb. 16. Portland, Or., Feb. The week and more than 50 more than his automobile. Bruno, in * question looms bigger. Understood To Oppose Suggested Methods Oil stock and money, believed to State Bank of Portland today was * were in the rolls one year ago. explaining the half dollars, * As a result of the large gain in Washington, Feb. 16.-The have constituted part of the esEvery inc * in the hands of the state bank exterally-of availsaid all other money in the * attendance when the new semesof Financing and Bill May Be Killed tate of William Desmond Taylor, able floor resolution asking President * bank was locked in a time * in the building last ter started this week, two new aminer, following decision murdered film dfrector, are misshas been ut * vault. Next year, officlass rooms were provided in the for full information regarding night not to open today. ing, according to Charles A. rill be an incomcials say, th * basement where the manual trainWashington, Feb. 16.-President Harding informed con the negotiations of the four Conrad P. Olson, who became tudanta ing class of Jones. investigator for the district

4. February 16, 1922 Capital Journal Salem, OR
Article from Capital Journal, February 16, 1922

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Article Text

DOORS OF PORTLAND BANK SHUT Affairs Taken Over by Examiner; Malicious : Rumors Blamed by President Portland, Or., Feb. 18.-The State Bank of Portland today was in the hands of the state bank examiner, following decision last night not to open today. Conrad P. Olson, who became president of the bank February 1, announced that the decision to close was due to "malicious rumors." He declared he anticipated no loss to depositors but had taken action to prevent a run on the bank which might result in loss to late comers as well as to the stockholders. "Our affairs are in good shape," said Olson. "Our deposits are $2,700,000 and our loans $1,900,000. Our reserves are in good shape. We expect to reopen again in a short time." The sum of $150,00 is on deposit in the State Bank of Portland which closedt oday, according to information from State Treasurer Hoff's office. It is protected by security company bonds of deposit in the office of the state treasurer in the sum of $175,000. Depositors Safe. Plans are already on foot for the reorganization of the State Bank of Portland which was closed this morning, according to Frank C. Bramwell, state superintendent of banks. The State Bank which only recently absorbed the Peoples Bank at Portland was capitalized at $300,000 with deposits of approximately $3,000,000. According to Bramwell the institution will be reorganized with an entirely new ,management and none of the depositors of the bank will suffer any loss.

5. February 16, 1922 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 16, 1922

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Article Text

PORTLAND BANK FAILSTO OPEN United Press Leased Wire PORTLAND, Ore., Feb. 16.-The State Bank of Portland failed to open for business this morning. The institution is capitalized at $300,000, with deposits of $2.700,000, with loans of $1,900,000. Conrad P. Olsen, president of the institution since February 1, in a statement issued today declared that he anticipated no loss to creditors, that the bank's affairs are in sound condition but that the closing was necessitated by a desire to prevent a run on the bank. A considerable amount of "slow" paper was given by Olsen as the basis for the bank's uncertain condition. O. B. Robertson, state bank examiner, is in charge. President Olsen declared the bank's reserves to be in good condition with re-opening of the institution certain within a short time.

6. February 17, 1922 Capital Journal Salem, OR
Article from Capital Journal, February 17, 1922

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Article Text

Portland Bank, Closed Thursday Will Reopen Soon Portland, Ore., Feb. -There was an atmosphere of confidence today in and around the State Bank of Portland, which was closed yesterday to avert a continued run. O. B. Robertson, state bank examiner, was in charge of the work of analyzing the notes and other securities and it was said about ten days would be required to complete this. ''Many friends have volunteered to furnish new capital to carry through the proposed reorganization, into which the directors and officers have already pledged to pay additional funds," said Conrad P. Olson, president of the bank today. "It is too early to say when the bank will reopen, but I am confident that it will not be long.

7. February 18, 1922 The Nenana News Nenana, AK
Article from The Nenana News, February 18, 1922

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Article Text

PORTLAND BANK SUSPENDS BUT MAY RESUME BUSINESS PORTLAND, Feb. 18-The State Bank of Portland is in the hands of the state bank examiner, following a decision of the directors to suspend business temporarily. Conrad Olson, who became president of the institution on the first of February, has issued a statement in which he explains that the decision of the board was due to "malicious reports". He declares that the affairs of the bank are in good shape and that he expects the institution to reopen shortly. The bank has deposits aggregating $2,700,000.

8. September 23, 1922 Richmond Planet Richmond, VA
Article from Richmond Planet, September 23, 1922

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Article Text

1 (Preston News Service.) Cleveland, Ohio, Sept. 22.-There is a great deal of talk among Negroes all over the country about the necessity of patronizing race enterprises. A great many of those who do the most talking about this do not always practice what they preach. But they are constantly lamenting the fact that there are so few opportunities for the trained young man and woman of color to find something to do; and are con stantly "cursing" out the white race because they will not give Negroes equal opportunities. There is nothing, then left for us to do but create businesses of our own and make these op portunities for our own young people. To do this we must patronize our own young people. To do this we must pat ronize our own race institutions. Anent this phase of our life in America E. D. Canady has the following to say editorially in the Portland, (Oregon) Advocate of which he is editor. "We were recently very much inter ested in a discussion we overheard among a number of our people as to why they didn't patronize colored bust nessmen. One said his reason for nor patronizing our colored groceries was that once upon a time a colored merchant "short-changed" him. And from that timeon he would never trade with a colored man. We wonder if some white merchant hasn't cheated this man out of more than did the colored businessman? However. it is interestnote that he did not say he would not patronize another white businessman. Another said: "I would not put my money in a colored bank for any consideration.' When asked his reason he said, 'Now didn't the Freedman's bank in Washington, D. C., go broke and a lot of colored people loose their money? And didn't John Mitchell's bank in Hichmond, Va., close?" Perhaps this colored brother hadn heard of the number of banks operated by whites which had been closed, caus ing thousands of people to lose their money. Right here in Portland the State Bank has recently gone out of business. leaving many of its patrons in poor financial circumstances. B a no one has heard any sensible person say that he would not deposit any more money in white banks. This same colored man, if he blad any would be found in the front line in a money td deposit in a bank, we wager white bank. Another's excuse for not going to rooming houses or hotels conducted by Negroes was that colored people who run hotels talked too much and want to know all about one's business. Now there may be some truth in the last excuse. But let them ta,lk, it will do