18419. Crook County Bank (Prineville, OR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 27, 1920
Location
Prineville, Oregon (44.300, -120.834)

Metadata

Model
gpt-5-mini
Short Digest
9a2f800e

Response Measures

None

Description

The Crook County State Bank (referred to in sources as Crook County state bank) failed to open its doors on Dec 27, 1920 due to loan losses caused by shrinkage in cattle and sheep values. There is no mention of a depositor run; the bank suspended and subsequently went into liquidation. A new institution, the Bank of Prineville, was chartered May 27, 1921 and took over the old bank's building and business, while liquidation of the defunct bank was conducted. OCRed name variants (Princeville/Primeville) in some articles are corrected to Prineville.

Events (3)

1. December 27, 1920 Suspension
Cause
Local Shock
Cause Details
Shrinkage in values of cattle and sheep causing deterioration of loan collateral and losses for the bank.
Newspaper Excerpt
The Crook County state bank of this place failed to open its doors to-day. Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.
Source
newspapers
2. May 27, 1921 Receivership
Newspaper Excerpt
a charter had been issued ... the Bank of Prineville ... Frank C. Bramwell ... announced the failure of his efforts toward a reorganization of the old Crook county bank which suspended business on December 27, last ... Mr. Euston ... has been appointed deputy superintendent of banks, to conduct the liquidation of the defunct institution.
Source
newspapers
3. March 22, 1922 Other
Newspaper Excerpt
Banks now in liquidation include ... Crook County bank of Prineville ... (listed in state superintendent's annual report).
Source
newspapers

Newspaper Articles (5)

Article from New-York Tribune, December 28, 1920

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Chicago Bank Wrecked By Losses in Hold-Ups Special Dispatch to The Tribune CHICAGO, Dec. 27.-The Dressel Commercial and Savings Bank, 2322 West Roosevelt Road, the scene of three holdups in the last two years, was placed in the hands of a receiver to-day by Federal Judge Carpenter. It is believed that the raids of the robbers, which netted them $7,250, placed the bank in an embarrassing position. Special Dispatch to The Tribune FARGO, N. D., Dec. 37.-Three more Non-partisan League banks closed their doors to-day. They were the First Farmers' Bank of Minot, the Security State Bank of Carpio and the Peoples' State Bank at Hatton. In the last two months twenty-seven state banks in North Dakota have closed. The Minot and Carpio banks had aggregate deposits of about $400,000 and capital of $65.000. The Hatton bank had deposits of $100,000 and capital of $50,000. Officials said the institutions were solvent and would open. PRIMEVILLE. Ore., Dec. 27.-The Crook County state bank of this place failed to open its doors to-day. Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.


Article from Norwich Bulletin, December 28, 1920

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ly Carl Rudolph Legien, president of the German Federation of Trades Unions and socialist member of the Reichstag, died in Berlin b Hearing on the Snell bill for a national forest policy, including better fire protection for timber lands, will probably be begun early this week. Women spies, known as "skirt traps to bootleggers, are being employed by the government to check importation of whiskey from Canada. According to a Brussels despatch to The Journal, Belgium intends to renounce her right to confiscation of German property in Belgium. Fifteen leading business houses of the town of Wirt. 25 miles from Ardmore, Okla.. were destroyed by fire. Loss is estimated at $75,000 to $100,000. On account of President Wilson's grandchildren's absence there was no tree at the White House. Christmas was passed quietly at the White House. It was announced that the Rothschilds of London have offered a loan to Chile for public improvements and a new railway between Santiago and Valparaiso. Recievers were appointed yesterday for the Plymouth Rubber company against which a petition in bankruptcy was filed ten days ago. A robbery of $400 from the Great Atlantic and Pacific Tea Co., store at Wollaston, Mass. was reported by J. J. Vassil, the manager. A royal decree has been issued grahting foreigners the right to practice medicine in Spain in the event their countries give reciproçal treatment to Spansh protessioals. Miss Belle Kearney, of Flors, Miss., sulfragist, prohibition leccurer and traveller. announced her candidacy for the UL S. senate to succeed John Sharp Williams. Armenian and French friends of American hospital in Paris subscribed the 10,000,000 francs last year toward the improvement and maintenance of the instilution. The death at 1.19 home in Medford. Mass. occurred Sunday of Hal B. Mosby, 61, chief postoffice inspector in New Eng. land nad a nephew of of the Confederate guerilla chief John S. Mosby. Striking coal miners in the Rhondda coal field district voted to resume work pending negotiations between their employers and the South Wales executive committee. Miss Paula Van Dyge, daughter of and Mrs. Henry Van Dyke, was married Dr. at noon yesterday at Avalon, their Princeton home, to Henry Chapin of Springfield, Mass. A panic among storekeepers was caused a: Bilbao, Spam, by the nouncement of a dealer that he had ordered 35,000 pairs of American shoes to be sold at half present prices. Friends of Col. Arthur Woods, police commissioner in New York city in Mitchel administration, are planning the to f bring about his nomination for mayor next fall on a fusion ticket, r Paris newspapers report Count Stefan h Tisza, Austro-Hungarian diplomatist, was,slain as the result of a plot S herents of Count Michael Karolyl. by for- ade mer Hungarian premier. t ₫ Eamonn De Valera, "president of s Irish republic," who went into seclusion the several weeks ago "for a rest" is still n York. indisposed in his hiding place near New Staff of Mustapha Kemal Pasha, TurkS isk nationualist leader. decided to force na-Brusa the nationalist army on the re-end fromt to 100,000 men for Smyr- the 3 purpose of and any attack on Greek forces. S r, The Crook County State Bank of Prinee ville, Oregon ,failed to open its doors e terday Shrinkage of values of cattle yeso and sheep on which the institution had made sible loans was said to have been responr d g The ex-kaiser's son-in-law.. the Duke of Brunswick and his former subjects are in conflict over the duke's claim of 250,000.000 marks worth of property of to revolution fiscated by the state at the time of con- the 9, Paris municipal council decided public that baths are not only a necessity, that but ar ture they are likely to be a paying vend City architects were ordered 9. prepare plans for three baths to be con- to structed in Paris. re 0 al Many of the legionnaires under d command of Gabriele d'Annunzio realiz- the ing the impossibility of being loyal their native countr and to as der have deserted their commanth their way to Italy the latter and are on e3 Alexander Kerensky in his paper lished headed at Prague charges a conspiracy pubby Ludendorff is under to restore the monarchy in Russia way S Germany and re-establish the former and Austro-Hungarian empire. R ol The Harbor Beatmen's Union of a York, voted to reject the new working New in agreement for 1921 tendered by 600 indehe pendent owners and to go on strike Jan. uary 1. Arthur Oisen. secretary of the ey e union declared 2,200 men will be affected. aThe lett. center and right wings of the ut rench socialist congress in session yours. Frace voiced their fears of hopes on the proposed adhesion to and the Moscow internationalie under the twenty. one conditions taid down by Nikolai Lenine. The second safe robbery in the busi nd ness district of Montreal within 36 bol hours was reported to the police and to er $5.000 Cash, securities jewelry valued Sunday at were taken from the blown-up 4r. safe of the American pumping supplies


Article from Alexandria Gazette, December 28, 1920

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CHICAGO BANK CLOSED; PRESIDENT IS MISSING Chicago, Dec. 28.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open vesterday and when the president Andrew Dressel, could not be found, creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bankrupt. The Chicago Tile and Trust Company was appointed receiver, Other bank officials said the Dressel bank's funds had been depleted through the operations of hold un men and burglars during the past two years. Minot. N. D., Dec. 28.-The First Farmers' Bank of Minot was closed yesterday. Depleted reserve was given as the reason. The First Security Bank of Carpio, N. D., associated with the First Farmers of Minot, was closed yesterday afternoon. The closing of the People's State Bank at Hatton, N. D., was announced in Fargo. Princeville, Ore., Dec. 28.-The Crook County State Bank. of this place. failed to open its doors yesterday Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.


Article from Capital Journal, May 27, 1921

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New Bank Takes Over Business Of Defunct Firm Coincident with the announcement that a charter had been issued Thursday afternoon to the Bank of Prineville, Frank C. Bramwell, state superintendent of banks, announced the failure of his efforts toward a reorganization of the old Crook county bank which suspended business on December 27, last. Definite action on the application of the Bank of Prineville for a charter had been delayed pending the attempt to reorganize the Crook County Bank, Bramwell explains. Officers of the new institution which is capitalized at $50,000 are: President, J. L. Karnopp of Portland, cashier, W. O. Hall: assistant cashier, George F. Euston; directors, A. J. Noble, J. M. Elliott and Lake M. Bechtell. The new institution will occupy the old Crook county bank building which has been sold to the new bank and as a matter of temporary convenience Mr. Euston, assistant cashier of the new bank has been appointed deputy superintendent of banks, to conduct the liquidation of the defunct institution.


Article from Capital Journal, March 22, 1922

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Financial Conditions In Oregon Gratifying Mr. Bramwell Avers cember 31 aggregated $59,990,Pointing out that only four out 604.69 showing a net increase of of a total of 280 state and na$169,529.69 for the year. tional banks in Oregon were foreed to liquidate during 1921, Deposits Not Decreased Frank C. Bramwell, state superWhile the time and savings deintendent of banks, in his annual posits have shown a slight dereport filed with the state bankcrease during the past year," Mr. ing board here Monday declares Bramwell explains, "there is no that "it is gratifying to observe indication that the people are dethe financial conditions in Orepleting or withdrawing this class gon when compared with other of deposits. It is quite generally states." Other banks closed or conceded that the aggregate desuspended were reorganized and clines in time deposits is chiefly permitted to resume business, the the result of withdrawals for inreport points out. vestment purposes or transfers to The report shows aggregate reeither commercial or savings acsources of the 280 banks in Orecounts. A large volume of time gon at the close of business Deand savings funds have been incember 31 of $288,433,859.49, a vested in government and muninet decrease of $64,098,068.52 as cipal bonds. In fact the investcompared with the resources of ments in this class of securities the previous year. have shown a substantial and con tinued increase." Demand Deposits Decrease The aggregate invested capital Loans and discounts at the end and surplus on December 31 was of the year aggregated $169,803. $31,039,592.35 as compared with 937.44 or a decrease of approxi$30,762,659 on November 15, mately $42,000,000. 1920. Demand deposits show a deOnly 100 of the 186 state banks crease of $46,475,875,89422 declared dividends during 1921, since November 15, 1920 and these dividends aggregating United States deposits and Postal $729,011.82 or approximately Savings deposits during the same 7.07 per cent on the invested capperiod decreased $838,685.37. ital. Forty-three banks sustained Bills, payable, rediscounts and an actual net pss aggregating certificates of deposit, represent$406,388.67. ing borrowed money also show a Banks now in liquidation innet reduction of $7,080,982.14 or clude the First State bank of 41 per cent since November 15, Philomath, American Bank and 1920. Trust company of Portland, Bank Time and savings deposits comof Jacksonville, Crook County bined aggregated $80,769,216.30, bank of Prineville, Lafayette a decrease of $3,572,468.81 since State bank and the Nehalem ValNovember 15, 1920. ley bank of Wheeler. Savings deposits alone on De-