First National Bank - Redmond, OR

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11294
Charter Number: 11294
Start Date: February 1, 1931*
Location: Redmond, Oregon (44.273, -121.174)

Metadata

Model: gpt-5-mini
Short Digest: 9bb88e9a

Response Measures

None

Receivership Details

Depositor recovery rate: 29.3%
Date receivership started: 1931-02-12
Date receivership terminated: 1935-04-24
OCC cause of failure: Economic conditions
Share of assets assessed as good: 24.6%
Share of assets assessed as doubtful: 55.7%
Share of assets assessed as worthless: 19.7%

Description

The First National Bank of Redmond closed in February 1931 and a receiver was appointed. Articles indicate the bank 'closes' (around Feb 10, 1931) and is in liquidation with a receiver handling assets; county funds are tied up. OCR errors in Article 1 (garbled lines) and Article 2 (missing day for February) were corrected/clarified. No article describes a depositor run prior to suspension—events indicate suspension/insolvency and receivership (permanent closure).

Events (4)

1. January 31, 1919 Chartered

Source: historical_nic

2. February 1, 1931* Receivership

Newspaper Excerpt: H. H. Hall, First National bank receiver, appointed receiver the First National bank Redmond ... Hall's appointment receiver of the Redmond bank was effective February
Source: newspapers

3. February 10, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed due to lack of funds/insolvency; deposits reported ($260,000) and later described as insolvent with county funds tied up.
Newspaper Excerpt: OREGON BANK CLOSES REDMOND, Ore. ... the First ... bank Redmond morning. ... Reports attributed the closing to lack
Source: newspapers

4. February 12, 1931 Receivership

Source: historical_nic

Newspaper Articles (5)

1. February 12, 1931 The Idaho Statesman Boise, ID

Article from The Idaho Statesman, February 12, 1931

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Article Text

Bank Officials Plead Not Guilty To Charges NEW YORK Isidor Kresel, of corruption New York courts, infelony genThe small quiet man, who signed night of the bench, arose from sick bed and with other bank United States, pleaded not guilty charges resulting from the bank's suspension. Pale, but unruffled, Kresel faced the ordeal of fingerprinting and "mugged" with the equanimity penetrating the defenses of magistrates, vice squad men, stool and pigeons Only when Judge Allen, shattering all precedents of the court reached down shake his hand and him how felt, did Kresel betray his feelings. feel very was his voiced reply. Kresel five of his associates were held for trial on bail. In the cases Bernard Marcus, president Saul Singer, president, bond set one hundred thousand dollars. OREGON BANK CLOSES REDMOND, Ore. M. Wilde, federal bank the First tional bank Redmond morning. had made full and give no further information. Reports attributed the closing to lack The bank said had deposits of $260,000. Surety and fidelity bonds. Chas. Mack agency. Eastman Hot Springs Sanitarium, Vale, cases. Sexton, Supt.

2. February 27, 1931 The Bulletin Bend, OR

Article from The Bulletin, February 27, 1931

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Article Text

HALL Receiver in Redmond in to Work Here H. H. Hall, First National bank receiver, appointed ceiver the First National bank Redmond and has been for several days getting matters shape call for the filing claims. However, stressed, that call not made for some time yet and there be formal publication county papers. To make possible for office expedite the work, Hall equests depositors Interfere until the preliminary business cleared By attempting at present, the depositors no way jeopardizing themselves, Reduce Overhead large number of must be to the bank which transit when closed. have also and will have to his books. Just soon inary claims will cared Hall will continue to handle the liquidation assets of First National bank of Bend. The head. explained, will be greatly reduced having one receiver handle the two banks. Hall's appointment receiver of the Redmond bank was effective February

3. April 9, 1931 The Redmond Spokesman Redmond, OR

Article from The Redmond Spokesman, April 9, 1931

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Article Text

Brooks Financing a New Institution Here. Proves His Faith In Redmond District By Cash Investment Redmond will have new bank in operation by the last of this month or the first of May. That is the good news that came from Portland Friday night after R. Brooks and of Redmond citizens group had completed the preliminary steps toward securing charter for The Dairymen's Bank, state institution made possible by the interest Brooks, financier, has in the Redmond district. Mr. Brooks has long been interested in Central Oregon and stated several days that Redmond ago should have sound bank good, with sufficient capital behind handle the affairs of the district. He acted on that idea and now all that remains the legal limitation as to time until the new bank will open its doors to the public. There will be no connection whatever with the First National Bank, now process of liquidation here. Mr. Brooks said: new bank Redmond institution exclusively. The bank will do everything good bank can to further the interests of the community in which located. feel that the town and the surrounding community deserves good bank and am glad to be able to contribute that service. want the of this people munity to feel that this is their own bank in every respect." At Portland last week the preliminary steps taken were those set up had to made for the of purpose applying for charter, which application was proved by State Superintendent of Banks Schram. When George Rice, who will be the manager of the new bank, arrives, the last of this week, the final details of organization, decision of place for the bank, and other items, will be taken up and disposed of. The notice of the intention to organize and begin banking institution was published last week and within four weeks from that time the new institution should be nearly, not quite ready do business. It is the concensus of opinion of all those who know Mr. Brooks, that Redmond is indeed fortunate to have him interested in the community. While he has great many business interests, he has not owned bank up to this time, we are informed. He is taking this up ownership solely because he believes this to be good location and wish his on part to be of public service. He will place in charge of the bank man who has had 30 years experience in the banking business particularly in rural communities. He is relative of Mr. Brooks. This will give Redmond new family to take up their part of the community life, an advantage in itself. In the Tuesday meeting of the Redmond Chamber of Commerce the following resolution was unanimously adopted: WHEREAS, the City of Redmond, Oregon, now and since February 10th, 1931 has been, without local banking institution, which condition has been detrimental to the best of said City and the tributary territory and continuance of such conditon would work great hardship and result in much inconvenience to the citizens of Redmond and vicinity, and WHEREAS, has been learned that Mr. with others. has filed application for authority to organize bank to be located at Redmond to be known as the Dairymens Bank, the same to be financed who poses operation at the earliest possible time, and WHEREAS, it is the of opinion of this body that such an institution, sponsored backed by man of the character. good standing and stability of Mr. Brocks will be asset great to Redmond and Central Oregon, NOW, THEREFORE, BE IT RESOLVED. that the Redmond Chamber of Commerce express to Mr. Brooks it's appreciation of his action and assurance of it's cooperation and support in his undertaking and that copy of this resolution be mailed to Mr. R. Brooks at Portland, Oregon, and copy thereof to Schram, State Superintendent of Banks, at Salem, Oregon.

4. September 11, 1931 The Bulletin Bend, OR

Article from The Bulletin, September 11, 1931

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COUNTY AUDIT REPORT FILED 36 Percent of Levy is Collected County Has $60,000 Tied Up in Receiverships, Auditor Says (Continued from Page One) cient help and partly to the improper and unsystematic organization of the office work It Was observed that the personnel did considerable work after dinner in the evenings which should not be necessary number of small errors were found in some of the records which we have taken up directly with the office for correction Deposit Unprotected "Exhibit seven shows statement of the cash collections of the assessor's office during the ix months under review "At the time of the closing of the First National bank of Redmond the assessor had deposited in the bank under the name of August A Anderson, assessor, the sum of $265.50 of county funds Mr Anderson stated that he was under the impression that his deposits, as assessor. were protected by blanket security held by the county treasurer The bank receiver states that this deposit is not protected by curity, and if he is correct, the county or Mr Anderson will stand to lose portion of this deposit Regarding loan from the school fund to the county general fun: the audit report states "On December 22, 1930. there was entered as " receipt in the general fund the sum of $4,582 received from the state for forest rentals This sum belongs to the county school fund and we have shown it in the current fund balance sheet as liability due to the county school fund $60,900.50 in Receiverships Deschutes county funds now in the First National bank of Bend to- OWN National bank of Redmond, $16.693 or a total of $60,900 50 in the two banks of the county which are in the hands of receiver The Deschutes county treasurer holds $21,591 86 in bonds as security for the Redmond bank funds These bonds are as follows: Central Oregon Irrigation district, $7,000: Squaw West Side district warrants, $235.00; Suttle Lake district warrants $8,338.86 In connection with this security the audit report states: "An examination of the records of Jefferson county should be made to determine whether or not the Suttle Lake district is placing on the county rolls the necessary levy to take up the outstanding warrants of the district, as will require a payment of at least 44 cents on the dollar on the Suttle Lake district warrants in order that the county may recover the full balance in the First National bank of Redmond This is with the assumption that the bonds of the Central Oregon Irrigation district and Squaw creek irrigation district will be paid in full A portion of the $16,693 13 in the First National bank of Redmond insolvent, is agency funds for which the county is responsible.' 20 Funds Overdrawn Twenty funds listed in the 1931 budget had overdrawn the first six months allowance, the audit shows A number of others had overdrawn specific items in the budget but because of under-expenditure in other items came out even or with surplus Many of those showing over expenditure for the first six months have the work 50 arranged that the heavy part of the year's expense comes in the first six months Funds which are shown to have overdrawn the first six months allowance are the county judge, counsurveyor watermaster county nurse, digent relief, board of prisoners, county advertising, general roads, warrant interest, sealer of weights and measures, justice court, and legal publications The expenditures varied from $15.51 for the stealer of weights and measures to $6,418.21 for general roads Warrant interest paid out exceeled the budgeted figure by $1,891 43 Board of county prisoners exceeded the allowance by $419.80 while indigent relief was $1,100.13 over, and widpensions, $1,127.50 over the half The county home demonstration agent and county agriculturist show overdrafts because the entire year's allotment was turned over to the extension service during the first six months. The county library is another showing an overdraft ... the audit but money spent IN given includes both the city and county money while the allotment shown in the audit takes account only of the county share The library had on hand January 1, 1931. $4,302.84 and during the six months received from tax collections $3,471 and from the city of Bend, $2,499.96 Expenditures for the six months period for salaries and expenses were $5,018.00

5. October 17, 1932 The Bulletin Bend, OR

Article from The Bulletin, October 17, 1932

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Article Text

California Folk Visit With Redmond Relatives Oct. and Mrs. M. W. Huffman of Oakland, California, are visiting her parents, Mr. and Mrs. Pete Marnach. Mrs. Marnach's mother, Mrs. Child, has returned to Portland following visit with her daughter daughter was born October 13 Mr. and Mrs. Milton Cain at the Redmond hospital. Cains live on Crooked Mrs. Victor Luthey has returned from Seaside where she was called the death of her father, Kimbell. Her mother accompanied her home Mrs. Max Wurtzweiler is visiting her mother in Portland Mr. and Mrs. Frank Reibboff have returned from Portland where they attended Knights of Pythias grand lodge. Mr: and Mrs. H. H. Hall have returned from trip to Burns. Hall receiver for the First National bank of Redmond and for the First National bank of Burns. Borden Beck, instructor agriculture at Redmond high school in Portland Saturday. accompaning Lynn Waggoner, Loyd Peterson and Arthur Holt, high school boys. They attended Livestock Exposition. Mrs. Beck accompanied them to Portland. Other Redmond folk in included Sam Wood and his son. Robwood The body of Miss Myrtle Wilson, Warmsprings school teacher killed last Sunday, was shipped last week to Batavia, lown for burial.