18440. First State Bank (Seaside, OR)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 22, 1927
Location
Seaside, Oregon (45.993, -123.923)

Metadata

Model
gpt-5-mini
Short Digest
13edb3ea

Response Measures

Full suspension, Books examined

Other: Bank closed voluntarily; deputy state banking examiner took charge pending reorganization.

Description

Multiple contemporaneous newspaper reports (Sept 22-23, 1927) state First State Bank of Seaside closed its doors voluntarily after a mild run that officers feared would grow. Closure described as temporarily pending reorganization and deputy state banking examiner was in charge. No clear report in these items that the bank later reopened or that a receiver was permanently appointed, so outcome is unsure.

Events (2)
1. September 22, 1927 Run
Cause
Bank Specific Adverse Info
Cause Details
Large number of outstanding loans became frozen / not immediately convertible; poor beach season contributed to liquidity pressure.
Measures
Bank voluntarily closed doors; posted notice saying closed temporarily pending reorganization; deputy state banking examiner took charge.
Newspaper Excerpt
First State bank of today closed its doors, owing run, which bank officers termed mild, but which they feared would develop to serious proportions.
Source
newspapers
2. September 22, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Voluntary suspension of payments tied to illiquid loans and poor resort season; action taken with consent of deputy state banking examiner and described as temporary pending reorganization.
Newspaper Excerpt
The bank's closing was due, officials said, to a large number of outstanding loans which were not immediately convertible, and to an unusually poor season at the beach resort.
Source
newspapers

Newspaper Articles (5)
1. September 23, 1927 The Register-Guard Eugene, OR
Article from The Register-Guard, September 23, 1927

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Article Text

STATE BANK OF LION IN CIRCUS SEVERS CLOSES DOORS BOY'S ARM AT SHOULDER FEARED SERIOUS 0K Due, Officers Say, to Large Number of Loans Which Became "Frozen" Ore., Sept. First State bank today closed doors owing run which officers which they feared would develop serious proportions. The action was taken volunthe conbanking department. Gilbert, deputy state banking examiner, charge. The bank's closing is due, offilarge outstanding loans which had "frozen," and to an unusual season at this resort during the ended. Bank officials said that today possible and that expect pay depositors in full necesThe run the bank has been in quietly days. Yesterday the directors decided the would be the before and this the bank's open. stead was posted on the door saying that bank closed "temporarily" pending reorganization. The bank is the only one in Seaside. ROBERT FROMM, OF PORT ORFORD, LOSES MEMBER Later in Day Farmer Reports That Elephants Had Wrecked His Place MARSHFIELD, Ore., Sept. day was eventful for "Honest Bill's Circus." Robert 12, Port Orford, resulted in near tragedy. This morning his arm air cage by the circus lion. The lion the boy's arm and pulled chewed off near the shoulder. Hospital tonight he would recover. Later in the day wild-eyed, city with frenzied shouts for help. "Elephants! tearing my house down wrecking farm!" stranger gasped. "Elephants? what elephants? "How do know! They're my somebody help rid of them." Huge Elephant Crashes Door William Fout," the strangexplained. live alone on farm miles here. No or anything. This heard the door and got up the door smashed in and there, right me, was big His trunk stretched out grab me, and right behind him was another one. They looked mean so slammed the door. As he ran for help. Fout said, he the beasts trees orchard and tearing down his posse was formed and the elephants after some difficulty they were driven out on the Roosevelt highway and headed toward town. this juncture man on horseback appeared. himself as the Bill's the care of the jungle the relief of Fout.

2. September 23, 1927 Santa Cruz Evening News Santa Cruz, CA
Article from Santa Cruz Evening News, September 23, 1927

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Article Text

$145,000 additional income and corporation taxes to end litigation with the government The government had sued to collect $205,000 SEASIDE. Ore.-The First State bank of Seaside closed its doors ow-

3. September 23, 1927 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, September 23, 1927

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Article Text

SEASIDE BANK CLOSES DOORS Poor Season at Beach Resort Held Partly Responsible. SEASIDE Ore., Sept. 22. First State bank of today closed its doors, owing run, which bank officers termed "mild," but which they feared would develop to serious proportions. The action was taken voluntarily by the bank, with consent of the bank. deputy state banking examiner, was in charge tonight The bank's closing was due, of. ficials said. to a large number of outstanding loans which were not 1mmediately convertible, and to an unusually season at the beach sort during the summer season just

4. September 23, 1927 Santa Barbara News-Press Santa Barbara, CA
Article from Santa Barbara News-Press, September 23, 1927

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Article Text

BRIEFS FROM PACIFIC SLOPE By The Associated Press SAN FRANCISCO-Th state supreme denied the appeal George Waters, Sacramento wife slayer, against death He killed his wife in January 1926. LOS George Barnes Stonehouse, better known Barnes of circus fame, additional income and corporation taxes to end litiga with the government. government sued to collect $204,000. SEASIDE Ore-The First State Bank of Seaside closed its which bank of owing ficers feared might become serlous. deputy state banking aminer took charge. Outstanding loans not immediately convertible poor beach season blamed.

5. September 24, 1927 Petaluma Daily Morning Courier Petaluma, CA
Article from Petaluma Daily Morning Courier, September 24, 1927

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Article Text

WORLD BRIEFLY TOLD Two Killed in Locomotive Blast M., Sept fireman, were killed when Santa Fe freight engine exploded near Mountain Air today. according meager reports reaching here Wayne Wheeler Estate $50,000 tate left by Wayne B. Wheeler eral counsel of the Anti-Saloon League, was valued at $50,000 today in District of Columbia Supreme his will filed for probate several days ago. Jardine Resignation Asked nation of Secretary Jardine as the official responsible for the recent Grop in cotton prices that followed publication of Department of Ag: riculture report containing price trends. was demanded in letter to President Coolidge prepared today by Representative Wilson of Missi- Six Dead in Mexican Battle fighting between band of Mexican bandits and federal troops at Chilaha. in the State of Nayarit, Mexico. last Tuesday. in which six of were killed and many wounded. was reported by passengers arriving here today. West Bourbons Back Smith OGDEN. Utah, Sept. Endorsement of the candidacy of Governor Alfred E Smith. of New York, is recommended in the report of the committee on order of business presented at the opening of the afternoon session of the conference of Democrats from Western states here today. Oregon Bank Closed First State Bank of Seaside has closed its doors, owing to run which bank officers termed "mild," but which they feared would develop to serious proportions.