First National Bank - Gig Harbor, WA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 13057
Charter Number: 13057
Start Date: August 21, 1933
Location: Gig Harbor, Washington (47.329, -122.580)

Metadata

Model: gpt-5-mini
Short Digest: 7477c4733932c0d5

Response Measures

None

Receivership Details

Depositor recovery rate: 76.0%
Date receivership started: 1933-08-18
Date receivership terminated: 1936-02-20
Share of assets assessed as good: 41.1%
Share of assets assessed as doubtful: 51.1%
Share of assets assessed as worthless: 7.8%

Description

Article (The News Tribune, 1933-08-21) reports the National Bank of Gig Harbor placed in receivership and had been operating on a restricted basis; stockholders attempted to raise capital but a receiver was appointed. The article's text refers to the National Bank of Gig Harbor (does not explicitly say First), so I mark bank_name_unsure=true but use the provided bank name. The suspension appears to be followed by a receivership (closure).

Events (4)

1. April 6, 1927 Chartered

Source: historical_nic

2. August 18, 1933 Receivership

Source: historical_nic

3. August 21, 1933 Receivership

Newspaper Excerpt: Owen appoint receiver the National Bank of Gig Harbor ... Carl Nielsen, former cashier, has been in charge as conservator. ... The bank has at present about $165,000, with liabilities of $175,000.
Source: newspapers

4. August 21, 1933 Suspension

Cause: Government Action
Cause Details: Bank had been operating on a restricted basis since the bank holiday; stockholders tried to recapitalize but a receiver was appointed, effectively suspending operations.
Newspaper Excerpt: Institution Has Run on Restricted Basis Since Holiday
Source: newspapers

Newspaper Articles (1)

1. August 21, 1933 The News Tribune Tacoma, WA

Article from The News Tribune, August 21, 1933

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Article Text

GIG HARBOR BANK RECEIVER NAMED Institution Has Run on Restricted Basis Since Holiday Bg Staff Correspondent GIG HARBOR, Aug. 21.-Owen appoint receiver the National Bank of Gig Harbor, according to his sister, Mrs. Austin Richardson, who says that Hughes received his from Washington yesterday. The bank has on restricted the bank holiday early the Carl Nielsen, former cashier, has been in charge as conservator. An effort was made by the stockholders to raise enough new money to open the bank going institution, and about $30,000 has been subscribed, to Edward New, chairman of committee, and the will fight Hughes' appointment, New said. The bank has at present about $165,000, with liablities of $175,000. Two Thousand Picnic More than 2,000 Peninsula people yesterday at Horseshoe 1, lake at the annual all-ag pienic. Festivities included baseball game races and The Peninsula Garden Club will meet for pienic dinner Wednesday at the home of Mrs. A. F. Plant at Rosedale. business will be held in the afternoon. The program will be charge of Mrs. Nels Tveter paper will be given on perennials in the gardent the year around. Miss Agnes DeWald, daughter of Mrs. Carl Morstrand of Wollochet, left for Colorado Saturday to resume teachin gat City. W. D. Jacobs Rosedale died at the hospital Tacoma Saturday morning. Funeral services will be held at the Rosedale church Tuesday at 2:30 o'elock with Miss Mary Jane Turner officiating. Burial will follow at the Rosedale under the of F. M. Perkins. The to eral years ago from Puyallup, where he was the Northern Pacific station agent for years. He survived by son, Donald, and by a sister and brother in Kelso. The ferries of the Washington Navigation will operate on standard time, beginning today. The Gig Harbor of the Washington Co-operative Egg & Poultry Association will be closed all day Saturday the future to follow the 40-hour week for employes under the NRA code. Mrs. C. Granger, who has recently moved to Ellensburg, was in Gig Harbor over the week-end looking after property here. Mrs. Thomas and daughter and Mrs. L. Zorich of San Pedro and Mrs. Burke of Torrence, were recent visitors at the J. Cosulich home. Miss Thurston visiting at the home of Mrs. C. C. Newman in Tacoma.