19282. Olympia National Bank (Olympia, WA)

View Charter #5652 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5652
Charter Number
5652
Start Date
January 22, 1932
Location
Olympia, Washington (47.038, -122.901)

Metadata

Model
gpt-5-mini
Short Digest
342c5df9a6d925f7

Response Measures

None

Receivership Details

Depositor recovery rate
68.0%
Date receivership started
1932-02-03
Date receivership terminated
1938-04-19
Share of assets assessed as good
57.4%
Share of assets assessed as doubtful
37.4%
Share of assets assessed as worthless
5.2%

Description

Articles indicate Olympia National Bank was closed January 22, 1932 and placed in receivership. It did not reopen as a going bank; receivers made distributions (RFC aid and an 18% dividend to depositors) and receivers sued stockholders for unpaid assessments. Multiple receivers are named (Douglass/Douglas and later E. B. Benn). Cause: bank closure and receivership by authorities (government action).

Events (7)
1. December 24, 1900 Chartered
Source
historical_nic
2. January 22, 1932 Suspension
Cause
Government Action
Cause Details
Bank was closed (suspended payments) and placed in receivership beginning January 22, 1932.
Newspaper Excerpt
the institution since was closed January 22.
Source
newspapers
3. February 3, 1932 Receivership
Source
historical_nic
4. August 27, 1932 Receivership
Newspaper Excerpt
the insolvent Olympia Nationbank filed in federal court by Douglass, receiver (Spokesman-Review, 1932-08-27).Receiver Claims 100 Per Cent Assessment Not Made. (suit by receiver against stockholders).Correction: 'Nationbank' OCR for 'National Bank'. ,cause: null
Source
newspapers
5. October 5, 1932 Other
Newspaper Excerpt
Aided by funds from the finance corporation, the Olympic National bank tomorrow will pay an 18 ... The dividend will be the first paid by the institution since was closed January 22. The payment will mean the distribution ... to 2740 depositors. (RFC aid and dividend paid while in receivership).
Source
newspapers
6. June 1, 1933 Receivership
Newspaper Excerpt
E. B. Benn, as receiver for the Olympia National bank in suit filed in federal court ... seeking assessments on capital stock of the failed bank. (News Tribune, 1933-06-01).cause: null
Source
newspapers
7. January 10, 1934 Other
Newspaper Excerpt
E. B. Benn ... died ... He was receiver for the Olympia National Bank. (obituary noting receiver status).
Source
newspapers

Newspaper Articles (5)
1. August 27, 1932 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, August 27, 1932

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Article Text

JOB-MAKING PROGRAM LAUNCHED BY LEADERS SUES BANK STOCKHOLDERS Receiver Claims 100 Per Cent Assessment Not Made. collection $22,against two capital stockholders the insolvent Olympia Nationbank filed in federal court by Douglass, receiver The stockholders, Earle McRoskey and John C. Van Etten, the estate the late Clara Etten. have allegedly failed per cent assessments levied against their stocks

2. October 5, 1932 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, October 5, 1932

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Article Text

R. F. C. AIDS OLYMPIA BANK 18 Per Cent Dividend Will Be Paid Today. OLYMPIA, Oct. (A)-Aided by funds from the finance corporation, the Olympic National bank tomorrow will pay an 18 nounced today. The dividend will be the first paid by the institution since was closed January 22. The payment will mean the distribution of to 2740 depositors. Douglas said he was not authorized to reveal the amount money received by the bank from the corporation.

3. October 22, 1932 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, October 22, 1932

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Article Text

STATE AWARDED MONEY FUNDS WASHINGTON, Oct. 22. (AP) tion was shown today in its report to congress to have loaned $177,346,000 during September. South clerk of the house representatives, made the report public. Total of The corporation authorised 691 loans aggregating and creases previous for total trust and companies building and loan asociations. Washington will izens' State $5000; Miners Merchants' bank. National bank, Valley bank, $3300; State bank Newport, Olympia, OlymNational (receiver), $125.Seattle State bank. Bank Sumas, $10,379: bank Winstate $1950.

4. June 1, 1933 The News Tribune Tacoma, WA
Article from The News Tribune, June 1, 1933

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Article Text

BANK RECEIVER SUES ON STOCK Collection of $10,000, plus attorney fees of $1,200, is sought by E. B. Benn, as received for the Olympia National bank in suit filed in federal court Wednesday against Flora B. Christenson of Olympia. The money is sought under three causes of action, each seeking assesments on capital stock of the failed bank. Benn, former United States marshal, is also acting as receiver for the First National bank of Kelso.

5. January 10, 1934 The Daily Alaska Empire Juneau, AK
Article from The Daily Alaska Empire, January 10, 1934

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Article Text

# BENN PASSES # AWAY, SLEEP OLYMPIA, Wash., Jan. 10.-E. B. Benn, aged 67, the first white child born in Aberdeen, former State Senator and United States Marshal, died of heart trouble while he slept, here. He was receiver for the Olympia National Bank.