19415. Old National Bank & Union Trust Company (Spokane, WA)

View Charter #4668 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
4668
Charter Number
4668
Start Date
March 1, 1933*
Location
Spokane, Washington (47.659, -117.426)

Metadata

Model
gpt-5-mini
Short Digest
019fdeea5b119dfa

Response Measures

None

Description

The articles describe the Old National Bank & Union Trust Co. suspending operations about March 1933 (conservator appointed) and later reorganizing with RFC aid and comptroller approval to reopen in October 1933. There is no description of a depositor run in these items; the sequence is a suspension followed by successful reopening under a conservatorship/RFC plan.

Events (3)
1. December 22, 1891 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank suspended operations about March 1933 and a conservator (A. W. Witherspoon) was appointed; closure and conservatorship followed government examination/actions during the bank crisis/bank holiday period.
Newspaper Excerpt
suspended operations about March
Source
newspapers
3. October 7, 1933 Reopening
Newspaper Excerpt
GREET REOPENING OF OLD NATIONAL ... reopening of the Old National bank and Union Trust company Monday
Source
newspapers

Newspaper Articles (10)
1. May 27, 1933 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, May 27, 1933

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Article Text

OLD NATIONAL HEADS GO EAST Twohy, Witherspoon, Schoonover to Appear Before Currency Comptroller. D. Twohy, chairman of the to board the Old National Bank and Union Trust left Thursday Washington, D. where he expected meet W. and John Schoonover, trio appear before the the in connection with plan for the of the Old National and Union flew from the Spokane San expedite getting the approval the reopening program Madland, national for the western district, was to that city the for yesterday or today. Whether he would fly go by train not known. When the left Spokane was expected he would fly from San Francisco to the national capital to save time. Declare Progress Things were favorably saw in the departure Mr. Twohy that the next step getting of the opened probably will be up to the No banker would venture to how soon the comptroller might pass the dations the The opinhowever, there was speed. From the comptroller's office already has the examination Old bankers believed the comptroller had good situation and this knowledge would make for early action. Reid. assistant conservator, following announcement: Does Not Fix Reopening Date. Old Bank and Trust by and the direction of the of the through the bank This act does not limit the certain period or date by which reopening be The foregoing statement was inspired, explained, inquiries to the Old many National the the the provisions of the bank under act, which required its reopening by certain date.

2. July 8, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 8, 1933

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WAIT C. COIN AT OLD NATIONAL Approval of the plan for reorganization reopening of the Old National Bank & Union Trust company has been given by the office of the comptroller the currency at Washington. dependent upon Reconstruction Finance corporation officials granting $3,850,000 in loans requested Action on the loans by the Reconstruction Finance corporation is ex pected about week The Spokane loan agency of the Reconstruction Finance corporation already has placed its stamp of complete approval on the plan, so regarded the loans will be sanctioned by the board at the national It the report assets of the institution, made by the local Finance corporation examiners, that Washington city officials now are studying to make their decision Give 50 Per Cent. The plan will release 50 per cent of deposits immediately. it is understood. with the balance forthcoming in installments as assets are liquidated. Such are the highlights of word to the Chronicle today from its correspondent at Washington city. Once the plan is approved by both the Reconstruction Finance corporation and the comptroller's office at Washington, it will be announced nere and submitted to depositors Details of the plan will be held confidential until that time. however. the correspondent was informed Depositors representing 75 per cent of the dollar volume of deposits at the time the bank suspended must approve the plan, when announced, before the bank will be licensed to open and Reconstruction Finance cor. poration funds advanced The application to the Reconstruetion Finance corporation for loans includes three points: purchase preferred stock in the reorganized bank and two straight loans to the Investment and Securities company of Spokane, to be passed on to the one for and the other for Approval the request for purchase of preferred stock confidently expected as granting of the $2.500,000 loan. If just these two requests are approved. the bank probably will reopen only 40 per cent deposits immediately available. However, the third loan also expected to be made, thus boosting the reopening figure to 50 per cent. The applications now are in the examining division and will not go before the board for final action for another and D. W. Twohy both are in Washington conferring with officials on the

3. July 8, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 8, 1933

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OLD Approval of the plan for reorganization reopening of the Old Na tional Bank Union Trust company has been given by the office the comptroller the currency Washington, dependent upon Reconstruction Finance officials granting in loans requested. Action loans by the Reconstruction Finance corporation is pected about week The Spokane loan agency of the Reconstruction Finance corporation already placed its stamp of complete the plan, so regarded almost certain the loans sanctioned the the national report assets institution, made by local Reconstruction Finance corporaofficials are studying make their 50 Per Cent. The will release 50 per deposits underthe balance forthcoming installments as assets are liquiare highlights of word to the Chronicle today from correspondent Washington Once the plan approved by both the Reconstruction Finance corporathe comptroller's office announced and submitted depositors. the held dential until time, however, the correspondent informed Depositors representing per cent of dollar volume deposits the time the suspended must approve the plan, announced, fore the bank licensed to and Finance cor. funds advanced application the Reconstruction corporation for loans cludes three points: $500,000 purchase stock the reorganized bank and two straight loans the Investment and Securities company Spokane, to passed on the new bank. one for and the other for Approval the request for purchase stock confidentgranting the 500,000 If just these two quests are the bank probably will reopen only per cent deposits immediately available However the third also expected to made, thus boosting the opening figure per cent. The applications are the examining division probably will not go board for final action for another conservator and Twohy, Washington conferring with officials on the plan.

4. July 25, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 25, 1933

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SOON WILL TELL OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury departDepositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business, Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become immediately available, with the remaining 60 per cent forthcoming through orderly liquidation. "I am confident depositors eventually will receive 100 cents on the dollar,' Mr. Witherspoon declared. Reopening of the bank is made possible through a loan of $3,750,000 by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday by Jesse Jones, chairman of the Reconstruction Finance corporation. in personal statement to this newspaper's correspondent at the capital Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. A sum of $2 400,000 will be allocated to the Old National to take care of obligations outstanding at the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

5. July 25, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 25, 1933

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Article Text

SOON WILL TELL DEPOSITORS PLAN OF NATIONAL A. W. conservator the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today the Chronicle's correspondent Washington, following formal announcement there last evening of approval of the plan by the comptroller of the currency as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings executive secretary of the United States treasury department Depositors will be asked to waive 60 per cent their deposits before the bank throws open its doors for business, Mr Witherspoon said. Waivers will be required from depositors representing of the dollar volume of deposits before the bank reopen. Pay 40 Per Cent. Forty deposits will come immediately available, with the remaining 60 per cent forthcoming through orderly liquidation. am confident depositors event ually will receive 100 cents on the dollar Mr Witherspoon declared. Recpening of the bank made sible through loan of by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday Jesse Jones, chairman of the Reconstruction Finance corporation. in personal statement to this newspaper's correspondent at the capital Of this loan, $500,000 will go for purchase of preferred stock the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. sum of 400,000 will allocated to the Old National to take care of obligations outstanding the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

6. July 25, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 25, 1933

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STOCK MARKET HEADS UPWARD SOON WILL TELL DEPOSITORS PLAN OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury department. Depositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business. Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become available, with the remaining 60 per cent forthcoming through orderly liquidation. "I am confident depositors eventually will receive 100 cents on the dollar, Mr. Witherspoon declared. Recpening of the bank made possible through a loan of $3,750,000 by the Reconstruction corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday Jesse Jones, chairman of the Reconstruction Finance corporation. in a personal statement to this newspaper's correspondent at the capital. Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. sum of $2,400,000 will be allocated to the Old National to take care of ligations outstanding at the time the bank suspended operations about March The remaining $850,000 will used to pay off obligations of the affiliated banks.

7. July 26, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, July 26, 1933

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Article Text

SOON WILL TELL OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury department. Depositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business, Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become immediately available, with the remaining 60 per cent forthcoming through orderly liquidation am confident depositors eventually will receive 100 cents on the dollar," Mr. Witherspoon declared. Reopening of the bank is made possible through a loan of $3,750,000 by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday by Jesse Jones, chairman of the Reconstruction Finance corporation, in a personal statement to this newspaper's correspondent at the capital. Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. A sum of $2,400,000 will be allocated to the Old National to take care of obligations outstanding at the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

8. August 3, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, August 3, 1933

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ASK DEPOSITORS TO GIVE O. K. TO REOPENING Reopening of the Old National Bank and Union Trust com pany will be submitted for approval of depositors Friday in letters outlining in detail the plans for reorganization approved by the comptroller of the United States treasury and directors of the Reconstruction Finance corporation. Copies will be mailed to each of the more than 18,000 depositors, A W. Witherspoon, conservator, announced today. The bank is expected to reopen with between $7,000,000 and $8,000,000 of deposits This will include 40 per cent of deposits at the time the bank suspended, plus public funds and special trust accounts now on deposit. Twelve affiliated Inland Empire country banks will reopen with the Old National The country banks, which will reopen on a 100 per cent basis, include: Open Country Banks. Creston State bank, Harrington State bank, First National bank of Medical Lake, First National bank of Moscow. Idaho, Security National bank of Palouse, Prosser State bank, First National bank of Reardan First National bank of Ritzville, State bank of Spangle. Bank of Spirit Lake, Idaho, First National bank in Sprague and First State bank of Washtucna Deposits to be released by the reopening of the country banks amount to about $3,000,000 Mr. Witherspoon and D. W. Twohy. chairman of the board of the Old National. returned just this week from Washington, D. C., where they spent three weeks working out details of the plan and securing approval of officials of the R. C. and the office of the comptroller of the treasury According to the plan. 40 per cent of deposits will be released immediately Certificates of participation in the reserved assets of the bank will be accepted by depositors for the remaining 60 per cent. These certificates will bear Interest at the rate of per and will be liquidated assets of the bank are realized upon after made by the R. C. have been repaid The certificates will be paid off in full. plus interest. before any dividends are paid to holders All of the corporation reserved plus the stock of the Old National and the ated country will be held guarantee of payment of the cer clared today he confident all was depositors eventually will receive 100 per cent of their accounts The will become fective upon of approval the writing by depositors per cent of the gross of provided

9. August 3, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, August 3, 1933

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Reopening the Old National Bank Trust will be submitted for approval of depositors Friday outlining tail the plan for reorganization proved by comptroller the United States and directors of the Reconstruction corporation will be mailed of Copies the than W. Witherspoon nounced today. The bank is expected reopen with between and 000 of deposits This include and special trust accounts on deposit Old National The country which reopen on a a 100 per cent include Open Country Greston State bank. Harrington National bank Medical First National bank Moscow Idaho, Security National bank of Palouse, Prosser bank First National of Reardan First National bank Ritzville, State bank Spangle Bank of Spirit Lake Idaho, First National bank in Sprague and First State bank Deposits to be released by the rethe country banks amount to $3,000,000 Mr. Witherspoon and D. W Twohy chairman of the board the Old National returned just this from Washington they spent weeks working out details the plan and apof of the and the office of the comptroller of the the plan 40 per of be released immediate Certificates of par Licipation in the of the bank will be accepted by depositors for remaining 60 These certificates will bear interest the rate of per and will be liquidated assets the bank are realized upon made by the R. C. have been repaid The will be paid off full plus interest before any dividends are paid stockholders of the corporation All assets the plus stock the Old National and the affillated country will be held guarantee of payment of the certificates. and Mr. Witherspoon declared today he was confident all depositors will receive 100 per cent of their The will become efimmediately upon approval the plan writing representing 75 per the gross amount of deposits as provided in Continue on three

10. October 7, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, October 7, 1933

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GREET REOPENING OF OLD NATIONAL Leaders throughout the community joined today in hailing the reopening Trust company Monday Cause of Rejoicing Fred K. of the Chamber of Commerc tended hearty to the new bank and its officers reopening of the Old National bank and Union Trust company day cause for rejoicing not only Spokane but throughout the In- 30 land Empire and will cause increased vigor and prosperity surge through the business life of the community and tributary territory "For more years than most of us have been residents of the Inland Empire the Old National bank and Union Trust company standing among the financial instituthe Inland Empire Even months when due to beyond the of those of bank the usual unavoidable has continued minds ing of unshaken loyalty 50 towards the management of that bank Now that the financial affairs of the bank have been adjusted with the result that the bank being reopened with the approval of the comptroller the United the Old National bank and Union Trust company should and unquestionably will again take its proper place the business and affairs of Spokane and the Inland Empire Continue Loyal Support dent officers directors and employees that bank the business interests of Spokane and the Inland Empire extend hearty and we bespeak for that bank continuance of the loyal support that the bank has enjoyed in the past Important Step Forward The Rev William Condon pastor of St. Augustine's church. was equally outspoken of the Old National Bank and Union Trust will generally regarded as most im portant step toward the of normal conditions in and the expected for the an nouncement of definite date for reopening with full government approval received with general sat isfaction not only by its patrons but by the community at large "The Old National bank and its affiliated institutions have large measure sustained business and industry in this community for over quarter of century. and the public confidence which it enjoyed could not be shaken during the trying times that have followed president's bank holiday Its reopening after the searching examination conducted by the government is tribute to the who have shaped its policy and is reassuring to its patrons and to the general public As understand it. the new institution has with all the requirements for membership in the Federal Deposit corwhich first will guarantee all $2500 up This feature of the new banking law will to confidence and with the support and operation its legion of the institution of the Pacific northwest Another Milestone R M Hardy president of the Yak First National Bank of Yakima made the following statement reopening of the Old National Bank and Union Trust company another progress toward return to normaley in the bank ing business The of this in the Inland Empire with its large number throughout Washington northern makes their reopening of primary importance management is to be gratulated the success of habilitation plans Impetus to Business The Ray S. Dum pastor of the Central church said We welcome the reopening of the Old National Bank and Union Trust and the inevitable impetus which such reopening give to the business life We covet for the organized personnel of the bank the and cooperation of the people of Spo kane