Bank of New Whatcom - Bellingham, WA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 15, 1896
Location: Bellingham, Washington (48.750, -122.475)

Metadata

Model: gpt-5-mini
Short Digest: e5c1082b

Response Measures

None

Description

Article (Seattle Post-Intelligencer, 1896-09-15) reports directors decided not to open the bank that morning and that they would likely have to post a notice of suspension before close of banking hours. No run is described and no reopening is mentioned in the text; given the firm decision not to open and the description of inability to stand the strain, I classify this as a suspension that appears permanent (suspension leading to closure). 'Local shock' (decline/strain in shingle/lumber business) is cited as the driving cause.

Events (1)

1. September 15, 1896 Suspension

Cause: Local Shock
Cause Details: Bank was main lender to shingle/lumber trade and could not stand the strain; insufficient cash on hand prompted directors to not open and suspend payments.
Newspaper Excerpt: It has about $7,000 in cash on hand, but at a meeting of the directors this morning It was decided not to open. as If they did It was considered practically certain that they would have to post a notice of suspension before the close of banking hours.
Source: newspapers

Newspaper Articles (1)

1. September 15, 1896 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, September 15, 1896

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Article Text

Resources. $ 81,241 17 Loans and discounts 129 49 Overdrafts 10,393 87 Stocks and other securities 18,000 00 Real estate, furniture, fixtures 12,500 00 U. 8. bonds 1,125 Premium on bonds Cash resourcesDue from U 8. treas'y.$ 942 50 20,199 40 Cash in vault Due from banks 20,509 04 51,650 94 $175,040 47 Total Liabilities. $ 60,000 Capital stock (paid In) 7,378 44 Surplus and undivided profits 11,260 00 Circulation 106,412 03 Deposits Total $175,040 47 For two years the bank has been the main stay of the shingle business in this county. being the only bank in the county which would make advances on bills of lading on lumber products. It has about $7,000 in cash on hand, but at a meeting of the directors this morning It was decided not to open. as If they did It was considered practically certain that they would have to post a notice of suspension before the close of banking hours. There is no excitement, but a general feeling of regret that the conditions are such that the bank could not stand the strain. There is not a single national bank left in the county now Four years ago there were three here, and two not national; two in Fairhaven, besides two private ones, and one national in Blaine. Now there are only two of any kind in the county. and these are the Citizens' at Fairhaven and the Bank of New Whatcom here. The latter posted a notice this morning reading: "This bank is ready to pay all deposits in full."