22139. Whatcom County Bank (Bellingham, WA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 23, 1893
Location
Bellingham, Washington (48.923, -121.973)

Metadata

Model
gpt-5-mini
Short Digest
4b3ea30a

Response Measures

None

Description

June 1893 Comptroller ordered an examiner to take charge of the Whatcom bank (government intervention/suspension). By April 1894 the bank's owner (Waldron) disposed of his interest and the bank's business was placed with P. E. Dickinson, with depositors being made whole — consistent with a suspension followed by reorganization/resumption. Articles mention depositors withdrawing and rumors but do not describe a discrete misinformation-triggered run or a separate large depositor run causing the suspension, so classified as suspension_reopening (no clear standalone run).

Events (3)
1. June 23, 1893 Suspension
Cause
Government Action
Cause Details
Comptroller ordered a bank examiner to take charge of the bank (regulatory intervention/closure).
Newspaper Excerpt
At Whatcom, Wash. WASHINGTON, June 23.-Comptroller Eckels has ordered Bank Examiner Cleary to take charge of the Whatcom, Wash., bank.
Source
newspapers
2. April 13, 1894 Other
Newspaper Excerpt
WHATCOM, April 13.-C W. Waldron... has disposed of all his interest and good will in said bank to P. E. Dickinson... He will also close the Bank of Fairhaven, which he established, and which was the first bank there, and will pay depositors in full, having secured certificates on the Citizens' bank for accounts not already closed.
Source
newspapers
3. April 13, 1894 Reopening
Newspaper Excerpt
C W. Waldron... has disposed of all his interest and good will in said bank to P. E. Dickinson... Mr. Dickinson is one of the pioneer bankers of this county... he will pay depositors in full, having secured certificates on the Citizens' bank for accounts not already closed.
Source
newspapers

Newspaper Articles (2)
1. June 30, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, June 30, 1893

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Article Text

VARIOUS FINANCIAL MATTERS -Like a Row of Bricks, the Banks Continue to Go Down. MORE MONEY FOR CALIFORNIA BANKS Monetary Troubles at Minneapolis, Niagara Falls, San Francisco, Whatcom and Chicago-Rumor from London. At Niagara Falls. NIAGARA FALLS, N. Y., June 23.-The Cataract bank, the largest in the city, has failed unexpectedly, owing to inability to get expected aid. It has $70,000 deposits. It is believed that the bank will not be able to resume. One at San Francisco. SAN FRANCISCO, June 23.-The Peo ple's Home savings bank closed its doors this morning. It affiliated with the Pacific bank, which closed yesterday. Its resources are said to far exceed its I liabilities. At San Bernardino, Oal. SAN BERNARDINO, Cal., June 23.-The First national bank of San Bernardino, which has withstood a run lasting for the last five days, was today compelled to close its doors temporarily. More Money for California Banks. NEW YORK, June 23.-Currency ship@ ments to San Francisco will be very g large again today. Telegraphic transfers at the sub-treasury will certainly reach yesterday's figures. At Madera, Cal. MADERA, Cal., June 23.-The Bank of Madera failed to open its doors this morning. This notice was on the door: "Temporarily suspended. Depositors will be paid in full." At Minneapolis. MINNEAPOLIS, June 23.-The state bank of Minneapolis, having a capital of $100,000 and a surplus of $60,000, closed its doors this morning. Average deposits, $480,000. Rumor From London. LONDON, June 23.-It is rumored that the Hirschell committee proposes to close the Indian mints, conditioned on a repeal of the Sherman act. At Whatcom, Wash. WASHINGTON, June 23.-Comptroller Eckels has ordered Bank Examiner Cleary to take charge of the Whatcom, Wash., bank. A Chicago Clothing House. CHICAGO, June 23. -Friedmann - & Friedmann, wholesale clothing, have failed. Assets and liabilities $92,000 each. Dave Hill for Free Coluage. I NEW YORK, June 23.-Senator David B. Hill has come out in favor of free bimetallic coinage.

2. April 14, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, April 14, 1894

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Article Text

WALDRON'S BANKS IN TROUBLE. The Fairhaven One Closed, That at Whatsom Changes Hands. WHATCOM, April 13.-(Special.]-C W. Waldron, the Fairhaven banker, who established the Whatcom county bank here, after the suspension of all the local banks last summer, has disposed of all his interest and good will in said bank to P. E. Dickinson, who has been associated with him since the bank was started. Mr. Dickinson is one of the pioneer bankers of this county, having been connected with the First bank, of Whatcom, which later became the First National. Mr. Waldron, in positors withdrawing, by securing fully certificates protected of deposit all dein the Bennett National bank for all accounts. He will also close the Bank of Fairhaven, which he established, and which was the first bank there, and will pay depositors in full, having secured certificates on the Citizens' bank for accounts not already closed. The fact that Mr. Waldron is the principal bondsman of the county treasurer and that the greater part of the county funds was deposited in his two banks has given rise to many rumors and conjectures as to the cause of the action he has taken. The first intimation of his intention that the treasurer had was when he was informed today that a check drawn yesterday for $1,000 in favor of W. B. Davey for work on the northeast diagonal road was this morning presented at the Whatcom County bank and payment refused for the time being, Mr. Davey being informed that Mr. Waldron was having some diffculty with the commissioners, which might possibly be settied in a day or two. Shortly afterward Mr. Waldron's with. drawal from the banking business was announced. The difficulty referred to the concern's certificate of deposit issued by Waldron last December in favor of the county treasurer for 20,500, which Waidron claims was merely given to enable the treasurer to make a show of settlement to satisfy the people and the grand jury, and with adistinct understanding that the certificate should he returned. Certificates of the Bellingham Bay National and Bennett National for about $11,000 were given at the same time. Mr. Waldron now demands that his certificate be returned, but the other banks make no such claim, and may they are ready to redeem their certificates in cash whenever presented. The whole amount involved is really about $65,000, as the books of the treasurer show that in addition to the Waldron certificate he had about $45,000 of county money received for taxes in Waldron's two banks. At the time the certificates were issued it was understood that ample security was furnished to the treasurer, which the banks still hold. The commissioners say emphatically that they