22189. Kittitas Valley National Bank (Ellensburg, WA)

View Charter #3867 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3867
Charter Number
3867
Start Date
July 10, 1896
Location
Ellensburg, Washington (46.997, -120.548)

Metadata

Model
gpt-5-mini
Short Digest
b04c9cda

Response Measures

None

Receivership Details

Depositor recovery rate
43.7%
Date receivership started
1896-07-18
Date receivership terminated
1900-07-09
OCC cause of failure
Losses
Share of assets assessed as good
8.7%
Share of assets assessed as doubtful
45.5%
Share of assets assessed as worthless
45.8%

Description

The Kittitas Valley National Bank closed/failed and did not reopen; articles state it 'closed' or 'failed to open' on July 10, 1896 and later the Comptroller levied assessments and a receiver is referenced. No clear prior depositor run is described — instead directors closed due to withdrawals (notably the county treasurer's $7,000 withdrawal). Classified as a suspension leading to permanent closure with subsequent receivership and assessments. Cause classified as local_shock because the immediate trigger described is the large withdrawal of county funds.

Events (4)
1. April 14, 1888 Chartered
Source
historical_nic
2. July 10, 1896 Suspension
Cause
Local Shock
Cause Details
Immediate cause reported as withdrawal by Kittitas county Treasurer Shoudy of county funds amounting to $7,000, depleting deposits and prompting directors to close the bank.
Newspaper Excerpt
The doors of the Kittitas Valley National bank were closed the morning.
Source
newspapers
3. July 18, 1896 Receivership
Source
historical_nic
4. * Receivership
Newspaper Excerpt
The bank is now in the hands of Bank Examiner Wilson. ... J. C. Hubbell, Receiver of Kittitas Valley National Bank (mentioned in later court notices).
Source
newspapers

Newspaper Articles (11)
1. July 11, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 11, 1896

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Article Text

Bank Failure at Ellensburg. Ellensburg, July 10.-Special.-The doors of the Kittitas Valley National bank were closed the morning. Deposits have been running down for some time and the directors concluded to close. The announcement is made that the bank will pay dollar for dollar, and It is generally believed this will be the case, as not over $15,000 is on deposit. A heavy assessment was revied on the stock some time ago. Edmund Seymour is president; J. T. M. Stoneroad, cashier; J. C. Hubbell, vice president.

2. July 16, 1896 Aberdeen Herald Aberdeen, WA
Article from Aberdeen Herald, July 16, 1896

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Article Text

NEWS OF THE STATE. The state treasurer has called general fund warrants Nos. 11,811 to 12, 230, inclusive. The call matures July 23. A human foot, apparently that of a woman, in a good state of preservation, was found on the tide flats at Whateom, Monday. The Kittitas Valley Bank, at Ellensburg, closed last Friday. It had deposits of $15,000 and the directors declare they will pay every dollar. H. G. Stemmel, of Spokane, last week sold 1,333 shares of stock of the Le Roi Mining Company. to J. B. McLaren, of Ottawa, Canada, for $66,665. The Blaine customs department entered 11 and cleared 12 vessels during June, the value of domestic exports being $16,268, and foreign exports $6,744. The seventh annual meeting of the Washington State Pharmaceutical Association will be held in Tacoma, Monday, Tuesday and Wednesday, July 20, 21, and 22. Leading Republicans of the state favor an early convention for the nomination of a state ticket, in order that the people may have time to fully consider the important issues and form an estimate of the candidates for various state offices. The Commercial State bank of Chehalis failed to open its doors Monday morning. At the opening hour O. Gingrich posted a notice to the effect that he had been appointed receiver for the bank and was in charge. Following the suspension of the bank came the announcement that N. B. Holbrook had applie d to the United States court at Tacoma for the appointment of a receiver for the Doernbecher Furniture Company of that place. The liabilities are $70,000 and it is thought the assets will be sufficient to pay every dollar.

3. July 16, 1896 The Yakima Herald Yakima, WA
Article from The Yakima Herald, July 16, 1896

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Article Text

TOLD UNDER SUB-HEADS Ellensburg Without a Bank Since the Closing of the Kittitas National. WM. WHITE SHOOTS AT THE CASHIER A Serious Runaway ta Which Two are Injured-Late Hop NewsShall We Have Six or Eight Months School the Ensuing Year? The Kittitas Valley National bank which closed its doors, or rather failed to open them, on Friday of last week was one of the banks, under the name of the Ellensburg National, which succumbed to the panic of 1893 4. Then George B. Markle of Portland was president and Horace Thielson cashier. It was reorganized with Edmond Seymour, of Seymour, Barto & Co., Tacoma, president and J. T. M. Stoneroad, cashier. An assessment of 50 per 'cent. on the capital stock was made and paid; a second assesment for the same amount was only partially paid. It ¿ie said some of the stock was taken by irresponsible persons and paid for with I. O. U's. which the bank still holds. The president and cashier of the bank have not been on agreeable terms for some time past and Mr. Seymour was recently in this city with a view to disposing of his interest but the condition of the bank did not appeal to those who investigated the proposition. The immediate cause of the suspension was the withdrawal by Treasurer Shoudy, of Kittitas county funds amounting to $7000. The deposits of the bank amounted to only $18,000, notwithstanding that it was the only bank in Ellensburg. It is said it commanded little confidence of the citizens who have had a sad experience with banks. The depositors were largely railroad employes who kept their savings there. The bank is now in the bands of Bank Examiner Wilson. The officers claim that depositors will be paid in full and that the loosers will be the stockholders. One of the depositors, a brakeman named Wm. White, was arrested on the day of the suspension for shooting through the window of the bank at Cashier Stoneroad. He had $300 on deposit and was enraged at what he claimed was an attempt to steal his money. One of the unfortunates was Sheep Commissioner Richard Sisk, of this county, who came into possession of 8 fair-sized check the day before the failure, but when he went to cash the paper be found it had lost its negotiable value.

4. February 11, 1897 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, February 11, 1897

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A BANK FAILURE, A Minarapolis Concern Refuses to Cash n Check for $100. MINNEAPOLIS, Feb. 10.-On petition of A. M. Hove, Oito Rood was this morning appointed receiver of the Bankers' Exchange bank, with a bond fixed at $20,000. The petition stated that Hove had drawn & check on the bank yesterday, for $100, and payment had been refused, although there was plenty of money on deposit in his name to cover the check. The Bankers' Exchange bank is a small Institution, which closed last December and was reopened in JBOUary. All its deposite excepting $13,000 have since jbeen withdrawn and the officers say there are assets of $40,000. ELLENSBURG, Wash., Feb. 10,-The comptroller of the currency has levied an assessment of $100 per share the stockholders of the Kittitas Valley National bank, which railed last July, This aggregates $50,000. Most of the stock 18 held in the East.

5. February 12, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 12, 1897

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FIGHTING A RECEIVERSHIP. Troubles of the Southern Mutual Building and Loan Association. ATLANTA, Ga., Feb. 11.-W. D. Ellis, counsel for the Southern Mutual Building and Loan Association, this morning filed a sensational answer to the petition of Chas. E. Garner to have the Federal Court appoint a receiver for the association. The answer alleges that Garner was not and has not been a stockholder in the association; that he was not a creditor, and had no right to apply for a receivership. The charges that the association was insolvent; that its books were unintelligible, and that its officers had mismanaged its affairs, together with various other charges of the petition, were emphatically denied. Owing to the illness of Captain Ellis, the hearing was postponed until Wednesday morning next. When the court convened Judge Tompkins filed an amendment to his original bill for a receiver. In the amendment he claimed that it was not necessary for a stockholder to obtain a judgment against the association, but that it was the peculiar province of a court of equity to marshal all of the assets and divide them among the members. Judge Tompkins alleged that the association had received $1,500,000 from its stockholders, and had investments of that amount in loans on real estate throughout the South. After the debts were paid, he held, the balance of the assets should be distributed under the direction of the United States Court. The original petition of Garner sets forth that he held forty-five shares of stock, whose withdrawal value was $2,700: that the association was being involved in extensive litigation and was hopelessly insolvent. Captain Ellis stated to-day that he proposed to fight this suit and every other suit in every other court looking to the appointment of a receiver. He continued that the association was perfectly solvent and would repay the stockholders every dollar they had invested. Other Business Troubles. MILWAUKEE, Wis., Feb. 11.-Thomas R. Bentley, who is building Ladies' Hall at the University of Wixeonsin, and the Wisconsin Historical Library building at the capital, assigned to-day to Frederick Keter, who furnished a bond in the sum of $50,000. Bentley is erecting a number of large buildings in the city on which work will stop. throwing many men out of employment. Assets and liabilities about $75,000 each. MILWAUKEE, Feb. 11.-The Wisconsin Odd Fellows' Mutual Life Insurance Company. which was organizd in 1869, made an assignment to-day for the benefit of its creditors, and John L. Fulton, of Whitewater, in bonds of $55,000, is the assignee. During the past year over five thousand men dropped out, which crippled the company so that it could not pay its losses. ELLENSBURG, Wash., Feb. 11.-The controller of currency has levied an assessment of $100 per share on the stockholders of the Kittitas Valley National Bank. which failed last July. This aggregates $50,000. Most of the stock is held in the East. PARIS, Ky., Feb. 11.-Edward Shinners has assigned to Herman Stitt. About a year ago young Shinners was left over $50,000 by his grandfather. He is the well-known baseball manager.

6. February 13, 1897 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, February 13, 1897

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Article Text

ASSESSED THE STOCKHOLDERS. Kittitas County Bank Shares Over $100 Each. Ellensburg. Wash., Feb. 10.-The comptroller of currency has levied an assessment of $50.000 on the stockholders of the Kittitas Valley National bank, which suspended the 10th of last July. This is $100 a share and the assessment equals the capital stock of the Institution. Most of the stock is held in the east, probably 10 per cent of It being held here. The shareholders will be permitted to pay 25 per cent by March 1. 25 per cent by April 1, 25 by May 1, and the last 25 per cent by June 1, with no Interest on deferred payments. DeposItors are well pleased with the turn affairs have taken. Receiver J. C. Hubbell is Instructed to take all necessary steps to collect the amount.

7. March 18, 1897 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, March 18, 1897

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The Nation's Capital. The senate has confirmed the nomination in executive session of Isaac H. Lionberger of Missouri to be assistant attorney general. The judiciary committee of the house has decided to report favorably the bill to reorganize the judicial districts of Arkansas. The controller of the currency has authorized the Hall National Bank of Mount Vernon, III., to begin business. Capital stock, $50,000. Congressmen from those states in which President Cleveland's order proposes to abolish, are considerably exercised, and several meetings of Republican members were held. The senate in executive session has confirmed the following nominations: S. Penry of California, to be register of the land office at Sacramento; G. B. Corby of California, to be receiver of public moneys at Sacramento, Cal. The controller of the currency has levied an assessment of 100 per cent on the stockholders of the Kittitar Valley National Bank of Ellensburg, Wash., which failed last July. This aggregates $50,000. Most of the stock is held in the East.

8. March 18, 1897 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, March 18, 1897

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The Nation's Capital. The senate has confirmed the nomination in executive session of Isaac H. Lionberger of Missouri to be assistant attorney general. The judiciary committee of the house has decided to report favorably the bill to reorganize the judicial districts of Arkansas. The controller of the currency has authorized the Hall National Bank of Mount Vernon, III., to begin business. Capital stock, $50,000. Congressmen from those states in which President Cleveland's order proposes to abolish, are considerably exercised, and several meetings of Republican members were held. The senate in executive session has confirmed the following nominations: S. Penry of California, to be register of the land office at Sacramento: G. B. Corby of California, to be receiver of public moneys at Sacramento, Cal. The controller of the currency has levied an assessment of 100 per cent on the stockholders of the Kittitar Valley National Bank of Ellensburg, Wash., which failed last July. This aggregates $50,000. Most of the stock is held in the East.

9. July 27, 1901 The Ellensburg Dawn Ellensburg, WA
Article from The Ellensburg Dawn, July 27, 1901

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Summons for Publication in Foreclosure of Tax Lien. In the Superior Court of the State of Washington, for Kittitas county, Vivian Hiddleson, Plaintiff, VS. S.L. Blumauer, Gussie Blumauer, First Na. tional Bank of Portland, Simon Blumaner, S. H. Blumauer, Clara Blumauer, J. C, Hubbell, Receiver of Kittitas Valley National Bank and R. L. Sabin, Defendants. The State of Washington to S. L. Blumauer, Gussie Blumauer, First National Ban k of Portland, Ore., Simon Blumauer S. 11. Blumauer, Clara Blumquer, J.C. Hubbell Receiver of Kittitas Valley National Bank and R. L. Sabin: You are hereby summoned to appear within sixty days alter the date of the last publication of this summons, to-wit, within 60 days of the 16th day of August A. D. 1901, and defend the above entitled action in the above entitled court, and answerthe complaint of the plaintiff and serve a copy of your answer upon the andersigned attorneys for plaintiff, at their office below stated; and in case of your failure so todo, judgment will be rendered against you according to the demand of the complaint, which Has been filed with the clerk of said court. This action is brought upon Certificates of Delinquency numbered 2360 and 2361 issued on the 1st day of May A. D, 1901, by the County of Kittitas, State of Washington, and now owned and held by plaintiff herein, for deiinquent taxes for the years 1893 to 1895, upon the following described real estate situate in the County of Kittitas, State of Washington, to-wit: Lots 9 and 10 in block 18 in First Railroad addition to to Ellensburg, Washington. That the sum due as delinquent taxes upon said property above described and paid by this plaintiff for the years 1893 to 1899 inclusive, is as follows: On lot 9, said block, $35.07, on lot 10, said block, $32.17 to obtain judgment foreclosing the lien thereof and for a sale of said real estate according to law. MIRES & WARNER. Plaintiff's Attorneys. P. O. address Ellensburg, County of Kittitas, Washington.

10. August 3, 1901 The Ellensburg Dawn Ellensburg, WA
Article from The Ellensburg Dawn, August 3, 1901

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Summons for Publication in Foreclosure of Tax Lien. In the Superior Court of the State of Washington, for Kittitas county, Vivian Hiddleson, Plaintiff, vs. S.L. Blumauer, Gussie Blumauer, First Na. tional Bank of Portland, Simon Biumaner, S. H. Blumauer, Clara Blumauer, J. C, Hubbell, Receiver of Kittitas Valley National Bank and R. L. Sabin, Defendants. The State of Washington to S. L. Blumauer, Gussie Blumauer, First National Ban k of Portland, Ore., Simon Blumauer S. H. Blumaner, Clara Blumauer, J.C. Hubbell Receiver of Kittitas Valley National Bank and R. L. Sabin: You are hereby summoned to appear within sixty days alter the date of the last publication of this summons, to-wit, within 60 days of the 16th day of August A. D. 1901, and defend the above entitled action in the above entitled court, and answer the complaint of the plaintiff and ser ve a copy of your answer upon the undersigned attorneys for plaintiff, at their office below stated; and in case of your failure 80 todo, judgment will be rendered against you according to the demand of the complaint, which has been filed with the clerk of said court. This action is brought upon Certificates of Delinonency numbered 2360 and 2361 issued on the 1st day of May A. D, 1901, by the County of Kittitas, State of Washington, and now owned and held by plaintiff herein, for delinquent taxes for the years 1893 to 1895, upon the following described real estate situate in the County of Kittitas, State of Washington, to-wit: Lots 9 and 10 in block 18 in First Railroad addition to to Ellensburg, Washington. That the sum due as delinquent taxes upon said property above described and paid by this plaintiff for the years 1893 to 1899 inclusive, is as follows: On lot 9, said block, $85.07, on lot 10, said block, $32.17 to obtain judgment foreclosing the lien thereof and for a sale of said real estata according to law. MIRES & WARNER. Plaintiff's Attorneys. P. O. address Ellensburg, County of Kittitas, Washington.

11. August 17, 1901 The Ellensburg Dawn Ellensburg, WA
Article from The Ellensburg Dawn, August 17, 1901

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Summons for Publication in Foreclosure of Tax Lien. In the Superior Court of the State of Washington, for Kittitas county. Vivian Hiddleson, Plaintiff, vs. S.L. Blumauer, Gussie Blumauer, First Na. tional Bank of Portland, Simon Blu. mauer, S. H. Blumauer, Clara Blumauer, J. C, Hubbell, Receiver of Kittitas Valley National Bank and R. L. Sabin, Defendants. The State of Washington to S. L. Blumauer, Gussie Blumauer, First National Ban k of Portland, Ore., Simon Blumauer S. H. Blumaner, Clara Blumauer, J.C. Hubbell Receiver of Kittitas Valley National Bank and R. L. Sabin: You are hereby summoned to appear within sixty days after the date of the last publication of this summons, to-wit, within 60 days of the 16th day of August A. D. 1901, and defend the above entitled action in the above entitled court, and answer the complaint of the plaintiff and ser ve a copy of your answer upon the undersigned attorneys for plaintiff, at their office below stated ; and in case of your failure so todo, judgment will be rendered against you according to the demand of the complaint, which has been filed with the clerk of said court. This action is brought upon Certificates of Delinquency numbered 2360 and 2361 issued on the 1st day of May A. D, 1901, by the County of Kittitas, State o! Washington, and now owned and held by plaintiff herein, for delinquent taxes for the years 1893 to 1895, upon the following described real estate situate in the County of Kittitas, State of Washington, to-wit: Lots 9 and 10 in block 18. in First Railroad addition to to Ellensburg, Washington. That the sum due as delinquent taxes upon said property above described and paid bv this plaintiff for the years 1893 to 1899 inclusive, is as follows: On lot 9, said block, $35,07, on lot 10, said block, $32.17 to obtain judgment foreclosing the lien thereof and for a sale of said real estate according to law. MIRES & WARNER. Plaintiff's Attorneys. P. O. address Ellensburg, County of Kittitas, Washington.