Bank of Farmington - Farmington, WA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 19, 1929
Location: Farmington, Washington (47.089, -117.044)

Metadata

Model: gpt-5-mini
Short Digest: f5b438e6

Response Measures

None

Description

The Bank of Farmington (WA) did not open on Jan 19, 1929 and was turned over to the state banking department for liquidation after its close affiliation and large deposits with the failed Exchange National Bank of Spokane. No run is described; the bank was suspended and placed into liquidation (closure).

Events (1)

1. January 19, 1929 Suspension

Cause: Correspondent
Cause Details: Closely affiliated with Exchange National Bank of Spokane; had large deposits there which were tied up when Exchange National closed, prompting Farmington to be closed and turned over for liquidation.
Newspaper Excerpt: This bank did not open its doors this morning and turned over [to the] state banking department for liquidation.
Source: newspapers

Newspaper Articles (3)

1. January 19, 1929 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, January 19, 1929

Click image to open full size in new tab

Article Text

Harry C. Johnson Tells Chronicle Nothing to Be Feared-Explains. "State banks of the Inland Empire will not be affected by the closing of the Exchange National bank of Spokane, Harry C. Johnson, state superintendent of banking, said today. Exception. "The only exception to this is the Bank Farmington, which was practically entirely owned by officers directors of the Exchange National bank. This bank did not open its doors this mornand state banking department for the state banks were cleaned and put first-class shape time Fred Herrick turned assets over board of creditors. At that time, an assessment put the stockholders of the Bank of this was paid. The bank had large deposit with the Exchange National bank, which course will tied up til the receiver makes payment dividends the Exchange. "The Bank Farmington is one of the best banks in eastern Washington, but due its close affiliation the Exchange National bank, developed among its depositors and was felt the best course close bank order to equally protect all depositors. Pay Out. "There that this bank will liquidate satisfactorily reasonable period and 100 per cent. This is the first time remember when the state banking department been to make that statement. about closed Kinzie, cashier of the Bank of Farmington, credit for his management and the past success of institution. has paid substantial dividends continuously for several the Herrick items and the closing of the Exchange National would be question but this bank would maintain past successful record. Farmington has capital $25,000, surplus of undivided profits $8000 and total resources of $332,000.

2. January 19, 1929 Spokane Chronicle Spokane, WA

Click image to open full size in new tab

Article Text

Harry C. Johnson, Tells Chronicle Nothing to Be Feared-Explains. "State banks of the Inland Empire will not be affected by the closing of the Exchange National bank of. Spokane,' Harry C. Johnson, state superintendent of banking, said today. One Exception. "The only exception to this is the Bank of Farmington, which practically entirely owned by the officers directors of the Exchange National bank. This bank did open its doors this and has turned the state banking department for liquidation 'All the state banks cleaned up and put first-class shape the time Fred Herrick turned his assets over board of creditors. At that time, an assessment was put stockholders of the Bank of this was paid. The bank also had on with the Exchange National bank, which will be tied up until the receiver makes payment of dividends the Exchange. "The Bank Farmington is one of the best banks eastern Washington, but due its close affiliaExchange National veloped among its depositors and was felt the best course to close bank order to equally protect all its depositors. WILL Pay Out. "There is that this bank will liquidate satisfactorily within reasonable period and 100 per cent. This the first time remember when the state banking department has been able to make statement about closed Kinzie, cashier of the Farmington, credit for his the past sucinstitution. substantial dividends continuously for several not for the Herrick items and the closing of the Exchange National bank, there would question but that bank would maintain its past record. of Farmington has capital of $25,000, surplus of undivided profits $8000 and total resources of

3. January 19, 1929 Spokane Chronicle Spokane, WA

Click image to open full size in new tab

Article Text

Harry C. Johnson Tells Chronicle Nothing to Be Feared-Explains. "State banks of the Inland Empire will not be affected by the closing of the Exchange National bank of Spokane,' Harry C. Johnson, state superintendent of banking, said today. One Exception. "The exception to this is the Bank Farmington, which was practically entirely owned by the officers and directors the change bank. This bank did not open its doors this morning and turned over state banking department for liquidation. "All the state banks were cleaned and put in first-class shape the time Fred Herrick turned his board of creditors. time, was put of the Bank Farmington. However, this was paid. The also had very large on deposit with the Exchange National bank, which of course will be tied up til the receiver makes payment of dividends the Exchange. Bank of Farmington is one of the best banks in Washington, but due its close affiliathe bank, considerable veloped among its depositors and was felt the best course was close the bank order to equally protect all depositors. WIII Pay Out. "There is question that this bank liquidate satisfactorily within reasonable period and pay out 100 per cent. This is the first time remember when the state banking department has been to make that statement about closed bank. Kinzle, cashier the Bank Farmington, credit for his management and the past cess the institution. has paid substantial dividends continuously for several "Were the Herrick items the closing of the National there would be question but that this bank maintain its past successful record. Farmington has capital $25,000, surplus $10,000, undivided profits of $8000 and total resources of $332,000.