Farmers National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11416
Charter Number: 11416
Start Date: May 16, 1931
Location: Pomeroy, Washington (46.475, -117.603)

Metadata

Model: gpt-5-mini
Short Digest: 99636477

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1931-05-19
Date receivership terminated: 1938-04-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 35.8%
Share of assets assessed as doubtful: 54.6%
Share of assets assessed as worthless: 9.6%

Description

The articles state the bank failed last May 16 (1931) and a receiver (James E. Drain) was handling affairs. No contemporaneous run is described. A receiver paid dividends later (1936), indicating the bank remained closed and in receivership rather than reopening as an operating bank.

Events (5)

1. August 1, 1919 Chartered

Source: historical_nic

2. May 16, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failure/insolvency leading to closure; articles attribute failure to prior business conditions and note receiver handling affairs after May 16 failure.
Newspaper Excerpt: which failed last May 16, to pay its obligations in full, James E. Drain, receiver, said.
Source: newspapers

3. May 19, 1931 Receivership

Source: historical_nic

4. August 13, 1931 Receivership

Newspaper Excerpt: Drain is handling the Receiver Pomeroy ... he has the affairs of Pomeroy Farmers' National ... the receiver's office spending all his time ... handling his office Spokane ... Drain, receiver, said .
Source: newspapers

5. January 2, 1936 Other

Newspaper Excerpt: Depositors of the Farmers' National bank of Pomeroy will receive a dividend of 15 per cent. ... the receiver announces .
Source: newspapers

Newspaper Articles (3)

1. August 13, 1931 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, August 13, 1931

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Article Text

POMEROY BANK FUNDS DRIBBLE IN Assessment of 100 Per Cent Against $50,000 Capital Stock Being Paid. James A. Drain spent Monday and Tuesday he of the which failed May of An per cent was against the capital the bank, payable by August 10 stated yesterday that is coming in this price of wheat and business conditions. The bank deposits Drain is handling the Receiver Pomeroy as of the with City both of Spothe he has the affairs of visits to Pomeroy Farmers' National handled his office Spokane Janasen of the receiver's office spending all his time the office the National at Pomeroy.

2. November 19, 1931 White Bluffs Spokesman White Bluffs, WA

Article from White Bluffs Spokesman, November 19, 1931

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Article Text

WASHINGTON NEWS ITEMS OF INTEREST Brief Resume of Happenings of the Week Collected for Our Readers. THE MARKETS Portland Wheat - Big Bend bluestem. hard white, 85c soft white and western white, hard winter, northern spring and western red, 70c. Hay-Buying price, f. O. b. Portland: Alfalfa, $14@14.50; valley timothy, $15@15.50; eastern Oregon timothy, $18@18.50; clover, $11; oat hay, $11; oats and vetch, $12@12.50. Butterfat-28@31c. Eggs-Ranch, 17@29c. Cattle-Steers, good, $6.00@6.75. Hogs-Good to choice, $4.65@5.25. Lambs-Good to choice, $5@5.50. Seattle Wheat-Soft white, western white, 72c; hard winter, northern spring, 74c; western red, 73c; bluestem, 84c. Butterfat-33e. Eggs-Ranch, 18@35c. Cattle-Choice steers, $6@6.75. Hogs-Good to choice, $5.25@5.35. Lambs-Choice, $5@5.50. Spokane Cattle-Steers, good, $5.25@6. Hogs-Good to choice, $4.85@5. Lambs-Medium to good, $4@4.50. The Seattle Gas company announced a new rate, offering reductions of from 5 to 30 per cent on former schedules, taking effect on November 16. Fire, believed to have started from refuse, damaged the Gruber-Docherty lumber mill at Yelm to the extent of $60,000, according to reports made to fire department officials. Walla Walla has spent $209,056 in public improvements this year. Of this amount $116,248 was spent in restoring sidewalks and bulkheads damaged by a flood in March. Sir Harry Lauder, Scottish comedian, has sent an order from his home in Scotland for six boxes of Washington apples, two each of Winesaps, Spitzenbergs and Newtons. Edward Remy, widely known fruit grower, died at his home in Yakima. He was a leading horticultural experimenter and developed the King Albert cherry, named after the king of Belgium. William H. Hobson, superintendent of the Greenwood Logging company, was killed in an accident in the Wishkah valley when a speeder he was riding jumped the track and crushed him beneath it. The dairy industry in the state, particularly east of the Cascades, is in a healthy condition, according to State Dairy Inspector Kennewick. Low feed costs and favorable butterfat returns are responsible. Rising grain prices may help the Farmers National bank at Pomeroy, which failed last May 16, to pay its obligations in full, James E. Drain, receiver, said. A first dividend of 20 per cent was paid last week. What is believed to be the first inter-school algebra contest was held in Olympia recently, when Olympia high school's freshman squad of mathematicians won a 9 to 0 victory over the six-man team of Littlerock high. Only a few moments before he would have entered it, the car of Jack McCauley, Twisp, was utterly demolished in an explosion in what apparently was an attempt on McCauley's life. McCauley is a brother of the sheriff. Elsie May Crego, 16-months-old, the daughter of Captain and Mrs. William Crego of the Salvation Army post at Kelso, is alive as a result of the successful removal of a three-cornered piece of chicken bone from her throat by three Portland specialists. The Kelso-Portland Navigation company is planning to run a small boat to Toledo to augment service by a larger boat between Kelso and Portland. It is 20 years since boats were operated between Kelso and Toledo giving freight and passenger service. Police dogs have a reputation for being a bit stern and impatient, but the rule does not always apply. This was proven at Hoquiam recently. A two-year-old female police dog, owned by Mrs. Harry Madsen arrived home

3. January 2, 1936 Coulee City Dispatch Coulee City, WA

Article from Coulee City Dispatch, January 2, 1936

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Article Text

WASHINGTON NEWS ITEMS OF INTEREST Brief Resume of Happenings of the Week Collected for Our Readers Pomeroy-Depositors of the Farmers' National bank of Pomeroy will receive a dividend of 15 per cent. for a Christmas present, the receiver announces. Seattle-Pursuing a robber suspect, Smith Christensen, a Seattle taxicab driver, pinned the man against the wall with his cab and then subdued him with an automobile crank. Christensen used his car because he had a wooden leg and was unable to give chase on foot. Seattle-Five stories above third avenue a seagull knocked a butter dish off a window sill, and H. G. Leschander, elderly Port Blakely man, had to be told later what hit him. Leschander was knocked unconscious by the falling dish. Passersby picked him up and took him to a doctor's office. Aberdeen - Police, called to a down-town corner here by a report of a fist fight, saw two aged men exchanging furious blows. One gave his age as 74, the other 70. The elder claimed it was his first fight. Because both are "fine old gentlemen" their names were withheld. They were released after first-aid treatment. The fight started after an argument over the merits of the Townsend plan. Chewelah-Bank of Chewelah depositors received through the mail checks for an 8 per cent. dividend. According to a 10 per cent. dividend of $9000 last year, it will mean about $7200 more in circulation. More than 500 depositors will receive checks. It was the fifth dividend paid by the defunct bank and brought the total paid to 47 per cent. The checks were released by M. O. Page, Deer Park, Wash., liquidator. Wenatchee-Reading about the apple crop freeze in central Washington, a Minnesota storekeeper has sent 12 pairs of overalls, shoes and overshoes and other clothing to be distributed to children of ranchers who lost their crops. At a Rotary luncheon it was announced that 480 suits of underwear and several hundred pairs of shoes, overshoes and stockings had been supplied pupils so far this year by private and public relief agencies. Hoquiam-Hoquiam looks forward to its largest industrial payroll in four years. The employment increase will be made possible through-the addition of 300 men to payrolls of the Grays Harbor Lumber company, Hoquiam, and the Greenwood Logging company within the next two weeks. The lumber company officials said its plant will go on a two-shift basis January 2. The logging company announced its camps, closed since May 6, will reopen soon after Christmas. Gig Harbor-Another call for the ichthyologists-and a hurry call at that. The present subject is a chocolate brown fish, seven feet long-and weighing over 100 pounds. Its meat is white-like halibut-and investigators reported it has a craw like a chicken. The fish was washed up on Wauna tideflats and thus far has stymied local experts who sought to identify it. The hurry? Well, nearby residents just think it's been sitting around about long enough. Okanogan-The E. Wagner & Son sawmill here has just completed its season's run and Otto H. Wagner, manager, said it broke all records for production, consuming 225,000 manhours of labor and turning out more than 13,000,000 feet of lumber. It was almost double the production last year. Wagner believes 1936 will be an excellent year for the lumber business The has in the