22289. First National Bank (Ritzville, WA)

View Charter #5751 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5751
Charter Number
5751
Start Date
August 3, 1933
Location
Ritzville, Washington (47.127, -118.380)

Metadata

Model
gpt-5-mini
Short Digest
c83d537d

Response Measures

None

Description

Articles (Aug 3-4, 1933) describe a reorganization of the Old National Bank and its affiliated Inland Empire country banks, listing Prosser State Bank among twelve country banks that will reopen on a 100 per cent basis. The country banks had been in conservatorship with Old National; the suspension is implied (no explicit suspension date given) and the reopening plan is dated in these articles (Aug 3-4, 1933) with reopening expected by September. Cause of the suspension is tied to the failure/conservatorship of the correspondent/parent Old National Bank.

Events (5)
1. March 21, 1901 Chartered
Source
historical_nic
2. August 3, 1933 Reopening
Newspaper Excerpt
Twelve affiliated Inland Empire country banks will reopen with the Old National ... include: ... Prosser State bank ... The country banks, which will reopen on a 100 per cent basis, include: ... Prosser State bank ... Deposits to be released by the reopening of the country banks amount to about $3,000,000 (Spokane Chronicle, Aug 3, 1933).
Source
newspapers
3. December 14, 1935 Voluntary Liquidation
Source
historical_nic
4. December 14, 1935 Voluntary Liquidation
Source
historical_nic
5. * Suspension
Cause
Correspondent
Cause Details
Affiliated country banks were placed in conservatorship along with the Old National Bank; suspension tied to failure/conservatorship of Old National
Newspaper Excerpt
Twelve affiliated Inland Empire country banks will reopen with the Old National ... include: ... Prosser State bank ... The country banks, which will reopen on a 100 per cent basis
Source
newspapers

Newspaper Articles (4)
1. August 3, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, August 3, 1933

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Article Text

ASK DEPOSITORS TO GIVE O. K. TO REOPENING Reopening of the Old National Bank and Union Trust com pany will be submitted for approval of depositors Friday in letters outlining in detail the plans for reorganization approved by the comptroller of the United States treasury and directors of the Reconstruction Finance corporation. Copies will be mailed to each of the more than 18,000 depositors, A W. Witherspoon, conservator, announced today. The bank is expected to reopen with between $7,000,000 and $8,000,000 of deposits This will include 40 per cent of deposits at the time the bank suspended, plus public funds and special trust accounts now on deposit. Twelve affiliated Inland Empire country banks will reopen with the Old National The country banks, which will reopen on a 100 per cent basis, include: Open Country Banks. Creston State bank, Harrington State bank, First National bank of Medical Lake, First National bank of Moscow. Idaho, Security National bank of Palouse, Prosser State bank, First National bank of Reardan First National bank of Ritzville, State bank of Spangle. Bank of Spirit Lake, Idaho, First National bank in Sprague and First State bank of Washtucna Deposits to be released by the reopening of the country banks amount to about $3,000,000 Mr. Witherspoon and D. W. Twohy. chairman of the board of the Old National. returned just this week from Washington, D. C., where they spent three weeks working out details of the plan and securing approval of officials of the R. C. and the office of the comptroller of the treasury According to the plan. 40 per cent of deposits will be released immediately Certificates of participation in the reserved assets of the bank will be accepted by depositors for the remaining 60 per cent. These certificates will bear Interest at the rate of per and will be liquidated assets of the bank are realized upon after made by the R. C. have been repaid The certificates will be paid off in full. plus interest. before any dividends are paid to holders All of the corporation reserved plus the stock of the Old National and the ated country will be held guarantee of payment of the cer clared today he confident all was depositors eventually will receive 100 per cent of their accounts The will become fective upon of approval the writing by depositors per cent of the gross of provided

2. August 3, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, August 3, 1933

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Article Text

BANK REOPENING PLAN DRAWN UP FOR DEPOSITORS Reopening of the Old National Bank Trust will submitted for of deposiFriday outlining the plan for reorganization approved by the comptroller the United States treasury and directors of the Reconstruction Finance corporation. Copies will be mailed to each of the than depositors, A. W. Witherspoon, conservator, announced today. The bank is expected to reopen with between $7,000,000 and $8,000.000 of deposits. This will include 40 per cent of deposits at the time the bank suspended, plus public funds and special trust accoutns now on deposit. Twelve affiliated Inland Empire banks will the Old National The country banks, which will reopen on 100 per cent basis, include: Open Country Banks. Creston State bank, Harrington State bank, First National bank of Medical First National bank Moscow. Idaho, Security National Palouse, Prosser State bank, First National Reardan, First National Ritzville, State bank Spangle, Bank Spirit Lake, Idaho National Sprague and First State bank of Washtucna Deposits be released by the reopening the country banks amount to Mr. Witherspoon and W. Twohy, chairman the board of the Old National, returned just this week from Washington D. where they spent three weeks working out details of the plan and approval of officials of the and the office of the comptroller of the According to the plan, 40 per cent deposits will be released immediately. Certificates of participation in the reserved assets of the bank will be accepted by depositors the remaining 60 per These certificates will interest at the rate of per cent. and will be liquidated assets of the bank are realized upon after loans made by the repaid. The certificates will be paid off in full, plus interest, before any are paid stockholders the corporation. All plus the stock of the Old National and the affillated country banks, will be held as guarantee of the certificates and Mr. Witherspoon declared he confident all depositors eventually will receive 100 per cent of their The reorganization will become effective immediately upon approval of the plan in writing by representing cent of the gross amount deposits, as provided in the federal banking act of 1933. The date of the will depend upon the promptness with which depositors file consent the plan, Mr. Witherspoon pointed out. Open by September Observers predict the bank will reby September The reorganization has been made by loan of from the corporation as first exclusively the Chronicle Of this amount will be used for the purchase of preferred stock of the Old tional by the Investment and Securiate the bank preferred stock will be put with the security for this portion of the Another 400 will be used meet the obligations the Old tional of the date the recent bank furnish ditional funds for the rehabilitation of bank remaining of the advance chase the Old Na. affiliated now in the conservators operating the state stabilization These assets will purchased by the and Securities

3. August 3, 1933 Spokane Chronicle Spokane, WA
Article from Spokane Chronicle, August 3, 1933

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Article Text

Reopening the Old National Bank Trust will be submitted for approval of depositors Friday outlining tail the plan for reorganization proved by comptroller the United States and directors of the Reconstruction corporation will be mailed of Copies the than W. Witherspoon nounced today. The bank is expected reopen with between and 000 of deposits This include and special trust accounts on deposit Old National The country which reopen on a a 100 per cent include Open Country Greston State bank. Harrington National bank Medical First National bank Moscow Idaho, Security National bank of Palouse, Prosser bank First National of Reardan First National bank Ritzville, State bank Spangle Bank of Spirit Lake Idaho, First National bank in Sprague and First State bank Deposits to be released by the rethe country banks amount to $3,000,000 Mr. Witherspoon and D. W Twohy chairman of the board the Old National returned just this from Washington they spent weeks working out details the plan and apof of the and the office of the comptroller of the the plan 40 per of be released immediate Certificates of par Licipation in the of the bank will be accepted by depositors for remaining 60 These certificates will bear interest the rate of per and will be liquidated assets the bank are realized upon made by the R. C. have been repaid The will be paid off full plus interest before any dividends are paid stockholders of the corporation All assets the plus stock the Old National and the affillated country will be held guarantee of payment of the certificates. and Mr. Witherspoon declared today he was confident all depositors will receive 100 per cent of their The will become efimmediately upon approval the plan writing representing 75 per the gross amount of deposits as provided in Continue on three

4. August 4, 1933 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, August 4, 1933

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Article Text

BANK REOPENING PLAN OUT FRIDAY Old National Will Mail Reorganization Arrangement to All Depositors $7,000,000 TO BE FREED Affiliates Releasing Reopening of the Old National Bank and Union Trust company will be submitted for approval of Friday in letters outlining in tall the plan for reorganization proved by the comptroller the United States treasury and directors of the Reconstruction Finance ration Copies will be mailed to each of the than 18,000 depositors. W. anFriday The bank is expected to reopen with between and This will include 40 000 of deposits. per cent of deposits at the time the bank plus public funds and special trust accounts now on deposit Twelve Country Banks to Reopen Twelve affiliated Inland Empire will reopen with the Old National. The country which will reopen on a 100 per cent Creston bank. Harrington State bank National bank of Medical Lake. First National bank of Moscow Idaho, Security National have bank of Palouse, Prosser bank. there First National bank of Reardan. First National bank Ritzville, State bank Bank of Spirit Lake, Idaho. First National bank in Sprague and First State bank of Deposits to be released by the relate opening of the banks amount to about Await 75 Per Cent Approval. All reserved assets plus the stock of the Old National and the affiliated country will be held as guarantee of payment of the cerThe reorganization will become effective immediately upon approval of the plan in writing by representing 75 per cent of the gross amount of deposits as provided in the federal banking act of 1933 The date of the will de pend upon the promptness with which file consent to the plan Mr Witherspoon predict the bank will reopen by September Emergency Hospital Patients Andy Wood. age E1510 Boone drank half cup of Thursday Emergency Steward Milburn and Dr Max Wright pumped out the child's Carl Anderson 32. S234 Ferrall was treated the emergency hospital er he had been struck by the crank of truck hoist. He was later taken to Sacred Heart