22305. Fremont State Bank (Seattle, WA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 30, 1917
Location
Seattle, Washington (47.606, -122.332)

Metadata

Model
gpt-5-mini
Short Digest
1894cec0

Response Measures

Public signal of financial health, Full suspension

Other: Bank was a small suburban state bank owned by Remsberg & Dixon; closed its doors during multi-bank panic in Seattle prompted by failure of Northern Bank & Trust Co.; no evidence of reopening in these articles.

Description

Newspapers from Jan 30-31, 1917 describe a small run on the Fremont State Bank followed by the bank closing its doors (suspension). The run appears to have been triggered by failures/runs at other Seattle banks (Northern Bank & Trust, Broadway State Bank), not by misinformation or bank-specific scandal. No article reports reopening; classify as closure.

Events (3)
1. January 30, 1917 Run
Cause
Local Banks
Cause Details
Run began after failure of Northern Bank & Trust and runs on other Seattle banks (panic spread from other local bank failures).
Measures
Placed sheriffs and plainclothes officers in banks where difficulties were expected; no specific liquidity measure for Fremont reported.
Newspaper Excerpt
A small run has also commenced on the Fremont State Bank, a city suburb.
Source
newspapers
2. January 31, 1917 Other
Newspaper Excerpt
The Fremont State Bank, Remsberg & Dixon, owners, closed their doors last evening. It is thought that others will follow.
Source
newspapers
3. January 31, 1917 Suspension
Cause
Local Banks
Cause Details
Closed following the run and the broader Seattle banking panic precipitated by failures (Northern Bank & Trust, Broadway State Bank).
Newspaper Excerpt
the Fremont State bank, a small suburban institution closed its doors at noon.
Source
newspapers

Newspaper Articles (4)
1. January 31, 1917 The Seward Gateway Seward, AK
Article from The Seward Gateway, January 31, 1917

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Article Text

SEATTLE IS IN GRIP OF FREAK PANIC, FEDERAL RESERVE TO AID BANKS SEATTLE, Wednesday.-Following the run of yesterday, the German-American bank did not open for business today and the Fremont State bank, a small suburban institution closed its doors at noon. The former bank is among the small institutions of the city and was not in a position to meet instant demands for SO much cash, although able to pay out fully. Up to 1:30 o'clock this afternoon offers of cash assistance had been tendered to the Seattle banks by outside institutions in case of need which totaled several hundred millions. San Francisco bankers offered to put $50,000,000 in cash on a special train. Strong support was forthcoming early today for all local banks which have been in any way affected by the closing of the Northern Bank and Trust company yesterday morning. The Seattle clearing house gave notice this morning that all solvent banks, whether members of the clearing house or not, will be given support. This announcement strengthened the situation among the bankers considerably, and it is believed that all but the weakest institutions will be able to get by without outside assistance. The freakishness of the situation is seen in the fact that there is a slight run on the Dexter Horton National bank, the strongest instituation in the Northwest, which carries the largest cash reserve west of Chicago, and north of San Francisco. It is estimated that this bank can pay out cash as fast as the teller can count it for weeks. There is also a slight run on the aNtional Bank of Comnerce, which is almost as strong. The run started yesterday on the People's Savings continues and there is quite a run at the ScandinavianAmerican bank. The officials have examined both of these banks recently and report them perfectly sound. All of the banks with the exception of three are experiencing a heavy rush of business today but for some reason for which there is no apparent cause there is not the slightest excitement around the Seattle National, Union Savings & Trust Company or Bank of Califronia.

2. January 31, 1917 The Washington Herald Washington, DC
Article from The Washington Herald, January 31, 1917

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Article Text

Failure of Seattle Bank Starts 'Runs' on 2 Houses Seattle, Jan. 30.-A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company and the run on the Peoples' Saving Bank. Officials of the bank have posted a notice about the savings deposit windows that no demands will be met in that department unless noticè is given. A small run has also commenced on the Fremont State Bank, a city suburb. Sheriffs and officers in plain clothes have been placed in all banks where difficulties are expected.

3. January 31, 1917 The Daily Progressive-Miner Ketchikan, AK
Article from The Daily Progressive-Miner, January 31, 1917

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Article Text

A Run Is on All Banks In Seattle Two Close Doors German American Bank Fails To Open Its Doors This Morning, Clearing House Gives Notice of Solvency SEATTLE, Jan. 31.-With the exception of three banks, a run by depositors was started yesterday on every bank, principally on the savings institutions. Their halls are full of depositors. who clamor for their savings; although the Clearing House issued a statement that every bank was solvent. This, however, had no moral effect on the stampeders and the run continues. It is thought that some assistance will be given them. The German-American Bank, on which a heavy run was started yesterday, failed to open its doors this morning. The Fremont State Bank, Remsberg & Dixon, owners, closed their doors last evening. It is thought that others will follow.

4. February 3, 1917 Iditarod Pioneer Iditarod, AK
Article from Iditarod Pioneer, February 3, 1917

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Article Text

NORTHERNERS CONCERNED IN SEATTLE BANK FAILURE SEATTLE, Jan. 31.-The Northern Bank & Trust Company, having $1,500,000 deposits, was closed by the state bank examiner yesterday morning. A run was commenced on the institution after the failure of the Broadway State Bank, with which it was once allied. A large number of Alaskans were caught in the bank failure through their acquaintance with W. L. Collier, its president, in the North. Collier, who was merely a clerk, went to Alaska and upon his return blossomed out into a full-fledged banker. Loans of several hundred thousand dollars are said to have been made to the Issaquah-Superior Coal Mining Company, a wildcat concern promoted by Von Alvansade, whose extensive British coal and lumber holdings were confiscated at the beginning of the war. Assistance Offered Other Banks Up to 1:30 p. m. today offers of cash assistance tendered to Seattle banks by outside institutions in case of need totaled several hundred million dollars. The Fremont State Bank, a Remsberg & Dixon property, closed its doors this morning, and the GermanAmerican Bank, upon which there was a run all day yesterday, failed to ope nthis morning. There were runs on all the rest of the Seattle banks this morning, the most persistent being on the savings institutions. The clearing house has given notice that all solvent banks, whether members or not, will be assisted. Federal Reserve Bank Meets Crisis SAN FRANCISCO. Jan. 31.-Sixty-eight million dollars was offered today by the federal reserve bank to the Seattle banks in case they needed it. No Other Banks in Danger SEATTLE, Feb. 1.--The clearing house guarantee has had the effect of stopping all runs save that on the Scandinavian-American Bank, and withdrawals from that institution are not nearly so great as they were yesterday. The clearing house announced this morning that it will "stand behind every bank open for business in Seattle today." Which means that there will not be another closing, regardless of runs.