Washington Mutual Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: February 10, 1931
Location: Seattle, Washington (47.606, -122.332)

Metadata

Model: gpt-5-mini
Short Digest: 4ce379ca

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected

Description

Puget Sound Savings & Loan was closed by the state examiner, which precipitated a run on Washington Mutual. Washington Mutual paid all depositors who sought to withdraw and received $10,000,000 from New York; there is no mention of suspension or receivership for Washington Mutual.

Events (1)

1. February 10, 1931 Run

Cause: Local Banks
Cause Details: State examiner closed Puget Sound Savings & Loan Association, precipitating runs on Washington Mutual and other institutions.
Measures: Paid all depositors seeking to withdraw in full; obtained $10,000,000 cash infusion from New York.
Newspaper Excerpt: The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. ... It received $10,000,000 cash today from New York.
Source: newspapers

Newspaper Articles (2)

1. February 7, 1931 The Kusko Times Takotna, Tokotna, McGrath, AK

Article from The Kusko Times, February 7, 1931

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Article Text

RUGET SOUND SAVINGS AND LOAN ASSOCIATON CLOSED BY BANK EXAMINER. RUN ON: WASHINGTON MUTUAL ENDS; CONCERN GETS TEN MILLIONS FROM EAST. SEATTLE, Feb. 10.-The Puget Sound Savings & Loan Association, with deposits of fourteen million dollars, closed Monday on orders from the state bank examiner. The institution is given twenty days in which. to straighten. out its affairs, following which the State will place the concern in the hands of receivers. In any event, claims of the conrern will eventually pay out 90 per rent or better. The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. There was no flurry among the other regular banks whatever. The Washington Mutual Savings Bank has deposits of about $50,000,000.. It received $10,000,000 cash today from New York.

2. February 7, 1931 The Kusko Times McGrath, AK

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Article Text

Big Seattle Institution Goes to Wall RUGET SOUND SAVINGS AND LOAN ASSOCIATON CLOSED BY BANK EXAMINER. RUN ON WASHINGTON MUTUAL ENDS; CONCERN GETS TEN MILLIONS FROM EAST. SEATTLE, Feb. 10.-The Puget Sound Savings & Loan Association, with deposits of fourteen million dollars, closed Monday on orders from the state bank examiner. The institution is given twenty days in which to straighten out its affairs, following which the State will place the concern in the hands of receivers. In any event, claims of the conrern will eventually pay out 90 per rent or better. The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. There was no flurry among the other regular banks whatever. The Washington Mutual Savings Bank has deposits of about $50,000,000. It received $10,000,000 cash today from New York.