Article Text
SPOKANE BANK FAILS. SPOKANE, February 8.-The Inland bank has gone into the hands of a receiver.
22384. Inland bank (Spokane, WA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- February 8, 1908
- Location
- Spokane, Washington (47.659, -117.426)
Metadata
- Model
- gpt-5-mini
- Short Digest
2cedcfdb
Response Measures
None
Description
Articles report the Inland Bank of Spokane going into the hands of a receiver (Feb 8, 1908) and remaining defunct thereafter; no article describes a depositor run. Receiver A. W. Meier handled affairs; the president was later arrested on charges of taking deposits while insolvent. Attempts at reorganization/sale occurred but the bank remained under receivership/defunct — consistent with suspension leading to permanent closure. I corrected no names/dates beyond OCR fixes; bank type not specified in articles.
Events (2)
1.
February 8, 1908
Receivership
- Newspaper Excerpt
- A receiver has been appointed for the Inland bank at Spokane on application of one of the stockholders. The capital is $15,000, deposits $33,000. (Feb 19/20 reports restating receiver appointment.)
- Source
- newspapers
2.
February 8, 1908
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank insolvent; receiver appointed after insolvency concerns (application by stockholder; examiner demanded increased capital).
- Newspaper Excerpt
- SPOKANE BANK FAILS. SPOKANE, February 8.-The Inland bank has gone into the hands of a receiver.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
WILL REOPEN INLAND BANK Steps to reopen the Inland bank in the near future were taken at a meeting held by depositors last night. A motion was adopted to accept certificates of deposit from a proposed new management and a committee consisting of C. Sinclaire, A. C. Clausen and Charles Liddell was appointed to confer with parties interested in financing reorganization. R. E. Cavette, president of the bank, agreed to transfer his interests to a new management acceptable to the depositors. His shares amount to $10,000 of the capital of $15,000. Receiver Meier, in a general statement showed that the total liabilities of the bank amounted to $32,500, with probable assets of $35,000 if they can be realized under normal conditions.
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LABOR AND BUSINESS. The Stoughton Wagon works, which have been shut down since before Christmas, have resumed work with a light force. A receiver has been appointed for the Inland bank at Spokane on application of one of the stockholders. The capital is $15,000, deposits $33,000. Levi Cox of Holcombe has been given a contract by the Omaha railroad to deliver 18,000 ties along the dump of the branch line running from this city to Holcombe. John B. Deagan has been appointed permanent receiver of the New England Trust company, Providence R. I. Prospects for an early dividend to depositors are not bright. The tube plant of the Mark Manufacturing company, at Zanesville, Ohio, employing 700, has resumed work and the Roseville pottery, emiploying 300 resumed on half time. The American Trust and Savings bank of Chicago has been appointed receiver to take charge of Joseph
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Article Text
LABOR AND BUSINESS. The Stoughton Wagon works, which have been shut down since before Christmas, have resumed work with a light force. A receiver has been appointed for the Inland bank at Spokane on application of one of the stockholders. The capital is $15,000, deposits $33,000 Levi Cox of Holcombe has been given a contract by the Omaha railroad to deliver 18,000 ties along the dump of the branch line running from this city to Holcombe. John B. Deagan has been appointed permanent receiver of the New England Trust company, Providence R. I. Prospects for an early dividend to depositors are not bright. The tube plant of the Mark Manufacturing company, at Zanesville, Ohio, employing 700, has resumed work and the Roseville pottery, employing 300 resumed on half time.
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SAYS BANK HAS DOCUMENT In a published interview Sunday Dr. C. P. Thomas said that Robert Cavette, of the defunct Inland bank, had only a verbal option on the apartment house at Seventh and Oak, and unless he paid $4,000 advanced him by March 1, he would forfeit any title to the property. In reply Receiver A. W. Meier this afternoon said that he has an unrecorded instrument which will refute the physician's statement. Mr. Meier said he did not wish to go into details as to the contents of the instrument, or the bank's affairs. The committee appointed to secure a purchaser has not yet reported progress.
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# WILL REORGANIZE BANK Receiver A. W. Meier, of the Inland bank, today stated that all the depositors of the defunct institution were signing up for the reorganization of the bank under the proposed scheme whereby depositors are to take stock in payment for the money they have in the bank.
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BANKER ARRESTED (By United Press.) SPOKANE, April 10.-Robert E. Cavette, president of the Inland bank, which went into the hands of a receiver about three months ago, has been arrested, charged with receiving deposits after he knew the bank was Insolvent. Ball was fixed at $2,500, but the prisoner has failed to get bondsmen. J. H. Spannagel, one of the bank's principal depositors, says that the liabilities are $24,000 and that the assets are about $6,000. The prisoner declares that the liabilities are about $32,000 and that the assets, mostly in real estate, will reach almost the same figure.
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# HEAD OF DEFUNCT # BANK ARRESTED Robert E. Cavette, of the defunct Inland bank, was arrested yesterday on complaint of L. K. Lefevre, of the Club pharmacy, who charges that he accepted deposits after knowing that the bank was insolvent. Cavette says he will prove the contrary when given the opportunity, because as soon as the bank examiner demanded that the deposits be swelled to $25,000, which required $10,000 additional, he applied for a receiver. The bank, he considered solvent until the examiner made this demand.
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# CAN'T FIND # DEPOSITORS Receiver A. W. Meier of the defunct Inland bank states today that he will soon apply to the courts to sell the bank franchise to the highest bidder, irrespective of whom the bidder might be. This will give anyone who desires the franchise an opportunity to show the court what he will do. At present two offers have been made. H. L. McWilliams offers to pay $8,000 to the receiver unconditionally to be paid to depositors pro rata. This the receiver thinks would pay off about 25 per cent, as indications are that a lot of depositors will not prove their claims. Letters addressed to about 60 of them have been returned by the postoffice department, as they have probably moved without leaving forwarding addresses. O. W. Macdonald of Victoria, B. C., has also offered to take over the bank for $10,000, pay 33 1-3 per cent of the deposits under $10 and the rest in stock redeemable in two years. Mr Macdonald, however, has not made his offer binding, it is stated, while McWilliams has deposited $800 earnest money. Mr. Mcdonald has retained Attorney A. C. Clausen to negotiate the deal for him. Mr. Clausen represents three or four of the interested creditors, Robert V. Cavette, the former owner of the bank, will be tried before the superior court on a charge of receiving money after he knew the affairs of the bank were shaky, sometime this fall.
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# TO ORDER BANK SALE Authorization of the sale of the franchise of the Inland bank will probably be made tomorrow by Judge Huneke before whom the matter is to come up. There have been two offers made to Receiver A. W. Meier, one to pay off depositors at 25 per cent and another to pay off 33 1-3 per cent of the deposits less than $10 and to pay the balance in stock redeemable in two years.