22389. Old National Bank & Union Trust Company (Spokane, WA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 4668
Charter Number: 4668
Start Date: March 1, 1933*
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: 1bd88270

Response Measures

None

Description

The articles describe the bank having suspended operations about March 1933 (context: the President's bank holiday and subsequent government examination) and later reorganizing with RFC assistance and reopening in October 1933. No run on deposits is described in the articles; suspension appears driven by government action/examination following the banking holiday. Dates are taken from article text and publication dates.

Events (3)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Suspended around March 1933 in the wake of the President's bank holiday and subsequent government examination; conservatorship and examination by comptroller/RFC followed.
Newspaper Excerpt: suspended operations about March
Source: newspapers

2. July 8, 1933 Other

Newspaper Excerpt: Approval of the plan for reorganization reopening of the Old National Bank & Union Trust company has been given by the office of the comptroller the currency at Washington ... dependent upon Reconstruction Finance corporation officials granting $3,850,000 in loans requested Depositors representing 75 per cent of the dollar volume of deposits at the time the bank suspended must approve the plan, when announced, before the bank will be licensed to open and Reconstruction Finance cor. poration funds advanced The plan will release 50 per cent of deposits immediately ... Details of the plan will be held confidential until that time. The application to the Reconstruction Finance corporation for loans includes three points: purchase preferred stock in the reorganized bank and two straight loans to the Investment and Securities company of Spokane, to be passed on ... A. W. Witherspoon, conservator ... will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. ... Depositors will be asked to waive 60 per cent of their deposits ... Forty per cent of deposits will become immediately available ... Reopening of the bank is made possible through a loan of $3,750,000 by the Reconstruction Finance corporation. Reopening of the Old National Bank and Union Trust company will be submitted for approval of depositors ... The bank is expected to reopen with between $7,000,000 and $8,000,000 of deposits ... Twelve affiliated Inland Empire country banks will reopen with the Old National ... The reorganization will become effective immediately upon approval of the plan in writing by depositors representing 75 per cent of the gross amount of deposits ...
Source: newspapers

3. October 9, 1933 Reopening

Newspaper Excerpt: reopening of the Old National bank and Union Trust company ... hailed today in hailing the reopening ... reopening of the Old National bank and Union Trust company Monday ... full government approval received with general satisfaction ... the new institution has complied with all the requirements ... reopening after the searching examination conducted by the government is tribute to the who have shaped its policy and is reassuring to its patrons and to the general public
Source: newspapers

Newspaper Articles (8)

1. July 8, 1933 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, July 8, 1933

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Article Text

WAIT C. COIN AT OLD NATIONAL Approval of the plan for reorganization reopening of the Old National Bank & Union Trust company has been given by the office of the comptroller the currency at Washington. dependent upon Reconstruction Finance corporation officials granting $3,850,000 in loans requested Action on the loans by the Reconstruction Finance corporation is ex pected about week The Spokane loan agency of the Reconstruction Finance corporation already has placed its stamp of complete approval on the plan, so regarded the loans will be sanctioned by the board at the national It the report assets of the institution, made by the local Finance corporation examiners, that Washington city officials now are studying to make their decision Give 50 Per Cent. The plan will release 50 per cent of deposits immediately. it is understood. with the balance forthcoming in installments as assets are liquidated. Such are the highlights of word to the Chronicle today from its correspondent at Washington city. Once the plan is approved by both the Reconstruction Finance corporation and the comptroller's office at Washington, it will be announced nere and submitted to depositors Details of the plan will be held confidential until that time. however. the correspondent was informed Depositors representing 75 per cent of the dollar volume of deposits at the time the bank suspended must approve the plan, when announced, before the bank will be licensed to open and Reconstruction Finance cor. poration funds advanced The application to the Reconstruetion Finance corporation for loans includes three points: purchase preferred stock in the reorganized bank and two straight loans to the Investment and Securities company of Spokane, to be passed on to the one for and the other for Approval the request for purchase of preferred stock confidently expected as granting of the $2.500,000 loan. If just these two requests are approved. the bank probably will reopen only 40 per cent deposits immediately available. However, the third loan also expected to be made, thus boosting the reopening figure to 50 per cent. The applications now are in the examining division and will not go before the board for final action for another and D. W. Twohy both are in Washington conferring with officials on the

2. July 25, 1933 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, July 25, 1933

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Article Text

SOON WILL TELL OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury departDepositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business, Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become immediately available, with the remaining 60 per cent forthcoming through orderly liquidation. "I am confident depositors eventually will receive 100 cents on the dollar,' Mr. Witherspoon declared. Reopening of the bank is made possible through a loan of $3,750,000 by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday by Jesse Jones, chairman of the Reconstruction Finance corporation. in personal statement to this newspaper's correspondent at the capital Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. A sum of $2 400,000 will be allocated to the Old National to take care of obligations outstanding at the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

3. July 25, 1933 Spokane Chronicle Spokane, WA

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Article Text

SOON WILL TELL DEPOSITORS PLAN OF NATIONAL A. W. conservator the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today the Chronicle's correspondent Washington, following formal announcement there last evening of approval of the plan by the comptroller of the currency as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings executive secretary of the United States treasury department Depositors will be asked to waive 60 per cent their deposits before the bank throws open its doors for business, Mr Witherspoon said. Waivers will be required from depositors representing of the dollar volume of deposits before the bank reopen. Pay 40 Per Cent. Forty deposits will come immediately available, with the remaining 60 per cent forthcoming through orderly liquidation. am confident depositors event ually will receive 100 cents on the dollar Mr Witherspoon declared. Recpening of the bank made sible through loan of by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday Jesse Jones, chairman of the Reconstruction Finance corporation. in personal statement to this newspaper's correspondent at the capital Of this loan, $500,000 will go for purchase of preferred stock the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. sum of 400,000 will allocated to the Old National to take care of obligations outstanding the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

4. July 25, 1933 Spokane Chronicle Spokane, WA

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STOCK MARKET HEADS UPWARD SOON WILL TELL DEPOSITORS PLAN OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury department. Depositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business. Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become available, with the remaining 60 per cent forthcoming through orderly liquidation. "I am confident depositors eventually will receive 100 cents on the dollar, Mr. Witherspoon declared. Recpening of the bank made possible through a loan of $3,750,000 by the Reconstruction corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday Jesse Jones, chairman of the Reconstruction Finance corporation. in a personal statement to this newspaper's correspondent at the capital. Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. sum of $2,400,000 will be allocated to the Old National to take care of ligations outstanding at the time the bank suspended operations about March The remaining $850,000 will used to pay off obligations of the affiliated banks.

5. July 26, 1933 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, July 26, 1933

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Article Text

SOON WILL TELL OF OLD NATIONAL A. W. Witherspoon, conservator of the Old National Bank & Union Trust company, will arrive in Spokane the first of next week to submit to depositors the plan for reorganization and reopening of the bank and its closed country affiliates. He made this statement today to the Chronicle's correspondent at Washington, D. C., following formal announcement there last evening of approval of the plan by the comptroller of the currency, as foretold in an exclusive statement published in the Chronicle last Wednesday from Walter Cummings, executive secretary of the United States treasury department. Depositors will be asked to waive 60 per cent of their deposits before the bank throws open its doors for business, Mr. Witherspoon said. Waivers will be required from depositors representing three-fourths of the dollar volume of deposits before the bank can reopen. Pay 40 Per Cent. Forty per cent of deposits will become immediately available, with the remaining 60 per cent forthcoming through orderly liquidation am confident depositors eventually will receive 100 cents on the dollar," Mr. Witherspoon declared. Reopening of the bank is made possible through a loan of $3,750,000 by the Reconstruction Finance corporation. Announcement of this loan was made exclusively to the Chronicle last Tuesday by Jesse Jones, chairman of the Reconstruction Finance corporation, in a personal statement to this newspaper's correspondent at the capital. Of this loan, $500,000 will go for purchase of preferred stock in the reorganized Old National Bank & Union Trust company of Spokane, to rehabilitate the capital structure. A sum of $2,400,000 will be allocated to the Old National to take care of obligations outstanding at the time the bank suspended operations about March The remaining $850,000 will be used to pay off obligations of the affiliated banks.

6. August 3, 1933 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, August 3, 1933

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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

7. August 4, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, August 4, 1933

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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

8. October 7, 1933 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, October 7, 1933

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GREET REOPENING OF OLD NATIONAL Leaders throughout the community joined today in hailing the reopening Trust company Monday Cause of Rejoicing Fred K. of the Chamber of Commerc tended hearty to the new bank and its officers reopening of the Old National bank and Union Trust company day cause for rejoicing not only Spokane but throughout the In- 30 land Empire and will cause increased vigor and prosperity surge through the business life of the community and tributary territory "For more years than most of us have been residents of the Inland Empire the Old National bank and Union Trust company standing among the financial instituthe Inland Empire Even months when due to beyond the of those of bank the usual unavoidable has continued minds ing of unshaken loyalty 50 towards the management of that bank Now that the financial affairs of the bank have been adjusted with the result that the bank being reopened with the approval of the comptroller the United the Old National bank and Union Trust company should and unquestionably will again take its proper place the business and affairs of Spokane and the Inland Empire Continue Loyal Support dent officers directors and employees that bank the business interests of Spokane and the Inland Empire extend hearty and we bespeak for that bank continuance of the loyal support that the bank has enjoyed in the past Important Step Forward The Rev William Condon pastor of St. Augustine's church. was equally outspoken of the Old National Bank and Union Trust will generally regarded as most im portant step toward the of normal conditions in and the expected for the an nouncement of definite date for reopening with full government approval received with general sat isfaction not only by its patrons but by the community at large "The Old National bank and its affiliated institutions have large measure sustained business and industry in this community for over quarter of century. and the public confidence which it enjoyed could not be shaken during the trying times that have followed president's bank holiday Its reopening after the searching examination conducted by the government is tribute to the who have shaped its policy and is reassuring to its patrons and to the general public As understand it. the new institution has with all the requirements for membership in the Federal Deposit corwhich first will guarantee all $2500 up This feature of the new banking law will to confidence and with the support and operation its legion of the institution of the Pacific northwest Another Milestone R M Hardy president of the Yak First National Bank of Yakima made the following statement reopening of the Old National Bank and Union Trust company another progress toward return to normaley in the bank ing business The of this in the Inland Empire with its large number throughout Washington northern makes their reopening of primary importance management is to be gratulated the success of habilitation plans Impetus to Business The Ray S. Dum pastor of the Central church said We welcome the reopening of the Old National Bank and Union Trust and the inevitable impetus which such reopening give to the business life We covet for the organized personnel of the bank the and cooperation of the people of Spo kane