First National Bank (Vancouver, WA)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
April 20, 1901
Location
Vancouver, Washington (45.639, -122.661)
Bank Type
national
Charter Number
3031

Metadata

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1901-04-20
Date receivership terminated
1904-06-14
OCC cause of failure
Fraud
Share of assets assessed as good
55.0%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
4.4%

Notes

President and cashier reportedly committed suicide after the bank's closure.

Events (6)

1. August 15, 1883 Chartered
Source
historical_nic
2. April 20, 1901 Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller/Controller of the Currency on recommendation of examiner after discovery of an ~$81,000 shortage.
Newspaper Excerpt
The doors of the First National Bank, Vancouver, Wash., were closed today under instructions from the controller of the currency upon the recommendation of National Bank Examiner J. r W. Maxwell and a report from him that during the course of his examination of the bank he had discovered a shortage of about $81,000.
Source
newspapers
3. April 20, 1901 Receivership
Newspaper Excerpt
Examiner Maxwell has been placed in charge as temporary receiver.
Source
newspapers
4. April 20, 1901 Receivership
Source
historical_nic
5. June 20, 1901 Other
Newspaper Excerpt
A dividend of 50 per cent has been declared by Receiver Maxwell in favor of the depositors of the First National bank of Vancouver.
Source
newspapers
6. July 16, 1901 Other
Newspaper Excerpt
The Comptroller of the Currency has appointed Dr. A. B. Eastham, of Vancouver, Wash., permanent receiver of the insolvent First National Bank of that city.
Source
newspapers

Newspaper Articles (21)

Article from Evening Star, April 20, 1901

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CLOSED BY THE CONTROLLER

Shortage Reported in Accounts of First National Bank of Vancouver. The doors of the First National Bank, Vancouver, Wash., were closed today under instructions from the controller of the currency upon the recommendation of National Bank Examiner J. r W. Maxwell and a report from him that during the course of his examination of the bank he had discovered a shortage of about $81,000. Examiner Maxwell has been placed in charge as temporary receiver. The following is a statement of the condition of the bank as shown by its last sworn report to the controller of the currency, under the date of February 5, 1901: Capital stock, $50,000; surplus and undivided profits. $9,874; circulation, $12.500; deposits, $230,973; total liabilities, $303,348; total resources, $303,348.


Article from The Morning Astorian, April 21, 1901

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SHORTAGE DISCOVERED

WASHINGTON, April 20.-The doors. of the First National Bank of Vancouver, Wash., were closed today under instructions from the comptroller of the currency upon recommendation of National Bank Examiner J. W. Maxwell and information from him that during the course of an examination of the bank he had discovered a shortage of about $81,000. Examiner Maxwell has been placed in charge as temporary receiver. Following is the statement of the condition of the bank as shown by its last. report to the comptroller of the currency, under date of February 5, 1901: Capital stock, $50,000; surplus and undivided profits, $9874; circulation, $12.500; deposits, $230,973; total liabilities, $303,348.


Article from Daily Kennebec Journal, April 22, 1901

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THE SAME REVOLVER Used by President and Cashier in Committing Suicide. They Wreck the First National Bank of Vancouver, Wash., And Unable to Stand the Disgrace End Their Lives Together. Vancouver, Wash, April 21.-Charles Brown and E. L. Canby, president and cashier respectively of the First National Bank of Vancouver, which was closed, yesterday, by the comptroller of the currency, committed suielde, last night, two miles from this city, by shooting themselves with a revolver. Their bodies were found, this morning, lying together in a small clump of


Article from The Brownsville Daily Herald, April 25, 1901

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Late Items

The Ohio valley flood was not SO bad as auticipated, though it did great damage at some points. The president and cashier of the First National bank of Vancouver, Wash., both committed suicide. The bank had suspended on account of a shortage of $81,000, the two officials confessing themselves guilty. The MΔ™xican people are generally pleased at the restoration of diplomatic relations with Austria. The Standard Oil company will declare il dividend of 20 per cent May 1,0n its capital stock of $100,000,000. Its shares are now quoted at $805.


Article from The Fulton County News, April 25, 1901

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SHORTAGE OF $81,000. First National Bank of Vancouver, Wash., Closed by Comptroller. Washington (Special).-The doors of the First National Bank, Vancouver, Wash., were closed Saturday under instructions from the comptroller of the currency upon recommendation of National Bank Examiner J. W. Maxwell and a report from him that during the course of his examination of the bank he had discovered a shortage of about $81,000. Examiner Maxwell has been placed in charge as temporary receiver. The following is a statement of the condition of the bank as shown by its last sworn report to the comptroller of the currency, under date of February 5, 1901: Capital stock, $50,000; surplus and undivided profits, $9874; circulation, $12,500; deposits $230,973; total liabilities, $303,348; total resources, $303,348.


Article from The Morning Astorian, May 9, 1901

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MAXWELL MAILS REPORT

But Tells Public Nothing Concerning Condition of Defunct Vancouver Bank. VANCOUVER, Wash., May 8.-Bank Examiner J. W. Maxwell, now temporary receiver of the defunct First National Bank of Vancouver, malled his report on the condition of the bank to the controller of the currency today. No inkling of the actual condition of the bank's affairs or the nature of his report has reached the ears of the public.


Article from The Billings Gazette, May 17, 1901

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SOME WERE CAUGHT

It would, indeed, have been remarkable had not some of the banks of the country been caught in the maelstrom of last week through the mistaken notion of their officials that they were safe in using the funds entrusted to them for the purpose of increasing their private fortunes by taking a "flyer" on the exchange. Since the excitement has aied out seven officials of national banks have been found out as having "gone wrong," according to reports from Washington. While all the details have not been learned as to what the officials did with the money they took, it is the opinion at the office of the comptroller of the currency that in every case speculation in some form is responsible* for the shortage. Four of the banks have been compelled to suspend. With the exception of one case, all the defalcations came to light while the bull boom in stocks was on, when many of the speculators were making money and apparently believing that there was no end to the advance in prices. The comptroiler's office believes that others will be heard of, cases where some of the officers or employes of the banks used funds illegally. The affected banks are scattered over a large area of the country, showing that the fever for suddenly getting rich was not peculiar to any one section. As shown by the figures obtainable the total of the seven shortages is $438,000. Of this shortage the largest amount IS charged up to the Farmers' National bank of Vergennes, Vermont, which is reported to have a discrepancy of $150,000. Away up in Washington state a bank, the First National of Vancouver, is behind $81,000. Of course, none of the men responsible for the shortages intended to steal the money. They expected to use it for a few days only, until they could unload, and then make good without anybody knowing the least concerning the transaction. They were simply weak men, who could not resist the temptation to gamble, a weakness with which many Americans, unfortunately, are affected, and who are every ready to grasp at the illusive opportunities presented on the stock exchanges to suddenly and easily grow wealthy, not having the patience or ability to accumulate riches in the legitimate way.


Article from The Kalispell Bee, June 20, 1901

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GET THEIR MONEY BACK

By Associated Press: Van Couver, Wash., June 20.-A dividend of 50 per cent has been declared by Receiver Maxwell in favor of the depositors of the First National bank of Vancouver.


Article from The Seattle Star, July 10, 1901

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Vancouver Receiver

VANCOUVER, Wash., July 10.-It is understood that Comptroller Dawes will this week appoint Dr. A. B. Eastham permanent receiver of the insolvent First National Bank of Vancouver. Dr. Eastham is a resident of this city.


Article from The Evening Times, July 16, 1901

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A RECEIVER APPOINTED

One Named for the Insolvent National Bank at Vancouver, The Comptroller of the Currency has appointed Dr. A. B. Eastham. of Vancouver, Wash., permanent receiver of the insolvent First National Bank of that city. This is the bank whose president and cashier recently committed suicide. The affairs of the bank have recently been temporarily in the hands of Bank Examiner Maxwell.


Article from The Washington Times, July 17, 1901

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A Permanent Receiver Named

The Comptroller of the Currency yesterday appointed Dr. A. B. Eastham, of Vancouver, Wash., permanent receiver of the insolvent First National Bank of that city. The president and cashier of this bark recently committed suicide. since which time the affairs of the institution have been in the hands of Bank Examiner Maxwell, temporarily.


Article from Iowa State Bystander, July 19, 1901

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Receiver Is Appointed

Washington, D. C., July 18.-The Comptroller of the Currency has appointed Dr. A. B. Eastham of Vancouver, Washington, permanent receiver of the insolvent First National Bank of that city. This is the bank the president and cashier of which recently committed suicide.


Article from The Seattle Star, July 23, 1901

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50 PER CENT

First Dividend Declared on Vancouver Deposits. VANCOUVER, Wash., July 23.The comptroller of the currency has authorized the payment of a first dividend of 50 per cent on deposits in the wrecked First National Bank of Vancouver. This is the first prac. tical result of the appointment of a receiver for that Institution. It 11 not possible to say at this time what the total dividends will amount to in comparison with the total deposits. Dr. A. B. Eastham will continue in permanent control of the First National, as receiver.


Article from The Morning Astorian, July 24, 1901

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The proved claims of the First National Bank of Vancouver affected by the declaration of a 50 per cent dividend aggregate $213,558. Temporary Receiver Maxwell will be succeeded, on August 15, by A. B. Eastham, of Vancouver, who has been appointed permanent receiver, and will wind up the bank's affairs.


Article from The Morning Astorian, August 25, 1901

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BOY ACCIDENTALLY KILLED

VANCOUVER, Aug. 24.-Jocelyn Canby, 12 years cld, son of the late E. L. Canby, who was cashier of the suspended First National bank, was accidentally shot and killed today by a boy who was shooting at a target.


Article from The Lewiston Teller, August 29, 1901

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Boy Was Shot

Vancouver, Wash., Aug. 26.-Jerelyn Canby, 12 year old son of Mrs. E. L. Canby, widow of the late E. L. Canby, who was the cashier of the suspended First National bank, was shot and killed accidentally by a boy wha was firing at a target.


Article from Camas Prairie Chronicle, August 30, 1901

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Boy Was Shot

Vancouver, Wash., Aug. 26.-Jerelyn Canby, 12 year old son of Mrs. E. L. Canby, widow of the late E. L. Canby, who was the cashier of the suspended First National bank, was shot and killed accidentally by a boy wha was firing at a target.


Article from The Nezperce Herald, August 30, 1901

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Boy Was Shot

Vancouver, Wash., Aug. 26. Jerelyn Canby, 12 year old son of Mrs. E. L Canby, widow of the late E. L Camby, who was the cashier of the suspended First National bank. was shot and killed accidentally by a boy wha was firing at a target.


Article from Kootenai County Republican, August 30, 1901

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Boy Was Shot

Vancouver, Wash., Aug. 26.-Jerelyn Canby, 12 year old son of Mrs. E. L. Canby, widow of the late E.L. Canby, who was the cashier of the suspended First National bank, was shot and killed accidentally by a boy wha was firing at a target.


Article from The Kootenai Herald, August 30, 1901

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Boy Was Shot

Vancouver, Wash., Aug. 26.-Jerelyn Canby, 12 year old son of Mrs. E. L. Canby, widow of the late E. L. Canby, who was the cashier of the suspended First National bank, was shot and killed accidentally by a boy wha was firing at a target.


Article from The Salt Lake Herald, January 19, 1902

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Defunct Bank Paying Depositors

Vancouver, Wash., Jan. 18.-Receiver A. B. Eastham of the suspended First National bank of Vancouver commenced paying depositors today the second dividend declared since the bank's failure last May. The dividend amounts to 25 per cent. The first dividend paid was 50 per cent, thus leaving but 25 per cent of the deposits unpaid,