First National Bank (Salem, OR)

View Charter #3405 on SPMC View balance sheet

Episode Information

Episode UID
340501294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
34050 national
Charter Number
3405
Start Date
October 29, 1907
Location
Salem, Oregon

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f971fab94aef4277

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-24
Share of assets assessed as good
43.4%
Share of assets assessed as doubtful
53.7%
Share of assets assessed as worthless
2.9%

Events (6)
1. October 30, 1885 Chartered
Source
historical_nic
2. October 29, 1907 Suspension
Cause
Government Action
Cause Details
Governor Chamberlain proclamation ordered five business holidays so Oregon banks could obtain cash balances from eastern banks.
Newspaper Excerpt
By order of a proclamation issued late last night by Governor Chamberlain, Oregon banks will enjoy five business holidays
Source
newspapers
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Governor Meier declared a three-day moratorium/holiday for all Oregon banks to protect them amid regional banking distress.
Newspaper Excerpt
Statewide three day bank holiday by Governor Meier ordered today
Source
newspapers
4. September 29, 1933 Reopening
Newspaper Excerpt
plans to reopen banks of the nation ... details for reopening of 375 national banks ... First National ... Salem listed among banks to be reopened or reorganized in report to President
Source
newspapers
5. October 24, 1933 Receivership
Source
historical_nic
6. * Other
Source
newspapers

Newspaper Articles (3)
1. November 7, 1907 Heppner Gazette Heppner, OR
Article from Heppner Gazette, November 7, 1907

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Article Text

PROCLAMATION BY GOVERNOR Oregon Banks to Close Five Days to Get Money From East. Holidays Will Tide Over Any Darger of Distress-Action of Portiar d Clearing House Necessitated by Refusal of Eastern Banks to Honor Credit Balances. Salem, Or., Oct. 29.-By order of a proclamation issued late last night by Governor Chamberlain, Oregon banks will enjoy five business holidays, in which interim it is expected that the situation in the East will become more clarified and the coast banks will be enabled to secure the cash balances due them from New York. This action was taken at the instance of the Portland clearing house committee, which met last evening to talk over the situation with Governor Chamberlain. The bankers arrived in the city by special car. Brietly stated, the situation as described to the governor is that Oregon banks have heavy deposits of cash in the East and the Eastern banks refuse upon any conditions to send money West in payment of demands. There has been no run or indication of a run by depositors upon Portland banks. Believing that in one week they can effect a satisfactory arrangement with county banks and also arrange for the shipment of money due them from the East, the banks asked that the remainder of this week be made a legal holiday. November 2, the last day mentioned in the proclamation, is Saturday. Monday will therefore be the next banking day. It is understood that the Portland bankers sent telegrams to all banks in the state notifying them of the issuance of the proclamation. The purpose is to prevent calls for money from country banks, induce them to close for the week and bring them together in an arrangement that will satisfy demands before next Monday. That Portland banks are solvent and in fact were never in better condition than they are today, was asserted by the bankers who waited upon the governor. Governor Chamberlain at first doubted the wisdom of the action requested by the Portland bankers, but when the situation regarding the locking up of funds in the East was explained and the necessity of checking any stringency which might arise as a result of this in the West, Mr. Chamberlain readily complied.

2. March 2, 1933 Corvallis Gazette-Times Corvallis, OR
Article from Corvallis Gazette-Times, March 2, 1933

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Article Text

Emergency Business and Only Accommodation of Public on Restricted Basis MORATORIUM TODAY Governor Calls Due to California Holiday, Closing minutes to o'clock this banks of Corvallis morning that the governor declared three-day moratorium for all the banks in the state, The bolt clear news came and when were informed sky that the order mandatory, to the will of constituted submitted The banks of Portland closed, but since then they opened up for the business only and other banks the state will doubtless follow their lead. these conditions the banks Under Corvallis will open their doors tomorrow morning for the transac. tion of emergency business and the accommodation of the public restricted basis. National Bank Corvallis First Benton County State Bank PORTLAND, Mar. Statewide three day bank holiday by Governor Meier ordered today was met Orewith decision by bankers remain the transaction of what described "necessary business." Only in few cities the state did banks remain closed. National of Grande which has been closed for more than four months, reopened today officers said the bank would and not observe holiday. Califorbanks also operating the holiday Large downtown Portland banks not observe the banking holiby Governor Meier toshortly after the regular opening hour they said they would pay checking to "reasonable" counts up amount, to enable depositors purchase necessities. Although signs announcing the banking holiday were posted the doors of all Portland before regular opening hours, these signs later were taken down by the larger they would remain open and transact "necessary business.' Postmaster Jones announced the proclamation would way terfere with the operation the Postol Savings bank which continued to transact business in the regular way. SALEM, Mar. three Salem banks were to open this morning to transact "necessary business," they announced following word that Portland banks were taking similar action. SALEM, Mar. Meier today issued proclamation declaring three legal holiday in Oregon, starting today and continuing through Saturday, such tion will allow the closing of all Oregon banks for three days. the only step to take to protect banks here because many them clear through California banks and the California banks are he said. "Financial distress prevailing in neighboring states making felt in Oregon," Governor Meier said in his statement. "It essential for the protection of be suspended for brief period permit enactment of necessary regulatory acts stabilizing legislation, in line with federal enactments and legislation enacted other states. The governor said he understood Arizona banks to be in strong financial condition. "We have had advices any Arizona banks are in distress, but action is meresaid. The governor's claring holiday for all banks, financial institutions, county and city offices, courts schools, made today because (Continued on page

3. September 29, 1933 Oakland Tribune Oakland, CA
Article from Oakland Tribune, September 29, 1933

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Article Text

TO OPEN PLAN CLOSEDBANKS COMPLETED of NaReorganization 37 tional States to Be Undertaken WASHINGTON Pushing administration's plans to reopen banks of the nation and expand purchasing the Treasury has details for of 375 national banks followed the recent that of billions dollars still tied up in the closed of the approval of the made comptroller department has to speed up the ENSES TO OPEN O'Connor did not say soon the banks would open for busihimself public saying the plans had been approved for banks follow outlined before can recieve reopen The report on the general banking situation 13.080 all operating September unrestricted deposits 000 At 2575 banks deposits still were That situation laid before President White Sunday night. At that time said reorganization plans 200 banks had and they would resume had the required additions capital. banks to be reorganized California Oilfield Brea: Colton: Coast National Pasadena Pasadena: First NaIdaho Lewiston National LewisNew First National. A1buquerque Oregon National ClatsFirst Salem Washington National Medical National. Reardan: First National Old National Spokane: First National. Sprague