3930. First National Bank (Coeur d'Alene, ID)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
6793
Charter Number
6793
Start Date
January 18, 1929
Location
Coeur d'Alene, Idaho (47.678, -116.780)

Metadata

Model
gpt-5-mini
Short Digest
439c0cac

Response Measures

None

Description

The Exchange (First Exchange/Exchange National) at Coeur d'Alene was suspended/closed in mid‑January 1929 after heavy withdrawals and publicity; a receiver was appointed and later a new chartered institution opened as the First National Bank (opened 1929-03-06) which purchased assets of the defunct Exchange. The episode describes a suspension of the predecessor bank followed by reopening under a new First National charter. Dates are taken from the newspaper publications.

Events (5)

1. May 21, 1903 Chartered
Source
historical_nic
2. May 11, 1915 Voluntary Liquidation
Source
historical_nic
3. January 18, 1929 Suspension
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals and increasing rumors publicity about defalcations and other bank failures made danger of a run imminent; board and examiner closed the Exchange/First Exchange National.
Newspaper Excerpt
The Exchange National bank of Spokane closed its doors today. ... The First National bank Coeur also failed to The notice appearing on the door said: by order of the directors. ... increasing rumors to the bank which make the danger of run on the bank imminent
Source
newspapers
4. February 24, 1929 Receivership
Newspaper Excerpt
W. E. Baldridge, receiver, would begin paying off claims. the Exchange National bank of Coeur D' Alene ... prepared to open its doors under the name of the First National bank. The comptroller ... has granted a charter for the bank. Claims on the old Exchange bank ... will be honored at the new bank when it starts business within a few days, it was an-
Source
newspapers
5. March 6, 1929 Reopening
Newspaper Excerpt
The new First National Bank In Coeur 'Alene opened its doors for business at 10 o'clock this morning. The opening followed receipt of notice from the comptroller of the currency ... The First National starts off with capitalization of $100,000 ... One of the first functions will be the purchase of large block of assets of the First Exchange National.
Source
newspapers

Newspaper Articles (5)

Article from Spokane Chronicle, January 18, 1929

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Article Text

HILLYARD HIGH LEADS GONZAGA Piles Up One-Point Margin in City Cage Battle Teams Fight Hard. Hillyard high leading Gonhigh Bullpups, to the half this in city cage battle. The action was fast and rious, with both teams playing speedy, but eautious, basketball. In their this Gonzaga won an overtime tile by 21-20 score. CONTINUE PROBE OF KIDNAPING BIG TIMBER, Mont., Jan. 18. Continuing their investigation the story told by J. Price, Big Timber and stock remedy salesman, he was kidnaped and held prisoner for 19 days, Sweetgrass county officers have sent to police departments throughthe west pictures of Frice, the peculiar type of and and wore when he vealed himself tion in Salt Lake In the meantime, human bones found in the ashes of shack formerly owned by Mrs. Price are held in custody of Coroner Graff. The bones, first as of and buried under his name at Bozeexhumed and the coroner's unable tablish their except that they those human. have been advised that been isfied ith Price's for pended of the payment to after husband greater part of the money rendered by Mrs. voluntarily mediately word that Frice in Salt Lake City. ULD ALLOCATE LUMBIA WATERS of Columbia river the five provided congress Oregon, of the upper house mittee de basin. bill came the include Suspends Business-Federal Examiner in Charge -Coeur 'Alene Institution Also Posts Notice. The Exchange National bank of Spokane closed its doors today. On the glass doors at the entrance of the bank was the simple statement: Bank closed by order of board of directors. National Bank Examiner in Charge. The bank has approximately $7,500,000 In deposits, and pected to pay out on the basis 75 to per cent. However, with the that probably will be levied by the comptroller of the currency, and the liquidating the paper held, the bank may pay out nearly 100 per cent. The First National bank Coeur also failed to The notice appearing on the door said: by order of the directors. Ed Flood of Spokane is president of the bank and Harry Wolf, vice Directors Adopt Resolution. The board of directors the Exchange bank held meeting this morning, and adopted the following resolution: Whereas, because of the publicity given the Harris defalcation, and to the Herrick failure, the subsequent slow but continuing withdrawal of deposits from the bank, and because of the fact that several recent negotiations for the sale of the bank have not met with success, and the increasing rumors to the bank which make the danger of run on the bank imminent, the board of directors feel that their first duty the depositors of the bank, and in order the assets and preferthe business of the bank shall be at once Resolved, that business of this be and the once notify the comptroller the currency turn the affairs of the bank to him or as he may instruct. Agreed Assessment. At the meeting of the on decided of assessment the stock share. A written agreement to be by pay such and within signed by ontinued


Article from The Independent-Record, January 20, 1929

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Article Text

WASH., BANK HAS SUSPENDED FOR TIME Spokane, Wash., Jan. banks this closed today. The bank Farmington, Wash., failed open its doors this but other banks the Empire will affected by the closing Exchange bank Spokane, was said by Harry Johnson, state superintendent banking. The Farmington bank almost entirely owned by the and directors of the Exchange bank, the closing which yesterday also First National bank Coeur d'Alene, Idaho, affiliated institution doors. The withdrawal deposits which lowed employes' falcations and the bankruptcy Fred Herrick, lumberman, owed money the exchange, caused its suspension.


Article from The Daily Herald, February 24, 1929

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Article Text

CLAIMS ON DEFUNCT BANK ARE ALLOWED SPOKANE, Feb tions that the defunct Exchange National bank would make an almost complete were seen here today with the that next week W. E. Baldridge, receiver, would begin paying off claims. the Exchange National bank of Coeur D' Alene, Idaho, prepared to open its doors under the name of the First National bank. The comptroller of currency. John W. Pole, has granted a charter for the bank. which will be backed old National Union Trust company of Spokane. Claims on the old Exchange bank at Coeur D' Alene will be honored at the new bank when it starts business within a few days, it was an-


Article from The Coeur d'Alene Press, March 6, 1929

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Article Text

Will Purchase Assets of Exchange National New Bank Has $100,000 Capitalization; H. O. Conn Of St. Johns, Wash., To Be Mgr. The new First National Bank In Coeur 'Alene opened its doors for business at 10 o'clock this morning. The opening followed receipt of notice from the comptroller of the currency in Washington, D. C., that the national charter had been issued. The notification was received late yesterday evening and required that the bank open its doors immediately. The new organization which takes the place of the closed First Exchange National, now in the process of paying out to its depasitors, is connected in the control of the stock with the Old National bank and the Union Securities Co. interests in Spokane. Included in' the stockholders are Many Coeur d'Alene business men. $100,000 Capitization The First National starts off with capitalization of $100,000 and surplus of $20,000 paid in in cash One of the first functions will be the purchase of large block of assets of the First Exchange National. which purchases will allow L Eckerson receiver of the former bank to declare a 75 percent distribution to Orders issued by the receiver to depositors will be honored by the First NaThese orders will be tional soon as details of by Eckerson as the transaction can be completed. probably within week or ten days Due notice be given through the Press by Eckerson. A. W. Witherspoon, president of the First tothat Conn, for 12 years day Farmers State bank cashier the at St. Johns. Washington, will be vice president and manager of the new institution Other officers are H. Potts. vice Harry Wolf, vice president. and C. F. Hess, eashier Directors are Witherspoon. Petts, D. Winton George Nat wick and O. W. Edmonds. Has Wide Experience Conn. the new manager, has had wide in the small city banking game Beside his 12 years at the St. Johns bank. which had totalling more than half million dollars. was with the Farmers National bank at Colfax for three years. After the new bank gets under he to return to Johns way plans for short time to close up his business affairs there and will then move here with his family First National welcomes the busines of the people of Coeur Alene and Kootenal county, he said this morning "We will give special attention to the accounts of former depositors of the First Exchange National The First National expects to be of the utmost service to its customers and hopes it will the esteem and confidence of the entire With the opening of the new bank Receiver Eckerson has moved his offices to the directors room in the Anyone wishing file claims take up business with the receiver can enter the main lobby the bank and walk around to the directors seperate telephone line has been installed. the number being 48.


Article from Spokane Chronicle, July 20, 1929

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Article Text

BANK RECEIVER IS SUING THREE Seeks to Recover on Notes Alan Track Foreclosure Asked. COEUR ALENE, July A. E. Flood and Crane, trustees of the Great Western Land and Improve ment yesterday made defendants in suit filed by J.L. Eckerson, receiver of the defunct First National Bank cover $9976 notes issued May 28. 1928. was for $8000 and the other for Mr. kerson asks seven cent interest on notes from date of issue, $500 attorney's fees and The notes were secured by 246 shares Red Collar amboat company stock and 10 of stock He asks that the stock sold Albert B. Lafferty filed sult In district morning the Northern assoclation to recover on promissory issued December The original note was for and foreclosure of the gage securing the note which is on the Alan racetrack.