3950. State Bank (Kamiah, ID)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 8, 1921
Location
Kamiah, Idaho (46.227, -116.029)

Metadata

Model
gpt-5-mini
Short Digest
218ece53

Response Measures

None

Description

The State Bank of Kamiah suspended operations on April 8, 1921 after its correspondent, the First National Bank of Clarkston, was closed by the comptroller. Multiple articles state the Kamiah bank suspended following Clarkston and that the state banking department closed it; subsequent reporting indicates limited prospect for depositors and criminal charges against officers, consistent with permanent closure rather than reopening.

Events (1)
1. April 8, 1921 Suspension
Cause
Correspondent
Cause Details
Suspended after receipt of word that its correspondent, the First National Bank of Clarkston (closed by the comptroller), had been closed; underlying inability to realize on farm paper and bad wheat ticket values cited as reasons for the chain failure.
Newspaper Excerpt
The State Bank of Kamiah ... was closed on April 8 when the correspondent First National Bank of Clarkston, Wash., closed.
Source
newspapers

Newspaper Articles (7)
1. April 9, 1921 The Evening Herald Albuquerque, NM
Article from The Evening Herald, April 9, 1921

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Article Text

Five Banks in Lewiston, Idaho Region Close LEWISTON Idaho, April 9.-Five banks in this region were closed yesterday. One of them. the First National of Clarkston. Washington was closed on orders of the comptroller of the currency. it was announced The other four. all state banks in Idaho and correspondents of the national institution. were closed on receipt of word that the Clarkston establishment had been closed They are: 1 he State Bank ot Kamiah. in Lewis county; the State Bank of Kooskia, Idaho county: the State Bank of Peck, Nez Perce county, and the F1delity State Bank at Orofino, Clearwater county Deposits of the National bank amount to more than $600.000; it is estimated the combined deposits of the four state banks are about $400.000 The national bank's resources at the last report were given as $918,931. Inability to realize on farm paper the reason assigned for each closing

2. April 9, 1921 Pueblo Chieftain Pueblo, CO
Article from Pueblo Chieftain, April 9, 1921

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n 4 REAL PLATFORM had a queer dream last night." Me. too; I thought that George Washington was running for President again. on a cherry tree platform." F.M. GOOD COMPANY Uncle Jack: Now Willie, I wonder if you know who never told a No? Willie: Yep-ME and George Washington! 5 OREGON BANKS ORDERED CLOSED Lewiston, Idaho, April 8.-Five banks in this region were closed today. One of them, the First National of Clarkston. Washington, was closed on orders of the comptroller of the currency it was announced. The other four. all state banks, in Idaho and correspondents of the national institution were closed on receipt of word that the Clarkston eabeen closed. Bank of the State are: tablishment Lewis The county: State had Kamiah, Bank They in of Kooskia, Idaho county: the State Bank of Peck. Nez Perce county. and the Fidelity State Bank of Orofino, Clearwater county. Deposits of the national bank amount to more than $600,000 it is estimated the combined deposits of the four state banks are about $400,000. The national bank's resources at the last report were given as $918,931. Inability to realize on farm paper was the reason assigned for each closing. HARDING PREPARING MESSAGE Washington, D. C., April -President Harding is devoting much of his time to the preparation of his first message to congress. It will be presented on Tuesday and it may be that the executive will appear at a joint session to read it--a custom revived by President Wilson. The present understanding is the message will cover a wide range of subjects including besides many domestic questions, the administration peace program. It probably will not be completed before Mon. day.

3. April 14, 1921 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, April 14, 1921

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BANKS ALLFIVEL OF WATERMAN STRING SHUT First National, at Clarkston, Is Forced to Close Doors on Orders from Washington Affiliated State Institutions Then Voluntarily Suspend; Kooskia and Kamiah Hit Five banks, known as the Waterman "string" of banks, in the Clearwater valley, and at Clarkston, Wn., were closed last Friday. The First National bank, at Clarkston, with deposits aggregating $650,000, vas closed by National Bank ExaminL. M. Sawyer, on instructions from or at the comptroller of the currency, Washington, D. C. FOUR OTHERS SUSPEND Following the closing of the Clarkson bank, the four state banks controlled by the Watermans in Idaho oluntarily closed their doors. These anks are: State Bank of Kooskia, at Koostia, deposits, $195,000. Fidenty State bank, at Orofino, deposits, $150,000. State Bank of Kamiah, at Kamfah, deposits, $250,000. State Bank of Peck, at Peck, deposits, $65,000. C. F. Waterman is president of e First National bank, at Clarksis ton; his son, George Waterman, ace president, and another son, W. U. Waterman, is cashier. George Waerman also is président of the four ate banks in Idaho, all of which sere correspondents of the Clarkston institution. FRALICK ON GROUND J. G. Fralick, state commissioner of ommerce and indust this week inspected the four banks in Idaho, nd a statement on the situation is ficially withheld pending completion the investigation. The State Bank of Kooskia, F. E. mick, cashier, has always been condered in local circles as a sound in itution, and it is believed here that was only the bank's connection ith the mother bank at Clarkston hich caused it to close its doors men the parent institution was foreto suspend. It is reliably reported that a moveent is on foot to reorganize the ooskia bank, with the entire capiI in the hands of Kooskia men, and at the bank will shortly be reopened.

4. April 15, 1921 Cottonwood Chronicle Cottonwood, ID
Article from Cottonwood Chronicle, April 15, 1921

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BANKS CLOSE DOORS. The First National bank of Clarkston, Wash., with deposits of more than $600,000, controlled by the Waterman interests, was closed Friday by National Bank Examiner Sawyer, and immediately following the State Bank of Kamiah, the State Bank of Kooskia, the State Bank of Peck and the Fidelity State Bank of Orofino, all in Idaho, and controlled by the Waterman group, with aggregate deposits of $400,000, also suspended. Neither the bank examiner nor officials of the involved institutions will make any statements, but men who profess to be closely in touch with the situation say that the failures are ue to inability to realize on loans, much of which are secured by wheat tickets, which have depreciated in value because of the recent heavy slump in grain prices. The last statement of the First National Bank of Clarkston on February 21, 1921, showed total resources of $918,931. The bank was organized seven years 1 ago, with a capital of $50,000 and the surplus, as shown by the last statement, was $20,000. E C. F. Waterman is president; 3 E George Waterman, vice presi: dent, and W. A. Waterman, cash: ier. George Waterman is president of the four suspended Idaho banks. I e Closing the banks came as a surprise to the general public in his district, as there was con) fidence in the strength of the Waterman institutions. So far as can be learned, the integrity . of the men in control is not E questioned, the failures being ascribed solely to bad business 1 judgment. The deposits of the Fidelity 3 State Bank are $150,000. B.R. 1 Schmit is the cashier. . The State Bank of Kamiah has S $250,000 on deposit and the cash ier is Ward Dempsey. 0 The deposits of the State Bank of Kooskia reach $195,000. F. E. Quist is cashier. The deposits of the State Bank of Peck are $65,000. J. A. Hage genmiller is cashier. n Reports from the localities affected are that the citizens are : accepting the situation with pag tience, and appreciation is being expressed as to the promptness ; with which the state is acting.

5. April 16, 1921 Mountain Home Republican Mountain Home, ID
Article from Mountain Home Republican, April 16, 1921

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Article Text

Four Idaho Banks Closes Friday. Five banks in the region of Lewiston were closed Friday. One of them, the First National of Clarkston, Washington, was closed on orders of the comptroller of the currency, it was announced. The other four, all state banks in Idaho and correspondent of the national institution were closed on receipt of word that the Clarkston establishment had been closed. They are: The State bank of Kamiah, in Lewis' county; the State bank of Kooskia, Idaho county; the State bank of Peck, Nez Perce county, and the Fidelity State bank at Orofino, Clearwater county. Deposits of the National bank amount to more than six hundred thousand dollars; it is estimated the combined deposits of the four state banks are about four hundred thousand dollars. The National bank's resources at the report were given is $918,931. Inability to realize on farm paper was the reason assigned for each closing.

6. April 28, 1921 The Nezperce Herald Nezperce, ID
Article from The Nezperce Herald, April 28, 1921

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WAIVE PRELIMINAY IN BANK CASE. Waterman, Dempsey and Roth Held to District Court Under $2,500 Bonds. Charge Making False Reports. George H. Waterman, Ward Dempsey and Leslie Roth, president, cashier and assistant cashier of the State Bank of Kamiah, were arrested in Lewiston last Thursday by Sheriff Smith of this county on the charge of making false reports to the state bank commissioner on the condition of that bank, which was closed by the state banking department on April 8. The three men were brought to this city last Thursday evening and shortly after their arrival here appeared before Probate Judge Ellis, who bound them over to appear before him on May 3 for their preliminary hearing. The bond required of Waterman and Dempsey was $2,500 each and Roth's bond was fixed at $1,500. Local parties went on their bonds and the three bank officials returned to Lewiston on the Friday morning train. Information has just been received by Prosecuting Attorney Pennell through Attorney Miles S. Johnson, of Lewiston, counsel for the defendants, that they waive preliminary examination; which means that their case will be continued over to the next term of the Lewis county district court, in September. The bonds for their appearance will be continued in the same amounts. The Bank of Kamiah had deposits aggregating about $250,000 at the time it was closed, and information given out by the state bank commissioner indicates that only a small per cent of this will be available for return to the depositors. Of the other defunct Waterman banks, steps have been taken to reopen the Kooskia Bank under a local organization, and it is understood that institution will be ready for business in a few days. This bank seemed to be less involved than any of the other four in the chain. O. H. Holmberg has been appointed receiver of the Fidelity State Bank at Orofino, another of the chain, and it is given out that depositors of this bank will receive a little less than 50 per cent of their deposits,

7. April 29, 1921 Clearwater Republican Orofino, ID
Article from Clearwater Republican, April 29, 1921

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IDAHO NEWS PARAGRAPHS Recent Happenings in This State Given in Brief Items for Busy Readers. Rancher Shot and Killed. BOISE.- John G. Bleak, Wendell, Idaho, rancher. was shot and instantly killed by an unknown assailant at his home recently Gooding county authorities have failed to find a clue to the assailant or motive. Holmberg Is Bank Receiver. OROFINO.-Announcement is made by State Bank Commissioner J. G. Fralick that O. M. Holmberg of Orofino had been appointed receiver of the Fidelity State bank, one of the five institutions of the Waterman group that suspended a short time ago, and will assume charge of its affairs at once. May Get Big Timber Tract. BOISE.-Three hundred and fifty million feet of timber on the south fork of the Payette river may be purchased from the government by an eastern lumber concern. it was announced by forestry officials here re cently. The company also proposes to build huge sawmills at Horseshoe Bend. Ellard Goes To Canal Zone. MULLAN.- F. Ellard, manager of the Morning club, has resigned and gone to Washington, D. C.. The government has recently called for a large increase in the club and social facilities in the canal zone at Panama and Solon and Mr. Ellard has been chosen to assume entire direction of the work. Lumber Mill Resumes. COEUR D'ALENE.- The Blackwell resumed operations in the sawmill shut down nearly ter Lumber April being 21 company The and machinery all yards winter afand spring for repairs. has been overhauled and no more shutdowns are expected for many months. The planer has been running continule ously. The day shift only was started S and about 175 men are employed in the t mill and yards. The Coeur d'Alene e mill is running steadily with day and In night shifts in the planing mill. g Bankers Freed On Bonds. It NEZ PERCE.-Geor H. Water1, man, president; Ward Dempsey, cashle ier, and Leslie Roth, assistant cashier of the State Bank of Kamiah, arrested Jon the charge of making a false report Cto the state bank department, the d charge also involving allegation of n false entries, were later released on e bond for preliminary hearing May 3. Bond was fixed at $2500 for Waterman and Dempsey and $1500 for Roth. The Kamiah bank closed on April 8 when the correspondent First National Bank of Clarkston, Wash., closed. r Forestry Officials Meet. MISSOULA, Mont. - Representatives of lumber companies in Idaho 1and the forestry officials of that e state met in conference recently with u foresters in district No. 1, on cois operativ fire protection in the north e Idaho country. W. B. Humiston of 's the Potlatch Lumber company, Potin latch, Idaho, and C. L. Billings of the is Rutledge Timber company representa ed the lumber interests, while I. H. of Nash, land commissioner for the state rs of Idaho, and Ben E. Bush, Idaho ti state timber cruiser. represented the state of Idaho. st le Miners' Pay Reduced. $1. KELLOGG.-A wage reduction of 50 y cents a day to mine employes and 7' of cents a day to smelter employes was d announced recently by the Bunker Hill en and Sullivan Mining and Concentratne ing company. Similar announcement s wage 11 also made ed company their of edonia 50 miners cents Mining a was day and reductions by the the Sierra Cal- to 40 Nevada Consolidated Mining company, ry and later the Federal Mining and r Smelting company and the Hecla Minr's ing company posted the same notice. he The wage reductions announced will at affect about 2500 men. They are efso fective May 1. Miners will receive ve $4.25 and muckers $4 under the new se- schedule. he Plan Idaho Mining Program. ed UNIVERSITY OF IDAHO, Dean ed Francis A. Thomson, ex officio direo er tor of the state bureau of mines and geology and secretary of the board of control, and Dr. F. B. Laney, head of the geology department, is at Boise to to attend a meeting of the board. ed "At this meeting the program of th work for the coming two years will ut be discussed," said Dean Thomson. ile "There has been much demand for ss. work in various sections of the state, ow in fact more than can be accomto $30,000 allowed to the bureau. thThe state board of control is composed of Governor D. V. Davis, ex officio chairman; Stewart Campbell, state mine inspector; Jerome J. Day of Wallace, president of the Idaho en- Mining Association; Dean Thomson er and Dr. Laney. All members will be but present with the exception of Mr. ent Day. J. B. Eldridge of Boise, vice of is president of the Idaho Mining Association, will represent the mining association.