3954. State Bank (Kooskia, ID)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
April 8, 1921
Location
Kooskia, Idaho (46.145, -115.978)

Metadata

Model
gpt-5-mini
Short Digest
302847a9

Response Measures

None

Description

The State Bank of Kooskia voluntarily suspended operations after the First National Bank of Clarkston (its correspondent) was closed by the Comptroller; contemporaneous reports note plans to reorganize and reopen the Kooskia bank, though a formal resumption date is not given in these articles. No bank run is described in the articles — the suspension appears to be a precautionary/contagion response to the correspondent's closure.

Events (1)
1. April 8, 1921 Suspension
Cause
Correspondent
Cause Details
Voluntary suspension following the closure by the comptroller of the First National Bank of Clarkston, its correspondent; banks in the Waterman group voluntarily closed upon learning of Clarkston's closing; cited inability to realize on farm paper also noted in region-wide failures.
Newspaper Excerpt
the State Bank of Kooskia, Idaho county ... were closed on receipt of word that the Clarkston establishment had been closed
Source
newspapers

Newspaper Articles (5)
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 14, 1921 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, April 14, 1921

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Article Text

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.

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

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Article Text

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.

4. 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.

5. April 22, 1921 The Producers News Plentywood, MT
Article from The Producers News, April 22, 1921

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Article Text

5 Banks in Idaho, Washington are Closed in One Day Lewistown, Ida., April 8.-Five banks in this region were closed today. One of them, the First National of Clarkson, Wash., was closed on order of the comtroller of the currency, it was annoonced. The other four, all state banks in Idaho and correspondents of the national instittuion, were closed on receipt of the word that the Clarkson establishment had been closed. They are: The State Bank of Kamish, in Lewis county; the State Bank of Kooskia, Idaho county; the State Bank of Peck, Nez Perce county, and the Fidelity State at Oro Fino, 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.