3995. State Bank (Peck, ID)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
April 8, 1921
Location
Peck, Idaho (46.474, -116.425)

Metadata

Model
gpt-5-mini
Short Digest
ce205804

Response Measures

None

Description

State Bank of Peck (Peck, ID) voluntarily suspended on receipt of word that its correspondent First National of Clarkston, WA was closed by the comptroller (inability to realize on farm loans cited). The bank was placed in receivership and reorganized with local capital, reopening in early September 1921.

Events (3)
1. April 8, 1921 Receivership
Newspaper Excerpt
closed its doors on the eighth day of last April ... After Being in the Hands of Receiver for Five Months The State Bank of Peck ... was closed on the eighth day of last April by order of the board of directors of the bank ... opened Thursday, After Being in the Hands of Receiver for Five Months . . . the Watermans turn over their stock of the old concern, which they have agreed to do (Sept report).
Source
newspapers
2. April 8, 1921 Suspension
Cause
Correspondent
Cause Details
Voluntarily suspended after the First National of Clarkston (their correspondent/parent) was closed by the comptroller; reports cite inability to realize on farm paper as underlying reason
Newspaper Excerpt
the State Bank of Peck, Nez Perce county ... were closed on receipt of word that the Clarkston establishment had been closed
Source
newspapers
3. September 8, 1921 Reopening
Newspaper Excerpt
PECK BANK AGAIN DOING BUSINESS Opened Thursday, After Being in the Hands of Receiver for Five Months. ... The State Bank of Peck ... will open for business tomorrow, Thursday ... the bank is now thoroughly reorganized, with home capital and will be officered by home men
Source
newspapers

Newspaper Articles (8)
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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Article Text

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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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.

4. 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.

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 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.

7. August 12, 1921 The Kendrick Gazette Kendrick, ID
Article from The Kendrick Gazette, August 12, 1921

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Article Text

Peck Bank Reorganized Peck News: A meeting was held Saturday by the subscribers for the new banking institution, which IS soon to rise from the ruins of the old, when the State Bank of Peck will again be a going concern. This IS made possible by the untiring efforts and progressiveness of the citizens of the community. At the time the meeting was called 91, of the required 100 shares had been taken, but during the afternoon ter. more were placed completing the required amount, with one to the good. In all probability within the next two weeks the organization will be completed, the officers elected, and the bank opened in time to take care of the business incident to the marketing of the grain crop. Of the number who were in line for cashier of the new bank, all indications point to the selection of F. Byron Smith of Kendrick, to fill that important position, to him, in great measure will depend its success. Mr. Smith, who is an experienced banker, was present at the meeting and addressed the stockholders. stating about what he thought would be necessary, under existing conditions, in conducting the reorganization and also business policy of the bank.

8. September 9, 1921 Clearwater Republican Orofino, ID
Article from Clearwater Republican, September 9, 1921

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Article Text

PECK BANK AGAIN DOING BUSINESS Opened Thursday, After Being in the Hands of Receiver for Five Months. The following encouraging bank news appeared in the Peck News September 7th. In all probability the State Bank of Peck will open for business tomorrow, Thursday, providing h Watermans turn over their stock of the old concern, which they have agreed to do and there IS no reason to believe but what they will. The State Bank of reta, closed its doors on the eighth day of last April by order of the board of directors of the bank, which was one of a chain of banks owned by the Waterman interests, with headquarters at Clarkston. The bank is now thorouhly reorganized, with home capital and will be officered by home men-a home institution. At a meeting of the stockholders held last Thursday a temporary set of directors were chose 9 - wollows: H. V. Springston, W. I. Watson, Roy Melcum, E. H. West, Tp A. Holmes F. B. Smith, who are now conducting the affairs of the bank and will do so until the annual election or officers, which will be held next Tuesday, Sept. 13. Commissioner Fralick is in Peck going over the affairs of the old concern, preparatory to turning it over to the new concern. Mr. Fralick and the temporary directors will go to Kamiah this afternoon, where Mr. Waterman will sign over the old stock to the new directors, completing the work of reorganization. They will return to Peck tomor row morning.