4. American Bank (Fairbanks, AK)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 27, 1917
Location: Fairbanks, Alaska (64.838, -147.716)

Metadata

Model: gpt-5-mini
Short Digest: eab33924

Response Measures

None

Description

Territorial banking examiner closed the American Bank of Alaska (Aug 27–28, 1917) as insolvent and appointed a receiver; the bank was placed in liquidation and never reopened. No run is described in the articles. Closure was by government action (territorial examiner/court).

Events (4)

1. August 27, 1917 Suspension

Cause: Government Action
Cause Details: Closed by Territorial Bank Examiner W. G. (Walstein) Smith and ordered into liquidation by the territorial banking department (insolvency).
Newspaper Excerpt: The American bank of Alaska was declared insolvent today by territorial bank Examiner Smith. ... Closed by order of the territorial banking department for the purpose of liquidation.
Source: newspapers

2. August 28, 1917 Receivership

Newspaper Excerpt: A. Bruning, former cashier of the institution has been named as receiver. ... Cashier A. Bruning was named as receiver and has announced ... A. Bruning ... has been named as receiver of the American Bank of Alaska, which has been closed by Territorial Examiner Walstein G. Smith.
Source: newspapers

3. October 16, 1917 Other

Newspaper Excerpt: An order for the payment of dividends was issued ... to pay a dividend of fifteen per cent of all the claims against said estate ... Done at Fairbanks, Alaska, this sixteenth day of October, A. D. one thousand nine hundred seventeen. (Signed) CHARLES E. BUNNELL, District Judge.
Source: newspapers

4. January 7, 1918 Other

Newspaper Excerpt: The Farmers Bank of Fairbanks yesterday afternoon purchased from the receiver of the American Bank of Alaska the assay office formerly used by the American Bank.
Source: newspapers

Newspaper Articles (16)

1. August 28, 1917 The Nome Daily Nugget Nome, AK

Article from The Nome Daily Nugget, August 28, 1917

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EXAMINER CLOSES FAIRBANKS BANK By Associated Press. FAIRBANKS, Aug. 28.-(Delayed in transmission.)--Following an examination of the affairs of the institution, the American bank of Alaska was declared insolvent today by territorial bank Examiner Smith. The announcement came as a great surprise but public excitement was immediately relieved by the announcement that the bank will eventualy be able to repay fully ninety per cent of the deposited funds. In making the announcement Examiner Smith stated that twenty per cent of the deposits of one hundred and fifty thousand will be paid immediately and forty five per cent of more will be fortheeming in the nea" future. A. Bruning, former cashier of the institution has been named as receiver.

2. August 28, 1917 The Seward Gateway and the Alaska Evening Post Seward, AK

Article from The Seward Gateway and the Alaska Evening Post, August 28, 1917

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BANK CLOSED AT FAIRBANKS BY EXAMINER American Bank of Alaska Is Declared to be Insolvent-May Pay 90 Per Cent FAIRBANKS, Aug. 27, (Special to The Seward Gateway).-The American Bank of Alaska here was declared insolvent today by Territorial Bank Examiner Smith. Cashier A. Bruning was named as receiver and has announced that the institution can pay 25 per cent at once on the deposits of $52,000 and 45 per cent more in the near future. The bank will eventually be able to pay 90 per cent. C. J. Hurley, of Fairbanks, was president of the defunct bank, and J. P. Gleason, of Seattle, vice president. Local people, formerly of Fairbanks, stated today that the closing of the bank had been expected, as it has been known for some time that its condition was not healthy.

3. August 29, 1917 The Alaska Daily Empire Juneau, AK

Article from The Alaska Daily Empire, August 29, 1917

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BANK RECEIVER NAMED. FAIRBANKS, Aug. 29.-A. Bruning former cashier, has been named as receiver of the American Bank of Alaska, which has been closed by Territorial Examiner Walstein G. Smith, for liquidation purposes.

4. September 3, 1917 The Alaska Citizen Fairbanks, AK

Article from The Alaska Citizen, September 3, 1917

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AMERICAN BANK IS DECLARED INSOLVENT; BRUNING IS RECEIVER "Closed by order of the territorial banking department for the purpose of liquidation. (Signed) Territorial Banking Department of the Territory, 01 Alaska, by W. G. Smith. secretary of the territorial banking board." The foregoing few words on a slip of paper posted on the door of The American Bank of Alaska by Territorial Bank Examiner 11 G. Smith gave notice to the public of the passing of the well known business institution. To bad loans made during the early days of the bank by C. J. Hur ley, thren president, is attributed its failure. The condition of the bank was known to a few local business men, who, during the past week or ten days, attempted to reorganize the institution in order to keep it running by subscribing to stock, only to find that, should they do SO, they would be liable under the law to twice the amount of stock held by them. That scheme therefor fell through, and on Sunday Adolph Bruning, cashier of the defunct institution, asked that the territorial bank examiner close its doors, which was done yesterday. Mr. Bruning has been made temporary receiver of the bank by a court order signed by Judge Charles E. Bunnell, and the institution is now in his charge. It is probable, how ever. that nothing will be done toward making a dividend of the cash on hand until the court arrives here from the \ lower river and makes an order for a dividend. John Clark, attorney for the bank, stated last night that in many instances the depositors who will lose by the bank's insolvency owe money to the institution, consequently their debts will offset their deposits. It is therefore thought that the first dividend will be somewhere in the neighborhood of twenly per cent. but that statement is not authoritatively made. Another unauthoritative report is to the effect that the bank will be able to pay about sixty-five per cent of its indebedness after it realizes 011 certain real estate which it holds, and that it may eventually be able to pay between eighty-five and ninety per cent. A meeting of the depositors of the defunct institution is to be called in the near future. at which time a permanent receiver will be decided upon.

5. September 8, 1917 The Nenana News Nenana, AK

Article from The Nenana News, September 8, 1917

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A POPULAR APPEAL There is a distinction between contributing to the general Red Cros fund and assisting to defray the expense of maintaining a bed in a Red Cross hospital, for the use of American soldiers. The appeal for funds for a specific purpose will reach more deeply into the pockets of American stay-athomes than would any call for general relief. For surely there is not a man or woman among us who would not give his or her "bit" to make the way easier for our wounded and sick boys at the front. It is a direct appeal which brings home to us some of the horrors of war and reminds us of the fate awaiting many of our soldiers, when they shall have entered the great struggle. And the response, we feel certain will reflect credit on the people of Nenana. The appointment of Adolph Bruning as receiver of the defunct American bank. which closed its doors recently in Fairbanks, is a fitting compliment to a man who sacrificed everything, save reputation, to safeguard the interests of the depositors. The failure furnishes one of those rare instances of a bank official continuing to enjoy the confidence of the public after the collapse of the business with which he was identified. And we do not believe that the confidence has been misplaced. As receiver. the former cashier and manager will be able to recover more for the depositors than an outsider could. and when the final accounting is made, it doubtless will be found that the winding up process was accomplished at a minimum of cost.

6. September 17, 1917 The Alaska Citizen Fairbanks, AK

Article from The Alaska Citizen, September 17, 1917

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JUDGE ISSUES MEETING ORDER Judge Charles E. Bunnell yesterday signed an order directing that a meeting of the creditors of the American Bank of Alaska be held on September 28, 1917, for the purpose of selecting a permanent receiver for the defunct institution. The meeting will be held in the district court room at 2 P. M. on the date named, according to the order. Non-resident creditors and all others interested in the affairs of the bank may express a choice of permanent receiver by letter or telegram addressed to Judge Bunnell.

7. September 25, 1917 The Seward Gateway and the Alaska Evening Post Seward, AK

Article from The Seward Gateway and the Alaska Evening Post, September 25, 1917

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A. Bruning, former cashier for the American Bank of Alaska at Fairbanks, has been named receiver for the bank, which was closed by Examiner W. G. Smith.

8. September 25, 1917 The Seward Gateway and the Alaska Evening Post Seward, AK

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Southeastern Alaska for the past SIX years, has been transferred to the Yukon river, and his territory will extend from Eagle to St. Michael. The mess house at Thane recently contributed $60 to the Juneau tobacco fund. The money raised in this campaign goes to buy tobacco and the makings for the boys in France. No slackers will be found at Auk Bay as first reported, as all the men there have registered for the selective draft. They did not register at Auk Bay but all their names appear on the list at Tee Harbor. William Nicholvich, a Serbian miner, was instantly killed by falling rock in one of the Perseverance mine stoops last week. His interment was made in the Evergreen Cemetery. The Juneau Dispatch states that the war department has granted permission to the Territorial Road Commission for the First Division to dredge the Gastineau bar, and the work will start immediately. It is estimated the work will cost about $20,000. The roadhouses at Rapids and Donnelly, on the Valdez-Fairbanks trail have changed hands recently. Stone & Son have become the owners of the Donnelly roadhouse and Flannigan, a former owner, has again taken over the hostlery at Rapids. Heavy shipments of fresh and frozen fish left Juneau for the States last week. The Juneau Cold Storage sent 100 cases to the Glacier Fish Co., of Seattle. Each box contains about 400 pounds of frozen fish. Forty boxes of fresh fish accompanied the order. Ed Baggen, of Petersburg, unfortunately lost the greater part of his left hand recently through disease of the bone caused by fish poisoning. A. Bruning, former cashier for the American Bank of Alaska at Fairbanks, has been named receiver for the bank, which was closed by Examiner W. G. Smith. The Kennecott mine is now employing 450 men. The milling plant consists of rolls and crushers, with a capacity of 800 tons per day, and the leaching capacity of the plant is approximately 900 tons per day.

9. September 29, 1917 The Nenana News Nenana, AK

Article from The Nenana News, September 29, 1917

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THURSDAY Seattle-Four soldiers, who serving time at Alcatras, escaped from the prison and made off in a passing automobile. which they held up at the point of a gun and compelled the chauffeur to drive them a distance of fifteen miles. On the way, they relieved the driver of $30 in cash and then stole the machine. A posse is now in pursuit of the escapes and a big gun battle is expected when they are overtaken. Amsterdam- Confirmed dispatches received in this city state that the Peruvian government has instructed its minister at Berlin to demand of the Imperial German government an explanation of the sinking of a Peruvian vessel. If the explanation is not satisfactory Peru will sever diplomatic relations without further parley. Cleveland-When the call came for registration. Harry Hoffman, 30 years old, whose real name is Lillian Meyers, registered. Failure to appear for examination caused her detention by the police and after several days of confinement the girl broke down and confessed that for the past ten years she had been masquerading in male attire. During those years she worked as a soda fountain attendant, ice wagon driver, grocery clerk and mover-always as a man. No more enlistments are desired in the aviation section of the United States Army at the present time, according to a telegram received at Juneau recently from Gen. H. P. McCain, adjutant-general of the army. There are about fifteen applicants in Juneau who are waiting to be examined to join that branch of the military service. Atlantic Port-Steamers arriving here report a terrific hurricane on the Atlantic. Ordinarily news of that kind would be received with general alarm in shipping circles, but under existing conditions the report is welcomed by shipping men, as it is believed the storm will have a tendency to reduce the activities of the German submarines. Fairbanks-The fire department was called out this morning to extinguish a small fire at the residence of E. A. Suter, the jeweler. It was only a small chimney fire and was put out without damage to the house. Washington-State department officials are authority for the statement that hundreds of code messages. signed by Count Luxburg and forwarded by the Swedish minister at Buenos Ayres to Stockholm. were intercepted by the United States and turned over to the Argentine government, to prove the existence of German intrigue in that country. Fairbanks-The depositors of the American Bank of Alaska will meet tomorrow afternoon for the purpose of naming a permanent receiver, to close up the affairs of the defunct institution. The names of E. H. Mack and J. R. Fowle have been mentioned for the place. Bruning who is acting as

10. October 8, 1917 The Weekly Alaska Citizen Fairbanks, AK

Article from The Weekly Alaska Citizen, October 8, 1917

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BRUNING NOW RECEIVER OF DEFUNCT BANK After receiving the official report of the secretary of the depositors' meeting to the effect that a requisite number of signatures representing more than the required amount, had been affixed to the petition of Adolph Bruning for the permanent receivership of the American Bank of Alaska, Judge Charles E. Bunnell, in open court, signed the order making Mr. Bruning the permanent receiver of the defunct financial institution, yesterday afternoon at 4 o'clock. It was announced at the same time that a bond of $15,000 for Mr. Bruning had been arranged for. In chambers Judge Bunnell stated that he considered this bond large enough in view of the fact that, after the first dividend is paid to the creditors of the defunct bank, there would rarely if ever be more than that amount in the bank at one time. He further stated that his reason for approving the low bond was an effort to keep down the expense of the receivership. The order made by the court yes terday naming Mr. Bruning as permanent receiver, said nothing of the compensation which the receiver is to get for his work. Out of session later, however, Judge Bunnell stated that Mr. Bruning had offered to do the work for the sum of $250 per month and that he had approved of that amount. It is thought probable, however, that it will take but a few months to wind up the first of the business of the defunct bank and after that time he receiver will probably be paid a nominal retaining fee. Judge Bunnell has also made another move in the matter of keeping down the expense of the receiverHe considers the present ship. quarters of the bank far too commodious for the necessities of the receivership, particularly after the present month, consequently smaller and less expensive office quarters will be used. Just when the first dividend will be made is still a matter of conjecture. It is understood, however, that Receiver Bruning is to make a report to the court within the next day or two, and it is thought that shortly after that time a court order for the dividing of the fund on hand among the creditors of the defunct institution will be signed. SUBSCRIBE FOR THE CITIZEN

11. October 22, 1917 The Weekly Alaska Citizen Fairbanks, AK

Article from The Weekly Alaska Citizen, October 22, 1917

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INSOLVENT BANK TO PAY 15 PER CENT DIVIDEND TODAY notes, in the possession of said ReAn order for the payment of diviceiver, due from said depositors to dends was issued yesterday aftersaid Bank at the time a Receiver noon by Judge Bunnell to the rewas placed in charge thereof, and ceiver of the American Bank of Althat no order has as yet been made aska, which closed its doors on the relative to said set-off, and it fur27th of August A Bruning, the ther appearing to this Court that receiver presented a petition to the certain claims have been presented court setting forth the fact that the to the Receiver, not shown by the liabilities of the bank were $136. books of said Bank, and that have 855.35 as shown by the books of that not been allowed by this Court as bank and that the other outstand claims against said Bank, and the ing liabilities would not exceed Court being fully advised in the $1,500; that he had in his possespremises and being satisfied that sion cash exclusive of the cash due there are sufficient funds on hand from other banks, amounting to the to pay a dividend of fifteen per cent sum of $19,500; that he therefore upon all claims due from the Amhad on hand sufficient money to pay erican Bank of Alaska to the varioff 15 per cent dividends ous creditors of said Bank concernThe bank and its attorneys have drawn up a form of certificate to be ing whose accounts there is no disused in making the payment of divipute: dends. The face of the certificate Now. therefore, it is ordered, adreads: "This is to certify that John judged. and decreed that the said Doe has money in the American Receiver be, and he is, hereby orBank amounting to the sum of dered and directed to pay to the is cents." and Dollars and creditors of the American Bank of signed by the bank officials and reAlaska, as the same appear upon ceiver When the first dividend is the books of said Bank, subject to paid, the amount and date will be the reservations hereinafter made, a stamped on the back of the certifidividend of fifteen per cent of the cate With this certificate it will amount of their said claims, reservbe possible for anyone to transfer ing, however, from said dividend. his claims without confusion by simany payment on any claim against ply placing his signature under the said Bank which claim may be offstamped amount and date. This cerset against notes held by the Retificate must be presented at each ceiver. as such, which notes are payment of dividends, for no funds payable to the American Bank of will be given out without it. Alaska, and reserving therefrom any Effort will be made to collect all payment on any claim not shown funds due and owing to the bank by the books of the American Bank as soon as possible, and as soon as of Alaska to be a legitimate claim the money can be secured the sec against said Bank, but which may ond dividend will be forthcoming have been presented against said The order issued by Judge Bunnell Bank and not allowed by this Court: is as follows: Be it further ordered that, if In the District Court for the Terriany order is hereafter made by this tory of Alaska, Fourth Division. Court allowing any claims against Territory of Alaska, upon relation of said Bank, said dividend be paid the Territorial Banking Department upon said claims SO allowed by this of Alaska, Plaintiff, Court, after said order of allowance VS. shall have been duly made and enThe American Bank of Alaska, a tered; corporation, Defendant. Be it further ordered that, if this No. 2339. Court hereafter makes an order apORDER FOR PAYMENT OF DIVI. plying certain deposits of certain DEND creditors of said Bank upon their The above matter coming on for notes due to said Bank or upon overhearing upon the verified petition of drafts, if any balance of said dethe Receiver of the American Bank positors' accounts remains to their of Alaska for authority to declare credit. the dividend shall be paid and pay a dividend to the creditors by said Receiver upon said balance of said Bank, now under ReceiverSO remaining after such set-off has ship. and it appearing to the satisbeen made: faction of this Court that there is And be it further ordered that sufficient money on hand to enable said Receiver take receipts from all the payment of a dividend of fifteen creditors to whom payments are per cent of all the claims against made, for the amount paid as such said estate, as the same appear upon the books of said Bank, or that are dividend, which receipts shall des ignate the number of the dividend, likely to be presented against said in addition to the amount received Bank, and it further appearing to by the creditor thereon. this Court that there is now pending Done at Fairbanks, Alaska, this before this Court a petition on the sixteenth day of October, A. D. one part of the Receiver, to set off certhousand nine hundred seventeen. tain deposits - to the credit of certain creditors of said Bank (Signed) CHARLES E. BUNNELL, District Judge. against their overdue promissory

12. January 7, 1918 The Weekly Alaska Citizen Fairbanks, AK

Article from The Weekly Alaska Citizen, January 7, 1918

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FARMERS BANK BUYS PROPERTY The Farmers Bank of Fairbanks yesterday afternoon purchased from the receiver of the American Bank of Alaska the assay office formerly used by the American Bank. This office is situated on Second avenue almost opposite E. R. Peoples, Inc The Farmers Bank also purcha a all the equipment in the building i their int ntion to use the build ing in the future as their assay OF fice.

13. June 3, 1918 The Weekly Alaska Citizen Fairbanks, AK

Article from The Weekly Alaska Citizen, June 3, 1918

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treatment that has been extended to me at all times during the time that I have occupied the position as Receiver of the Bank. I am ready to make my report at any time -that the Court may desire. "Awaiting your pleasure in the matter, I beg to remain, "Very truly yours, "A. BRUNING, "Receiver American Bank of Alaska." Ever since the closing of the bank's doors on August 27, 1917, and since his appointment to the receivership Mr. Bruning has been in charge of the affairs of the bank. His reason for resigning are for none other than stated. Judge Bunnell yesterday morning stated that the receivership would be vested in Commissioner Reed W. Heilig, who will act for the depositors of the bank for a less amount than was being paid Mr. Bruning, whose salary was fixed at $250 per month with a. rental of $50, making a total expense of $300 per month. The amount to be received by Commissioner Heilig will be $75, a saving of $225 to the depositors. The resignation of Mr. Bruning will be effective on June 15, at which time the affairs of the bank will be turned over to the commissioner. The receiver is going to make every effort to collect all outstanding accounts before turning over his stewardship, and if it is possible another dividend will be declared to the depositors when the collections are made. Mr. Bruning will devote his time to the mining game after he steps down.

14. June 3, 1918 The Weekly Alaska Citizen Fairbanks, AK

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BRUNING HANDS IN RESIGNATION RECEIVERSHIP Yesterday morning there was handed to Judge Bunnell the resignation of A. Bruning as receiver of the defunct American Bank of Alaska. The resignation, as handed in, is as follows: "Hon. Charles E. Bunnell, "Judge of the District Court, Fairbanks, Alaska. "Dear Sir: "In re: American Bank of Alaska under Receivership. "I beg to state that, under the conditions that prevail in this district at the present time, it would be practically impossible to close the Receivership of the American Bank of America within a reasonable time, and that the estate is such that it could not stand a very great expense in the administration thereof. "Realizing that you can make arrangements for the conducting of the affairs of said estate for a considerably less sum than it is now costing, and that it will be for the best interests of all the depositors and creditors of said Bank if you so do, I beg to tender herewith my resignation as Receiver of the American Bank of Alaska, said resignation to take effect at the pleasure of the Court. "As there are several packages and certain papers belonging to former clients of the Bank left for safe keeping in the vaults of the Bank, I would respectfully suggest that the fact that I have resigned be made public and that I be authorized to publish a notice, requiring all persons having papers in the vaults of said Bank to call for them before a date to be. fixed by the Cuort, at which time my resignation should become effective. "I beg to thank you for the consideration and extremely courteous

15. June 15, 1918 The Nenana Daily News Nenana, AK

Article from The Nenana Daily News, June 15, 1918

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FAIRBANKS NOTES Comimssioner Reed Heilig has been appointed receiver of the American Bank of Alaska vice Adolph Bruning, who resigned voluntarily to cut down expenses.

16. September 18, 1918 The Nenana Daily News Nenana, AK

Article from The Nenana Daily News, September 18, 1918

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ADOLF BRUNING TO MINE AGAIN ON JACK WADE Adolf Bruning, who had been connected with the American Bank of Alaska in Fairbanks for many years, and who was later appointed as its receiver shortly after its failure, was a passenger on board the Tanana bound for Eagle. He resigned the receivership recently and is now on his way to the Fortymlie country, where he expects to engage in gold mining. Mr. Bruning owns an interest in some placer mining ground on Jack Wade creek, which is said to carry good values and hopes to be able to develop his property. Mr. Bruning is well known throughout the Tanana valley and his many friends will be glad to hear of his success in the mining game.