4004. First National Bank (Rigby, ID)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11385
Charter Number
11385
Start Date
January 1, 1925*
Location
Rigby, Idaho (43.672, -111.915)

Metadata

Model
gpt-5-mini
Short Digest
1902b7e0

Response Measures

Full suspension, Books examined

Other: Bank placed in hands of state bank examiner; later remained suspended at least through 1926 (lawsuit referencing suspension January 1925).

Receivership Details

Depositor recovery rate
18.5%
Date receivership started
1925-01-12
Date receivership terminated
1930-04-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
35.5%
Share of assets assessed as doubtful
35.8%
Share of assets assessed as worthless
28.7%

Description

Contemporary report (Jan 1925) says the First National Bank of Rigby 'failed to open its doors recently' and was 'in the hands of the state bank examiner' after 'recent heavy withdrawals' — indicating a depositor run leading to suspension. A later (1926) item refers to the bank as 'the suspended business January 1925' and a suit against its directors, implying the suspension was not temporary and the bank did not resume normal operations.

Events (5)

1. June 30, 1919 Chartered
Source
historical_nic
2. January 1, 1925* Run
Cause Details
Newspaper states 'recent heavy withdrawals' prompted the crisis; no explicit cause (rumor, correspondent failure, or specific bank scandal) is given in the articles.
Measures
Bank closed and turned over to state bank examiner; statement to depositors explaining heavy withdrawals as reason.
Newspaper Excerpt
The First National Bank of Rigby failed to open its doors recently... Recent heavy withdrawals was declared in a statement to depositors to have been the reason for closing.
Source
newspapers
3. January 1, 1925* Suspension
Cause Details
Bank closed (failed to open) after heavy withdrawals; governor/official action not explicitly described beyond involvement of state bank examiner.
Newspaper Excerpt
The First National Bank of Rigby failed to open its doors recently... the institution is in the hands of the state bank examiner.
Source
newspapers
4. January 12, 1925 Receivership
Source
historical_nic
5. September 28, 1926 Other
Newspaper Excerpt
The suspended business January 1925. The United States Fidelity and Guaranty company filed suit ... against ... directors of the First National bank of Rigby to collect $3900 alleged to be due on surety bond which the guaranty company executed to cover deposits in the bank made treasurer Jefferson county.
Source
newspapers

Newspaper Articles (2)

Article from White Bluffs Spokesman, January 23, 1925

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Article Text

Idaho News BOISE.-Boise's per capita fire loss during 1924, judging by estimate of what the final report will show, will be 500 to 600 per cent greater than in 1923. The loss last year was from $8 to $10 per capita as compared with less than $1 the preceding years. LEWISTON.-Mrs. E. Greeman of this city has a Rhode Island Red hen that hatched 11 baby chicks on New Year's Day. The hen hatched all the eggs but one, notwithstanding the fact that the eggs were under her during the recent zero weather. The chicks are all living and doing nicely. COEUR D'ALENE. - A statement by the geological survey shows that the Coeur d'Alene district in Idaho was the second largest lead producer in the United States in 1924, its total lead output for the year being estimated at 128,000 tons. Missouri alone produced more lead than Idaho, with Utah third. MOSCOW.-More than 50 Camp Fire Girls of Moscow plan* to attend summer camp at Sweyolakan on Lake Coeur d'Alene next summer, according to information brought back to Spokane by Miss Annette Francisco. executive secretary. Miss Francisco spoke at a mothers' and daughters banquet held in Eagles Hall recently. She was awarded the rank of torchbearer to 10 girls, the same ones who were given the firemakers' rank two years ago. "Camp Fire is growing fast in Moscow," said Miss Francisco "Five groups with a membership of more than 100 are now operating. The Rotary Club of Moscow is sponsoring the movement." LEWISTON-The increase in cream production in the Central Idaho region and the consequent increase in dairying, may be realized from the recent report of the Mutual Creamery Company of Lewiston, which shows an increase the past year of 63½ per cent. What it means to the farmor and dairymen may be understood when it is learned that the local creamery produced 500,000 pounds of butter, using 400,000 pounds of butterfat, which at the average price of 37 cents totaled $150,000 paid to farmers for cream. Beside this the creamery in its production of 25,000 gallons of ice cream used 20,000 pounds of but terfat, giving the producers in this district $7,500 more. The butter, if all shipped out of Lewiston, would amount to 26 cars or better than two a month. Over half of the butter manufactured in Dewiston is used locally and in the immediate territory, the rest being sold through the branch plants at Los Angeles, Portland and Seattle. POCATELLO.-The First National Bank of Rigby failed to open its doors recently, according to word received here, and the institution is in the hands of the state bank examiner. Recent heavy withdrawals was declared in a statement to depositors to have been the reason for closing. The bank claimed deposits of around $500,000. BOISE.-Clinton H. Hartson, collector of customs at Seattle, Wash., and former resident of Spokane, has been appointed by Governor C. C. Moore to the Third judicial district bench at Boise. He succeeds Raymond L. Givens, resigned to go on the state supreme bench.


Article from The Idaho Statesman, September 28, 1926

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Article Text

INDUSTRIAL ACCIDENT BOARD. The board 33 claims under workmen's following awards aggregating $100 Homer Granger Centerville, employed by Boise Payette Lumber company, $183.40; bone of right arm fractured Ben Strom, Build, employed by the Montana & Idaho company, $252 pensation $52 medical fees; injury to spine. ARTICLES OF INCORPORATION. Frank Ryan, Weiser, Monday named statutory agent of the Harvey Poster Advertising company, an Oregon corporation, certificate filed with the secretary of state. The Z. J. Fort of Colorado filed amendment its articles of changing the name to the Z. J. Fort-Tidwell company. The carey Co-operative company of Carey filed articles incorporation, showing it is capitalized at $25,000. FEDERAL COURT. The United States Fidelity and Guaranty company filed suit federal court Monday against John W. Hart and other directors of the First National bank of Rigby to collect $3900 alleged to be due on surety bond which the guaranty company executed to coyer deposits in the bank made treasurer Jefferson county. The suspended business January 1925. An Extra Supply of The Statesman. news corner of and Bannock always has for sale copies of The on day of issue.