Bank placed in hands of examiner with admitted $40,000 shortage; no run mentioned.
Events (2)
1.April 10, 1889Chartered
Source
historical_nic
+34 years
2.September 1, 1923Receivership
Newspaper Excerpt
The First National bank of Montrose, is in the hands of George W. Godell, bank examiner, with a shortage of $40,000 admitted by President T. B. Townsend.
Source
newspapers
Newspaper Articles (1)
1.September 1, 1923The Seattle StarSeattle, WA
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Article Text
Colorado Bank in Hands of Examiner
MONTROSE, Colo., Sept. 1.βThe First National bank of Montrose, is in the hands of George W. Godell, bank examiner, with a shortage of $40,000 admitted by President T. B. Townsend.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.