42. Valdez Bank and Trust Company (Valdez, AK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 2, 1915
Location
Valdez, Alaska (61.131, -146.348)

Metadata

Model
gpt-5-mini
Short Digest
0f95e2cf

Response Measures

None

Description

The Valdez Bank and Trust Company suspended operations in early August 1915 following heavy losses in the Valdez fire that destroyed its building. A receiver was appointed and the bank did not reopen; funds were later provided to pay depositors. No run on the bank is reported in the articles — suspension was due to fire losses (local shock) and insolvency.

Events (5)
1. August 2, 1915 Suspension
Cause
Local Shock
Cause Details
Losses from Valdez fire destroyed the bank building and caused heavy losses, prompting the directors to suspend business.
Newspaper Excerpt
VALDEZ TRUST COMPANY QUITS VALDEZ, Aug. 2.-The Valdez Bank and Trust Company suspended for business Saturday afternoon. ... it was decided that a suspension at this time would be good business, owing to the losses the company sustained in the Valdez fire of two weeks ago, which destroyed its building
Source
newspapers
2. August 6, 1915 Receivership
Newspaper Excerpt
DIMOND NAMED BANK RECEIVER A. J. Dimond... has been named temporary receiver for the affairs of the Valdez Bank and Trust Company. The appointment is made until the return of Judge Brown to Valdez. Mr. Dimond acts for the Territorial Banking Board to conserve the assets of the bank for the depositors and stockholders.
Source
newspapers
3. August 9, 1915 Receivership
Newspaper Excerpt
In the case of the Territory of Alaska vs the Valdez Bank and Trust company, Arthur J. Diamond was appointed receiver and the papers have been transferred to Valdez. The decree was signed by Judge Jennings ... A. J. Dimond was appointed temporary receiver by Judge Jennings.- (Valdez Prospector.)
Source
newspapers
4. September 1, 1915 Other
Newspaper Excerpt
VALDEZ BANK TO PAY DEPOSITS VALDEZ, Sept. 1.-Assistant Cashier M. F. Hendrickson... received a wire ... asking for the exact amount of money necessary to pay off the depositors ... the necessary money would be forthcoming to pay all creditors of the bank. The affairs of the bank are now in the hands of A. J. Dimond, who was appointed temporary receiver ...
Source
newspapers
5. September 15, 1915 Other
Newspaper Excerpt
MONEY READY FOR DEPOSITORS Judge Brown Advised that $25,000 Placed in Seattle Bank-Receiver to Pay Depositors. ... $25,000 had been deposited in the bank for the purpose of paying off the depositors and draft holders of the Valdez Bank and Trust company, which closed its doors recently.
Source
newspapers

Newspaper Articles (8)
1. August 2, 1915 The Seward Gateway Seward, AK
Article from The Seward Gateway, August 2, 1915

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Article Text

NATION NO MATTER WHO WINS IN GREAT WAR GERMANS DRIVE WEDGE THOMAS RIGGS RUSSIAN WAR MINISTER IS A VISITOR IN THE POLISH FRONT ADMITS WARSAW'S FATE MEMBER OF ENGINEERING COMw Great Question Now is Whether to VALDEZ BANK CLOSES MISSION COMES TO SPEAK st FRANCE LANDS MEN Says Russian Retreat is Meant ato AS RESULT OF FIRE. w ON HAITI SHORES. WITH HIS COLLEAGUES. e w Russian Forces Can Withdraw w w VALDEZ, August 1.-The Valdez Only to Insure Final Victory WASHINGTON, August 2.Bank and Trust Company suspended Thomas Riggs, jr., one of the three French marines have been landed at Safely. For Muscovites. Saturday. It owes in desposits sixmembers of the government railroad Port au Prince to protect French inteen thousand and its assets are fifty engineering commission, came to Seterests from further violation. The inGERMANS DRIVE WEDGE thousand. The action was taken by ward on the Mariposa and went to RUSSIANS HOPEFUL formation that the French legation the directors because of hard times BERLIN, August 2.-The German generals are now Anchorage today on the Alameda was entered by the mob when they PETROGRAD, August 2.-The nation generally is and the losses incurred in the recent He is conducting the work of the comdriving a wedge in the Polish frontier and the great event murdered the president was sent to fire. mission at the interior end where he confident that the grand duke can extricate his armies now in view is to prevent the army defending Warsaw Paris and the French war de(Note) The amount of deposits had been perfecting the locating surfrom making its escape. It is reported today that the when the time comes to retreat from Warsaw although partment at once sent orders for the mentioned in this dispatch is likely Germans have already crossed the Vistula at a point veys. He came out from Fairbanks Teutons on all sides of the Polish capital are now striving landing of the troops. via Cordova and had been at the latnot right but an effort to secure confrom which the enemy's line of retreat will be seriously to rush in to secure possession of the country over which firmation of the figures has not yet threatened. ter town a week waiting for a boat. THREE COMPANIES CHARGE the retirement must take place. The retreat is really beborne fruit. He comes merely to discuss business A THOUSAND STRIKERS.

2. August 2, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, August 2, 1915

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Article Text

VALDEZ TRUST COMPANY QUITS VALDEZ, Aug. 2.-The Valdez Bank and Trust Company suspended for business Saturday afternoon. A statement issued by the company says the bank owes deposits of $16,000 and although its assets are $50,000. it was decided that a suspension at this time would be good business, owing to the losses the company sustained in the Valdez fire of two weeks ago, which destroyed its building and other property owned by the company. The board of directors met Friday evening and voted to close the bank. The Valdez Bank and Trust company was given a charter on January 16, 1913. It was organized by A. E. Grigsby, D. H. Sleem and John Feinbloom of Valdez, and in its articles of incorporation the capital-stock was set forth as $25,000. A 50-year charter was issued. The first board of directors was composed of D. H. Sleem, A. E. Grigsby. B. F. Millard, and Edward Eckern of Valdez, and A Eckern of Portland. The amount of indebtedness to which the company might be subjected was limited to 50 per cent of its assets.

3. August 3, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, August 3, 1915

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Article Text

COBB TO APPEAR FOR DEFUNCT VALDEZ BANK J. H. Cobb will leave for Skagway on the next boat to make application to Judge Jennings for the appointment of a receiver for the Valdez Bank and Trust company, recently insolvent. Mr. Cobb is attorney for the Territorial Treasurer.

4. August 5, 1915 The Ketchikan Miner Ketchikan, AK
Article from The Ketchikan Miner, August 5, 1915

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Article Text

Valdez, Aug. 2_At a meeting of the Valdez Bank and Trust company directors, it was decided yesterday to suspend the business of the bank. This was decided on owing to the fact that the general conditions in Valdez are SO unsatisfactory, and the loss of SO much property in the 10cent fire. The bank owes depositors about sixteen thousand dollars. with assets of about fifty thousand.

5. August 6, 1915 The Cordova Daily Times Cordova, AK
Article from The Cordova Daily Times, August 6, 1915

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Article Text

DIMOND NAMED BANK RECEIVER A. J. Dimond, of the law firm of Donohoe & Dimond, has been named temporary receiver for the affairs of the Valdez Bank and Trust Company. The appointment is made until the return of Judge Brown to Valdez. Mr. Dimond acts for the Territorial Banking Board to conserve the assets of the bank for the depositors and stockholders.

6. August 9, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, August 9, 1915

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Article Text

SKAGWAY TERM OF COURT SHORT 1 Judge Jennings and the court house delegation returned this morning from Skagway, where court has been in session since Monday, Aug. 2. The various matters which came up before Judge Jennings were as follows: A divorce was granted to Justina Packson, a native, wife of William Jackson. She was given the custody of their two children. Four men were admitted to citienship in the United States, namely Louis Ender, Charles Karaman and Rupert Blazic, all natives of Austria, and Joseph J. F. Warde. a naitve of Canada. Liquor licenses were granted to Tim Vogel and J. A. Morrison of Haines. There was no protest filed in either case. Protests were filed and then lateer withdrawn in the matter of licenses for the C. W. Hockett company and the Brie Co. Inc., both of Haines and the licenses were issued. No protests were filed in the Skagway liquor licenses applications and licenses were issued to Herman Grimm. T. F. C. Flaharty, Albert Reinert and J. T. Anderson. The bar-room license issued to the Triangle saloon of Juneau was transferred to Frank Morrison of Skagway. In the case of the Territory of Alaska vs the Valdez Bank and Trust company, Arthur J. Diamond was appointed receiver and the papers have been transferred to Valdez. The decree was signed by Judge Jennings in the absence of Judge Brown who is out at the Westward hold the floating court. Court will continue in session here until the latter part of the month, at which time the Ketchikan session will be opened. No definite calendar has been set for the remainder of the Juneau session. The case of Frye-Bruhn against Agnes L. Burk as of the 5th Ave. Hotel in Skagway has been transferred to Juneau and will be tried here in the near future.

7. September 11, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, September 11, 1915

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Article Text

VALDEZ BANK TO PAY DEPOSITS VALDEZ, Sept. 1.-Assistant Cashier M. F. Hendrickson, of the Valdez Bank and Trust Company received a wire from his father, the Portland banker, asking for the exact amount of money necessary to pay off the depositors and holders of drafts of the Valdez Bank and Trust Company, which recently closed its doors, because of its inability to convert its assets into cash. The telegram also informed Mr. Hendrickson that the necessary money would be forthcoming to pay all creditors of the bank. The affairs of the bank are now in the hands of A. J. Dimond, who was appointed temporary receiver by Judge Jennings.- (Valdez Prospector.)

8. September 15, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, September 15, 1915

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Article Text

MONEY READY FOR DEPOSITORS Judge Brown Advised that $25,000 Placed in Seattle Bank-Receiver to Pay Depositors. Judge Brown of the District Court last night received advices from the German American Mercantile Bank of Seattle that $25,000 had been deposited in the bank for the purpose of paying off the depositors and draft holders of the Valdez Bank and Trust company, which closed its doors recently. After a conference with the attorneys for the receiver, and M. F. Hendrickson, the assistant cashier of the bank, it was decided to have the money placed in the Scandinavian National Bank of Seattle, the correspondent of the First Bank of Valdez, and Judge Brown then wired that the money be placed in the bank, designated to the credit of A. J. Dimond, the temporary receiver of the bank. It is expected that the affairs of the bank will be closed up and the creditors paid off within a few days. The few details will be settled today and then the drafts will be drawn to the various depositors. The $25,000 has been raised by C. F. Hendrickson, the Portland banker, and father of Assistant Cashier M. F. Hendrickson. Mr. Hendrickson, father and son, had made deposits of $14,000 in the local bank in the effort to keep it afloat. This amount, however, is not to be withdrawn until all other depositors and draft holders are paid.