Miners & Smelters Bank - Northport, WA

Episode Information

Episode UID: 5192683391485
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 519268339 hash
Start Date: September 5, 1923
Location: Northport, Washington (48.916, -117.782)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: c02e8691f6da1ec2

Response Measures

None

Description

The bank was closed following an examination that revealed a shortage and led to the arrest of its president.

Events (1)

1. September 5, 1923 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examination disclosed a shortage of $2000 and led to a warrant for the arrest of the president.
Newspaper Excerpt: failure of the Southwestern Washington Bank of Ilwaco and the Miners & Smelters bank at Northport, Stevens county, were made Wednesday by Supervisor of Banking Duke
Source: newspapers

Newspaper Articles (1)

1. September 6, 1923 The Oregon Daily Journal Portland, OR

Article from The Oregon Daily Journal, September 6, 1923

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Article Text

HEAD OF ILWACO'S BANK ALSO TO BE ARRESTED Olympia, Wash., Sept. 6.—Sensational disclosures in connection with the failure of the Southwestern Washington Bank of Ilwaco and the Miners & Smelters bank at Northport, Stevens county, were made Wednesday by Supervisor of Banking Duke, involving defalcation of the officers in both cases. Myron E. Sinclair, vice president and cashier of the Ilwaco bank, surrendered to the sheriff of Pacific county Wednesday and was taken before the superior court at South Bend, where he pleaded guilty, and received from Judge Hewen a sentence of from four to 15 years in the penitentiary at Walla Walla. He confessed to embezzling $49,900, but the examination Supervisor Duke said, probably would show that more than $100,000 has been misappropriated. Young Sinclair said his peculations covered a period of 10 years. State Senator Percy L. Sinclair, who is president, will be arrested, charged with complicity in the shortage, unless he gives himself up, said Duke. The affairs of the bank are in the hands of Examiners Knapp and Vanderpoel, and a thorough checking will disclose the full extent of the shortage. The Sinclairs, father and son, were called in and turned over all their property to the bank supervisor, including their automobiles and stock in a manufacturing concern. The loss to depositors will be very heavy, it is said. The Miners & Smelters bank examination by Examiner Stevens disclosed a shortage of $2000, and a warrant has been issued for the arrest of the president, C. I. Prouty. Supervisor Duke says the bank will pay out practically dollar for dollar to the depositors.