Olympia National Bank

Episode Information

Episode Type: Suspension → Closure
Start Date: January 21, 1923
Location: Olympia, Washington (47.038, -122.901)
Bank Type: national
Charter Number: 5652

Metadata

Episode ID
Bank ID
City ID: 531533353

Model: gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate: 68.0%
Date receivership started: 1932-02-03
Date receivership terminated: 1938-04-19
Share of assets assessed as good: 57.4%
Share of assets assessed as doubtful: 37.4%
Share of assets assessed as worthless: 5.2%

Notes

Article states controller took over the bank Jan 21, 1923, which conflicts with the provided 1932 receivership date.

Events (4)

1. December 24, 1900 Chartered

Source: historical_nic

2. January 21, 1923 Suspension

Cause: Government Action
Cause Details: State controller took over the bank and assumed control of deposits/securities per article.
Newspaper Excerpt: the controller, who took over the bank January 21, 1923.
Source: newspapers

3. January 21, 1923 Receivership

Newspaper Excerpt: the controller, who took over the bank January 21, 1923.
Source: newspapers

4. February 3, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. December 17, 1935 The Olympian Olympia, WA

Article Text

SAN FRANCISCO, Dec. 16.—(AP)—The ninth United States circuit court of appeals approved dismissal today by the federal district court of Seattle of the creditors' suit to regain $538,325 in securities delivered to the state treasurer of Washington by the Olympia National bank for state funds on deposit.

The Capital Savings and Loan association, George Mottman and Martin Gottfeld sued to recover the securities or their value until the bank's creditors receive dividends equal to those paid the state treasurer by the controller, who took over the bank January 21, 1923.

In approving the district court decision, the circuit court declared "where the public policy of the state favors the protection of public deposits by means of securities to be given by the depositaries, contracts for that purpose will be sustained, regardless of technical difficulties."