First National Bank - Sedro-Woolley, WA

Episode Information

Episode UID: 790801588
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 79080 national
Charter Number: 7908
Start Date: April 20, 1932
Location: Sedro-Woolley, Washington (48.504, -122.236)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 0173e8675a5ee536

Response Measures

None

Receivership Details

Depositor recovery rate: 71.5%
Date receivership started: 1932-02-23
Date receivership terminated: 1937-12-21
Share of assets assessed as good: 19.9%
Share of assets assessed as doubtful: 64.5%
Share of assets assessed as worthless: 15.6%

Description

Article states a receiver (Elmer Dover) was in charge and depositors seek to take over liquidation.

Events (4)

1. September 13, 1905 Chartered

Source: historical_nic

2. February 23, 1932 Receivership

Source: historical_nic

3. April 20, 1932 Receivership

Newspaper Excerpt: Support of Congressman Lin Hadley and Senator Wesley Jones has been assured the committee of the depositors of the First National bank... relieve the present receiver, Elmer Dover, of his duties.
Source: newspapers

4. * Suspension

Cause: Government Action
Cause Details: Bank was placed in receivership and under the control of a receiver
Newspaper Excerpt: relieve the present receiver, Elmer Dover, of his duties.
Source: newspapers

Newspaper Articles (1)

1. April 20, 1932 The Bellingham Herald Bellingham, WA

Article Text

DEPOSITORS ACTIVE CONTEST PLANNED Organize With Idea of Relieving Bank Receiver (Special to The Herald) SEDRO-WOOLLEY, April 20.—Support of Congressman Lin Hadley and Senator Wesley Jones has been assured the committee of the depositors of the First National bank, according to Harry Griffen, chairman of the committee. Already some 800 names of depositors have been obtained by the committee. The depositors have formed a corporation, Sedro-Woolley Depositors, Inc., with the committee composing the directors, Harry Griffen, Merle Niece, Charles Lederle, O. K. Pressentin and Dr. G. A. Jones. If the assignment of stock can be obtained by the committee, and the assignment of all claims of depositors, the depositors believe they can take over the liquidation of the bank, and relieve the present receiver, Elmer Dover, of his duties. Some 500 depositors were informed by their attorney, Robin Welts, of Mount Vernon, of his plans for getting control of the liquidation.