841. First Savings Bank of Shasta County (Redding, CA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
March 25, 1911
Location
Redding, California (40.587, -122.392)

Metadata

Model
gpt-5-mini
Short Digest
63bde58a01d64df4

Response Measures

None

Description

Newspaper accounts (March 25-28, 1911) report a heavy run on the First Savings Bank of Shasta County causing it to stop payment; within days the state superintendent ordered the bank closed. The articles do not state whether the bank ultimately reopened or was finally liquidated, so I classify as run → suspension but outcome unsure. Cause of the run appears linked to the suspension/problems at the companion Bank of Shasta County (information about other local banks). Dates are taken from article datelines (Mar 25 report of stoppage; Mar 27/28 order to close).

Events (2)
1. March 25, 1911 Run
Cause
Local Banks
Cause Details
Heavy withdrawals at First Savings followed the suspension of the Bank of Shasta County; depositors ran on the savings bank.
Measures
Stopped payment at noon (suspended payments)
Newspaper Excerpt
The First Savings bank of Shasta county ... stopped payment at noon because of a heavy run of depositors.
Source
newspapers
2. March 27, 1911 Suspension
Cause
Government Action
Cause Details
Closed by order of the state superintendent of banks following the earlier run and the suspension of the Bank of Shasta County.
Newspaper Excerpt
The First Savings bank of Shasta county was closed late yesterday by order of W. R. Williams, state superintendent of banks.
Source
newspapers

Newspaper Articles (2)
1. March 26, 1911 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, March 26, 1911

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Article Text

SHASTA COUNTY, CAL., BANKS CLOSE DOORS Big Loans Do Not Look Good, According to President of One Concern. By Associated Press. REDDING. Cal., March 25.-The Bank of Shasta county closed its doors today and State Bank Examiner Dobbs is in charge. The suspension was voluntary and President C. C. Bush expressed confidence that with a little time the bank would be able to meet its liabilities. which are shown by the last statement to be $1,061,304. "Some big loans do not look as good as when we made them." said Mr. Bush. The First Savings bank of Shasta county a collateral institution, stopped payment at noon because of a heavy run of depositors. The state bank examiner

2. March 28, 1911 El Paso Herald El Paso, TX
Article from El Paso Herald, March 28, 1911

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Article Text

Redding, Cal., March 28.-The First Savings bank of Shasta county was closed late yesterday by order of W. R. Williams, state superintendent of banks. The bank had $267,000 in deposite in December. Today's action results from the suspension of the Bank of Shasta county last Saturday. Dr. Cameron, Dentist, over WalkOver shoe store. Reliable dentistry. E. W. Bryan-Dentist, all work guaranteed, 107 S. El Paso, Mundy Bldg. Dr. Deady. Am. Natl. Bank Bldg.