Albany State Bank (Albany, OR)

Episode Information

Episode Type
Suspension → Closure
Start Date
August 15, 1933
Location
Albany, Oregon (44.637, -123.106)
Bank Type
state
Routing Number
96-0057
Alt. names
Bank of Albany

Metadata

Episode ID
Bank ID
City ID
411116796
Model
gpt-5-mini
Short Digest

Notes

Bank was under state-ordered restrictions in 1933 and placed in liquidation by state superintendent by 1935.

Events (3)
1. August 15, 1933 Suspension
Cause
Government Action
Cause Details
State superintendent extended restrictions/suspension and authorized phased releases of deposits following the March banking holiday.
Newspaper Excerpt
Albany State bank. suspension extended until August 30.
Source
newspapers
2. June 7, 1935 Other
Newspaper Excerpt
The county further contends that the First National bank was operating under the same law as the Albany State bank, which, though defunct as was the First National at the same time, transferred all county funds to the treasurer's account upon being placed under restriction, all with the approval of the state superintendent of banks, and also transferred to the county all bonds put up as security.
Source
newspapers
3. August 22, 1935 Receivership
Newspaper Excerpt
C. H. Young has come to Albany ... to assume the position of liquidator for the Albany State bank, acting for A. A. Schramm, state superintendent of banks.
Source
newspapers

Newspaper Articles (6)
1. August 15, 1933 Albany Democrat-Herald Albany, OR

Article Text

TO RELEASE DEPOSITS Five Per Cent Additional Cash Will Be Available August 18 From Commercial Accounts. Th Albany State bank. which restricted basis since the holiday last March, was grant15 day extension today by Schramm, state bank superintendent. News the extension received by the bank this morning from the state superintendent Salem. On August 18 the bank will release five cent of its restricted commercial deposits. This will make total release of commercial deposits of 15 per cent. The bank has also released 10 per cent its savings deposits. release will the bank an opportunity call collections during the early when quidation of farm paper will be at its height. The bank making every effort, according E. president, and E. Williamson, cashier, to its assets as rapidly possible. negotiating with the federal farm loan bank and the federal loan bank for substantial sales of its farm city propermortgages asking individual borrowers reduce their obligations as rapidly as possible. Other Banks Extended SALEM. Or., Aug. of periods restriction nine Orebanks was today by Bank Schramm. expire tonight. The banks are: Albany State Bank. suspension tended until August 30. Bank Amity. suspension extenduntil State Bank, suspension extended until September Washington County Bank Banks, suspension extended until August 30. Bank Beaverton. suspension extended August 30. Bank of Sellwood Portland, suspension extended until August 30. Eastern Oregon Banking Co. at Shaniko, suspension extended to September 11. Coolidge & Bank at Silsuspension extended until September 11. In addition these extensions, orders were issued authorizing additional releases of deposits in three banks as follows: Albany State Bank, an additional release of per cent deposits in the commercial department effective August 18, total unrestricted posits in the commercial department

2. August 15, 1933 The Bulletin Bend, OR

Article Text

Restrictions in Dregon Are Extended Salem, Aug. Extension periods of restriction of nine Orebanks was announced today Bank Superintendent A: A. bramm. Previous restrictions extonight. banks Albany State bank, suspension OXuntil August 30. of Amity. suspension exuntil September 11. Aumsville State bank, suspension tended until September 11.

3. August 15, 1933 The Bulletin Bend, OR

Article Text

Washington County bank at Burns. suspension extended until August 30. Bank of Beaverton. suspension extended until August 30. Bank of Sellwood at Portland. suspension extended until August 30 Eastern Oregon Banking Co. at Shaniko, suspension extended to September Coolidge & McClaine bank at Silverton, suspension extended until September 11. In addition to these extensions, orders were issued authorizing additional releases of deposits in three as follows: Albany State bank. an additional release of per cent deposits in the commerc department effective August 18, making total unrestricted dpeosits the commercial department of 15 per cent and in savings department of 10 per cent Washington County bank, an additional release 5 per cent of all deposits effective August 21, making total unrestricted balance of 20 per cent in both departments Bank of Sellwood, an additional release of 10 per cent of deposits in the savings department effectvie August making total unrestricted balance in the savings department of 20 per cent and in the commercial department of 10 per cent. Washington. Aug. organization plays for the First National bank of North Bend, Ore., have been rejected by the comptroller of the currency, the United Press learned today The bank, was understood, at present formulating new to be submitted to the treasury department so that it may be granted license to reopen.

4. August 16, 1933 The Oregon Daily Journal Portland, OR

Article Text

for riods of restriction of nine Oregon banks announced Tuesday by Bank Superintendent A. A. Schramm. Previous restrictions expired last night. The banks are: Albany State bank suspension extended August Bank of Amity, suspension extended September Aumsville State bank, suspension extended until September 11. Washington County bank at Banks, suspension extended until August 30. Bank Beaverton. suspension extended until August 30. Bank of Sellwood Portinad suspension extended until August Eastern Oregon Banking company at Shaniko suspension extended to September 11. Coolidge & McClaine bank at Silverton, suspension extended until September In addition to these extensions. ordreleases of deposits in three banks, as follows: Albany State bank. An additional release deposits in the commercial effective August 18. making total deposits in the department 15 per cent and in savings depart10 per bank, an additional release of cent. of deposits effective 21, total unrestricted balance of 20 per cent. in both Bank of Sellwood. An additional release of 10 per cent of deposits in the department effective August 18, total unrestricted the department of 20 per cent. and in the commercial department of 10 per cent. PLANS FOR NORTH BEND BANK REOPENING REJECTED Washington, Aug. -(U.P)-Reorganization plans for the First National Bank of North Bend, have been rejected by the of the currency, the United Press learned The bank. it was understood. at present new plans be submitted to the treasury department so that it may be granted a 11cense to

5. June 7, 1935 Albany Democrat-Herald Albany, OR

Article Text

the exercise of ordinary care concerning the affairs, assets and liabilities of said bank, could have known of the insolvency thereof; that notwithstanding said insolvency of said bank and the knowledge of said insolvency on the part of said officers and directors, and each thereof, the said bank was fraudulently operated for more than a year immediately prior to March 1, 1935, as a solvent bank and the said bank and officers and directors thereof held out fraudulently to the defendants and to the public that said bank was solvent, and that by reason of said fraud the defendants herein were induced to believe and did believe that said bank, at all times alleged herein, was a solvent institution, and were induced at times . . . . to deposit the public funds and the funds herein mentioned, in said bank" Claim Equal Protection It is the county's contention that all funds belonging to the county and deposited in the First National bank were considered to be as part of the treasurer's account, and would have been so deposited had it not been for a tacit agreement between the county officers and the bank that all of the county's funds would be thus regarded, and accordingly all protected equally by bonds covering the treasurer's account. The county further contends that the First National bank was operating under the same law as the Albany State bank, which, though defunct as was the First National at the same time, transferred all county funds to the treasurer's account upon being placed under restriction, all with the approval of the state superintendent of banks, and also transferred to the county all bonds put up as security.

6. August 22, 1935 The Capital Journal Salem, OR

Article Text

LIQUIDATING BANK Albany—C. H. Young has come to Albany from Klamath Falls to assume the position of liquidator for the Albany State bank, acting for A. A. Schramm, state superintendent of banks. Young will take the position left vacant by transfer of J. C. Lindley, here for more than a year, to Salem, where he will take an examiner position left vacant by Edmund Way, formerly of Albany. Way will become affiliated with the Grant county bank at John Day. Young has been assisting with the liquidation of the Oregon Bank and Trust company at Klamath Falls.