Salt Lake Telegram | 1929-01-20 | Page 5 | 3 Northwest Banks Closed

BANKS DANKS CLOSED SPOKANE E. E Wash Jan 18 AP Al' banice of this section closed today The Thc bank or of Farm Farm- ington Wash ash failed to open its doors this mornIng but other state banks of oC the thc Inland empire will not be affected by the closing or of the thO Exchange ngo National bank or of Spokane Spokane kane it was said by Harry C. C John John- son state superintendent or of bank bank- jag Ing rhe Farmington bank was almost owned by the tho officers and directors or of the tho Exchange bank the closing closing- or of which yesterday esterday also caused tho First Exchange bank or of Coeur dAlene Ida an at- at Ciliated institution to close its doeTs The withdrawal or of deposits which followed dIscovery or of defalcations defalcations de- de and the bankruptcy ot or otFred Fred lumberman who owed money to the exchange caused Its suspension All 11 the tho state banks were cleaned up and put In first class shape at atthe the tho time Fred Herrick turned his assets over to a board or of creditors Johnson stated At that time an assessment was put on the stock stock- hold rs of the tho bank or of Farmington The bank also had a very ery largo large balance bal bal- ance on deposit with the tho Exchange National bank which or of course will be tied up until the tho receiver makes payment Thc The bank of oC Farm larm ington is one or of the best banks in eastern Washington Its close affiliation with the Exchange Exchange Ex- Ex change National caused the tors to close the bank he said adding that It would pay payo payout o out t 00 per cent It has a capital capitalor or of surplus or of un- un profits of oC 1000 and total resources or of iv H. H BaldrIdge national bank examiner for Cor the state o of Washington Washing Washing- ton toda today was appointed by the tho comptroller of oC the treasury as re- re for the tho Exchange National