Banking Crisis Hits Puyallup
The Bank of Puyallup closes its doors due to over-extension on agricultural crop loans.
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As a result, it is said, of carrying too much of the paper of hop dealers who have not yet sold last year's crop, the Bank of Puyallup closed its doors today. All deposits will be paid in full, according to the officers of the bank. The officers of the bank are William Boatman, president, and S. B. Dusinberre, cashier, who with W. T. Bowman, Gardella, and B. Niet constitute the board of directors. A. O. Matthews brought suit against the bank this afternoon, asking the appointment of a receiver.
“The temporary closing of this bank does not in any way affect the status of the First National bank of Puyallup or any other bank or firm.”
This reflects the extreme sensitivity of the Washington economy to commodity prices at the time. Relying heavily on the volatile hop market, the bank folded when liquidity dried up—a localized version of the agricultural credit crunches that defined the late 19th-century Pacific Northwest.
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