Three Receivers in Eight Days: Creditors Shake Up a Failed Palouse Bank
The Palouse State Bank was already defunct, but its creditors kept rejecting the men appointed to sort out the wreckage.
Spokane — Judge Canfield, of Colfax, has soothed the troubled spirits of creditors of the defunct Palouse State Bank by the appointment of the third receiver in eight days. He is C. W. Waters of Palouse. Creditors have opposed other men named because of personal connections and have succeeded in removing them.
“soothed the troubled spirits of creditors of the defunct Palouse State Bank by the appointment of the third receiver in eight days”
A failed rural bank, angry creditors, and a rapid turnover of receivers is a very old story that still sounds current whenever a local financial institution collapses. The item shows that even a small-town bank failure could become a public fight over who gets to clean up the mess.
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