A Local Bank Closes Its Doors as Its Officers Head to Seattle
The State Bank of Olympia winds down after its president and cashier leave for Seattle, transferring accounts to the First National Bank.
The State Bank is preparing to wind up its business and close its doors. This morning its office was transferred to the directors’ room of the First National Bank, and its affairs will be settled up there.
The closing of the institution was occasioned by the removal to Seattle of the president, E. W. Andrews, and the cashier, Robert G. Hooker. The bank opened for business on May 19, 1890, with E. W. Andrews as president, O. S. Eaton, vice president, and R. G. Hooker, cashier, who, with W. F. Nowell and H. V. Ogden, composed the board of directors. The depositors of the bank have received the following notice:
“The State Bank of Olympia is closing up its affairs. Notice is hereby given to all depositors of the savings department that interest on their deposits will cease on April 15, and they are requested to draw their balances by that date. The business of this bank will hereafter be transacted at the First National Bank of Olympia, where all depositors will be paid and where all notes and moneys due this bank are payable.”
Business was transacted today at the First National Bank.
“The State Bank of Olympia is closing up its affairs. ... all depositors will be paid and ... all notes and moneys due this bank are payable.”
A hometown bank closing because its leaders moved to Seattle is an early snapshot of capital and expertise flowing toward the bigger city. Modern Olympia residents still watch local bank branches and decision-making consolidate elsewhere, with the same questions about service and local control.
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