Skidmore Bank Suspended, 1903

Unfortunate business news from the June 9, 1903 Skidmore Standard:

Skidmore Bank Suspended.

Yesterday morning the Skidmore Bank failed to open doors for business.  From what we learn the failure was caused by the giving of unlimited credit to a customer whose credit was very limited.  It was a very grave mistake and the customer had occasion to take advantage of it.

The directors are all men who would hardly dare to live under the stigma of having been the cause of their neighbors losing money and we have been informed that as soon as the bank examiner can examine the affairs of the bank, steps will be taken to pay all depositors.  As the bank was forced to close to protect its customers, the suspension is perhaps only temporary.  so while some depositors may be inconvenienced for a few days, they, no doubt, will soon get their money.

We hope to see the bank shortly resume business, as it is needed here and the failure was not due to non-support or to home patronage.

The Skidmore Bank, Incorporated.  Capital, $10,000.  Directors:  John Barrett, President.  A. F. Howden, Vice President.  W. M. Howden, Assistant Cashier, James F. Cook, C. W. Barrett.  D. R. Baker, Cashier.  Does a general banking business.  Your business solicited.

From the June 9, 1903 edition of the Skidmore Standard.
The bank’s ad ran on the same page as the report of its closure.