La Grande Observer article, 1923
A newspaper clipping from the La Grande Observer from 1923 noting the closure of the First National Bank of Joseph. While the bank’s assets remained stable, the Depression of 1920-1 dramatically decreased land and livestock values, particularly cattle prices, making First National’s creditors unable to pay their loans or the accrued interest. While the national economy quickly rebounded, Joseph underwent a long-term decline, lasting decades. In this financial climate, First National’s directors decided to shutter operations, redistributing any deposits back to their clients.
| Source: “Joseph Bank Closes Doors.” La Grande Observer, June 01, 1923. Newspapers.com. Courtesy of the University of Oregon. https://is.gd/B6H6dj.