Great Depression Threatens Bank

Great Depression Threatens Bank. . , Bank Open , Stevenson's first bank opened for business in 1907 with William P. Christensen as the first cashier. George F. Christensen, Sr. joined the bank in 1912 and was elected president in 1920. , Great Depression Threatens Bank , As the Great Depression deepened, the Stevenson Bank was threatened with closure. On July 17, 1932, the bank president, George Christensen, called a meeting of depositors and directors. Depositors were asked to sign over 60% of their deposits. This would make cash available to liquidate frozen assets. , A Message of Cheer! , Over 350 people attended a meeting of depositors that evening and by midnight $66,000 had been pledged, enough to avert the bank failure. The Skamania County Pioneer printed a MESSAGE OF CHEER in the July 18, 1932 issue showing bank assets of $171,227.96. Only two banks in the State of Washington survived during the depression. , The bank continued to expand and, in 1956, a new building was constructed on Second Street and is now First Independent Bank.