Academic journal article ABA Banking Journal

Cooking Up the Next Hundred Years at Indiana's New Washington

Academic journal article ABA Banking Journal

Cooking Up the Next Hundred Years at Indiana's New Washington

Article excerpt

New Washington State Bank has made it through many, many rough times. But the bank, founded in 1908, actually had to close its doors briefly in 1928. The reason? A really, really strange law.

As the bank recounts in a recent publication:

"An archaic law of the 1920's required that banks liquidate all their assets and close every 20 years. On March 2, 1928, the bank opened under a new charter, and 'The' was added to the name. Since that time, it has remained The New Washington State Bank."

The bank's continuing good health is a source of pride and confidence for the independent bank. The $216.4 million-as-sets bank took the occasion of the conservatorship of IndyMac Bank to post a special notice on its website. In part, it read:

"The New Washington State Bank is safe and sound. We are an entirely different institution than IndyMac. While we are a community-based, traditional lender, IndyMac was a West Coast-based, nationwide originator of nontraditional loans, including subprime mortgages. Some of those loans do not even require proof or verification of income, which ultimately is not in the best interest of consumers. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.