Historical Note

The date of organization of the Bank of Krupp cannot be determined. However, it is known to have been interrelated with the State Bank of Wilson Creek by late 1903. As a private, or unincorporated bank, it stood outside the jurisdiction of regulatory agencies; accordingly its existence is documented only by its own records and references in the press.

The bank came under the ownership of John D. Bassett in March, 1904, who added it to the chain of central Washington banks which he controlled between 1900 and 1909. Bassett also assumed ownership of the State Bank of Wilson Creek a few months later, changing it to a private bank which he renamed Citizens Bank. This firm then took a supervisory position relative to the Bank of Krupp and eventually the Bank of Krupp became known as the Krupp branch of the Citizens Bank. John Brewer, Cashier of the Citizens Bank served as nominal Cashier of the Krupp branch, while day to day operation of the branch fell to an Assistant Cashier, a position filled by Jesse J. Phillips, who managed the branch during most of its existence.

Bassett apparently saw the bank at Krupp as an experimental or trial operation. Most of its management remained at Wilson Creek and even the hours kept at Krupp do not appear to have been regular. Moreover, Bassett's position in Krupp was quickly challenged by others who found this tentativeness unsatisfactory. Bassett described this competition in the following comment:

"The Washington Land Company have had a considerable correspondence about buying out the Krupp bank and have threatened to start a branch. I hardly see how we could sell and keep our business interests each side of Krupp, but offered them to do all their business at Krupp and Wilson Creek without charge, providing they keep out of the way. I still hope they will decide to leave us alone, but do not know that I can do any more." (Bassett to Phillips, August 13, 1906.)

Efforts of competitors quickly prevailed despite Bassett's efforts. In September of 1906 a rival group organized a second private bank, the Farmers Bank, in the little town of Krupp. The following summer both banks filed for incorporation, following provisions of a recently adopted state banking code. The Bassett bank then took the name State Bank of Krupp, with J. J. Phillips elevated to Cashier, while the rival became known as the Farmers State Bank.

Both banks apparently struggled through the monetary stringencies associated with the panic of 1907. This experience apparently convinced Bassett that there was not room for two banks in Krupp. His Cashier also apparently desired to leave to follow other opportunities. Accordingly, in late 1908 Bassett abandoned the field at Krupp and the Farmers State Bank absorbed the State Bank of Krupp. Until 1934, the Farmers State Bank continued in business at Krupp, the name of which was changed to Marlin in 1917. When the little town could no longer support the bank, the officers moved it, in April, 1934, to the neighboring town of Odessa and renamed it the Odessa State Bank. The firm continued under that name until 1951, when the Seattle First National Bank acquired the business and converted it into a branch in its system.