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Story
March 18, 1958
The Key West Citizen
Key West, Monroe County, Florida
What is this article about?
In Halfway, Oregon, cashier Clair Ritter, 52, arrested for embezzling nearly $100,000 from the local bank over years, prompting its closure and liquidation by FDIC, which insures deposits up to $10,000.
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Embezzlement Discovery Closes Bank
HALFWAY, Ore. ( )—The quiet, sober man who was cashier at the only bank in this little eastern Oregon town was accused yesterday of making off with nearly $100,000 over the years.
Clair Ritter, 52, who had a reputation for frugality, was arrested within hours of announcement that the money was missing.
"I would have entrusted him with my life," said bank president Walter Evans, who promptly closed the independent First National Bank of Halfway, and said it would stay closed unless some bigger bank decides, after a complete audit, to buy it.
The Federal Deposit Insurance Corp. said the bank had assets of about $836,000. The FDIC said the bank's directors had voted to turn it over to the controller of currency for liquidation. The FDIC insures deposits up to $10,000.
Of the bank closure, Evans said, "There ain't gonna be no bank. I'm in my 77th year, and don't want to work no more. I've been sick and this is about as stiff a jolt as I can stand. My mind's all wrecked."
Ritter, who started working in the bank in 1924, owns a 160-acre ranch in this cattle-raising country. He was held at Baker, 50 miles west of here, for federal authorities.
A charge that he embezzled $99,050 over an unspecified number of years was filed with the U.S. commissioner at Portland.
The shortage was uncovered by bank examiners.
Ritter's 86-year-old father formerly was president of the bank in this town of about 500 persons. He now is chairman of the board.
His son always had been regarded as financially well-off.
HALFWAY, Ore. ( )—The quiet, sober man who was cashier at the only bank in this little eastern Oregon town was accused yesterday of making off with nearly $100,000 over the years.
Clair Ritter, 52, who had a reputation for frugality, was arrested within hours of announcement that the money was missing.
"I would have entrusted him with my life," said bank president Walter Evans, who promptly closed the independent First National Bank of Halfway, and said it would stay closed unless some bigger bank decides, after a complete audit, to buy it.
The Federal Deposit Insurance Corp. said the bank had assets of about $836,000. The FDIC said the bank's directors had voted to turn it over to the controller of currency for liquidation. The FDIC insures deposits up to $10,000.
Of the bank closure, Evans said, "There ain't gonna be no bank. I'm in my 77th year, and don't want to work no more. I've been sick and this is about as stiff a jolt as I can stand. My mind's all wrecked."
Ritter, who started working in the bank in 1924, owns a 160-acre ranch in this cattle-raising country. He was held at Baker, 50 miles west of here, for federal authorities.
A charge that he embezzled $99,050 over an unspecified number of years was filed with the U.S. commissioner at Portland.
The shortage was uncovered by bank examiners.
Ritter's 86-year-old father formerly was president of the bank in this town of about 500 persons. He now is chairman of the board.
His son always had been regarded as financially well-off.
What sub-type of article is it?
Crime Story
Deception Fraud
What themes does it cover?
Crime Punishment
Deception
Misfortune
What keywords are associated?
Embezzlement
Bank Closure
Arrest
Shortage Discovery
What entities or persons were involved?
Clair Ritter
Walter Evans
Where did it happen?
Halfway, Ore.
Story Details
Key Persons
Clair Ritter
Walter Evans
Location
Halfway, Ore.
Story Details
Bank cashier Clair Ritter arrested for embezzling $99,050 over years, leading to closure of First National Bank of Halfway.