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Overview

Built for A.M. Cannon's Bank of Spokane Falls, this institution, failed in 06/1893, during the significant financial setback of that year. The Bank of Spokane Falls occupied the lavish space, known as the "Marble Bank," only very briefly, and it was sold to S.S. Glidden's Old National Bank, that remained here from 1893 until 1907. After the Old National Bank, the Union Trust Company bought and refurbished the structure, operating here until 1917, when the Fidelity National Bank purchased it. This entity, renamed the 1st National Bank in 1954, left the aging facility in that year. It was razed in 1955.

Building History

The Bank of Spokane Falls was founded in 0/1879, and advertised itself in 1893 as operating on the "corner of Riverside avenue and Mill street" and as being "the oldest bank north of the Snake River." (See Bank of Spokane Falls advertisement, Spokane Review, 03/17/1893, p. 6.) In 1893, the year of its completion, the Bank of Spokane Falls had capital stock of $150,000 paid up, with a surplus of $125,000. Anthony McCue Cannon (1839-1895) was its president, B.H. Bennett, cashier and R.L. Clarke, assistant cashier. (See R.L. Polk and Company's Spokane, Washington, City Directory, 1893, p. 81.) It operated on the northwest corner of West Riverside Avenue and North Mill Street (later renamed Wall Street in 1905).

The bank was forced to suspend operations on Monday, 06/05/1893, due to its unstable financial position. Cannon's bank made money selling land parcels, and the Depression sharply curtailed these sales, and depressed local land values. The oldest bank in Spokane, the failure of the Bank of Spokane Falls was quite a blow to the community. An article in the Spokane Review of 06/07/1893 stated: "The banks were not in condition to meet the extraordinary runs. They are so remote from the money center that it takes four or five days to get a quantity of specie here. Several of the bankers have money in transit; some have already received it. The original mistake was in not standing under and supporting the Bank of Spokane Falls. Mr. Cannon was such a a large property holder and such an old and respected citizen that his suspension caused more general distrust.” (See “It was a Hard Day,” Spokane Review, 06/07/1893, p. 2.) Not only did Cannon's venerable Bank of Spokane Falls fail, so, too, did the Washington National Bank, of which Cannon was a "principal stockholder." (See “It was a Hard Day,” Spokane Review, 06/07/1893, p. 2.)

By 06/15/1893, the bank building had a new tenant to raise revenue: “On or about June 15 the office of the Spokane Falls Gas Light Company will be located in the new bank building for the Bank of Spokane Falls, corner of Mill street and Riverside avenue.” (See “Notice of Removal,” Spokane Review, 06/10/1893, p. 1.)

The anxiety of losing his wealth proved difficult for both Cannon and his first wife Margaret "Jennie" Pease (1840-1893). She died on 09/08/1893 and Cannon promptly remarried to Eleanor Maude Davis (1866-1942) in that year. Cannon himself died on 04/06/1895.

In 1902. the bank was encircled on two sides by the Crescent Department Store at the corner of Wall and Riverside.

Building Notes

Cannon spent extravagantly to build this new bank, transporting various types of marble by rail from the eastern US. (Some sources indicated that the marble came from VT, others indicated that it had come from CT.) The Marble Bank also had a round iron and glass skylight in the center of its plan.

During the severe economic dislocation occurring during 1893, the Marble Bank was used as a site to dispense bags of flour to hungry Spokane residents in August of that year. A brief note in the Spokane Review stated: “Mrs. W.A. Cannon, president of the Ladies’ Benevolent Society, who has undertaken to distribute the 300 sacks of flour donated by the Chicago Clothing Company for distribution among the needy of this city, will be at the new Bank of Spokane Falls from 9:30 a.m. to 3 p.m. today and will be pleased to issue orders for flour for all who are in need. About 100 sacks yet remain to be distributed. Anyone in need is welcome to a sack, and Mrs. Cannon hopes to distribute the remainder today.” (See “Flour for the Needy,” Spokane Review, 08/14/1893, p. 4.)

Alteration

After the Union Trust Company moved in, it began renovating the Marble Bank. Most notably a large safe-deposit vault with a 26-ton door was added to the interior. The armored chamber and door became something of a tourist attraction in town, and postcards were produced featuring it.

Demolition

The Marble Bank was demolished in 1955.

PCAD id: 25647