The Commercial Bank of Vancouver, Washington, was organized under territorial law in 1888 and continued in operation until December, 1910, when it closed amid controversy and suspicion. The bank's primary area of service was retail trade and small manufacturing in the Vancouver-Portland area. It also undertook considerable investment in land, some of a speculative nature. This combination of policies proved somewhat unstable throughout the bank's history, and, as a consequence, there arose differing views among the management. This resulted at times in rather drastic corrective measures such as the reduction of the capital stock or changes among the officers and directors.

The early years were dominated by Samuel M. Beard, for many years Cashier and then President until 1906. It was he who seem to have been the author of the investment policies of the bank. (Other business activities of S. M. Beard are documented in the papers and records of the Beard Fruit Company and the Vancouver Creamery Company in the Washington State University Library.) His successor, H. C. Phillip, continued these policies, which by 1910 were proving disastrous. Sensing the bank to be in difficulty, the state bank examiner, J. L. Mohundro, intervened and attempted to reorganize the bank and keep it operating. Feeling that the officers of the bank had deceived him, the examiner finally applied for a receiver and the bank went into a very involved liquidation, In addition, the President and Cashier were indicted for concealing the financial condition of the bank as well as illegally accepting deposits. After two trials, the President was acquitted, the Cashier's case was dropped, and the state bank examiner's office had its powers clarified by the legislature.