On April 16, 1931, during the height of the Great Depression, the locally owned and operated State Bank of Concrete was robbed at gunpoint and its employees taken hostage.
Reportedly, many years later an outdoor writer named Ralph Young hired an Alaska bear-hunting guide on Kodiak Island who told a tale of being one of two bandits who robbed the State Bank of Concrete of $4700.00 in small bills on "April 1, 1930".