gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c16137d3afec13f3
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
61.6%
Date receivership started
1931-12-11
Date receivership terminated
1939-12-15
Share of assets assessed as good
38.4%
Share of assets assessed as doubtful
46.9%
Share of assets assessed as worthless
14.7%
Description
Bank closed by its board after heavy withdrawals; receiver appointed and bank remained permanently closed.
Events (7)
1.June 15, 1917Chartered
Source
historical_nic
2.November 30, 1931Run
Cause
Local Banks
Cause Details
Heavy withdrawals following local bank distress (Sonora Bank & Trust had closed about ten days earlier) triggered depositor runs.
Measures
Deposits made during the 45 minutes before closing were returned to depositors; bank opened then closed.
Newspaper Excerpt
Due to heavy withdrawais of deposits the Nogales National Bank closed its doors Monday morning.
Source
newspapers
3.November 30, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board-ordered closure after persistent heavy withdrawals and inability to collect loans to cover outflows.
Newspaper Excerpt
...for the best interest of its loyal depositors the Nogales National Bank has been ordered closed by its board of directors.
Source
newspapers
4.December 11, 1931Receivership
Source
historical_nic
5.December 11, 1931Receivership
Newspaper Excerpt
W. J. Donald, Receiver of The Nogales National Bank, an insolvent national banking association, Plaintiff, (several legal notices in 1932 refer to W. J. Donald as receiver).
Source
newspapers
6.August 9, 1932Other
Newspaper Excerpt
A 27 percent dividend is to be paid by the Nogales National Bank which closed its doors on November 30 last year. On August 9 the dividend checks... were mailed to the Comptroller of Currency at Washington for his signature.
Source
newspapers
7.December 2, 1939Other
Newspaper Excerpt
$46,000 DIVIDEND PAID BY NOGALES NAT'L BANK Fourth And Final Dividend, Makes Total Dividend Of 61.56 Percent; Receiver's Office Closing On December 18th
Source
newspapers
Newspaper Articles (21)
1.December 2, 1931Nogales InternationalNogales, AZ
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Article Text
Due to heavy withdrawais of deposits the Nogales National Bank closed its doors Monday morning. Shortly after closing, A. M. Gillespie, president of the bank, gave the Nogales International the following statement: "Due to persistent heavy withdrawals of deposits and inability to collect in loans sufficient to overcome this loss of funds, for the best interest of its loyal depositors the Nogales National Bank has been ordered closed by its board of directors." Officers of the Nogales National are A. M. Gillespie, president; E. K. Cumming, vice-president; A. F. Kerr, cashier; and Alan Gillespie, assistant cashier. The directors are the above named officers and Duane Bird and Victor J. Wager. The bank opened as usual at 9 o'clock Monday morning and three quarters of an hour later closed. Deposits made during the 45 minutes will be returned to depositors, it was said Monday. A national bank examiner is expected here tomorrow to take charge of the institution and it is the concensus of opinion that depositors will not lose much, if any. The Nogales National was founded in 1917. The September 29th statement of the Nogales National Bank showed it had deposits of $488,223.17 and surplus of $50,000. Resources then amounted to $731,664.61. With the closing of this bank, and the Sonora Bank & Trust Company ten days ago, Nogales now has but one bank, the First National Bank, which withstood a run Monday in fine shape, and has ample resources to withstand any kind of an onslaught. Business firms, former depositors
2.February 6, 1932Nogales InternationalNogales, AZ
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Article Text
WITH BANK Gien Nevius, formerly with the Nogales National Bank, accepted A postion with the reciver of the bank the first of the week.
3.April 16, 1932Nogales InternationalNogales, AZ
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Article Text
Bonsal Noon has been named attorney for the Nogales National Bank. Instructions to appoint Noon were received from the Comptroller of Currency at Washington by W. J. Donald, receiver of the bank.
4.May 21, 1932The Border VidetteNogales, AZ
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Article Text
SANDBAGGING THE BANKERS An insight into the probable cause of the failure of the No gales National Bank in Nogales, and other banks in Arizona, is given in the May "Plain Talk" by Congressman Wright Patman of Texas, the man who forced the resignation of Andrew Mel lon as Secretary of the Treasury. is entitled "Sandthe of for foreign put to of bagging out The the worthless at huge "rigging" story commissions Bankers" the bonds, and market J. tells P. Morgan and other Wall Street international bankers, Currency by and the Comptroller of the his force of bank examiners. A specific case of the wrecking of the First National Bank of Luray Virginia, which was "sandbagged" into calling a of local loans, ruining man nearly number every business in town, and buying $210,000 worth of worthless foreign bonds, is given. Following the "suggestion," which, coming from the Comptroller's office is tantamount to an order, by the bank exami ner that loans be called and the proceeds invested in foreign bonds, high pressure salesmen from Wall Street bond bouses appeared in Luray a few days later. Plain Talk magazine, which is from Washington, D. no words C., published minces in charging Mr. Mellon with causing nine tenths of the present business depression in wrecking so many banks and so many local busi nessesses. The loss from local loans over a period of years has been 1%, Plain Talk says, while the loss from Morgan's foreign bond issues has been from 50% to 75% According to Plain Talk. the condition which exists in Luray, Virginia, and the action of the Comptroller's office with refer. ence to that bank, is general throughout the United States, especially in cities of 50,000 and under. Bank presidents and officials are afraid to complain for fear of by the Congressman reprisals partment, Treasury Patman De. says, as the Comptroller's office has unjust power to close any bank it wants to by alleging that any collateral it has is worthless. Mr. Patman's article urges that the so called Reconstruction Finance Corporation, which he calls the "Two Billion Dollar International Bankers' Dole Cor poration," pay back to every bank which has been swindled in this foreign bond racket. the amount of money it has been swindled out of. He further urges that the Dole Corporation then collect this stupendous sum, which he estimates as in the billions, from those who did the swindling. He declares that the Dole Cor poration can save its face by do. ing that, as it is now being run to make good all the bad loans put out by J. P. Morgan and Company, and cites the Missouri Pacific Railroad deal in proof thereof.
5.July 23, 1932The Border VidetteNogales, AZ
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Article Text
BANK DIVIDEND PROMISED SOON A dividend will shortly be paid to creditors of the insolvent No gales National Bank, according to a letter received here this week by the Nogales Chamber of Commerce from the office of Comptroller of Currency. Recently the Nogales chamber of commerce telegraphed the comtroller requesting that in view of serious economic condi tions in this vicinity that a divi dend should be authorized. J. L Proctor, deputy comp troller, in answering the tele gram said that if application had not been made for a loan from the Reconstruction Finance Cor poration that a dividend would be paid from funds now in trust. The letter follows: Washington, D. C, July 12, 1932 Chamber of Commerce Nogales, Arizona. We have your telegram of to day requesting this office to in struct the receiver of the No gales National Bank to pay a dividend to creditors of his trust, and advising conditions in your city are extremely serious due to floods, strikes and general eco nomic conditions. We had previously forwarded the receiver of the Nogales Na tional Bank forms for bis use in applying for a loan from the Re construction Finance Corpora tion, the proceeds of which would be added to the cash now avail able and a substantial dividend paid to creditors. Upon receipt of your telegram we immediately wired the receiver to recommend a dividend payment from funds now available, providing the an plication for a loan from the cor poration had not been completed and forwarded to this office. You may be sure we will do every thing possible to expedite the distribution of funds to creditors of this closed bank. Yours very truly, J. L. PROCTOR, Deputy Comptroller.
6.August 27, 1932Nogales InternationalNogales, AZ
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Article Text
DIVIDEND CHECKS TOTALING $100,000 TO BE ISSUED TODAY BY NOGALES NATIONAL BANK Twenty Seven Percent Dividend To Be Paid By Receiver Of Nogales National; Checks Come From Washington claims are invited to come to the Here's some real good news, the kind that's needed during bank. and get "theirs." Receiver Donald said the dividthese days of the Hoover deend payment would mean that appression. One hundred thousand dollars proximately $100,000 will be turned loose in this community. It is the of greatly needed cash will be first dividend to be paid by the bank placed in circulation in Nogales and another dividend is expected to today. A 27 percent dividend is be ready within the next few to be paid by the Nogales Namonths. tional Bank which closed its doors on November 30 last year. On August 9 the dividend checks, properly made out by Receiver W. County Board J. Donald, were mailed to the Comptroller of Currency at Washington for his signature. To Get Primary On last Monday evening Receiver Donald sent a night letter to the Ballots Today Comptroller asking when the checks would be returned here. Carrying the names of approxiThe next night-Tuesday-the mately 150 candidates, ballots for Comptroller replied in a night letthe primary election September 13 ter received early Wednesday mornwill be delivered today to the office ing by Donald advising that the of the Santa Cruz County Board of dividend checks were forwarded Supervisors. Tuesday and instructing Donald to Of the candidates represented on proceed with delivery of same upon the ballot, the big majority are receipt of the checks. seeking nomination for various Donald told the Nogales Internastate, county and national offices. tional Wednesday that the checks The remainder are candidates for should reach Nogales by this mornprecinct committeemen. ing and that they should be ready About 2,400 official ballots were for delivery not later than some ordered by the county for use in the time today. All persons who filed primary. There also will be several
7.October 5, 1932Nogales InternationalNogales, AZ
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Article Text
SUMMONS W. J. Donald, Receiver of The Nogales National Bank, an insolvent national banking association, Plaintiff,
8.October 8, 1932Nogales InternationalNogales, AZ
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Article Text
SUMMONS W. J. Donald, Receiver of The Nogales National Bank, an insolvent national banking association, Plain. tiff,
9.October 26, 1932Nogales InternationalNogales, AZ
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Article Text
LEGAL NOTICE IN THE JUSTICE COURT Of Nogales Precinct, County of Santa Cruz, State of Arizona. SUMMONS. W. J. Donald, Receiver of The Nogales National Bank, an insolvent national banking association, Plaintiff,
10.October 29, 1932Nogales InternationalNogales, AZ
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Article Text
# SUMMONS
W. J. Donald, Receiver of The No-
gales National Bank, an insolvent
national banking association, Plain-
tiff,
11.December 22, 1934Nogales InternationalNogales, AZ
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Article Text
$35,000 PAID TO DEPOSITORS OF DEFUNCT BANK Nogalians who were depositors in the Nogales National Bank when it closed its doors on November 30, 1931, received a real Christmas present Saturday morning. Dividend checks were received that morning by Receiver W. J. Donald from the comptroller of currency in Washington, the checks totaling in the neighborhood of $35,000. The dividend was for eight percent and makes a total of forty five percent paid by the bank.
12.June 15, 1935Nogales InternationalNogales, AZ
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Stockholders Are Assessed $44,000 Sames Orders Payment To Receiver Of Nogales National Bank TUCSON, June 14.-U.S. District Judge Albert M. Sames Tuesday declared three stockholders of the defunct Nogales National Bank liable for assessments tataline $44,200. The suits were brought by W. J. Donald. receiver of the bank. A. M. Giliespie, Alan Gillospie and A. F. Kerr were ordered to pay respectively $32,000. $1.000 and $12,000 as their-share under the double lia bility law for stockholders. In three other suits brought by Donald, against former stockholders, to colleet money equal to the value of their stock. Judge Sames sustained defense demerrers and dismissed the actions. Defendants TO those suits were Dunane Bird, E. K. Cumminb and Victor J. Wager. Defendants against whom judgment was found did not contest the cases. The bank closed Nov. 30. 1931 It had a capital of $50,000, divided into 500 shares of $100 par value each. Donald, upon instruction from fedcral authorities, first attempted to collect the double liability in Feb. ruary, 1932. Judge Sames ruled that the stockholders must pay e per cent interest from then until the judgment is satisfied. The receiver was represented by attorney
13.July 18, 1936Nogales InternationalNogales, AZ
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NEW RECEIVER AT THE NOGALES NATIONAL BANK C. E. Hull of Phoenix, prominent in Arizona banking circles for the past quarter of a century, has succeeded W. J. Donald, resigned, as receiver of the Nogales National Bank. Mr. Hull, for the present, will be here the first four days of each week, and the other two days at Florence and Mesa until trusts in banks in Florence and Mesa that he is liquidating are closed, which will be about September 1. Mr. Donald, who has been receiver since shortly after the Nogales National closed its doors on November 30, 1931, is leaving soon to join his mother in Texas. The Nogales National since closing, has paid 45 percent in dividends.
14.January 16, 1937Nogales InternationalNogales, AZ
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DEFUNCT BANK SOLD FOR $14,000 AT AUCTION SALE The building, furniture and fixtures of the Nogales National Bank, Morley avenue and Park street, which closed its doors in November 1931, were sold at an auction sale Saturday afternoon to W. W. Barbee vice-president of the First National Bank of Nogales, for $14,000. Harry E. Bradley of Los Angeles, who recently succeeded C. E. Hull as receiver, acted as auctioneer. Bidding was brisk for a few minutes between three bidders, Mr. Barbee, H. B. Georgelos of Nogales, and Fred C. Whitton, a Globe, Arizona, real estate man. A part of the ground on which the two-story bank building is located, is leased from the Southern Pacific Railroad Company. According to Receiver Bradley the building, furniture, fixtures, ground, and lease, appear on the bank's books as worth $33,800. The assessed valuation of the building and premises is $8,100, and furniture and fixtures, $3,700.
15.February 13, 1937Nogales InternationalNogales, AZ
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Court Approves Sale Of Bank Sale of the building and furnishings of the defunct Nogales National Bank to the First National Bank of Nogales for a cash consideration of $14,000 was approved in Tucson Monday by Federal Judge Albert M. Sames. Affairs of the Nogales National, closed since 1932, have been in the hands of the receiver acting under supervision of the court. S. D. Monahan, Nogales attorney, presented the petition for confirmation of the sale. Several suits involving former stockholders in the bank are still pending in U. S. District court.
16.March 5, 1938Nogales InternationalNogales, AZ
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BUY BANK ASSETS The assets of the Estate of the Nogales National Bank were purchased by A. E. Jones of the Nogales Merchant's Credit Association at a receiver's sale this week.
17.September 23, 1939Nogales InternationalNogales, AZ
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Harry E. Bradley, assistant examiner of insolvent national banks, will arrive here next week from Detroit, where he has been examining the National Bank of Detroit. He is a former resident of Nogales and receiver of the Nogales National Bank.
18.December 2, 1939Nogales InternationalNogales, AZ
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$46,000 DIVIDEND PAID BY NOGALES NAT'L BANK Fourth And Final Dividend, Makes Total Dividend Of 61.56 Percent; Receiver's Office Closing On December 18th . this week that all claimants are A 16.56 percent dividend totalrequested to call at the receiver's ling $46,000 is being paid by the office, 201 Trust building, and preNogales National Bank which sent their receiver's certificates in closed its doors eight years ago. order to receive their dividend It is the fourth and final dividend checks. and makes a total in dividends of As the office positively will close 61.56 percent. December 18, 1939, it is imperative Harry E. Bradley, receiver, said that all receipts and certificates be presented promptly. After the closing of the office, all communicaG.O.P. Seeks tions regarding dividends must be addressed to the Comptroller of the Currency, Division of Insolvent Unpledged Banks, Washington, D. C. In the bank's liquidation the receivers were ably assisted by Leo Delegations Gourdin, well known Nogales man. Mr. Bradley was the last receiver. NEW YORK, Dec. 1-Republican He had charge the past two or three leaders, who hope to keep any canyears. didate for the Presidential nomina-
19.December 2, 1939Nogales InternationalNogales, AZ
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A 16.56 percent dividend totalling $46,000 is being paid by the Nogales National Bank which closed its doors eight years ago. It is the fourth and final dividend and makes a total in dividends of 61.56 percent. Harry E. Bradley, receiver, said
20.December 2, 1939Nogales InternationalNogales, AZ
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Santa Leaves $46,000 Here HRISTMAS should be an unusually happy one in C many homes about town for Santa Claus came to Nogales early this year. Ori Tuesday the receiver of the Nogales National Bank, which closed its doors in 1931, began paying a sixteen percent dividend amounting to $46,000. A large part of that sum went to Nogales depositors and some to residents of the west coast of Mexico. It will enable the latter to make heavier than usual purchases at local stores during their annual holiday shopping tours here this month. The dividend paid this week was the fourth and final-a total of 61.56 percent which is a good record for a small bank. For each $100 on deposit when the bank closed the depositor got back $61.56. Depositors as a whole appear to be well pleased with the manner in which the bank was liquidated and particularly liked the courteous service rendered by Leo Receiver Harry Bradley and his able assistant, Gourdin.
21.February 8, 1941Nogales InternationalNogales, AZ
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# WANTS TO GET BACK TO
# LAND OF MESQUITE
Harry Bradley, who was receiver of the Nogales National Bank and is now examining a defunct bank in Detroit, writes that he wants to get back to "the land of the mesquite."
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
