First National Bank (Mountainair, NM)

View Charter #11329 on SPMC View balance sheet

Episode Information

Episode UID
1132901473
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
113290 national
Charter Number
11329
Start Date
September 28, 1922
Location
Mountainair, New Mexico (34.520, -106.241)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ee05eee2db78b398

Response Measures

None

Receivership Details

Depositor recovery rate
14.3%
Date receivership started
1922-11-02
Date receivership terminated
1929-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
92.9%
Share of assets assessed as doubtful
6.9%
Share of assets assessed as worthless
0.2%

Description

Used reported Sept. 28, 1922 suspension; receivership date set to known government date.

Events (4)
1. April 11, 1919 Chartered
Source
historical_nic
2. September 28, 1922 Suspension
Cause
Local Shock
Cause Details
Prolonged drought led to near-total failure of crops so farmers and ranchmen could not meet obligations, crippling bank loan repayment.
Newspaper Excerpt
Frozen as caused the suspension of the st National bank of Mountainwhich has closed its doors.
Source
newspapers
3. November 2, 1922 Receivership
Source
historical_nic
4. November 2, 1922 Receivership
Newspaper Excerpt
Walter L. Kegel, receiver of the First National Bank of Mountainair, has filed in the federal court fourteen suits on notes and debts following the failure of the bank.
Source
newspapers

Newspaper Articles (7)
1. September 29, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, September 29, 1922

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Article Text

OZEN LOANS CAUSED BANK'S SUSPENSION anta Fe, Sept. 28.-Frozen as caused the suspension of the st National bank of Mountainwhich has closed its doors. The Stution had a capital of $30,000. h a surplus of $1,800. and total ources of $361,300. The bank 5 organized several months ago consolidating the Mountainair te bank and the bank at WilThe prolonged drouth reed in almost a total failure of ps, so that farmers and ranchn were unable to meet their obtions, which the bank was carng. W. L. Kegel, former auditor of First National bank of Santa was president; J. H. White was hier.

2. February 27, 1923 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, February 27, 1923

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Article Text

ASKS ANDERSON BE INDICTED ON LARCENY CHARGE Testimony Is Taken in Case Against Superintendent of the Anti-Saloon League in New York New York Feb. 26.—Acting District Attorney Pecora today went before the grand jury with the request that William H. Anderson, state superintendent of the Anti-saloon league of New York, be indicted on a charge of grand larceny and presented as his first witnesses the Rev. Dr. George Caleb Moor, secretary, and Bertran H. Fancher, treasurer of the league. After Dr. Moor's testimony, Mr. Pecora presented books of the league which have been in his possession for several weeks. With the completion of Mr. Fancher's testimony, the grand jury adjourned until tomorrow afternoon, when Miss Maud R. O'Dell, confidential secretary to Mr. Anderson, and Miss Mary Hill, assistant treasurer of the league, will be heard. Mr. Pecora, before entering the jury room, declared it was imperative that the Rev. Dr. David James Burrell, president of the league, appear before the grand jury to explain certain aspects of the league's financial relations with Anderson. FOURTEEN SUITS AND NOTES AND DEBTS ARE FILED BY W. L. KEGEL Special to The Journal. Santa Fe, Feb. 26.—Walter L. Kegel, receiver of the First National Bank of Mountainair, has filed in the federal court fourteen suits on notes and debts following the failure of the bank. J. O. Seth appears as attorney and the suits are as follows: Joe Allison and J. P. Fulfer, on note of $630; G. H. Whitehead, various amounts totalling about $2,000; J. J. White and Miriam White, $1,300 note; W. E. Underwood, notes for about $1,000; Juan N. Garcia and Eulalia Gallegos, $302 note; Miriam White, $500; J. J. White, various notes for about $400; G. B. Salas and H. A. Mirabal, $157.50; Fred Chavez, $375 note and alleged overdraft of $49.50; Benedicto Sandoval and Marcario Torres, $420; The Mountainair warehouse association, alleged debt of $7,000; Amanda Perea and Antonio G. Perea, $689.77, alleged debt; Lorenzo Otero and Brigida Torres de Otero, $826, alleged debt; G. B. Salas, Feliciana Chavez Y. Salas and Miguelito T. Sales, alleged debt of $1,425.

3. March 8, 1923 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, March 8, 1923

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Article Text

ly in the U. S. district clerk's office here. They have ten days in which to answer. Much interest has been aroused in the petition of involuntary bankruptcy in this case, and it is being discussed in business circles in various parts of the state and of the country. BOOTLEGGERS SENTENCED. Judge Neblett fined Severo Pinones $100 and gave him 90 days in the San Miguel county jail and he fined Adenego Martinez $150 and costs and sent him to San Miguel county jail until the fine is paid. Both pleaded guilty to violation of the national prohibition laws. The charge of violation the prohibition law against Clarence Stukes was dismissed on motion of the U. S. district attorney. SUIT AGAINST BANK RECEIVER. Suit was filed late yesterday afternoon in the U. S. District clerk's office here by the Citizens Bank of Clovis N. M. vs Walter L. Kegel, receiver of the First National Bank of Mountainair, N. M. on removal from Curry county. Plaintiff prays judgment for $1287.50 and asks that its claim be allowed as a preferred claim against the alleged insolvent bank and that claim be paid out of the estate of said bank before the payment of

4. March 8, 1923 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, March 8, 1923

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Article Text

THE DAY IN THE LEGISLATURE. HOUSE. Introduced. (Steering committee), amends. 1 and 2, Chap. 139, Laws of fixing salaries of district attorneys. 385 (Steering committee), con-printing and office supplies. 386 (Steering committee), cre-highway from Sapeo to Manueli-Le Doux to Santa Fe national (To take place of H. B. 94; re-lost). Passed 346, making the tax commission's revolving fund to re-assess, 39 to 0. 320, providing for organization insurance companies and giving additional powers in certain, 29 to 1. 366, prohibiting police officials employes from acting as insurance agents, 20 to 10. 23, providing for appointment and compensation of deputy as-31 to 6. 373, authorizing tax levies by over 10,000 population for pub-investigation as to feasibility of locating storage reservoirs on streams on the western slope of the Sangre de Cristo range, 29 to 0. H. B. 228, carrying appropriation for tests to determine the feasibility of locating storage reservoirs on the San Juan river and tributaries, 22 to 0. H. B. 284, providing for the creating and dissolving of herd law districts, 18 to 0. H. B. 375, defining legal fences, 17 to 2. H. B. 282, providing for division of costs of building partition fences, 19 to 0. Rosenwalds Have 10 Days Time In Bankruptcy Case The subpoena has been served on Cecilio Rosenwald, David E. Rosenwald and Gilbert E. Rosenwald, of Las Vegas, against whom a petition of involuntary bankruptcy was filed recent-ly. They have ten days in which to answer the petition. BOOTLEGGERS SENTENCED. Judge Neblett fined Severo Pinones $100 and gave him 90 days in the San Miguel county jail and he fined Adenego Martinez $150 and costs and sent him to San Miguel county jail until the fine is paid. Both pleaded guilty to violation of the national prohibition laws. The charge of violation the prohibition law against Clarence Stukes was dismissed on motion of the U. S. district attorney. SUIT AGAINST BANK RECEIVER. Suit was filed late yesterday afternoon in the U. S. District clerk's office here by the Citizens Bank of Clovis N. M. vs Walter L. Kegel, receiver of the First National Bank of Mountainair, N. M. on removal from Curry county. Plaintiff prays judgment for $1287.50 and asks that its claim be allowed as a preferred claim against the alleged insolvent bank and that claim be paid out of the estate of said bank before the payment of claims of general creditors and asks judgment for costs. Harry L. Patton and A. W. Hockenhull of Clovis are attorneys for plaintiff.

5. September 17, 1925 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, September 17, 1925

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Article Text

BANK RECEIVER GIVEN Jury Assesses Damages on Promissory Notes on Two Cases While Four More to Be Settled Out of Court Verdicts in favor of C. Stone. receiver the First National Bank Mountain, were returned by the cases federal court Wednesday, while four were continued for the term by stipulations the attorneys. lieved that cases will be set. outside of the second of the day, P. Stone, receiver of the First National Bank of Mountainair against H. Doyle, instructed verdicts were given on the first, third and fourth counts the jury turned verdict the second count. The assessed damages on the counts the case First, second, third, $706.60; fourth, $156.87 assessed damages in the case Stone, receiver of the First National Bank Mountainair against E. McIlheney were $147.12 the first count $394.52 on the count. The jurors instructed to bring in verdict on the case. The cases for the term were: Stone, receiver of the First National Bank of against Messenger and G. Stone, receivof the Stone, the First tional Bank of against Fred Hinton: Stone, receiver the First Mountainair against G. Caldwell. The case of Stone, receiver the First National Bank against Underwood was on the motion of the Attorney Seth of Santa was counsel for Stone while Caldwell the defendants in the cases.

6. April 13, 1928 Carlsbad Current-Argus Carlsbad, NM
Article from Carlsbad Current-Argus, April 13, 1928

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Article Text

McKINNEY GOES TO AMARILLO FIRST NATL H. McKinney, for some time receiver of several failed national banks New Mexico including the First National and Carisbad Na tional this city was last week succeeded by Rawlings. tional bank receiver who for some time has had charge of the affairs the failed First National Las Vegas and Springer National Bank New Mr. Kinney was receiver for five failed national two Carlsbad and the Citizens National Roswell the First National Mountainair and the First National at Fort The new receiver liquidate the affairs of these five banks as well the two he in charge before the change mentioned was made The new ceiver will have offices at both Carlsbad and Las Vegas. The Carlsbad office during Mr. absence will in charge of Miss Frankie Mr McKinney resigned has gone to where will connected First National that city as in an active capacity for Mr. Fuquar, president of that bank.

7. April 17, 1928 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, April 17, 1928

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Article Text

NEW BANK RECEIVER Carlsbad, N. M., April 17.—G. H. McKinney, for some time receiver of several defunct banks in New Mexico, including the First National and Carlsbad National, of this city, was last week succeeded by A. F. Rawlings, a national bank receiver who for some time has had charge of the affairs of the failed First National at Las Vegas, and Springer National bank, of Springer. Mr. McKinney was receiver for five national banks, two at Carlsbad and the Citizens National at Roswell, the First National at Mountainair and the First National at Fort Sumner.