First National Bank (Gallup, NM)

Episode Information

Episode UID
1190001599
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
119000 national
Charter Number
11900
Start Date
March 6, 1933
Location
Gallup, New Mexico (35.528, -108.743)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9c26d0642369918c

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-12-19
Date receivership terminated
1935-09-30
Share of assets assessed as good
60.5%
Share of assets assessed as doubtful
37.8%
Share of assets assessed as worthless
1.7%

Description

Suspended during the March 1933 banking holiday and later placed in receivership (receiver activity reported in 1934).

Events (4)

1. December 31, 1920 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Suspended as part of the statewide/federal banking holiday in March 1933; awaiting Treasury/examiner authority to resume
Newspaper Excerpt
First National bank, Gallup ... not reopened since the holiday
Source
newspapers
3. December 19, 1933 Receivership
Source
historical_nic
4. December 19, 1933 Receivership
Source
newspapers

Newspaper Articles (9)

Article Text

New Mexico Banks Active 42 Of State's 48 Reopen For Normal Business; Deposits Exceeded Withdrawals. Albuquerque, March 15 (AP). -At least 42 of New Mexico's banking institutions, both national and state, resumed business today without restrictions other than those placed by President Roosevelt on hoarding. Up to noon 20 of the 22 state banks were open under orders from Jon Bingham and 22 the 26 national banks were doing business under permit from the secretary of the treasury. The banks, reported closed, were as follows: First National bank, A1buquerque; First National bank, Gallup; First National bank, Las Cruces: First National bank, Lordsburg: Merchants State bank. Gallup, and the First Savings Trust company, Albuquerque. The two state banks awaited opening of the national banks in Albuquerque and Gallup before they resumed business. Deposits Exceed Withdrawals. Reports from over the state indicated the public was more interested placing deposits in the banks than withdrawing money most cases deposits exceeded the withdrawals. Word came from Washington that Senator Bratton took with the treasury the banking situation affects New Mexico and the banks there not licensed by the treasury reopen. The senator explained the state's banking institutions somewhat in doubt as to some of the treasury's actions and he sought an planation so that he could advise them. rapidly as the information is supplied, Bratton said, it is being sent interested persons in New Mexico, with the explanation most of it is confidential matter.


Article Text

FOUR N. M. BANKS STILL UNDER HOLIDAY Albuquerque Institutions Open On Treasury Order By Associated Press ALBUQUERQUE, N. M., March 20β€”With the opening of two banks in Albuquerque today, New Mexico had but four banks left out of its 48 awaiting authority to resume business. The First National Bank of Albuquerque received word Saturday night from the treasury department authorizing it to resume business today. With that came authority from the state bank examiner to open the First Savings & Trust Co., a state bank and affiliate of the First National bank. The First National bank of Lordsburg resumed business Saturday. Three national or federal reserve member banks now await orders from Washington and one state bank awaits instructions from John Bingham state bank examiner. The national banks still closed are: The First National bank of Las Cruces, First National bank of Gallup, and First National bank of Artesia. The state bank is the Merchants' State bank of Gallup.


Article Text

The First National bank of Lordsburg resumed business Saturday. Three national or federal reserve member banks now await orders from Washington and one state bank awaits instructions from John Bingham state bank examiner. The national banks still closed are: The First National bank of Las Cruces, First National bank of Gallup, and First National bank of Artesia. The state bank is the Merchants' State bank of Gallup.


Article Text

ALL BUT FOUR BANKS IN THE STATE ARE NOW OPENED The First National Banks at Gallup, Artesia and Las Cruces and state bank at Gallup are the only ones in the state not reopened since the holiday Announcement of their reopening is expected daily. The state bank in Gallup is only awaiting the reopening of the nation n) bank there. The First National Bank of Lordsburg opened Saturday morning, under authority of a license received Friday afternoon.


Article Text

STATE HAS LEAST MONEY TIED UP CLOSED BANKS Home Loan Official Says Condition Here Better Than in Any Other Western State New Mexico is in the best shape of any state in the country in regard to closed banks, R. L. Olson, special representative of the U. S. home owners loan said Tuesday after arriving here on tour of his district, comprising seven western states. Familiar with financial business through his building and loan at Ogden Utah, before his recent appointment, Olson declared, "New Mexico has the smallest actual number of closed banks, and the smallest amount of money in closed banks, of any state in the unjon. And it has the smallest number of home mortgages in closed banks." Because of the problem in Colorado, he recommended to WashIngton that special branch or "wholsewale department" of the home loan office be set up to take over home mortgages The only other closed bank New Mexico beside the First Savings Bank here, to have eligible home mortgages, is the First National at Gallup, Olson said. He is going Gallup Wednesday to confer with the receiver there


Article Text

BANK RECEIVER SUES the First Na. Gallup has filed district against Ben the Ben asking and and to the securing chattel mortgage and the been paid.


Article Text

VOGEL OUT AS BANK RECEIVER ALBUQUERQUE April 2. Charles E. Mann of Artesia has been named receiver of the First National bank of Gallup to succeed Clarence Vogel, who resigned, according to advices received here today from Washington. The appointment, it was reported, was made by the comptroller's office. Vogel, state senator, was recently removed from the Gallup town board following his conviction by jury of interfering with law enforcement.


Article Text

50% Dividend Announced by Bank Receiver GALLUP. N. M., Sept. 14-Receivor C. E. Mann of the First National bank of Gallup today announced the payment soon of a 50 per cent dividend to creditors of the institutien closed during the banking holiday of The dividend is estimated to release $100,000 of frozen assets of 1,400 individuals in the closed instituNon. Secured deposits of $450.000 have already been paid by the re-


Article from The Coolidge Examiner, January 11, 1935

Click image to open full size in new tab

Article Text

Southwestern Briefs George W. P. Hunt, 75. seven times governor of Arizona, died at his home in Phoenix. The Arizona Board of Nurse Examiners will hold its annual meeting in Tucson January 18 and 19. J. E. Hinman, pioneer resident and business man. died at his home in Estancia, N. M., a short time ago. Mayor Joseph S. Jenckes proclaimed March 2 as primary election day and April 3 as general election day in Phoenix. Work for at least forty-five men will be provided by three new FERA proj ects including two for flood control in Gallup, N. M. oil well were and five tests Two large completions started in Lea New Mexico, the in that oil county, active made operations increasing booming wells. to sixty-four drilling oil territory New Mexico's production raised allotment for January has been to 49,800 barrels daily for the month of January, the highest figure for more than a year. Postmaster George A. Todd of Phoenix said postal receipts for the first twenty-one days of December amounted to $45,952.85 a gain of 11.3 per cent over the same period last year. For the first time in the history of the New Mexico land office all tracts of land offered at the monthly public auction sale of oil and gas leases sold. The twenty-five tracts offered brought a total of $38,308. Depositors of the closed First National bank of Gallup, N. M., appear assured of full payment of the remaining $102,000 still "frozen" in the institution which was suspended during the banking holiday of 1932. Word has just been received of the appointment of G. L. Martin of Cameron, New Mexico, as supervisor, second district of New Mexico, 1935 census of agriculture. Mr. Martin will have offices in the postoffice building at Clovis. Arthur R. Tillman, 46, safety superthe western railroad for the Santa visor for Fe lines last of ten the years, died at his home in Albuquerque following several months' illness Tillman was completing twenty-four years of service with the Santa Fe in New Mexico. City officials of Carlsbad, N. M. launched an investigation of a fire which gutted the Carlsbad Inn, a two story frame structure, and took the lives of four persons. Six other per sons are in a hospital with serious burns. The fire is believed to have started from a cigaret. Henry F. Ashurst, veteran United States senator from Arizona, says h has declined the offer of President Roosevelt to name him judge of the Circuit Court of Appeals, San to succeed Saw Francisco, Ninth William death H. telle, who fell to his on the stairs of his home last week E. L. Barrows of Santa Fe was elected president of the New Mexicc section of the American Society of Civil Engineers at the society's an nual meeting in Albuquerque. He suc ceeded H. C. Neuffer of Albuquerque Federal Circuit Judge Sam G. Brattor was the principal speaker at the ban quet. The United Verde Copper Company in Arizona has filed a suit in Federal Court in which it seeks a 50 per cent reduction in assessed valuations and a further decrease in the 1934 taxes. The action is against the state tax commission which valued the mining company properties for taxation purposes at $18,000,000. States market news servthe Arizona ice The reported United lettuce busi- im this shows a marked over the last level for the ness The provement price year first two from ten years. $2.50 days of heavy shipping ranged to $2.75, compared to 90 cents to $1.10 a crate in 1932 and $1.25 to $1.35 last year. Sheep forage prospects are the best in five years, according to Jerrie W. of the Arizona Wool Association. Growers' Lee, secretary Consequently, flocks he said, comparatively few will be wintered in the cultivated areas of the Salt River and other valleys but will browse in the desert foothills Recent rains were responsible for the good grass stands. The Arizona state highway department will open bids January 15 for construction of an underpass near Grande and for the replacing of with concrete Mohawk-Wellton area. three in Casa the dips box culverts The for department has budgeted $149,000 the work. of this $115,000 will be spent on the Casa Grande project and $34,000 on the Mohawk-Wellton job. Taxes collected under the intangibles tax law of 1933 in Arizona, with out protest on the part of the taxpayer at the time payment was made can not refunded by the state tax comthat body was general's office. attorney mission, be advised Taxes by paid the the under protest may be refunded. but the with the state file ruling a claim stated, taxpayer treasurer must for the amount he paid in.