First National Bank - Fort Collins, CO

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2622
Charter Number: 2622
Start Date: July 7, 1933
Location: Fort Collins, Colorado (40.585, -105.084)

Metadata

Model: gpt-5-mini
Short Digest: 6d9ee645

Response Measures

None

Description

Article (Fort Collins Coloradoan, 1933-07-07) describes First National remaining closed (payments frozen) because of frozen assets, large loans and need for new capital; bank officials have submitted securities for RFC/reconstruction loans and hope to reopen but no reopening date given. No explicit depositor run is described. OCR errors in the article were corrected (e.g., fragmented sentences).

Events (3)

1. January 31, 1882 Chartered

Source: historical_nic

2. July 7, 1933 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had frozen assets and several large loans; lacked sufficient capital and needed reconstruction/RFC loans; federal officials requiring corrective action before reopening.
Newspaper Excerpt: What is the situation in regard the First National... The primary reason the First National permitted to reopen following the was the frozen assets. ... comptroller's office has let be known that the First National bank must have new capital
Source: newspapers

3. July 14, 1934 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. July 7, 1933 Fort Collins Coloradoan Fort Collins, CO

Article from Fort Collins Coloradoan, July 7, 1933

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Article Text

1st National Situation Is Encouraging Cooperative Attitude Federal Authorities Cited; Securities Presented to Government for Liquidation Loans 1400 New Depositors Warning Is Given Not Expect Opening Too Capital Necessary "What is the situation in regard the First National The answer to the question may summarized by the fact that recent weeks. the principal question "Will the has been changed to "When will it open?' The reason for the primary change evidence helpful attitude federal banking authorAt the present time. the First National bank officials here say they are unable to answer much of their problem is in the hands of federal officials. The primary reason the First Na. tional permitted to reopen following the was the "frozen assets. The proportion bank series rigid inspections with the result that securities loans have the case of several large loans. The bank directors have presentthese securities with an application to the reconstruction finance order obtain corporation loans which will put the bank in acceptable cash position to meet bank comptroller standards. An announcement from Albuquerque that farm credit administration money may be obtained by the First National bank at will be followed means of liquidating other loans possible. Even if such securities as have been to the R. are however, comptroller's office has let be known that the First National bank must have new capital, and this also will take time. In addition the attitude of the federal officials, the other feature the fact that 1400 new deposits have up under the "trust which the bank serving as depository. Present deposits $250,000 in addition to money tied up in the bank. This considered remarkable by federal authorities in touch with the First National. While the situation justifies hopefulness, no false should be given, particularly as to how soon the bank will reopen. Every indication that reopening unrestricted basis some time away.