Gallup State Bank (Gallup, NM)

Episode Information

Episode UID
1745960291495
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
174596029 hash
Start Date
July 26, 1924
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
1a9c5fc3cd3bb50c

Response Measures

None

Description

Multiple receivers appointed and reporting describes failure/closure due to mismanagement and excessive loans; no discrete 'run' described.

Events (5)
1. July 26, 1924 Receivership
Newspaper Excerpt
Frank B. Mapel, receiver of the Gallup State Bank of Gallup; ... filed suit ... July 26.—Francis A. Chapman, receiver of the State National bank of Albuquerque, filed suit ... Frank B. Mapel, receiver of the Gallup State Bank of Gallup; ...
Source
newspapers
2. May 1, 1925* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Sharp deposit declines tied to excessive insider loans, loan concentrations, and alleged mismanagement revealed in hearings.
Newspaper Excerpt
The deposits of the bank were dwindling all the time...dropped from $875,000 to about $375,000 at the time was closed.
Source
newspapers
3. June 15, 1925 Receivership
Newspaper Excerpt
Gregory Page, of Gallup, has been appointed receiver of the Gallup State bank by Judge Reed Holloman of the district court. Page was president of the bank before it closed.
Source
newspapers
4. November 20, 1926 Receivership
Newspaper Excerpt
Judge Reed Holloman ... appointed C. M. Rouse succeed the late Gregory Page receiver of the Gallup State bank; Mr. Rouse will take charge once.
Source
newspapers
5. August 2, 1929 Other
Newspaper Excerpt
GALLUP STATE BANK RECEIVER PAYS NEW 5 PER CENT DIVIDEND
Source
newspapers

Newspaper Articles (10)
1. July 27, 1924 El Paso Times El Paso, TX
Article from El Paso Times, July 27, 1924

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Article Text

Bank Receiver Sues to Collect on Note SANTA FE, N. M., July 26.—Francis A. Chapman, receiver of the State National bank of Albuquerque, filed suit in federal court today against Joe Mangum, Kay Mangum, Thomas K. D. Maddison, receivers of the State Trust & Savings bank of Albuquerque, Frank B. Mapel, receiver of the Gallup State Bank of Gallup; Levi Hughes, receiver of the Livestock & Agricultural Loan company of New Mexico, and T. A. Pierce, trustee. Judgment is asked against the Mangums for $25,000 and $8,000 with interest. It is prayed that a chattel mortgage, dated October 10, 1922, be declared a valid first lien on all property desired in the complaint, to secure the judgment, that the property be sold and a receiver named. It is alleged that the Mangums, who live in San Juan county, executed a promissory note for $25,000 to the State National bank of Albuquerque, and another for $8,000, which had been made to the Mangums by Tom Rogers.

2. June 15, 1925 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, June 15, 1925

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Article Text

WRONG IN PRINCIPLE The appointment of president of a defunct bank as receiver of that bank, as was done in the case of the Gallup State bank, is wrong in principle and a law should be enacted to prevent it. It is inconceivable that an official of bank that has failed, whether by reason of or mismanagement, will do little, if anything, to disclose the cause of the failure. It would be strange, indeed, he did not do everything within his power to cover up any irregularities. is high time that depositors were given at least an even share of protection with officers and directors.

3. June 15, 1925 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, June 15, 1925

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Article Text

PAGE RECEIVER OF HIS BANK Gregory Page, of Gallup, has been appointed receiver of the Gallup State bank by Judge Reed Holloman of the district yourt. Page was president of the bank before it. closed.

4. June 17, 1925 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, June 17, 1925

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Article Text

PAGE TAKES UP HIS DUTIES AS BANK RECEIVER Threatening Message Is Received by Gallup Man; Package Is Found in Postoffice, Delivered to Him Callup. N. M June You had see the boys and settle up or the boys will see settle up. was the threatening received Saturday by Gregory Page. president of the Gallup State bank. The note was curled on the inside of an empty 45 caliber pistol shell which in turn was in coffin. The package did not go through the regular postal channels but was found on the window of the postoffice with his upon It turned over to Mr. Page when found. Mr. Page. when questioned concerning the mysterious package. said that he had no clue as where might have come from. He that without doubt the package in with his position as president of the State bank. Mr. Page deposited bond of in the McKinley county district court cover his appointment receiver of the institution. He took up his duties without protest from Bank Examiner F. Kirby.

5. November 21, 1926 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, November 21, 1926

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Article Text

c. M. ROUSE NAMED BANK RECEIVER TO SUCCEED PAGE GALLUP, N. M., Nov. 20 (Spc clal)-Judge Reed Holloman Be urday appointed C. M. Rouse succeed the late Gregory Page receiver of the Gallup State bank Mr. Rouse will take charge once.

6. August 6, 1927 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, August 6, 1927

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Article Text

GREGORY PAGE TOOK $5,200 FROM GALLUP STATE BANK ON THE DAY IT CLOSED, VICE PRESIDENT ADMITS J, W. Bontems Describes Purchase of Stock; Says President Exercised No Control Over Shares (By Special Leased Wire) SANTA FE. Aug. Bontems. vice president of the Gallup State bank. was led through labyrinth of financial deals by John Simms of counsel for Judge Reed Holloman at the Friday afternoon of the Hannett hearing before the state bar commission in an effort to explain the of transactions previous to the fullure of the bank, that have been brought out in the hearing in proof of charges that Judge Holloman manipulated receiverships for political purposes. Mr. Bontems told of the organition of three different companies -the Atargie, the Ramah and the Rocky finance cattle and sheep men who had heavy lines of paper in the bank. After this came the by which of paper was sold to the First National bank Los Angeles without which was later repurchased by the receiver. The notes were guaranteed by Directors Page, Morris and Hanson. Exceeded Legal Limit Mr. Bontems said that at one time David Garcia had much as $60,000 paper in the bank, when the legal limit was $20,000. Other excess loans were admitted. Mr. Bontems told of his purchase of 500 shares of stock of the bank, 250 on August 15, 1924, and 250 shares on Oct. 15. 1924. He said he gave notes and pledged life insurance and there was no side agreement with Mr. Page except that Mr. Page was to pay any assesements made on the stock. He Mr. Page later paid 150 per cent on the stock. amounting to $82,500. The money came from the sale of the Gallup Mercantile company to the Charles company and other property. The deposits of the bank were dwindling all the time. Mr. Bontems said and dropped from $875.000 to about $375,000 at the time was closed. In all. he said the stockholders paid of 350 per cent to keep the bank go. Mr. Page had never voted the stock he sold Mr. Bontems or exerclaed ownership of it, Mr. Bontem's said. Asked why there was delay in the naming of receiver after the bank closed. he said the examiner said after long distance call that he had talked with Governor Hannett and he did not think one would be made immediately. The counse) for Judge Holloman Continued - Page Five

7. August 6, 1927 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, August 6, 1927

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Article Text

WOULD NAME PAGE AS RECEIVER FOR GALLUP BANK AGAIN, TELLS BAR COMMISSION Says It Was Not His Custom to Appointed by Him to Give Accounting; proved Use of Depositors' Money for purchase of $70,000 Loans Sold Without course to Bank and Indorsed by Page Other Bank Stockholders (By Special Leased Wire) SANTA FE, Aug. Reed on stand Friday night at the close of the Gallup State phase of the hearing of former Governor the State Bar commissioners for his charges in relation to receiverships in Judge Holloman's court, said he appoint Gregory Page receiver he had to do again, in spite of all the charges that have been made the hearing. The judge said he did not consider the transfer of 606 shares of stock by Mr. Page to W. Bontems, alleged have been made to escape liability, questionable. made the same remark about the repurchase by the ceiver of $70,000 loans sold without recourse, and charges. The judge said he had never seen a general report either of the two bank receivers in Gallup and was his custom to require such reports in

8. August 6, 1927 El Paso Herald El Paso, TX
Article from El Paso Herald, August 6, 1927

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Article Text

Gallup State Bank Closing Is Heard In Hannett Case Santa Aug. documentary evidence was again troduced into the hearing of former governor Arthur T. Hannett, before the state board of bar commissioners, for his attacks through the Albuquerque Journal on the official integrity of district judge Reed Holloman, when the taking of testimony relative to Holloman's alleged manipulation to his own funds of the receivership of the Gallup State bank was begun Friday Governor Hannett's allegations with relation the alleged misconduct of the That appointed the late Gregory Page, president of the bank, receiver his bank. Holloman refused allow petition by the attorney general appointment. That Page transferred 500 shares his stock in the institution to W. Bontems, vice president, in order avoid personal liability as when the bank That on the day the bank closed, Page withdrew more than 85,000 his personal account That on March 19. 1925. month before the the bank, the bank sold to the First National bank. Los Angeles, $70,000 notes, pay ment which was guaranteed by Mr. Page and his associates and that Page later. as receiver, paid the notes from receivership funds order to protect himself and assopersonal liability counsel said they pected to show that Page, in transferring the stock agreed pay the if the bank certain period and did pay 150 per cent on the transferred stock. Gould, Albuquerque. special auditor employed by Hannett make an accounting of the records. was placed on the stand by Hannett Charles Faby partner to W Barker, the missing witness in the case, notified the commission that would with Barker Long Beach and felt sure he would return.

9. August 11, 1927 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, August 11, 1927

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Article Text

RECEIVER'S ASSISTANT GALLUP BANK LEFT JOB SHORTLY AFTER PREVENTED J. Hannett Says He Put $6,000 Purchase After Order for Disposal Plant to Henderson for $4,000 Been Signed by Court; Receiver Mapel Said Laundry Would Be Operated as Long as There Was Any Money in Bank; Hannett Paid Indebtedness to Bank with Promptness, Mapel Testifies Special Leased Wire) (By was lent SANTA FE, Aug. rather dull night session of the hearing before the state bar commission when Dr. stand at the close of the testimony took the the Gallup laundry deal to tell how he had put of the purchase price of $6,000 that Hender after the sale to paid for laundry phy been and after court $4,000 had der had been issued for the sale. Dr. Hannett testified later sold his half interest for $3,070, retaining that is formed $1,000 stock in the company operate the laundry. Hannett's charges the Journal to the Albuquerque that there conspiracy the laundry for expended $4,000 the receiver plant within for equipment for the the year previous. of Dr. Hannett The testimony rather took counsel for Judge Holloman off their feet after they working during been the afternoon and night session that there was nothing show usual the decision price of that Murphy because better ofwas merely for the plant made. fer first intimation Judge It was the Holloman's counsel had that Lebeck missing witness case. and former employe Mr. the receiver the McKinCounty and charge ley was actually party the the final purchase and party of the deal the blocking arranged by the "What. anything. did you have do with the assistthe of the purchase in Gallup Steam laundry for the Martin Murphy Dr. Hannett asked. up $3,000." "Where did receive inyou formation that the laundry and be told me that figured out that the was being sold. about the process of sold and he thought would be opportunity buy good and wanted good paying to know would like to go into the proposition. that the same Mr. Lebeck who assistant Mr. result of that conversation with Mr. Lebeck, what anything did you reference to buying the laundry he asked me about the matter. He didn't feel that he

10. August 2, 1929 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, August 2, 1929

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Article Text

GALLUP STATE BANK RECEIVER PAYS NEW 5 PER CENT DIVIDEND GALLUP N M. Rouse of the Gallup Thursday announced per of the of about This dividend been paid since and final be