First National Bank (El Paso, TX)

View Charter #2532 on SPMC View balance sheet

Episode Information

Episode UID
253201581
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
25320 national
Charter Number
2532
Start Date
September 4, 1931
Location
El Paso, Texas (31.759, -106.487)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d42dcdff6d242db7

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
52.9%
Date receivership started
1931-09-04
Date receivership terminated
1938-07-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
52.4%
Share of assets assessed as doubtful
39.0%
Share of assets assessed as worthless
8.6%

Events (5)
1. June 6, 1881 Chartered
Source
historical_nic
2. September 4, 1931 Receivership
Source
historical_nic
3. September 4, 1931 Receivership
Newspaper Excerpt
Receiver Is Named For Institution ... failed to open its doors ... receiver named for the First National bank (articles report receiver S. O. Pottorff later).
Source
newspapers
4. September 4, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
President blamed rumors and heavy withdrawals as triggering heavy withdrawals (run) prior to closing.
Measures
Bank closed and national bank examiner took charge; attempted protective measures not detailed.
Newspaper Excerpt
The closing of the First National Bank of El Paso today was followed by a heavy run ... President Frank M. Murchison blamed rumors and heavy withdrawals of deposits for the action.
Source
newspapers
5. September 4, 1931 Suspension
Cause
Government Action
Cause Details
National bank examiner took charge and the bank failed to open, leading to suspension/receivership.
Newspaper Excerpt
A national bank examiner took charge of the El Paso institution. ... failed to open its doors
Source
newspapers

Newspaper Articles (19)
1. September 5, 1931 The State Journal Frankfort, KY

Article Text

EL PASO BANK CLOSES DOORS Institution Reported Sound; May Reopen EL PASO, Tex., Sept 4 (By The closing of the First National Bank of El Paso today was followed by a heavy run on the First National Bank of Las Cruces, N. M., which also A national bank examiner took charge of the El Paso institution. President Frank M. Murchison blamed rumors and heavy withdrawals of deposits for the action. The June 30 statement of the bank showed deposits of $9,262,429 and resources and liabilities of $11,306,593. The bank was capitalized at $1,000,000.

2. September 5, 1931 El Paso Times El Paso, TX

Article Text

Receiver Is Named For Institution Bank Has $1,500,000 Cash, $1,600,000 Securities On Hand, Officials Say By Bob Chapman Plans for the reopening of the First National bank may be nounced shortly according officials of yesterday. for the first time in its 30 years of existence, failed to open its doors

3. September 5, 1931 El Paso Times El Paso, TX

Article Text

Times Milk Fund In Closed Bank To Be Made Good babies of El Paso, the of the Times Milk Fund, not suffer for lack by yesterday Hosing of the First National Approximately Milk Fund deposit bank, awaiting transfer clinic the Charities which supply the babies. lisher of The night he will make personally this amount which be lost by reason the closing. "Inasmuch this has been from the public, in sums ranging small to the 81423.31 turned from the baseball feel it that this fund the

4. September 5, 1931 The Sioux City Journal Sioux City, IA

Article Text

Graf Crosses Equator on Homeward Journey The Graf Zeppelin, route from Pernambuco, Brazil, Friedrichshafen, crossed the equator Friday The dirigible gave her position Frie day night north itude, longitude. This would put her about midway be. tween Pernambuco and the Cape Verdez islands. Two Banks Close Southwest closing the First National bank, of El Paso, Friday followed heavy run the First National which also closed. Cruces, took charge the El Paso institution.

5. September 5, 1931 El Paso Herald-Post El Paso, TX

Article Text

Las Cruces Bank to Reopen When First Scare Passes R. H. Collier, national bank examiner, said the closing of the First National Las N. M., at m., Friday, was a surprise to him. 'It is fundamentally sound and will re-open as soon as the first scare passes," he said. 'Business in Paso and the valley is good, especially the livestock industry The First National bank of Las Cruces. bank of the First National in El Paso, withstood a run all day Friday until 2 m. "When the hysteria subsides, we will re-open bank,' W. P. McSain, president, said. "The bank is sound and we can pay 100 cents on the dollar when we re-open. The run on our bank was started by the closing of the First National bank in El Paso and we decided to close to protect our depositors until the hysteria subsides. bank has deposits of $799.858.91 and of $898,973.47 according to its last financial statement. The Mesilla Valley bank at Las Cruces open m. Friday. There was no run.

6. September 5, 1931 El Paso Herald-Post El Paso, TX

Article Text

Banks Lend Money To Meet Payrolls Business houses which did business with the closed First National bank were assured of meeting their payrolls Saturday when the State National and the El Paso National offered loans for that purpose. R. W. McAfee, vice president of the State National. said his bank is making loans wherever it feels they are justified for payroll purposes. Assignments cannot be taken on accounts in the First National bank until receivers' certificates are issued, he said.

7. September 12, 1931 El Paso Herald-Post El Paso, TX

Article Text

APPROVE BANK OPENING PLAN Expect to Use Capital To Aid First National Paso business men will supply most of the capital in the reorFirst National bank, officers said today have definite plan of procedure said Pres. Frank M. Murchison. much couraged "We hope to make some definite early next "The present plan has been proved those but portant Atty M. Pollard, who with Murchison, said some announcement may be made

8. September 13, 1931 The Long Beach Sun Long Beach, CA

Article Text

Bank Closes, Teeth PASO, Texas, Sept. the First tional bank here nothing short Boland, United States customs inspector. His false teeth are locked safety deposit vault the bank. set teeth broke after the bank His pleas have failed to move the bank receiver box. Dentists can't broken set with the proper color.

9. September 13, 1931 The Buffalo Times Buffalo, NY

Article Text

LOSES FALSE TEETH WHEN BANK CLOSES United EL PASO, Texas, the First National Bank here short personal catastrophe Paul United States His extra set false teeth in safety deposit vault at the bank. Boland's set broke after the bank closed. His pleas have failed move the bank receiver to open up

10. September 14, 1931 The St. Louis Star and Times St. Louis, MO

Article Text

HIS TEETH LOCKED UP IN BANK THAT WAS CLOSED EL PASO TEX Sept Closing the First National Paul Boland. United States His extra of false teeth is locked deposit and regular bank closed His broke the have failed move the bank pleas receiver open up his box

11. September 16, 1931 El Paso Times El Paso, TX

Article Text

Letters To The Times DID BEST THEY COULD To The Editor of The Times: Supplementing the commendatory letter of W. D. Hawes of Clint wish to say that for the last ten years have kept and compared the periodical published statements of the National bank of El Paso, and have the highest praise and admiration for the officials of the First National bank when it Weathering the run on the bank several years ago, they at once began program of retrenchment, and conservatism. They divided the banking room and rented part of the building, called and reduced loans wherever they could, refused to pay further dividends to stockholders, although there was demand from some stockholders for dividends General conditions whisperings and gossip alone, feel. are responsible the unfortunate receivership Edgar D. Brown, THE TROUBLE AT JONESBORO Editor, El Paso Times The Times carries an Associated Press dispatch of the church row at Jonesboro, Ark., which happens my home town and am quite familiar with events leading up the latest outburst. Rev Joe Jeffers first invaded the peaceful little city of Jonesboro two years ago as Jeffers and Short evangelistic team, Short was They had not been in long until they had members First Baptist church fighting amongst themselves Jeffers claimed rival factions were disturbing his tent services and asked police protection which was given but he still claimed the police not doing their duty so he pointed Mr. Short as special peace Trouble started when Short at tempted to arrest the chief's son parked his car across the street from the tent and in the scuffle Short hit young Craig over the head. inflicting painful injury Short left the team and Rev Jeffers, apparently enjoying his campaign around Jones born while the beautiful first Baprist church had its membership divided that it was in bad However majority and the element of the members re mained loyal to the local pastor My sister, who came Jonesboro visit me said Jeffers had started another tent meeting and the church people were at

12. September 17, 1931 El Paso Herald-Post El Paso, TX

Article Text

BANK REOPENING NEAR SOLUTION President Expects Complete Details in Week Pres. Frank Murchison today said that plans for reorganization of the First National bank probably will be announced within the next week. "The board of directors in conjunction with officials of the Federal Reserve bank, literally have been working day and night on the reorganization program,' Murchison said. "Although we have agreed in principal on certain fundamentals, "we have not concurred on any definite figures.

13. September 18, 1931 Jasper County Democrat Carthage, MO

Article Text

IIIS TEETH LOCKED UP IN BANK THAT WAS CLOSED EL PASO, Tex., Sept. 15.-Closing of the First National Bank here was a catastrophe to Paul Boland, United States customs inspector. His extra set of false teeth is locked up in a safety deposit vault at the bank and his regular set broke after the bank closed. His pleas have failed to move the bank receiver to open up his

14. November 4, 1931 El Paso Times El Paso, TX

Article Text

$843,900 Raised For Bank Opening (Continued From Page 1.) buted substantial figure "T'II take $1000 if you will match me, Mr. Momsen said. James A. Dick, B. Poe. W. G. Walz each matched the $1000 "I'll take 8500 more. even if it hurts it does." Bishop A. J. Schuler said. E F. Flores took $200. All these were additional subscriptions, as each had previously subscribed for stock Lawrence Gardner was new subscriber He took $200 worth of shares for himself, the same for Mrs. Gardner and the same for his company. Empire Products. Subscribe $1000. A. B. Poe, who presided, called on Del Richey for talk Mr. Richey walked forward with subscription for $1000. "That's my speech," he said R. H. Collier. national bank examiner, who took charge of the bank at the request of Frank M. Murchison, president, had his hearers cheering and almost on their thought there would only be about dozen people here," Mr. Collier said "This large gathering is not only encouraging, but the most inspiring occasion have ever encountered. In all my 16 years' ex perience with the comptroller's office, have never witnessed the response to the efforts that are being made to open this bank have never seen such wonderful spirit as is being manifested here in El Paso in with the reopen ing of this institution. could take this group in this room and put anything bank, cotton or any other worthy enterprise. "You subscribers for stock will have the privilege of electing the directors. The main thing is to give EI Paso this bank, which has served this community long and so well have talked to men mentioned as those who may have something do with the management and these will run bank of which you will be very proud. H. Hunter, editor of The Times remarked that the gathering to him represented "the fine old time spirit of El Paso." "It occurs to me Mr. Hunter aid "if all of US had given to the bank when it was open the fine support We are now according it. it never would have closed. Let's all go out of here resolved to open this bank It seems that sometimes we need kick in the pants to impress our minds." "I do not think that anyone. who will pause to think, can fail to appreciate what the First National bank has done for El Paso during its more than 50 years of existence," Bishop Schuler said. New subscribers added to the list yesterday were: Alemite Co. of EI Paso, Charles Auer, Ian Benton. W. Berkshire, Channing M. Brown, W. 8. Brownfield, Arthur Dueas, D. Foster. Mrs. J. E. Gemoets. Beuna Gilder. M. M. and H. Griffith. Leonard Hanson, Jay Harman, C. O. Horner, Charles R. Loomis, Flora Malone, H. A. Markham, Peter Marsel, B. Meyers, Joe, Mogel, David E. Mulcaby, Mac Murchison. Old Town Pump, Dr. Jacob Rogde, Charles Schuck. W. D. Shea, W R. Shutes. C. Stapleton, Paul D. Thomas, W W. Thornton, James Vance. Jas. Watts Co., Louise H. Wilmarth, Win R. Walker,

15. February 13, 1932 El Paso Herald-Post El Paso, TX

Article Text

By GERALD DAILEY Herald-Post City Editor "The First Mortgage Co. broke the First National bank!" The statement has been made often since the bank closed last September. Perhaps a truer statement would be that the two institutions "broke each other." The failure of the mortgage company last spring helped destroy confidence in the bank. Withdrawals of deposits became so heavy the bank couldn't survive. But the bank officers helped make the conditions that led to the mortgage company failure. McNary First President Back in 1911 we find the First Mortgage & Guarantee Co. organized with several officers of the bank as officers of the mortgage company. For instance, James G. McNary, president of the new company, was vice president of the bank. W. L. Tooley was vice president of both companies. E. W. Kayser, bank cashier, was secretary-treasurer of the mortgage company. On May 21, 1912, the First Mortgage & Guarantee Co. was reorganized, the name being changed to First Mortgage Co., and the capital stock being increased. Directors of the new company were James G. McNary, Joshua S. Raynolds, Charles M. Newman, who, through his many companies, became one of the biggest borrowers; Felix Martinez, J. J. Mundy, W. L. Tooley, Z. T. White and E. W. Kayser. Raynolds Heads Both Most of these were identified with the bank. Raynolds became president of both the bank and the First Mortgage Co. Tooley was vice president of both. Kayser was an officer of both. This system of interlocking offi- (Continued on Page 3)

16. May 24, 1932 El Paso Herald-Post El Paso, TX

Article Text

Arguments were to be concluded today in federal court in the suit of the El Paso-Hudspeth counties road district against S. O. Pottorff, First National bank receiver, to recover $200,000 in Liberty bonds which were put up by the bank to secure the amount of the road district.

17. October 5, 1932 El Paso Herald-Post El Paso, TX

Article Text

CONSIDER REDUCTION IN BANK ASSESSMENT Receiver Asks First National Bldg. Valuation of $250,000 The city board of equalization took under advisement a request of Receiver S. O. Pottorff for a reduction in assessment of the First National bank bldg. from $451,000 to $250,000. Board members said a $50,000 reduction may be made.

18. March 20, 1933 El Paso Herald-Post El Paso, TX

Article Text

URGES EL PASOANS TO PAY BANK DEBTS First National Receiver Asserts Dividends Awaits Collections "Now that people are paying their bills again, I wish they would not neglect to pay what they owe this bank," S. O. Pottorff, receiver for the First National bank, said today.

19. March 28, 1933 El Paso Herald-Post El Paso, TX

Article Text

Low Rate Granted E. P. Woman Who Has Heart Attacks Without a telephone to summon aid, Mrs. Florence Carroll, 3720 Porter Ave., who lives alone, might die of heart attacks, neighbors say. Mrs. Carroll was worried today because a telephone company clerk told her she would have to pay a higher rate or lose the telephone. She could not pay. But her worries were short-lived, for neighbors protested to the Herald-Post. Walter Prager, district manager of the Mountain States Telephone & Telegraph Co., was informed of her plight. Mr. Prager investigated and quickly decided to make an exception in her case and let her have the same service at the special "vacation" rate, $1.38 a month. Mrs. Carroll said she lost everything she had in the First National bank. "I've tried to make a living sell-