Citizens National Bank (Roswell, NM)

View Charter #6777 on SPMC View balance sheet

Episode Information

Episode UID
677701486
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
67770 national
Charter Number
6777
Start Date
October 18, 1923
Location
Roswell, New Mexico (33.394, -104.523)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
42787c60ffacbc7d

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
18.3%
Date receivership started
1923-11-16
Date receivership terminated
1929-06-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
7.5%
Share of assets assessed as doubtful
51.6%
Share of assets assessed as worthless
40.9%

Description

Bank closed by order of directors and the comptroller; receivership followed within weeks.

Events (5)
1. May 9, 1903 Chartered
Source
historical_nic
2. October 18, 1923 Run
Cause
Local Shock
Cause Details
Adverse conditions affecting the livestock industry reduced ability to realize on loans and led to slightly elevated withdrawals
Newspaper Excerpt
this, together with a slight run on the bank for the past few days, caused the closing.
Source
newspapers
3. October 18, 1923 Suspension
Cause
Local Shock
Cause Details
Shrinkage of cash and inability to maintain required reserves due to livestock-related loan losses, combined with recent withdrawals
Newspaper Excerpt
Closed by order of the board of directors and the comptroller of the currency, was the sign on each of the doors.
Source
newspapers
4. November 16, 1923 Receivership
Source
historical_nic
5. November 16, 1923 Receivership
Newspaper Excerpt
W. J. McInnis, receiver of the Citizen's National bank of Roswell.
Source
newspapers

Newspaper Articles (4)
1. October 19, 1923 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, October 19, 1923

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Article Text

SECOND OLDEST ROSWELL BANK CLOSES DOORS Citizens National, Which Began Business in 1900, Failed to Open for Business on Thursday Special to The Journal. Roswell, Oct. 18.—The Citizens National bank, the second oldest banking institution in this city, closed its doors this morning. "Closed by order of the board of directors and the comptroller of the currency," was the sign on each of the doors. The Citizens National bank began business in 1900. The institution was consolidated with the American National bank two years ago and was capitalized at $200,000, with loans and discounts of over a million and a half and deposits of half a million. The immediate cause of the closing of the bank was the shrinkage of the cash on hand to such an extent that the required reserves could not be kept up. Adverse conditions affecting the livestock industry in the southwest made it impossible for the bank to realize on much of its paper and this, together with a slight run on the bank for the past few days, caused the closing. Chaves county has approximately $23,000 on deposit in the bank. An effort is being made to reorganize the institution and it is hoped that depositors will eventually be paid in full, according to a statement of bank officials this morning. O. W. White was cashier, O. H. Smith and J. Smith Lea were vice presidents. Since the death of John W. Poe no president had been elected. The closing of the bank was taken calmly here this morning and business proceeded as usual.

2. December 15, 1924 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, December 15, 1924

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Article Text

FEDERAL RESERVE BANK CHARGED WITH TRYING TO GET PREFERENCE Suit was filed in the U. S. district clerk's office today by David Davis vs. The Federal Reserve bank of Dallas, Texas. A United States Corporation and W. J. McInnis, receiver of the Citizen's National bank of Roswell. Plaintiff alleges he had on deposit with the Citizens National $7,000 at the time of its closing. Plaintiff charges the defendant knew the Citizens National was in a "failing and insolvent condition" a long time prior to its failure and that defendant bank used such knowledge with intent to "gain unlawful preference as a creditor of the Citizens National," taking up commercial paper owned by the bank which had been rediscounted by the defendant bank, in an amount exceeding $500,000 which paper had become worthless, and replacing it with other commercial paper of greater value and securing from the officers of the bank additional collateral for the rediscounts. Plaintiff says he has been assured that his claims will be worthless unless the alleged unlawful preference be set aside. Plaintiff asks for an accounting and asks that the Federal Reserve bank pay to the receiver of the Citizens National such an amount as shall be ascertained as representing the full sum gained through its actions in securing alleged preference. James M. H. Cullender of Roswell, is attorney for plaintiff.

3. 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.

4. 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.