gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
43c4297203deb14d
Response Measures
None
Description
Bank was taken into custody by the state bank examiner and later recapitalized by depositors/new management.
Events (3)
1.November 10, 1914Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals exhausted liquid assets; bank had large amount of slow/illiquid assets and could not realize collaterals to meet withdrawals
Measures
Depositors' committee formed; many large depositors agreed to support reorganization; some accepted stock in recapitalization
Newspaper Excerpt
the state bank examiner took charge Nov. 10, after a run, which the institution was unable to withstand
Source
newspapers
2.November 10, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize on certain slow assets and meet withdrawals; state auditor took charge and suspended payments
Newspaper Excerpt
The Valley bank...did not open for business Tuesday morning, a notice being posted to the effect that the affairs of the institution had been taken over by the state auditor.
Source
newspapers
3.December 31, 1914Reopening
Newspaper Excerpt
The Valley bank...which was closed Nov. 10, will be reopened tomorrow with a new set of officers and directors...None lost a penny; reopening celebrated with parade and 'prosperity dinner.'
Source
newspapers
Newspaper Articles (18)
1.November 11, 1914Bisbee Daily ReviewBisbee, AZ
Click image to open full size in new tab
Article Text
BANK IN PHOENIX SHUTS ITS DOORS (Continued from Page One) suspension is due to inability to realize on certain slow assets. He thinks that even without help the institution could pay one hundred cents on the dollar in time. Today Col. Epes Randolph, C. F. Mills, James S. Douglas, B. A. Packard and T. E. Pollock met here to consider reorganization of the Valley bank. No public statement was made but the general belief is the bank will be reorganized and continue. A depositors association was formed. Over one hundred of the largest depositors signed an agreement to continue business with the institution if it is reorganized. a There was little excitement though many depositors stood before the - closed bank all day. All accepted as 0 true Callaghan's statement in the S window that suspension is only tem- porary.
2.November 12, 1914The Oskaloosa HeraldOskaloosa, IA
Click image to open full size in new tab
Article Text
LARGEST BANK IN TROUBLE Arizona Institution is Unable to Re. alize on Collaterals and is Forced to Suspend. Phoenix, Ariz., Nov. 11.-The Valley bank, the largest financial institution in Arizona, which suspended yesterday has been put under charge of J. C. Callaghan, state auditor. The Valley had a capital of $150,000 and deposits of $2,225,000 Its cash on hand was only $30,000. Inability to realize on its cullateral to meet withdrawals was given as the reason for suspension. Reorganization of the bank is under consideration by the state banking officials, but there is as yet no definite decision in the matter. It is also reported that the bank I will reopen in four days. Mr. Callaghan, however, said that "it is hoped the suspension is only temporary."
3.November 13, 1914The Snowflake HeraldSnowflake, AZ
Click image to open full size in new tab
Article Text
The Valley Bank, of Phoenix, one of the biggest institutions of the kind in the state, closed its doors to business first of the week. State Auditor Callaghan has the bank in his control and it is thought everything will be justified and in running order within a few days.
4.November 13, 1914Montpelier ExaminerMontpelier, ID
Click image to open full size in new tab
Article Text
Arizona Bank Fails. Phoenix, Ariz.-The Valley bank, the largest financial institution in Arizona, which suspended Tuesday, has been put under the charge of J. C. Callaghan, state auditor. The Valley had a capital of $150,000, and deposits of $2,225,000.
5.November 13, 1914Arizona RepublicanPhoenix, AZ
Click image to open full size in new tab
Article Text
resolution be placed today at the leading drug stores, where the bank depositors might find and sign them, and it was stated that before the meeting signatures representing more than half the deposits had been secured. Colonel McClintock said that be would like to quiet one of many will rumors that had- been in circulation, that the troubles of the bank had been caused by the withdrawal, for spite, of the deposits of the so-called liquor interests. He said that there had been no such withdrawals in large volume. On the contrary, some men engaged in the saloon business who were depositors in the Valley bank were among those who had signed the resolution and were offering the same assistance to the bank that hundreds of other depositors were offering. Last night after the meeting, Bank Comptroller Callaghan and his force of accountants were at work in the bank until a late hour, and when be was advised of the action of the meeting. he declared that such action was a step toward the encouragement of those who might be seriously considering the proposition of financing a reorganization.
6.November 14, 1914The Holbrook NewsHolbrook, AZ
Click image to open full size in new tab
Article Text
Correct-Attest: JNO. R. HULET H. H. SCORSE C. H. BROWN Directors. Valley Bank Closed. The Valley bank of Phoenix did not open for business Tuesday morning, a notice being posted to the effect that the affairs of the institution had been taken over by the state auditor. At 3 o'clock Tuesday afternoon, J. C. Callaghan, state auditor and bank examiner, authorized the following encouraging statement. "The suspension is due to the fact that the Valley bank is unable to realize on certain assets at the present time to meet withdrawals, it is hoped that the suspension is only temporary, as efforts are now being made towards reorganization."
7.November 27, 1914The Snowflake HeraldSnowflake, AZ
Click image to open full size in new tab
Article Text
display of dry farm products. Indians from the Sacaton and other reser took twenty-three first prizes in the agricultural department and twel seconds. In the mine rescue contest the Copper Queen team, from Bis won first place with 95 points out of a possible 100. The Detroit Coi company team, from Morenci, was second, with 82 points; Old Domir team, Globe, third, 79 points. First prize was $100 and a silver cup Old Dominion team carried off highest honors in the first aid contes The Detroit Copper company team was second; Old Dominion second tear third; Copper Queen, fourth; Detroit second team, fifth. Helen Keith Woc ford of Phoenix was the winner of the sweepstakes prize in the "better be bies" contest, in which 250 babies from all parts of the state were entered award was made on 99 points out of a possible 100. Mrs. John Roc Tombstone took first prize in the art department with a picture of horse, painted by herself. The cowboy. sports proved an interesting feature the fair. John Fredericks of Phoenix won the broncho riding contes: Doc" Pardee and "Lone" Jordan of Yavapai county were his principal competitors. Tommy Rice of Phoenix won the cowboy relay race in thr straight heats. Mrs. Samuel Mahan, wife of a Phoenix gravel hauler, has sudden found herself heiress to $14,000, all because she befriended an old mine apparently penniless, in the last few weeks of his life. Last May Pete Peterson, the old miner, appeared at the little shack in the bottom of Se river, a mile south of Phoenix, where the Mahans made their home. Mahr then eking out a precarious existence by hauling gravel from the rive to Phoenix, and his wife had recently been a dishwasher in a Phoen Mrs. Mahan was able to speak Swedish, Peterson's native tong he soon became a close friend of the family. Finally he camped no Mahan shack. Six weeks ago he fell ill and the Mahans moved hi their home, where Mrs. Mahan nursed him until he died. He left a W bequeathing her all his earthly possessions, which she supposed amounte fo a few dollars. When she inquired at the bank wher he kept his fund found that he had a balance of $14,000. The Valley Bank of Phoenix, Arizona's largest financial institution, the hands of the state banking department, and has not been open f business since November 10. It has deposits totaling over $2,000.000. Th Valley Bank and Trust company of Globe and the Consolidated No "onal Bank of Tucson are negotiating for the Valley, and either may tak over. President C. F. Mills and General Manager R E. Moore are cor ducting the negotiations for the Gila Valley company. while Albert Steinfel and Col. Epes Randolph represent the Consolidated National. Attorne General George Purdy Bullard is expected to make application in the S verior court of Maricopa county for a receiver for the suspended bank. that event, the Val'ey bank directors probably will ask that George A. Mau named as receiver. Counsel has en employed by the wholesale and retail liquor dealer Arizona to br'ng action in the federal court to prevent the enforcement the prohibition amendment. approved bv a majority of the voters Nover 3, until the legislature can enact legis'ation to make it effective. There difference of opinion as to whether the amend ment becomes self-effec 1 or enforcible. January law uak to must have a
8.November 29, 1914Tombstone EpitaphTombstone, AZ
Click image to open full size in new tab
Article Text
Valley Bankat Phoenix May Soon Reorganize PHOENIX, Nov. 25 -Negotiations for the reorganization of the Valley Bank are still under way. Three plans of reorganization are understood to be under consideration, one involving the purchase of the bank by a group of southern California expital ists whose representative bas recently been here. Another plan, which, if carried through, would have the back. ing of powerful Arizona banking intereste outside of this city and under which the bank would be reorganized along the lines of a banking and trust company. Representatives of this plan are understood to be now in Phoenix. There is still a third plan of reorganization involving the purchase and reopening of the bank by Kaness banking interests. It is understood that the directors of the bank, appreciative of the friendly attitude of the depositors, are prepare ed to execute such reasonable guarant6es 68 may be necessary to bring about & reorganization and avoid the long delay and possible friction involved in a receivership There is naturally a strongly expressed hope on the part of the depositors and the public generally that one of the above plane of reorganization may prove successful.
9.December 8, 1914Arizona RepublicanPhoenix, AZ
Click image to open full size in new tab
Article Text
WORLD of SPORT CUBS ARRANGE SCHEDULE VALLEY BANK COMMITTEES RIZE AWARD (Continued From Page One) OF BASKETBALL CONTESTS in error, as was explained by one member of the committee as all who have money on deposit are requestIN BIKE RACE The Cubs will play the Leaders' ed to be a part of the body of declass of the Y. M. C. A. a game of positors who assist in rehabilitating basketball this afternoon at four the bank. o'clock. They will take on the night This is regarded as necessary beclass team of the Y. later in the rotests Against Winners cause of the number of depositors week. of the whole nine thousand who will do Not Stand, and Bovs The following line-ups have been not be found, no matter how careGet Their Rewards; Plans given out for the games: ful or thorough the canvass, The Leaders: Putney and Tovrea, forfact that this or that depositor has Being Considered for wards; Dorris, center; Reno and not been or is not visited is not to Chandler Race. Cheney, guards. be considered as a slight by any Cubs: Pickrell and Lefevre, formeans as the assistance of every one wards; Irvine, center; Detweiler (capis needed in the movement. Ie is 'he protests that Harold Kincaid tain( and Heflin, guards. necessary to obtain signatures to Harry Newnham helped themY. M. C. A. Night Class: Grosso checks on the bank equal to the sum ves along the route of The Reand McCoy, forwards; Boyer, center; of $200,000 and none less than that. olican's Tempe Phoenix bike race, Wright and Smith, guards. This being true the invitation of the ring failed to be proven, the comThe Night Class has won two out committee for depositors to visit the tee has awarded the prizes to of the three games played with the board of trade rooms has double se two young athletes, who finLeaders, a fact which promises a force. ed one and two in the contest. Neil strenuous combat with the fast Cub Further than this the present comheney gets third prize, Harley Frateam. mittee feel in need of other workers o winner of the Echo Canyon to who will assist in making the canpenix race, fourth and Alfred Sanvass. There are many who have The Giants were the only team to S fifth. signified their willingness to work score over 100 runs against the incaid's reward for having made who have not yet been. heard from over Braves last season. They put best time, will be a handsome and these are requested to get in 114 while the Cincinnati Reds regisuseful coat sweater, and the big touch with Dr. Norton, chairman of tered 53. of the purse raised by collecting the depositors' meeting, or Harry o ry fees. The other winners get Welch, secretary, and work will be Reports from Chicago tell of blood rehandise prizes and small cuts off assigned to them. friend, poison threatening our old 11-the bacon as it were
10.December 19, 1914The Western OutlookOakland, San Francisco, CA
Click image to open full size in new tab
Article Text
S. Roberts died on Dec. 14th at the home of I. Smith. F. Rosser and P. Payne went 30 miles in the country to hunt. They were gone 48 hours, and all they bagged was one duck and a hawk. The bazaar and concert at the C.M.E. church under the management of Mrs. J. Wiggins and Miss Henderson was a big success. Mrs. Clarington's paper was well rendeted, and Mrs. Smith's solo ditto. Presiding Elder Z. Johnson held quarterly meeting at the C. M. E. church Sunday. The Tuskegee Students rendered some fine selections at the high school Saturday and at the A.M E. church and Indian school Sunday. Mr. Clarington of Fort Apache is in the city visiting relatives. The Valley bank's affairs are still tangled It is reported that It will go into the hands of a receiver this week. Phลnix has ten theatres and moving picture shows, and no one should complain of being lonesome in our city. The K. P. ball last week was was well attended. Tne music was furnished by Johnson's orchestra. A. Lewis and wife entertained a jolly bunch on Dec. 14th at their home on West Apache street. Mrs. Clarington sang and played excellently. Burglars attempted to enter the residence of Frank Rosser recently, but were frightened away. Phoenix is in the north frigid zone. Ice formed in the gutters during the recent cold snap. Meharry medical college students were recently presented a message from Andrew Carnegie, the message being delivered by Dr. Pritchett of New York, president of the Carnegie foundation. Among other things he said: I bring greetings and a message to you from Mr. Carnegie. He asked me to say to you that your opportunity is great and your profession is noble in 80 far as you practice it in the interests of humanity, and not for the gratification of a seltish end." Continuing Dr. Pritchett called attention to the great European war, which he said is the outcome ef race hatred. You have an opportunity to de'hrone racial batred which surrounds you by means of the Christianity which we profess. Christianity, and not creed, is the hope of the races." Speaking of the Germans he said that they are the most religious nation in the world, having three religions, and from the first day a child enters school it is steeped in the doctrines and creeds of one of these religions, but along with it there is not that Christianity which is a soul passion to help
11.December 30, 1914Evening Times-RepublicanMarshalltown, IA
Click image to open full size in new tab
Article Text
PHOENIX BANK REOPENS. Largest Institution in Arizona Reorganized on Substantial Basis, Phoenix, Ariz., Dec. 30.-The Valley Bank, largest in Arizona, which was closed Nov. 10, will be reopened tomorrow with a new set of officers and directors, headed by E. M. Mills, of Miami; C. E. Moore, of Phoenix, and Dr. L. D. Ricketts, of Douglas. The bank had thousands of depositors. None lost a penny, and in celebration of the reopening they will give a parade Saturday followed by a "prosperity dinner." The state. bank examiner took charge Nov. 10, after a run, which the institution was unable to withstand and because of having a large amount of "sold assets." It had deposits of $2,225,000, but there was less than $30,000 on hand at the time it closed. In the reorganization just effected many of the larger depositors accepted stock and the bank reopens with more than $700,000 in cash and currency in its vaults.
VALLEY BANK WILL OPEN TOMORROW AT PHOENIX Not a Penny Lost to Depositors Through Run Which Absorbed Liquid Assets of Institution. Phoehix Ariz. Dec. 30. -The Valley bank largest in Arizona which was closed November 10. will be reopened tomorrow with a new set of officers and directors headed by S. E. Mills of Miami, e E. Moore of Phoenix and Dr. L D. Ricketts of Douglas The bank had thousands of depositors None lost a penny and in celebration of the reopening they will give a parade Saturday followed by at "prosperity dinner The state bank examiner took charge of the Valley bank November 10. after a run which the Institution was unable to withstand because of having a large amount of "slow assets. It had a deposit account of $2,225,000 but there was less than $30,000 on hand as the time it closed In the reorganization just effected many of the larger depositors accepted stock and the bank will resume business with more than $700. 000 in cash and currency in its vaults
13.December 31, 1914Omaha Daily BeeOmaha, NE
Click image to open full size in new tab
Article Text
Suspended Bank Will Reopen With Prosperity Dinner PHOENIX, Ariz., Dec. 30.-The Valley bank, largest in Arizona, which was closed November 10, will be reopened tomorrow with a new set of officers. and directors, headed by S. E. Mills of Miami, C. E. Moore of Pheonix and Dr. I D. Ricketts of Douglas. The bank had thousands of depositors. None lost a penny, and in celebration of the reopening they will give a parade Saturday followed by a "prosperity dinner." The state bank examiner took charge of the Valley bank November 10, after a run, which the institution was unable to withstand because of having a large amount of "slow assets." It had a deposit account of $2,225,000, but there was less than $30,000 on hand at the time it closed. In the reorganization just effected many of the larger depositors accepted stock, and the bank will resume business with more than $700,000 in cash and currency in its vaults.
14.December 31, 1914Daily Capital JournalSalem, OR
Click image to open full size in new tab
Article Text
ARIZONA BANK REOPENS DOORS Phoenix, Ariz., Dec. 1.-Three thousand persons packed in the streets in front of the re-organized and re-capitalized Valley Bank cheered lustily when the bank re-opened its doors today. It had been closed since November 10. The 9,000 depositors of the bank, which is the largest in Arizona, were permitted by the new management to withdraw 75 per cent of their deposits today if they wished. At noon VicePresident Moore estimated that the deposits for the day, however, would exceed the withdrawals by 100 per cent. The bank has been re-capitalized at $500,000. Rumors are current that the George Phelps-Dodge mining interests are behind the re-organization.
15.January 8, 1915The Holbrook NewsHolbrook, AZ
Click image to open full size in new tab
Article Text
VALLEY BANK OPENS After Seven Weeks Suspension, Oldest Bank of Salt River Valley Re-Opens. Amid the cheers of five hundred of the citizens of Phoenix, the doors of the Valley Bank were opened last Thursday, for the first time since November 10th, when the state bank examiner closed the institution. Many depositors proved their faith in the future of the bank and of the section which supports it, by immediately paying in their savings, so that the day's balanceshowed far more received than was withdrawn. Lloyd T. Christy and P. T. Slayback, cashier and assistant cashier respectively, as also several other employes, will remain with the organization, which is a fortunate circumstance, as those gentlemen have the confidence of the patrons of the bank. The speedy adjustment of the affairs of the Valley Bank and
16.March 11, 1921Mohave County Miner and Our Mineral WealthKingman, AZ
Click image to open full size in new tab
Article Text
# BANK WANTS ADDRESSES
The Valley Bank Adjustment company, which is settling up the affairs of the old Valley Bank, of Phoenix, wants to get in touch with the following depositors, there being some money due to each:
Chong Lee, Charles Purtyman and M. E. Trout, all having lived in Kingman at the time of making the deposit. If anyone knows the address of these parties they will confer a favor on them by sending it to Sims Ely, receiver.
17.April 1, 1921The Coconino SunFlagstaff, AZ
Click image to open full size in new tab
Article Text
BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.
18.April 1, 1921The Holbrook NewsHolbrook, AZ
Click image to open full size in new tab
Article Text
BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
