City National Bank (El Paso, TX)

View Charter #7514 on SPMC View balance sheet

Episode Information

Episode UID
751401493
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
75140 national
Charter Number
7514
Start Date
May 6, 1924
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
855385ab6a944921

Response Measures

None

Receivership Details

Depositor recovery rate
48.0%
Date receivership started
1924-05-08
Date receivership terminated
1927-02-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
29.9%
Share of assets assessed as doubtful
63.4%
Share of assets assessed as worthless
6.7%

Events (4)
1. December 16, 1904 Chartered
Source
historical_nic
2. May 6, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open due to weakened condition from frozen paper (bad/illiquid assets).
Newspaper Excerpt
The El Paso City National Bank...failed to open its doors today. The bank it is understood was in a weakened condition due to frozen paper.
Source
newspapers
3. May 8, 1924 Receivership
Source
historical_nic
4. May 8, 1924 Receivership
Newspaper Excerpt
Albert H. Denton, receiver of the City National bank, ... (articles identify Denton as receiver and later receiver actions and suits).
Source
newspapers

Newspaper Articles (13)
1. May 6, 1924 The Sentinel Winston-Salem, NC
Article from The Sentinel, May 6, 1924

Click image to open full size in new tab

Article Text

BIG BANK AT EL PASO, TEXAS, CLOSED TODAY El Paso, Texas, May 6—The El Paso City National Bank, one of the southwest's largest institutions, failed to open its doors today. The bank it is understood was in a weakened condition due to frozen paper. The bank was saved from closing three months ago when $1,000,000 in gold was transferred to the institution from the federal reserve banks here. Altho a crowd gathered in front of the bank early today there was no disorder. TRAVELERS' AID TO MEET The Travelers' Aid Society will meet Wednesday morning at 10 o'clock, at the Y. W. C. A. All members of the board are urged to be present.

2. May 10, 1924 The Colorado Statesman Denver, CO
Article from The Colorado Statesman, May 10, 1924

Click image to open full size in new tab

Article Text

FOREIGN King George has signed the AngloAmerican rum-running treaty enabling authorities to of American shops suspected whisky search smuggling British beyond the three-mile limit. Quite a sensation has been created in the Irish linen trade by a German order for 115,000 dozen of men's This is the orhandkerchiefs. largest for printed many der Belfast has received years. A treaty of peace was signed at Amthe three discordant political in Honduras and factions alpa by representa- nations. tives of the Central American The document was signed in the presence of Sumner Welles, who was sent to Honduras by President Coolidge. Unless an official recount of the ballots deprives the United Socialist party of its present rank as numerically the strongeest party in the new reichstag, President Ebert will in the next few days commission its leaders to proceed with the work of organizing a new coalition government. Premier Theunis and Foreign Minister Hymans of Belgium arrived in a few days ago on the second visits they are paying to of London the ascertain France, the England and Italy, to views of the allied governments on methods for making the Dawes plan effective. M. Krestinsky, the Russian ambassador, has left Berlin for Moscow and the the Russian in Berlin will be egation offices of commercial closed, given it del- by is until satisfaction is for the recent entry into the stated, Germany German police building of of the the delegation and the search of the quarters for the Community leader Botzenhardt. The Conservatives have started their attack on the Labor government's bud- As in the House of Commons. get everyone expected, the onslaught of of criticism was aimed at the abolition duties on foreign manuand Labor's opfactures, the McKenna intention tariff to wall any building of a pose around the empire by a scheme of imperial preference. Twenty-six Japanese insurance companies have commenced the payment of 10 per cent. of the policies of losers and fire of Great crowds are in tember. the earthquake last The milling Sep- disabout each office in Tokio. tribution involves $40,000,000, which the companies borrowed from the government. Most of the money will be reinvested immediately in permanent buildings, for which permits are issued as of June 1. A Reuter agency dispatch from Spain, says the war minister military airplanes of the Spanish personnel has Seville, ordered flying and corps the to be ready for immediate departure atfor Morocco. The information is tributed to the newspaper Voz, which have that all leaves of absence been says suspended. The newspaper intimates that the order is a consequence of urgent dispatches from Morocco forreaching Seville by airplane and to warded immediately by plane Madrid. GENERAL The El Paso City National Bank, of the Southwest's largest insti- few one falled to open its doors a The bank, it is tutions, days ago., condition understood, due to in a weakened was frozen paper. The bank was saved from closing three months ago when $1,000,000 in gold was transferred of to the institution from the vaults the Federal Reserve Bank here. Modern parenthood has no place for that once popular standby-"Spare the of and spoil the child'--members of Mothers and Associations were Teacher the rod Congress told Parent- educa- in St. Paul. Miss Alma L. Binzel, tional director of the Federation for Child Welfare Study, New York city, this information in her talk on gave "Education for Parenthood" at the association's annual convention. Tegucigalpa, capital of Honduras, Dehas fallen to the rebels. the Navy partment was advised in a dispatch from the commander of the U.S.S. Milwaukee at Amapala. bobbed hair banher husband and dit, Mrs. and Cella Cooney, partner sentenced in Edward Cooney, were from ten to in prison by County each crime, to serve twenty Judge years Mar- was of Brooklyn. Mrs. Cooney to Auburn to Sing Sing. sentenced husband tin prison They and assault. had her guilty to a charge of Lewis pleaded Ed "Strangler" successfully with Joe defended his title in a match Mondt of Colorado at Y., winning the only 1 ter, "Toots" N. fall Roches- in The hour 37 minutes and 4 seconds. second fall was called after twelve minutes because of the time limit set state athletic followed Lewis' near by the riot commission. victory. the cham- The A challenger made a rush at the end of the fall, claiming he had been taken at a pion that at all disadvan- in and tage when Lewis, apparently

3. June 18, 1924 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, June 18, 1924

Click image to open full size in new tab

Article Text

SUITS BROUGHT TO LIQUIDATE BANK'S LOANS Receiver for State National Brings Action Against Cattle Interests Totaling Quarter Million Santa Fe, N. M., June 17.—The first step toward liquidation of cattle loans involving a quarter of a million dollars was taken in the United States district court here today, when Francis A. Chapman, receiver for the State National bank of Albuquerque, filed three bills in equity seeking foreclosure of the Nunn and Latham interests in Sierra county, New Mexico. In addition to judgment of foreclosure, the bills ask for the appointment of a receiver to take charge of the various herds of cattle and ranches and a demand is made for an accounting of all the assets pledged as security at the time the loans were made. The pleadings in the bills are long and technical and disclose that the loans are what are known as "split loans," and for that reason many defendants are named. It is understood that the notes which make up the total indebtedness are owned by the State National bank of Albuquerque, the Sierra county bank of Hillsboro, the City National bank of El Paso and the State Trust and Savings bank of Albuquerque. All of the banks named are now in the hands of receivers. Hearing Next Monday Following the filing of the bills today the court ordered the defendants to show cause before Monday next why a receiver should not be appointed to take over and control all of the property described in the chattel mortgages and deeds of trust described in the pleadings. In the first suit filed, Mr. Chapman, as receiver for the State National, names the following defendants: Nunn and Latham, a corporation; J. P. Nunn, D. M. Nunn, Emmett M. Nunn, Arch Latham, Cora Latham, Albert H. Denton, receiver of the City National bank of El Paso, Texas; Walter C. Hammell, receiver of Sierra county bank and T. K. D. Maddison, receiver of the State Trust and Savings bank of Albuquerque. This suit involves approximately $82,090, plus interest. The receiver for the State National asks judgment for $25,000 of this sum. The second suit names as defendants L. C. Latham, Ella P. Latham, Arch Latham, Albert H. Denton, receiver of the City National of El Paso; Walter C. Hammell, receiver of the Sierra county bank, and T. K. D. Maddison, receiver of the State Trust of Albuquerque and involves a total of approximately $72,000 plus interest, of which amount Receiver Chapman asks $11,279.92. The third suit, involving a total of approximately $50,000 plus interest asks specific judgment in favor of Receiver Chapman for $22,000 and makes as defendants Arch Latham, Nellie Latham, Cora Latham, Albert Latham, Receiver Denton of the City National, Receiver Hammell of the Sierra county bank and Receiver Maddison of the State Trust of Albuquerque. The cattle interests affected are large outfits and control numerous ranches and grazing privileges in the southern part of the state. A United States deputy marshal left this afternoon for Sierra county to serve papers on the defendants.

4. December 2, 1924 El Paso Times El Paso, TX
Article from El Paso Times, December 2, 1924

Click image to open full size in new tab

Article Text

$100,935 TO PAY CITY NATIONAL'S FEDERAL BANK DEBT Following a special session of the United States district court yesterday morning, the defunct City National bank was ordered to carry out the terms of a compromise contract entered into with the El Paso branch of the Federal Reserve bank of Dallas on November 18 relative to taking care of a $500,000 debt. Under the agreement the Federal Reserve bank agrees to sustain a loss of $100,000 and all interest on the $500,000 loan since the bank closed its doors on May 6. The loan was made on January 28 and interest was paid up until the time the bank suspended business. After applying offsets and collateral collections, it was agreed that $100,935 from the City National should comprise "full and final payment of the debt." Includes Capital Stock. Offsetting the amount owed the Federal Reserve bank is the amount of $163,409.37, which, it is said, includes $15,000 capital stock owned by the City National in the Federal Reserve bank, and $145,583.60, the ledger balance when the City National closed its doors, as well as $2,825.77 overcharged by the Federal Reserve bank. The amount of $135,655.63 collected on notes by the Federal Reserve is also considered. Deducting these two offsetting sums from the $500,000 debt leaves an amount of $200,935, of which the Federal Reserve bank has agreed to accept $100,935 as "full and final payment." The federal bank has on hand notes pledged by the City National as collateral "to secure any and all indebtedness" to the amount of $143,429.44. Contract Filed Nov. 28. The contract was filed November 28 with Judge Du Val West in San Antonio, according to stipulation in the contract. It was forwarded to the United States deputy clerk's office here with a special order that court be opened in order to take care of the contract. A special court session was called by United State Deputy Marshal James J. Hill on Judge West's order, there being no federal judge in El Paso. Signing the compromise contract between the two banks were B. W. McKinney, governor, for the Federal Reserve bank of Dallas; A. H. Denton, receiver of the City National bank of El Paso; William H. Burges for the City National bank, and Charles W. Collins.

5. January 1, 1925 El Paso Times El Paso, TX
Article from El Paso Times, January 1, 1925

Click image to open full size in new tab

Article Text

CITY NATIONAL RECEIVER FILES SUIT AGAINST 4 Albert H. Denton, receiver of the City National bank, yesterday filed suit In the United States district court against four El Pasoans in order recover levied order to pay the debts of the defunct bank The suits were filed against Will Owen, Margaret Dale Owen, Warnock and Josephine Warnock The receiver seeks recover $5,000 assessment levied on 50 shares capital stock the City National bank. the being In the sum of $100 per share, per cent in. terest from August 29, the date the as. alleged to have become due and Seeks to Recover Money Receiver sult to refor 13 shares in assess. ments from W. Warnock $800 for eight shares from Margaret Dale and on 10 shares from Will Owen Six per cent interest in each suit dates from August 29. The receiver, according to the Detition, had been appointed to collect the assets the City National bank. and upon the uncollected as mets remaining In his it appeared the of the controller of currency and the that order to pay the debts of the City Na tional bank necessary to enforce the individual liabilities of the to the extent as provided under the federal reserve act. What Petition Reads The petition further reads that by virtue the authority vested. controller currency did on the 22d day July, 1924, levy an assessment and each and every of the shareholders the City National bank and association for $100 upon each and every share of the capi. tal stock the bank and association. held and owned them respectively at the the failure of the bank Receiver Denton directed by the controller of currency to take all necessary proceedings individual liabilities, the petition sets forth.

6. February 18, 1925 El Paso Times El Paso, TX
Article from El Paso Times, February 18, 1925

Click image to open full size in new tab

Article Text

MANY PERSONS FAIL TO CALL FOR DIVIDENDS Pasoans apparently are not pressed That conclusion reached members the City National bank receiver's Forty per cent first dividend have not called first cheeks distributed Monday of last week the following day there rush, since then but persons have called for their dividends.

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

Click image to open full size in new tab

Article Text

TOWNTALK ARTS & CRAFTS STUDIO 104 Grant Ave. Lessons in China Painting, Designs for Stenciling and Embroidery. B. Westlake. 6-13tf For Broilers or Fryers, call 318-J 407 W. Buena Vista. M. A. Gregory -Adv. 6-18 YES, WE DO HEMSTITCHING We call for and deliver work. Young's, 502 College St. Phone 201-M. 6-17-25 Saddle horses for rent by day, week or month. Fletcher and Pankey. Phone 313-M. We are selling good Singer sewing machines. Guaranteed to sew good. $5, $10, $20. $35; new $50. Young's, 502 College street.-Adv. 6-15 PAST MATRONS' TEA AT BARKER RESIDENCE The Past Matron's club of the Or der of the Eastern Star will have tea for the visitng ladies at the residence of Mrs. Charles B. Barker, 134 Lincoln avenue, on Tuesday, June 16, from to 6 o'clock. All "wives, daughters, mothers, wid. own and sisters of Master Masons" are cordially invited to attend. Marcelling and Hair bobbing. Ethel Benits. Phone 38-W. 6-19 SANTA FE COUNTRY CLUB There will be meeting for the purpose of organization of the Santa Fe Country club at the club house on the links Thursday evening, June 18. at o'clock. All persons interested should be that they may be informed of the plans and of the officers elected. 6-18 BANK RECEIVER OF EL PASO SUES ON NOTES suit was filed in the United States district clerk's office today by Albert H. Denton, receiver of the City National bank of El Paso, Texas, VS. Buck Bounds. Eva A. Bounds, his wife, and Edward W. Latham, asking judgment on promissory notes for $2,000, and that a deed of release of certain property be decreed null and void. Judge E. L. Medler of El Paso, and Attorney A B. Renehan, of Santa Fe, represent plaintiff. NOTICE All persons who purchased a 1923 hunting or fishing license prior to May 25th, 1925, are kindly requested to call at their nearest license collector and have same exchanged. It is very important that these licenses be exchanged on account of changes made by the last Legislature in the bag limits, date of big name season, and etc. No charge will be made for the exchange T. P. DELGADO, State Game and Fish Warden. LADIES. ATTENTION Having purchased one of Mr. J. L Young's Hemstitchers, am prepared to do hemstitching on all kinds of material. Satisfaction guaranteed in work and price. MRS. S. C. CHATHAM 213 Santa Fe Ave. 6-17

8. July 7, 1925 El Paso Times El Paso, TX
Article from El Paso Times, July 7, 1925

Click image to open full size in new tab

Article Text

NATIONAL Bank Receiver Will Pay Out $400,000 to Depositors Here Thursday. A second 10 per cent dividend will paid depositors the City National announced terday by Receiver Jerome The total about Checks distributed from dows room floor space the City National without checks paid except upon receiver certificates, This second dividend paid under the Receiver the dated June 26, prior to his Mr Mrs. Denton from City and left last night for their home in Arkansas Denton was receiver of the bank 14 fortunate for depositors of the City that the the with of the trust," banker of many perience and sound and He operate the trust economically."

9. August 25, 1925 El Paso Times El Paso, TX
Article from El Paso Times, August 25, 1925

Click image to open full size in new tab

Article Text

CITY NATIONAL LOANS "IN SUIT Bank's Receiver Names Cattle Financing Company in Issue. Jerome Harrington. receiver of the City National bank. yesterday filed suit in the United States district court against the Tri-State Cattle Loan company. and others, seeking to collect loans amounting to $71,144.68 made by the bank to the company. He also asks for interest and 10 per cent attorney's fees. The bank's petition states that loan of $37,668 for 30 days was made to the loan company November and that only $17,740.04 has been The petition further avers that July 24, 1923, the cattle loan company borrowed $40,000 Liberty bonds bearing 1-2 per cent interest. with the provision that the should be kept by the bank and the bonds should returned on demand. Efforts of the receiver to recover the bonds have failed. the petition says. The receiver is also seeking to colleet note for $11,216.69 plus 10 per cent attorneys' fees and per cent interest from July 3. 1923. This note was signed by John Helms, president of the loan Harry Braidfoot, T. D. Love and R Durrill, who are also co-defendants with the company in the collection of the other two loans

10. July 11, 1926 El Paso Times El Paso, TX
Article from El Paso Times, July 11, 1926

Click image to open full size in new tab

Article Text

Notice of Proposed Sale of Assets of City National Bank it these the has to the has court the after the is of the is file nor has for

11. September 20, 1926 El Paso Herald El Paso, TX
Article from El Paso Herald, September 20, 1926

Click image to open full size in new tab

Article Text

CITY BANK ASSETS SOLD TO COOLEY of the defunct City National bank will receive final dividend of 18 maktotal payment 48 cents on dollar. Eighteen percent was the successbid the auction of the bank assets the banking rooms 11 today Winchester Cooley, of the bank the time failure. B. Kimbrough, John Hayes Lamar entered the bid. Other bidders were former for Lee Moor, valley rancher, for himself; John Hicks, El Paso, Oxsheer Smith, Cameron, Texas, and Lee Davis, Texas, jointly Creditors Benefit. The sale auction means that creditors will receive total or two cents on each dollar more than they would have received made by H. Denton with the the Washington several weeks ago had been approved. Mr. Denton's bid then was 16 cent. first set aside by the controler of the currency and the assets sold auction when Mr. Hicks, Mr. Smith and Lee Davis raised Mr. Denoffer by $10,000. Total creditors will receive result sale approximately $556,500, Jerome Harrington, bank said. Under the original Denton would have received about $494,548. Dividend Soon. Mr. Harrington said the final dend checks will not be ready within less than two months the approved by federal judge Charles Boynton. which is expected within day or Under terms of the sale, the bank retains one-half its oil and gas rights the John ranch until June 31, 1931, brought to production. This the only hope of creditors to get further dividend. The pledges himself reasonable means to the field production. Bidding started today at percent Mr. Denton. Mr. Harringdropping hand to call the assets sold Mr. Cooley on bid 17.5 when Mr. Moor shouted cent higher. Denton's final was 17.7 cent.

12. February 3, 1927 The Morning Press Santa Barbara, CA
Article from The Morning Press, February 3, 1927

Click image to open full size in new tab

Article Text

in From El Paso Post Three bank failures here in about as many years. No one prosecuted! No one looking out from bars other than those of other commercial institutions. The City National bank failure was so crude it looked raw. The City National paid depositors 48 cents the dollar. None of its officials was prosecuted. The most charitable thing you can say about the City National that it was officered by bunch of ignoramuses with hearts so full and heads so empty that they loaned money to every Tom, Dick and Harry who happened to be friend. They forgot that the money with which they were so free was not their money, but in many cases was the all of poor persons who had sweated lifetime for nestegg. The Border National is another glaring example of dumbbells trying run bank. We don't believe It is possible for any bank to be run more dumbly than was the City National, but the officers of the American Trust & Savings bank will give the old City gang run for first honors in dumbness. To the officers of the American add hypocrisy. They were too dumb, seems, to suspect until quite late that someone must using shovel in the banking room. They were hypocrites in that through omission they led part of the public to believe that the bank still was state guaranty fund bank. Depositors who put money in with the thought that the state guaranty fund stood behind the bank were fooled. Maybe the depositors only fooled themselves and maybe they were fooled by signs at the bank which said in great big letters: "A Guaranty Fund Bank."

13. March 12, 1932 El Paso Herald-Post El Paso, TX

Article Text

BANK RECEIVER DEFENDS POLICY Welcomes Probe, But Says He Is Trained for Job "If there have been any criminal violations of law by former officers of the First National bank I am sure I can find them," Receiver S. O. Pottorff of the First National bank said today. He said that though he feels confident that he can detect any violations, he will welcome any investigation by special U. S. investigators, as requested by the Herald-Post. "Receivers are required by law to make investigations of the banks to which they are assigned, and though they are only 'hired hands,' they must exercise judgment and must have experience. Comments on Editorial "Of course," added Pottorff, "a newspaper editor might conduct a better investigation! "While Editor Wallace Perry writes good editorials, I believe he could be a little more constructive, especially in building up the morale of the bank's debtors, so that they will promptly pay the bank. This will help everybody concerned." Pottorff commented on a Herald-Post editorial criticizing bank examiners for recommending the City National bank to the public three months before it failed. Tried to Save Bank "While I hold no brief for examiners, they were trying to prevent the City National bank from closing," Pottorff said. "At the time they said the bank possessed ample cash for current needs they possibly were right; but they could not foresee that efforts to keep the bank open would fail." Pottorff said he is liquidating the First National as fast as possible, working day and night. "My greatest desire is to declare a dividend quickly and put money into circulation," he said.