La Plata County Bank (Durango, CO)

Episode Information

Episode UID
82005871349
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
8200587 routing
Routing Number
82-0058
Start Date
May 21, 1912
Location
Durango, Colorado (37.275, -107.880)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4c443d785139fa42

Response Measures

None

Description

Reports attribute the suspension to alleged mismanagement/embezzlement by the former president.

Events (3)

1. May 21, 1912 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged gross irregularities and embezzlement by former president T. K. Irwin cited as cause of failure.
Newspaper Excerpt
The La Plata county bank of Durango suspended business today. Liabilities of $102,633, capital $25,000 and deposits $56,977 were announced. Directors said depositors would be paid dollar for dollar.
Source
newspapers
2. May 25, 1912 Receivership
Newspaper Excerpt
Charles Schultz, cashier of the Laplata County bank which closed its doors last Monday, was appointed receiver of the bank yesterday.
Source
newspapers
3. July 17, 1913 Other
Newspaper Excerpt
An order confirming the sale of the assets of the La Plata County bank to Henry Schutz was issued by the district court today. The prospects for all the bank's business to be closed so the receiver may be discharged within the week are favorable.
Source
newspapers

Newspaper Articles (16)

Article from The Topeka State Journal, May 21, 1912

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Article Text

DURANGO BANK CLOSES Liabilities Are Considerably in Excess of the Assets. Durango, May 21.-With liabilities of $102,633, capital of $25,000 and deposits of $566,977, according to the last report of the state bank examiner, the La Plata county bank of Durango has suspended business. The directors today issued a statement that they would pay dollar for dollar. The bank examiner's report places the loans and discounts at $69,899, bills payable at $17,721 and undivided profits of $2,945


Article from The Daily Sentinel, May 21, 1912

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Article Text

DURANGO BANK FAILURE CAUSES BIG SENSATION Durango, Colo., May 21.-The LaPlata County Bank of Durango, with a capital stock of $25,000, suspended business yesterday. At the last report of State Bank Examiner Pfeifer, the total amount of deposits was $56,977.58; bills payable, $17,721.03: undivided profits, $2,945.08; loans and discounts, $69.889; real estate, $7,250: furniture and fixtures, $4,000: with total liabilities of $102,633.69. Charles H. Snyder is president and Charles H. Schutz cashier. C. A. Ball, a local jeweler, and the president and cashier are the directors. A statement was issued stating that the directors would be able to pay dollar for dollar. T. K. Irwin, former president of the bank. is charged with gross irregularities in the conduct of the institution, and his mismanagement is said to be the cause of the failure. He is now in Texas, and is defendant in a suit charging embezzlement of the bank's funds. The Durango branch of the B. P. O. E. has about $2,000 on deposit in the bank. The other depositors are small home owners and local business men.


Article from New-York Tribune, May 22, 1912

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Article Text

COLORADO BANK SUSPENDS. Durange, Col., May 21.-The La Plata County Bank of Durango suspended business to-day. Liabilities of $102,633, capital of $25,000 and deposits of $56,977 were announced. Directors said depositors would be paid in full.


Article from Omaha Daily Bee, May 22, 1912

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Article Text

Durange Bank Suspends. DURANGO, Colo., May 21.-The La Plata county bank of Durango suspended business today. Liabilities of $102,633, capital $25,000 and deposits $56,977 were announced. Directors said depositors would be paid dollar for dollar.


Article from The Washburn Leader, May 24, 1912

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Article Text

Colorado Bank Suspands. Durango, Col., May 22. - The La Plata County bank of Durango suspended business. Liabilities of $102,633, capital $26,000, and deposits of $56,977 were announced.


Article from El Paso Herald, May 25, 1912

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Article Text

Bank Receiver Appointed. Durango, Colo., May 25.-Charles Schultz, cashier of the Laplata County bank which closed its doors last Monday, was appointed receiver of the bank yesterday. Its assets are $89,000 and its liabilities $62,000. State bank examiner Pfeiffer left for Denver yesterday.


Article from Semi-Weekly Herald, May 27, 1912

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Article Text

SCHUTZ APPOINTED RECEIVER. Friday, the state bank commissioner appeared before the district court and filed a complaint against the La Plata County bank, asking for a receiver, whereupon the court, being fully advised as to the conditions of the bank and the recommendation of the large depositors in the bank, appointed Charles H. Schutz as the receiver. This appointment will meet with the general approval of all parties directly or indirectly interested in the bank. It is a fine compliment to Mr. Schutz to be named as the receiver of the bank. No person can possioly do more than he to look after the interests of all. Absolute faith is placed in him. Besides no person is more interested than he in having the bank pay dollar for dollar. Not often is the cashier of a bank named as receiver for the bank. The many friends of Mr. Schutz and his associates in the bank will be interested to know that the bank commissioner stated Lefore the court that he found the affairs of the bank in good condition.


Article from Manchester Democrat, May 29, 1912

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Article Text

Colorado Bank Suspends. Durango, Colo., May 23.-The La Plata County. bank of Durango has suspended business. Liabilities of $102,633, capital $25,000 and deposits $56,977 were announced. Directors said depositors would be paid.


Article from Semi-Weekly Herald, July 11, 1912

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Article Text

#: #: #: #: #: #: #: : #: #: #: ** #: : #: It CREDITORS OF THE LA PLA- : #: ** TA COUNTY BANK TAKE #: #: NOTICE. #: :: #: That all claims must be filed : #: promptly; that saving depositors ** #: will be paid in full at once upon #: #: presentator of claims at my of- :: #: #: fice. #: CHARLES H. SCHUTZ, ** #: Receiver for the La Plata Coun- ** 4t #: #: ty bank. #: #: #: #: # # $ #$ # # # #: #: #$ $8


Article from Semi-Weekly Herald, July 15, 1912

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Article Text

#: ** : #: #$ ** #: #* #: #: #: #: :: #* : #: CREDITORS OF THE LA PLA- #: #: #: TA COUNTY BANK TAKE #: NOTICE. If #: #: # That all claims must be filed #: #: promptly; that saving depositors #: #: will be paid in full at once upon # #: presentaton of claims at my of- #: #: #: fice. CHARLES H. SCHUTZ, #: #: #: Receiver for the La Plata Coun- #: 4t : #: ty bank. #: #: #: #: # #$ #: #: #: #: #$ #: #$ #: #:


Article from The Colorado Statesman, March 29, 1913

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Article Text

Elks Get Cash for Bank Depositors. Durango.-The Elks lodge has won a victory in the District Court. Through the backing of the lodge, the receiver for the La Plata County bank has been forced to sell the assets of the bank within thirty days. As a result Henry Schultz, father of Receiver Charles Schultz, has agreed to buy the assets and pay depositors in full. The Elks had about $4,000 on deposit in the bank, and by working with T. K. Irwin, former president of the bank, who is under arrest charged with embezzlement and misappropriation of the bank's funds, they succeeded in making a showing to the District Court. The court ordered payment to depositors.


Article from The Daily Sentinel, April 2, 1913

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Article Text

ELKS CAUSE PAYMENT OF QURANGO BANK DEPOSITORS Durango, Colo., April 2.-The Elks lodge has won a great victory in the district court. Through the backing of the lodge, the receiver for the La Plata county bank has been forced to sell the assets of the bank within 30 days. As a result Henry Schultz, father of Receiver Charles Schultz. has agreed to buy the assets and pay depositors in full. The Elks had about $4,000 on deposit in the bank, and by working with T. K. Irwin, former president of the bank. who is under arrest charged with embezzlement and misappropriation of the bank's funds, they succeeded in making a showing to the district court. The court orderd payment to depositors.


Article from Semi-Weekly Herald, July 17, 1913

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Article Text

An order confirming the sale of the assets of the La Plata County bank to Henry Schutz was issued by the district court today. The prospects for all the bank's business to be closed so the receiver may be discharged within the week are favorable.


Article from The Daily Sentinel, January 3, 1914

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Article Text

SAVINGS DEPOSITS ALMOST DOUBLED Report of Bank Commissioner Shows Gratifying Prosperity in the State. Sentinel Special Service. Denver, Jan. 3-The total assets of the banks under the supervision of the state bank examiner have increased over 86 per cent since Feb. 14. 1908, when the commissioners' department was organized, according to the annual report of Commissioner Emil Pfeiffer, submitted to Gov. ernor Ammons today. The number of banks in that time have increased 59 per cent. In the last year twelve new banks were organized. The total number under the regulation of the commissioner's department is now 209. The report shows that on Oct. 21. 1913, the total resources of the banks was $55,192,400. On Feb. 4. 1913. the total resources was $51,943,188. The resources in eight months during the year increased, $3,249,212. The resources. according to the classifications of the banks are divided as follows: State banks, $19,585,405.80; private banks, $3,704,804.34: savings banks, $2,858.156.55: trust companies, $29,044,033.39. In February. 1908. the total resources were $29,594,052.09. An analysis of the report shows that 115 banks have total resources of less than $100,000; forty-five have resources of between $100,000 and $200,000; seventeen have resources of between $200,000 and $300,000; fifteen have resources of between $300,000 and $500,000; ten have resources of between $500,000 and $1.000,000, and eight have resources of $1,000,000 and more. Receivers of two state banks were discharged by the courts during the year. These were the Colorado State bank of Durango, which paid its depositors 87 1/2 per cent on their claims, and of the La Plata County bank of Durango which paid in full.


Article from Semi-Weekly Herald, June 15, 1914

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Article Text

District court ended a busy session yesterday evening shortly after 6 o'clock. The following cases were continued for the term: Altman-Tayfor company vs. Forest; Gross vs. La Plata Gold Mining company; Graden, trustee, VS. La Plata G. M. company; Hurley VS. Hurley; Sawyer & Garster vs. Berri, receiver for La Plata G. M. company; Curtis Brothers vs. Independent Hardware company; Lewis vs. Birkner. Defaults were granted in the case of Hans Aspaas vs. A: W. Robbins and Buchanan VS. Smith, in the last named the judgment rendered was for $365.52. In the case of Charles Schutz, receiver for the La Plata County bank, VS. W. H. Davis, judgment was rendered for $89.69, less 60 per cent exemption, with an order that the D. & R. G. pay the amount, $35.98. Evidence was taken in the matter of the application for change in the point of diversion in certain of the water and water rights in the Animas river. Application for a new trial was made in the case of Perkins and Edwards VS. Wisemann. Judgment was rendered for the plaintiff in the case of Henry Schutz VS. William and Gurney Alexander. In the case of the Royal Coal and Coke company, judgment was rendered in favor of Dave Logan for $3,000, Otis-McGirr, $59.05; Graden Mercantile company, $1.200.29; Durango Mercantile company, $22.05 and employes of the company received judgments which totaled over $2,000. The next session of court will be held where there are sufficient cases on the docket to occupy attention for an entire day.


Article from Semi-Weekly Herald, December 6, 1915

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Article Text

District Court. In the district court this forenoon two judgments were entered in favor of Charles Schutz as receiver of the La Plata county bank vs, T. K. Irwin, one for $2,992 and the other for $3,037.30. A judgement of $103.80 against the Archuleta Mercantile company in favor of the Ciocca Lombardi Mining company was entered.