gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fe571edb0279ba62
Response Measures
Public signal of financial health, Capital injected, Full suspension
Receivership Details
Depositor recovery rate
29.0%
Date receivership started
1924-02-20
Date receivership terminated
1927-09-30
OCC cause of failure
Economic conditions
Share of assets assessed as doubtful
100.0%
Description
Known government receivership date (1924-02-20) used for closure; articles report run and suspension Jan 8, 1924.
Events (5)
1.July 6, 1907Chartered
Source
historical_nic
2.January 8, 1924Run
Cause
Rumor Or Misinformation
Cause Details
A railroad man reportedly said the bank would not open, triggering heavy withdrawals.
Random Run
Yes
Random Run Snippet
statement traced to a railroad man that bank would not open; unfounded
Measures
Directors arranged for reorganization and incorporation of new capital; solicited eastern capitalists.
Newspaper Excerpt
a statement ... traced to a railroad man that the bank would not open Monday, started a heavy run
Source
newspapers
3.January 8, 1924Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed heavy run precipitated by the railroad man's remark; cash on hand insufficient to meet demands.
Newspaper Excerpt
the First National bank ... suspended operations shortly before 1 o'clock this afternoon
Source
newspapers
4.February 20, 1924Receivership
Source
historical_nic
5.February 20, 1924Receivership
Newspaper Excerpt
James M. Porter, receiver of the First National Bank of Clovis (reported in later suits and filings).
Source
newspapers
Newspaper Articles (11)
1.January 9, 1924The Arizona RepublicPhoenix, AZ
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Article Text
New Mexico Bank Closes As Rumor Causes Heavy Run
CLOVIS, N. M., Jan. 8—A statement which bank officials say has been definitely traced to a railroad man that the bank would not open Monday, started a heavy run on the First National bank of this city yesterday and continued up until noon today and resulted in the bank suspending operations this afternoon, when, according to bank officials, it became evident that all the money available would not meet the demand.
Directors said this afternoon that arrangements had been practically completed last night for a re-organization and the incorporation of new capital which would place the institution solidly on its feet within a few days when eastern capitalists who are interested arrive here.
The bank's statement to the comptroller of the currency on December 31 showed total deposits of $507,919.47; loans, $578,633.07; capital, $100,000; sight exchange, $124,595.21.
There was no flurry following the closing of the bank, the oldest financial institution of this city.
FIRST NATIONAL BANK OF CLOVIS CLOSES DOORS
Remark Made by Railroad Man Starts Heavy Run on Oldest Banking Institution in Magic City
Special to The Journal.
Clovis, N. M., Jan. 8.—Following a heavy run which started yesterday and continued up until noon today, the First National bank, oldest institution of this city, suspended operations shortly before 1 o'clock this afternoon. Officers of the bank this afternoon stated the run on the bank was definitely traced to a statement made by a railroad man on a train who remarked that the bank would not open Monday. This was followed by the run when the bank opened Monday morning, and the doors were not closed until this afternoon when it became apparent that all the money available would not meet the demand.
Directors said this afternoon that arrangements had been practically completed last night for a reorganization and the incorporation of new capital which would place the institution solidly on its feet, and they predict its reopening within a few days when eastern capitalists who are interested, arrive here.
The First National's statement to the comptroller of the currency on December 31 showed total deposits of $507,919.47. Loans, $578,633.07. Capital, $100,000. Cash and sight exchange, $124,595.21.
There was no flurry following the closing of the bank's doors today, and several heavy depositors expressed optimism of the bank's ability to reopen and continue business within a few days.
3.January 9, 1924Deseret NewsSalt Lake City, UT
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Article Text
Rumor Starts Run on Bank; Doors are Closed
CLOVIS, N. M., Jan. 9.—(AP)—A statement which bank officials say has been definitely traced to a railroad man that the bank would not open Monday, started a run on the First National bank of this city which continued up until noon Tuesday. It resulted in the bank's suspending operations.
4.January 10, 1924Arizona Daily StarTucson, AZ
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Article Text
FALSE RUMOR CLOSES BANK IN NEW MEXICO
Clovis, N. M., Jan. 9.—A statement which bank officials say has been definitely traced to a railroad man, that the bank would not open Monday, started a heavy run on the First National bank, of this city, yesterday and continued up to noon today and resulted in the bank suspending operations this afternoon, when, according to bank officials, it became evident that all the money available would not meet the demand.
5.January 10, 1924The Austin AmericanAustin, TX
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Article Text
BANK TO REOPEN.
AMARILLO, Texas, Jan. 9.—Officials of the First National bank of Clovis, New Mexico, declared today that re-organization and incorporation on new capital would be completed within the next 48 hours. The bank closed its doors yesterday under pressure of a heavy run that opened Monday.
6.January 10, 1924Fort Collins ColoradoanFort Collins, CO
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Article Text
UNFOUNDED RUMOR STARTS RUN ON CLOVIS BANK, FORCING CLOSE
CLOVIS, N. M., Jan. 10.—A statement which the bank officials say has been definitely traced to a railroad man that the bank would not open Monday started a heavy run on the First National bank of this city Tuesday and resulted in the bank suspending operations Tuesday afternoon, when, according to officials it became evident that all the money available would not meet the demand.
Directors said that arrangements have been practically completed for a reorganization and the incorporation of new capital which would place the institution solidly on its feet within a few days when eastern capitalists who are interested arrive here.
The bank's statement to the comptroller of the currency on Dec. 31 showed total deposits of $507,919.47; loans, $578,633.07; capital, $100,000; sight exchange, $124,595.21.
There was no flurry following the closing of the bank, the oldest financial institution of the city.
The Grand Junction wants to know the name of the fellow who finally won the marathon dancing contest about which we read so much a year ago. Anybody around here know who he was?—Greeley News.
7.January 10, 1924Henryetta Daily Free-LanceHenryetta, OK
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Article Text
NEW MEXICO BANK IS CLOSED BY HEAVY RUN
AMARILLO, Tex., Jan. 10.—Officials of the First National Bank of Clovis, N. M., declared Wednesday that reorganization and incorporation on new capital would be completed by Thursday.
The bank closed its doors Tuesday under pressure of a heavy run that opened Monday.
FIRST NATIONAL BANK OF CLOVIS CLOSES DOORS
Remark Made by Railroad Man Starts Heavy Run on Oldest Banking Institution in Magic City.
Clovis, Jan. 8.—Following a heavy run which started yesterday and continued up until noon today, the First National bank, oldest institution of this city, suspended operations shortly before 1 o'clock this afternoon. Officers of the bank this afternoon stated the run on the bank was definitely traced to a statement made by a railroad man on a train who remarked that the bank would not open Monday. This was followed by the run when the bank opened Monday morning, and the doors were not closed until this afternoon when it became apparent that all the money available would not meet the demand.
Directors said this afternoon that arrangements had been practically completed last night for a reorganization and the incorporation of new capital which would place the institution solidly on its feet, and they predict its reopening within a few days when eastern capitalists who are interested, arrive here.
The First National's statement to the comptroller of the currency on December 31 showed total deposits of $507,919.47. Loans, $578,633.07. Capital, $100,000. Cash and sight exchange, $124,595.21.
There was no flurry following the closing of the bank's doors today, and several heavy depositors ex-
9.January 15, 1924The Santa Fe New MexicanSanta Fe, NM
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Article Text
MONEY SHIPPED INTO CLOVIS
Strong Boxes Unloaded Under Guard of Armed Men Following Bank Closing
Clovis, N. M., Jan. 15.—Men, armed with sawed off shotguns and rifles, stood by last Wednesday morning while American Express company agents unloaded huge sums of currency and silver for the three banking houses here.
Following the closing of the First National bank last Tuesday, other banking houses began preparations for any demands of money which might have been made on them and heavy shipments of currency, gold and silver were ordered from their banking connections in the east.
These shipments reached here yesterday morning on Train No. 21, from the east, and the strong boxes of the Express company were loaded into a truck. Men bearing rifles and shotguns escorted the truck to its destination.
While the exact amount of the shipments was not given out, it was said to have been the largest amount of money ever shipped in here, and an abundance to meet any emergency that might arise.
A remarkable exhibition of fortitude and confidence of the people followed the closing of the First National bank, following a heavy run of 18 hours which, it is said, had been precipitated by a thoughtless remark.
Despite the run on the First National, other banks of the city had no withdrawals and their ordinary run of business progressed.
10.May 8, 1925The Santa Fe New MexicanSanta Fe, NM
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Article Text
FEDERAL COURT NEWS
Orders signed today by Judge Neblett William W. Hendrick of Dawson, error with Coltax county, discharged from bankruptey that existed August 1. 1923. Eppy L. Northcutt, of French. Colfax county. discharged from bankruptcy that existed December 23, 1924. William C. Kennedy, of Seboyeta. Valencia county, is named U. S. commissioner
OFF_R OF $8000 APPROVED In the case of the War Finance Corporation vs. the Livestock and Agricultural Loan company of New Mexico: Judge Phillips signed an order authorizing Levi A. Hughes, receiver of the livestock loan company to accept $8,000 from M. U. Finley satisfaction of indebtedness of Mr. Finley
DESTRUCTION OF LIQUORS Judge Neblett signed an order in of the bank. the matter of the destruction of liquors and materials used in the manufacture of liquors It requires the U. S. marshal immediately to prepare a motion and form of order for the destruction of liquors when they have been seized and may be destroyed.
CONDEMNATION SUIT A final order approving report of commissioners in the case of the gov. ernment VS. the Pueblo of Taos et al. was signed by Judge Neblett in a land suit. MANDATE FROM
SUPREME COURT A mandate was received from the U. S. Supreme Court in the case of T. M. Wing vs. C. C. Ozmont, receiver of the Bowman Bank & Trust entered in the district court October
24, 1924. in favor of Ozmont. The supreme court dismissed the writ of costs. CLOVIS BANK SUIT Suit was filed today in the U. S. district clerks office by James M. Porter as receiver of the First National Bank of Clovis VS. Daniel W. Dunn, and Homer A. Jacobs as receiver of the First National bank in Clovis, asking that a payment of $7.360 to Mr. Dunn be adjudged an 11legal preference and that the same be set aside, and that Mr Dunn be required to make restitiution of said money with interest. It. is charge that Mr Dunn as director of the First National. which suspended. knew was no longer safe to leave his money in it-a deposit of $8.909 -and that on January 7. 1924. seeing the bank's fàilure imminent Mr. Dunn drew check for $1,360 with the knowledge and consent of the officers It is charged that it. was the duty the officers and directors of the bank, including Director Dunn. 10 preserve all of the assets of the oank including the deposit of Mr. Dunn. but contrary to this duty the bank honored Mr. Dunn's check when presented. thereby preventing the amount from being ratably distrib uted among the bank' creditors Messrs. Hall and McGhee, of Clovis. are attorneys for plaintiff A similar suit is filed against C. Frank Doughton charging that he as director of this bank. took an unfair advantage and that he withdrew $3,286.50 of a deposit for 153.62 in the name of the Doughton Land Company, of which he was the sole owner is stated that there was run on ary 8. when the bank closed.
11.May 14, 1925The Houston PostHouston, TX
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Article Text
BANK RECEIVER SEEKS $7360 FROM DIRECTOR
(United Press.) SANTA FE, N. M., May 13.-Alleging that Daniel L. Dunn, director of the bank. drew check for $7360 against deposit of $8909.1 on January 17. 1924, seeing that fail ure of the bank imminent at that time, James M. Porter, receiver of the First National Bank of Clovis, has filed suit in the federal court against Dunn and Homer A. Jacobs, asking that the payment of the $7360 to Dunn be adjudged an illegal preference, that be set aside and that Dunn be required to make restitution of this sum plus interest. similar suit has been filed against Frank Doughton, also director, alleging that withdrew $3826.50 of deposit of $4153.62 in the name of the Doughton Land company. It is said that a run on the bank. January lasted January 8, when the bank closed.
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.
