Citizens Bank & Trust Company (Bisbee, AZ)

Episode Information

Episode UID
91001971484
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
9100197 routing
Routing Number
91-0019
Start Date
August 27, 1923
Location
Bisbee, Arizona (31.448, -109.928)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
691344fa8ae0b669

Response Measures

None

Description

President C. A. McDonald was later arrested on an embezzlement charge brought by the receiver.

Events (3)
1. August 27, 1923 Suspension
Cause
Government Action
Cause Details
Ordered closed by State Superintendent of Banks A. T. Hammons; state examiners placed bank in hands of receivers/examiners.
Newspaper Excerpt
The Citizens Bank and Trust company of Bisbee was ordered closed this morning by State Superintendent of Banks A. T. Hammons.
Source
newspapers
2. September 22, 1923 Receivership
Newspaper Excerpt
Charles A. McDonald...has been arrested...The complaint was signed by the attorney for the bank's receiver.
Source
newspapers
3. November 30, 1923 Other
Newspaper Excerpt
When the Citizens' Bank and Trust company closed its doors in Bisbee...state deposit of $7200...these bonds have just been sold...that amount...will be turned over to the receiver of the bankrupt institution.
Source
newspapers

Newspaper Articles (4)
1. August 28, 1923 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, August 28, 1923

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Article Text

CITIZENS BANK AND TRUST CO. OF BISBEE IS ORDERED CLOSED Phoenix, Ariz., Aug. 27.—The Citizens Bank and Trust company of Bisbee was ordered closed this morning by State Superintendent of Banks A. T. Hammons. Two state examiners are on the ground and further than ordering the closing of the institution, the state superintendent of banks refused to comment. Douglas, Ariz., Aug. 27.—The Citizens Bank and Trust company of Bisbee failed to open its doors this morning. The bank is in the hands of state bank examiners who have started checking the assets and liabilities. President C. A. McDonald of the bank has issued a statement saying that after every effort had been made to save the institution, nothing could be done and that his personal property would be given to aid in paying off the debts and depositors. McDonald gave a detailed statement to the press at Bisbee this morning. Deposits of the bank as of their June statements were $401,000; loans, $275,000 and capital stock, $50,000.

2. August 28, 1923 El Paso Times El Paso, TX
Article from El Paso Times, August 28, 1923

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Article Text

Bisbee Bank Closed by State Examiner PHOENIX, ARIZ., Aug. 27.—The Citizens' Bank and Trust company of Bisbee was ordered closed this morning by State Superintendent A. T. Hammons. Two state examiners are on the ground and further than ordering the closing of the institution the state superintendent of bank refused to comment. President C. A. McDonald of the bank has issued a statement saying that after every effort had been made to save the institution nothing could be done and that his personal property would be given to aid in paying off the debts and depositors. McDonald gave a detailed statement to the press at Bisbee this morning. Deposits of the bank as of their June statements were $401,000, loans, $275,000, and capital stock, $50,000.

3. September 23, 1923 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, September 23, 1923

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Article Text

BANKER IS ACCUSED [EXCLUSIVE DISPATCH.] BISBEE (Ariz.) Sept. 22.—Charles A. McDonald, who was president of the Citizens Bank and Trust Company, has been arrested on a complaint, charging him with embezzlement of $2100 worth of Liberty bonds. The complaint was signed by the attorney for the bank's receiver.

4. November 30, 1923 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, November 30, 1923

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Article Text

DEFUNCT BANK'S COLLATERAL IS SOLD AT NICE PREMIUM When the Citizens' Bank and Trust company closed its doors in Bisbee, it carried a state deposit of $7200, secured by deposit with the state treasurer of $8,000 par value of Mohave county courthouse bonds. These bonds have just been sold by Treasurer Wayne Hubbs to a Prescott bank at a premium of $200. That amount in excess of the state's claim for principal and interest will be turned over to the receiver of the bankrupt institution.