Prescott State Bank (Prescott, AZ)

Episode Information

Episode UID
91003371511
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
9100337 routing
Routing Number
91-0033
Start Date
November 25, 1925
Location
Prescott, Arizona (34.540, -112.469)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ddfba00ff2b964e6

Response Measures

None

Events (4)

1. November 25, 1925 Suspension
Cause
Government Action
Cause Details
Closed by order of the state banking department after the bank failed to open on November 25, 1925.
Newspaper Excerpt
Prescott state bank and affiliated institution... failed to open their doors on November 25. The closing made by order of the state of banks
Source
newspapers
2. December 25, 1925 Receivership
Newspaper Excerpt
Homer R. Woods, who has been appointed special bank superintendent to liquidate the affairs of the Prescott State bank... which closed their doors on November 25, was appointed ... to liquidate the affairs of the three banks . . . . (Dec. 25, 1925 article.)
Source
newspapers
3. February 19, 1926 Other
Newspaper Excerpt
Prescott State Bank... faces a loss of $633,113.74, this figure being the most optimistic... according to Receiver Homer R. Wood, who took the stand in the superior court... petition for collection of liability against stockholders was heard and granted (Feb. 19, 1926).
Source
newspapers
4. June 4, 1926 Other
Newspaper Excerpt
PRESCOTT BANK WILL PAY FIRST DIVIDEND... The Prescott State bank will pay only a trifle more than 15 cents. (June 4, 1926)
Source
newspapers

Newspaper Articles (14)

Article from The Melstone Messenger, December 10, 1925

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Culver City, records here the running of the Culver City classic. The event was Frank Elliott, who established record for 250 miles, with an average of miles an hour. Seattle, shipment fo silk, the largest consignment kind be carried by American oriental liner for several months, due here on the steamship President Grant. the the President Grant has tons of oriental freight and 3000 mail. The vessel is bringing 250 passengers. Portland, Sellwood Me. thodist Epiacopal church exhibit modafter the Lone Star saloon, memory of the days of the barroom, was adjudged the most sual booth at the sixth vest festival of Epworth leaguers "Art for the attitude taken by the judges in awarding the prize, for the old bar good work, and the doors swng admirably. The exhibit caused some little among the church people, but recognizthe symbol of an evil day ended church forces. Reno, armed and masked bandits held up the country club at Verdi, miles west of here and escaped with $900 in cash. They overlooked $2500 in drawer of safe they rifled after binding three patrons with Ξ“opeB and forcing the proprietor to the vault. Idaho are being made by the potato growers of Idaho put the Idaho potato before the world by means advertising. Initial steps be taken for national advertising similar to that which has made the raisins oranges of Callfornia famous. first suggested meting of the western regional board of the American Railassociation held here. Los Angeles, eleven western states will speak with one voice to congress the coming session regarding continuance of federal aid for highways. For the first time in history the west organized in the common cause of good roads. definitely committeed to urge adequate and continued federal aid through the Western Road association which was formed during the all-westroad show in San Francisco. San Diego, auditorlum in Balboa park virtually destroyed by fire about an hour before the firemen of San Diego were to hold their annual ball in the hall. The building, formerly the southern counties of the exposition of 1915-16, was one of the most beautiful of the group of structures build for that Seattle, services for Andrew Montie Bagley, who time was scout in the United States army and took part in several Indian raids with Colonel William Cody, known Buffalo Bill, were held here. He also rider for the pony mail between Cheyenne, and Deadwood, D., Bagley served number of in the legislative department the Oregon Short Line at Spokane, retiring in Los Angeles, four railway brotherhoods on the California the Santa Fe demanded, through the state industrial accident that the railway return of hospital funds alleged to have been used in treating injured employees, whom the brotherhoods declare should have been treated free under the state compensation Prescott, Prescott state bank and affiliated institution, the Commercial Trust Savings bank, failed to open their doors last week. The closing made by order of the state of banks, who gave "frozen as the Los bill of exceptions bound ten volumes, was filed federal court here the first in an appeal from prison sen tences and fines imposed upon John Osborne and C. Fitzpatrick, convicted using the mails de fraud investors out of about cemetery scheme to relieve the "crowded condition of southern fornia burial grounds." received the which he left the of Cascade mountains ago. garment forwarded envelope. Sylvester said he the around rock for use signal when he completthat region in The from the coat. armed and maskbandits held the Country club Verdi, eleven miles west of here, escaped with $900 in cash. They overlooked $2500 drawer of they rifled after binding three with ropes and forcing the the vault. Pickford Fairbanks planning European trip together. They plan leave soon as sailing from New York for Genoa


Article from The Coconino Sun, December 25, 1925

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WOODS TO REPRESENT BANKS AS RECEIVER Homer R. Woods, who has been appointed special bank superintendent to liquidate the affairs of the Prescott State bank, the Commercial Trust and Savings bank and the Bank of Jerome, all of which closed their doors on November 25, was appointed the attorneys who will represent him in closing up the business of the three banks. John L. Sullivan has been named to represent the special deputy in the affairs of the Bank of Jerome, while Judge John A. Ellis of the law firm of Ellis and Bryne, will appear as counsel in handling the business of the two local banks.


Article from The Winslow Mail, February 19, 1926

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Prescott Bank To Show Heavy Loss PRESCOTT-The Prescott State Bank, which failed to open its doors on November 25, faces a loss of $633,113.74, this figure being the most optimistic that possibly could be given, according to Receiver Homer R. Wood, who took the stand in the superior court this morning when his petition for the collection of their liability against the stockholders in the institution was heard and granted. This figure, according to A. T. Hammons, state superintendent of banks, is far too low and the loss which the depositors in the defunct bank faces will be approximately one million dollars. It is expected that the first dividend will be paid the depositors shortly after May 1.


Article from Albuquerque Journal, March 26, 1926

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ANOTHER BANDIT OUTRAGE OCCURS IN OLD MEXICO FIELDS MEXICO CITY, March 25 Masked bandits are said to have made an attack upon American mining men near Asarco, in the state of Durango, according to dispatch to E1 Universal from Torreon. The dispatch says six bandits Wednesday evening attacked Source of Maljamar D. Weaver, Jr., Emil Kreglan and Morris, Americans, and Wildcat's Oil To Be Adolph Matz, German, all minDetermined By Casing ers, most of them connected with the American Smelting and Re- gauge taken on the Maljamar fining Mr. Weaver company. Oil and Gas corporation No president of an cat, in Lea county, on the Baish development company. permit in the NE section 21showed the well to be making 14,000,000 feet of gas and ARIZONA ATTACHES THE spraying considerable oil. PRIVATE PROPERTY OF Many geologists are of the opin BANK ion that this oil coming from HEAD OF FAILED the pay found at 2,334 feet. This be definitely settled when the March crew has completed the running state banking department 3,000 feet of eight and quarter Thursday brought suit against R. inch casing. The tools in this well N. Fredericks, former president of were not biown from the hole, the Prescott State bank, for the reported, control head having collection of alleged to be been installed and the well having due as statutory liability for 289 been under control at all times. shares of stock in the defunct inFlynn Welch stitution. The bank's and cleaning out their No. R. Wood. attached all the Homer 39 in section 21-18-28, which was real estate held by Fredericks with shot from 2,110 to 2,135 feet. the exception of one parcel, on When this work is completed the which he filed homestead exwell will carried down deep and garnisheed 7,000 emption, test. In the same section this shares of stock in local concerns. company has good well in its said, will be Similar suits, was Keyes, which was shot from brought to collect the liability for 2,160 feet. of stock in the Com160 shares The Dome Oil company in drilland Savings bank mercial Trust ing in its No. in section shares in the Bank of and the sand being found at feet. which Fredericks also rome, of The Frontier Petroleum comwas president. pany is shooting its No. on the McQuigg Brothers lease in section MIRACLES ACCEPTED 5-18-28, the sand having been countered from 2,275 to 2,307 feet. BY MODERN This is one of the best pieces of PIUS DECLARES property in the north extension. POPE good well was completed by the Twin Lakes Oil company in ROME. March section in their No. science confirms the ality of miracles. Pope Plus State Land Commissioner Ed declared in speech the Swope and were interested Hall of the Consistory Thurs- spectators to the shooting of this well. day after reading decree


Article from Douglas Daily Dispatch, March 26, 1926

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State Banking Department Brings Suit Against Head Of Defunct Prescott Bank (By Disputch A. P. Wire) PRESCOTT, March 25-The state banking department today brought suit against R. N. Fredericks former president of the Prescott State Bank for the collection of $29,900 alleged to be due as statutory liability for 289 shares of stock in the defanct institution. The bank's receiver, Homer R. Wood, attached all the real estate held by Fredericks with the exceptionof one parcel on which he filed a homestead exemption and garnished 7,000 shares of stock in local concerns. Similar suits, It was said, will be brought to collect the liability for 160 shares of stock in the Commercial Trust and Savings Bank and 202 shares in the Bank of Jerome of which Fredericks also was president.


Article from Douglas Daily Dispatch, March 26, 1926

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State Banking Department Brings Suit Against Head Of Defunct Prescott Bank Disputch Wire) PRESCOTT, March 25-The state banking department today brought suit against R. N. Fredericks former president of the Prescott State Bank for the of alleged to be due as liability for 289 shares of stock in the defanct The bank's receiver, Homer R. Wood, attached all the real estate held by Fredericks with the exceptionof one pareel on which he filed homestead exemption and garnished 7,000 shares of stock in local conSimilar suits, was said, will be brought to collect the liability for 160 shares of stock in the Commercial Trust and Savings Bank and 202 shares in the Bank of Jerome of which Fredericks also was president.


Article from The Winslow Mail, April 9, 1926

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CITY OF PRESCOTT DEMANDS PAYMENT OF HEAVY DEPOSIT PRESCOTT-The City of Prescott has filed with the court a claim for the immediate payment of $175,815.65, deposited by the city treasurer, the superintendent of streets and the city assessor with the Prescott State bank, a defunct institution, on the ground that three deposits were prefered claims and the money held by the bank only as a special deposit for safe keeping and not as part of its regular funds. A petition for the allowing of the claim as a preferred one was filed with receiver, Homer R. Wood, on March 22, but was not allowed, it


Article from The Coconino Sun, May 7, 1926

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$34,000 BONDS GIVEN TO STATE Thirty-four thousand dollars in registered Liberty bonds pledged by the Prescott State bank to secure state money deposited in the defunct institution, were assigned to State Treasurer Vernon S. Wright in an order entered by Judge Richard Lamson of the superior court. Two petitions were filed by the state showing that the transfer of the bonds making good the deposits of the state at the time the institution closed were not acceptable to the United States treasury when the bonds were registered in the name of the bank. Judge Lamson's order, however, gave the receiver of the bank the power to make such assignment as is necessary so that the bonds will meet the government requirements by conversion into negotiable coupon bonds of the same denominations.


Article from The Coconino Sun, June 4, 1926

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PRESCOTT BANK WILL PAY FIRST DIVIDEND Approximately half a million dollars will be divided within the next few days among the 4,269 depositors in the three defunct banks of Yavapai county, according to orders entered in both divisions of the county superior court Wednesday morning when the petitions for permission to pay the dividends were presented by Homer R. Wood, ex-officio receiver for the three banks, through his attorneys. The largest dividend, which will reach a minimum of twenty-five cents on the dollar, will be paid in the Commercial Trust and Savings bank, while the Bank of Jerome will pay about a 20 per cent dividend. The Prescott State bank will pay only a trifle more than 15 cents.


Article from Arizona State Miner, June 19, 1926

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BANKS AND BANKS Checks from the old Prescott state bank reached town last week, the first payment from the assets in the hands of the receiver. It is not too much to be hoped that every nickle Wit eventually be paid up, and meantime fifteen per cent makes the old depositors feel a little better. And, again, there are still in circulation certain promises of the Phoenix Board of Trade to do something or other for the depositor(3 and Yet it is stock holders of the old Valley Bank. beginning to look as if the matter had been overlooked.


Article from The Winslow Mail, September 3, 1926

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their home offices; and if they were, the idea would not appeal to the people of Arizona . Neither the stockholders, borrowers, nor depositors in our banks would care to have them run from some insurance company office in New York. This experiment and similar ones have been tried out and abandoned by other states. They won't work. No scheme of bank guaranty or depositors insurance can be a substitute for proper bank supervision and law enforcement. Such ideas are no more sound or practical than it would be to do away with policemen and peace officers, and require people to take out accident glary insurance as a substitute, or to do away with traffic officers and require peopl eto take out accident insurance as a substitute. What is needed is prevention; not cure. Not more laws, but enforcement of the present laws. Ellinwood has the experience and the training necessary for installing and operating a state banking department which will prevent banks from getting into an unsound condition. He is the only candidate for Governor who has that experience and training. E. A. SAWYER, A loser to the extent of about $30,000.00 in the Prescott State Bank failure.


Article from The Winslow Mail, October 15, 1926

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BANK CLAIM IS FILED BY FORD MOTOR COMPANY - Petition for leave PRESCOTT to sue receiver having been granted the Ford Motor company last September 4, a preferred claim was filed this week.in superior court for $4,518.62. The claim alleges that on November 20, 1925, the Ford Motor company sent a draft to the Prescott State Bank for collection, which the bank collected. The amount of the draft was $4,518.62. The complaint states that at the time of acceptance of the draft for collection, the officials of the Prescott State Bank knew that the institution was hopelessly insolvent. Cornick and Crable are the attorneys for the plaintiff.


Article from The Winslow Mail, November 12, 1926

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BANK SUED BY MASONIC LODGE PRESCOTT-A suit for the preferential payment of $27,256.64 against A. T. Hammons, state sup erintendent of banks and receiver of the defunct Prescott State bank, was filed in the superior court by the trustees of the grand lodge of Masons of Arizona through the law firm of Armstrong, Lewis and Kramer of Phoenix. The lodge, according to the complaint, appointed R. N. Fredericks, former cashier of the closed bank, as its treasurer and on November 19, only six days before the bank was declared insolvent, he deposited $27,256.34 of the grand lodge's money in that institution, which, it is alleged, was then known to be insolvent. LE In May, following the closing OF the bank, the lodge sought to have it's claim against the institution acknowledged as a preferential one, but the claim was disallowed. by Homer R. Wood, ex-officiΓ³ receiver, and the lodge's claim was establish ed as a general one. In the suit filed, the trustees of the grand lodge seek to have this decree of the receiver rΓ©scinded and the amount ordered paid as a trust fund. The grand lodge trustees who appear as plaintiffs in the suit include N. C. Bledsoe, O. J. Baughn, George J. Roskruge, Morris Goldwater, Charles C. Wolfe, G. A. Bridge and Harry A. Drachman.


Article from The Coconino Sun, November 25, 1927

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PRESCOTT BANK MAY PAY IN FULL IS REPORT Under the receivership of Homer R. Wood affairs of the Commercial Trust & Savings bank are reported trending toward full repayments of the depositors and creditors, while something approaching a gross dividend of 75 percent is expected for the creditors of the Prescott State bank. Somewhat more involved are the affairs of the chain, the Bank of Jerome, from which a very small return may materialize. Paul Deming, who was cashier of the Jerome bank, returned from Pasadena, is to be tried, on change of venue, by a court in Phoenix, on a charge of receiving deposits for an insolvent institution.