Sonora Bank & Trust Company (Nogales, AZ)

Episode Information

Episode UID
91009471583
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
9100947 routing
Routing Number
91-0094
Start Date
November 1, 1931*
Location
Nogales, Arizona (31.340, -110.934)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e3f6d376f352bdf1

Response Measures

None

Description

Press reports attribute heavy withdrawals over months (some unverified) and state superintendent placed the bank in charge; liquidation and receivership followed.

Events (6)
1. November 1, 1931* Run
Cause
Local Shock
Cause Details
Reported heavy withdrawals over preceding two months, reportedly tied to exodus of Chinese clients withdrawing large sums (400,000 pesos reported, not verified).
Newspaper Excerpt
Heavy withdrawals during the past two months caused the bank to suspend business.
Source
newspapers
2. November 21, 1931 Receivership
Newspaper Excerpt
Leo N. Roach, chief examiner of the state banking department, assumed charge of the bank this morning.
Source
newspapers
3. November 21, 1931 Suspension
Cause
Government Action
Cause Details
State banking examiner/superintendent assumed charge and closed the bank; insolvency announced and payments deferred at least 90 days.
Newspaper Excerpt
Bank Closed. Superintendent of Banks in Charge.
Source
newspapers
4. May 7, 1932 Other
Newspaper Excerpt
J. W. Entz, receiver of the Sonora Bank & Trust Company, will return next week from Phoenix where he is attending court. During his absence ... handling the liquidation ... .
Source
newspapers
5. January 28, 1933 Other
Newspaper Excerpt
A large part of the furniture and fixtures of the Sonora Bank & Trust Company, which closed its doors in November 1931, was sold at a public auction sale Wednesday.
Source
newspapers
6. February 2, 1935 Other
Newspaper Excerpt
The bank, which closed its doors three years ago last November, paid a five percent dividend ... It made a total of 35 percent paid so far by the bank since it closed.
Source
newspapers

Newspaper Articles (15)
1. November 21, 1931 Nogales International Nogales, AZ
Article from Nogales International, November 21, 1931

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SONORA BANK & TRUST CO. MAY REOPEN BY JANUARY 1 or some arrangement, whereby Here's good news for Nogales. the Sonora Bank & Trust ComThe Sonora Bank & Trust pany can reopen by the first of Company, which suspended January." business Thursday, may reopen The Banco de Sonora, mentioned its doors by the first of January. above, one of Mexico's greatest finW. C. Winegar, manager, and one ancial institutions, owns controlling of the vice-presidents of the Sonstock in the Sonora Bank & Trust ora Bank & Trust Company, gave the following statement to the NoCompany. It has large resources and its Director General, Mr. Mulgales International yesterday afternoon: ler, is widely known as one of the "I had a conversation over foremost bankers of the great west coast of Mexico. the phone with Mr. Muller, Director-General of the Banco "General gradual shrinkage in deDe Sonora, with headquarters at posits the last two or three months caused the Sonora Bank & Trust Hermosillo, and he said they are working on a re organization, Company to close", Mr. Winegar

2. November 21, 1931 The Border Vidette Nogales, AZ
Article from The Border Vidette, November 21, 1931

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Article Text

SONORA BANK & TRUST COMPANY CLOSES DOORS (Thursday's Herald) The Sonora Bank & Trust com pany, one of the pioneer financi al institutions of Nogales, closed its doors this morning. A sign was placed in the main entrance at 9 a. m. which simply read: "Bank Closed. Superintend ent of Banks in Charge." The insolvency of the financial institucion came as a surprise to the people of this city. Leo N. Roach, chief examiner of the state banking deartment, assumed charge of the bank this morning. He has been here for several days, it was learned to day. Last statement of conditions of the bank, issued at the close of business September 26, 1931, showed resources amounting to $1,062,268 38. In the liabilities column deposits amounting to $823,293.15 were shown. HOPE IS EXPRESSED In an interview with the Herald this morning W. C. Winegar, vice president and manager of the institution, said: "Heavy withdrawals during the past two months caused the bank to sus pend business. I feel confident however that the depositors will receive a good percentage of their money and perhaps all of it. It may take time to arrange the affairs and make collections due the bank. I am very sorry, naturally, that this has happened. We of the bank have work ed hard in an attempt to keep the bank in a solvent condition." Chief Examiner Roach said: It will be at least 90 days be fore we can make any payments to depositors. We mustarrange the affairs of the bank and turn some of the assets into cash." RJN WAS QUIET According to officials of the Sanora Bank & Trust company the run of the bank was quiet, covering a period of several months. It is reported that the exodus of Chinese from Sonora caused heavy withdrawals and it is said that the fleeing Chinese with drew 400,000 pesos from the bank within a period of two weeks. This statement was not verified by the bank officials. HAS MEXICAN AGENCIES The Sonora Bank and Trust

3. November 21, 1931 The Border Vidette Nogales, AZ

Article Text

SONORA BANK & TRUST COMPANY CLOSES DOORS (Thursday's Herald) The Sonora Bank & Trust com pany, one of the pioneer financi al institutions of Nogales, closed its doors this morning. A sign was placed in the main entrance at 9 a. m. which simply read: "Bank Closed. Superintend ent of Banks in Charge. The insolvency of the financial institucion came as a surprise to the people of this city. Leo N. Roach, chief examiner of the state banking deartment, assumed charge of the bank this morning. He has been here for several days, it was learned to day. Last statement of conditions of the bank, issued at the close of business September 26, 1931, showed resources amounting to $1,062,268 38 In the liabilities column deposits amounting to $823,293. 15 were shown. HOPE IS EXPRESSED In an interview with the Herald this morning W. C. Winegar, vice president and manager of the institution, said: Heavy withdrawals during the past two months caused the bank to sus pend business. I feel confident however that the depositors will receive a good percentage of their money and perhaps all of it. It may take time to arrange the affairs and make collections due the bank. I am very sorry, naturally, that this has happened. We of the bank have work ed hard in an attempt to keep the bank in a solvent condition. Chief Examiner Roach said: "It will be at least 90 days be fore we can make any payments to depositors. We must arrange the affairs of the bank and turn some of the assets into cash." RJN WAS QUIET According to officials of the Sanora Bank & Trust company the run of the bank was quiet, covering a period of several months. It is reported that the exodus of Chinese from Sonora caused heavy withdrawals and it is said that the fleeing Chinese with drew 400,000 pesos from the bank within a period of two weeks. This statement was not verified by the bank officials. HAS MEXICAN AGENCIES The Sonora Bank and Trust company, which is principally owned by the Bank of Sonora, has agencies in Nogales, Sonora, Hermosillo, Guaymas, Cajeme, Navojoa and Culiacan, Sinaloa According to reports agencies are unaffected by the insolvency of the local institution. Officers of the bank are: Max Muller, Hermosillo, vice president; W. C. Winegar, vice president and manager; R.H. Bibolet, secretary; C. Mignardot, cashier; W. P. Tiedemann, assistant se. cretary. Directors are: Max Muller, W. C. Winegar, W. J. Phil. lips, J E Wise, Ramon Corral, E-nesto Camou, and Guillermo Mascarenas.

4. November 28, 1931 The Border Vidette Nogales, AZ
Article from The Border Vidette, November 28, 1931

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Article Text

Mrs. Carrie Schrader, mother the Clell Schrader, member of in of Nogales Herald staff, arrived Wed Nogales from Los Angeles wesday to spend Thanksgiving nith her son and family. S. W. Eilery, state banking here superintendent, has been busi several days this week on connected with the insolv ness Sonora Bank & Trust Com. 19. ent pany which closed November Alfonso Pesqueira, Mexican consul here, has returned from be Santa Ana, California, where testified in a suit brought against attorney charged with solicit ing an law actions from Mexican people. One of the most delightful Thanksgiving dinners here last Thursday night was that given Dr. Anna Mae Smock at her by home, attended by members cosy of her family and a few intimate friends. The Roy and Titcomb lumber department received a special to order Monday for panel work The used in a Tucson home. be pioneer firm of Roy & Tit comb, big Inc., is always reliable and dependable. The men's furnishing stock fixtures of the William Tid and well store in Morley avenue, a which has been purchased by Tucson merchant for an amount to said to be $2,800, was moved Tucson Tuesday. American Consul and Mrs. B. Yost have moved into the consulate F. just across the border fine Nogales, Sonora. The in brick residence, their new home, in owned by Y. Bonillas, pioneer resident of this city. The federal grand jury return ed an indictment at Tucson last Monday, charging Mac (Golney) Seymour, 22-year old Indian, the murder of Henrietta Saymour, with Columbia university restudent, on the White river servation last July. The November editions of the Nogales and Patagonia bigb school papers were distributed Wednesday. Both were printed the Nogales International. The by Nogales high school paper War. known as 'The Apache "The cry" is and the Patagonia as Mesquite." A large turkey, raffled off here Monday by Mrs. George Januel won W. F. Neil, was Gambee, and by Mary Mrs. daughter Gambee of of and Mrs. L R. Nogales. Mr. Proceeds of the raffle, local amounting to $10 will go to charity. The raffle tickets were sold within two hours. A new communication service the made available by Telephone & and its graph has American been Company associat System Tele companies in the Bell ed has been announced by J. the J. it Harris, local manager of and Mountain States Telephone Telegraph Company. William A. (Bill) Scatena, than a whiter chap never lived, down whom returned from a trip on has West coast of Mexico vegetable the business. He reports the there were heavy runs on Her Banco de Sonora at both which mosillo and Guaymas, closed their doors Monday. Arrangements are nearing for the E:ks charity and dance to be on Friday clubrooms completion party held night cord t the on December 4. The public is will invited and admission fifty ially by each person bringing be worth of staple groceries. cents groceries will be Christ placed aside The for the Elks annual man charity baskets. Approximately 40 persons at the meeting here Novem de tended 20th of Southern Pacific ber Mexico and Southern Pacitic officers of the Transcon officials, tinental Freight Bureau, brokers, of and distributors shippers Mexican West Coast vegetables. an G. Hoff of Guadalajara, L of the Southern Paciñic de official Mexico, presided as chairman

5. May 7, 1932 Nogales International Nogales, AZ

Article Text

Bank Receiver To Return Next Week J. W. Entz, receiver of the Sonora Bank & Trust Company, will return next week from Phoenix where he is attending court. During his absence from Nogales his duties here are being looked after by C. Cox, special deputy superintendent of banks, who is handling the liquidation of the Arizona Southwest Bank in Tucton and the Cochise County State Bank at Tombstone and Benson. The Arizona Southwest Bank of Tucson, with branches at Casa Grande, Coolidge and Douglas, closed its doors on June 22 and already has paid 37½ percent in dividends to depositors.

6. May 25, 1932 Nogales International Nogales, AZ
Article from Nogales International, May 25, 1932

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LEGAL NOTICE of Banks of the State of Arizona and ex-officio receiver and owner of the property and assets of Sonora Bank and Trust Company, an insolvent banking corporation, has filed in this Court his petition for the instructions of this Court in the matter of the compromise and compounding with C. C. Cheshire, Cheshire Bros. Motor Co. and C. C. Cheshire Motor Co. the indebtedness of said parties to said petitioner as Receiver in the sum of $8185.20 evidenced by notes of said parties and of N. B. Mercer, payable to the order of Sonora Bank and Trust Company, which sum includes interest upon said notes computed to May 20th, 1932, by accepting from said C. C. Cheshire and his wife a deed of a part of Lot Thirteen (13) in Block Four (4) of the Ellis Ranch Tract in the City of Nogales, Santa Cruz County, State of Arizona, more particularly described in said petition, in payment of the sum of $6000.00 upon said

7. June 25, 1932 Nogales International Nogales, AZ
Article from Nogales International, June 25, 1932

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LEGAL NOTICE NOTICE OF PLEDGE FORECLOSURE SALE. NOTICE IS HEREBY GIVEN that N. B. Mercer has failed to pay the indebtedness owing by him upon his certain note in the sum of $3750.00 dated May 7, 1931, payable to the order of Sonora Bank and Trust Company and which note is now held by the undersigned, and that the property pledged as security for the indebtedness evidenced by said note, or so much thereof as is necessary to pay the interest and costs of sale, towit: 300 shares of stock of Cheshire Bros. Motor Company, a corporation, of the par value of $10.00 per share, as represented by stock certificate No. 13, will, if said redemption is not made before the sale, be sold by the undersigned at public auction to the highest bidder for cash at 223 Morley Avenue in the City of Nogales, Santa Cruz County, State of Arizona, at ten o'clock A. M. on Saturday, the 9th day of July, A. D. 1932. Dated this 21st day of June, A. D. 1932. S. W. ELLERY, as Superintendend of Banks of the State of Arizona and Ex-officio Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, By J. W. ENTZ. Special Deputy (Pub. 6-22 1t)

8. July 9, 1932 Nogales International Nogales, AZ
Article from Nogales International, July 9, 1932

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CAFE CLOSES Pete Raptis' Grand Cafe in the new Bowman building, just north of the Sonora Bank & Trust Company on Morley avenue, suspended business Thursday night.

9. October 5, 1932 Arizona Daily Star Tucson, AZ

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PRIORITY UPHELD BY COURTS ruled Building company against property John Crugar Tucson should given priority pumping installed Jordan and attempted The written Justice Henry Ross, judgment the trial court enter priority the mortgage ground the lien filed against the plant within after required law for one not the original The high tribunal also reversed judgment the Cumming against the state superintendent receiver the Sonora Bank and Trust company Nogales, granted Cumming. opinion written by Justice Lockwood and holds the claim Cumming ordinary preferred. original against Farmer but when the the bank official became defendant.

10. December 24, 1932 Nogales International Nogales, AZ
Article from Nogales International, December 24, 1932

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LEGAL NOTICE IN THE SUPERIOR COURT OF THE STATE OF ARIZONA IN AND FOR THE COUNTY OF SANTA CRUZ. NOTICE OF HEARING AND SETTLEMENT OF FOURTH QUARTERLY ACCOUNT AND REPORT OF SUPERINTENDENT OF BANKS FOR PERIOD FROM AUGUST 31, 1932 TO NOVEMBER 30, 1932. IN THE MATTER OF THE LIQUIDATION OF SONORA BANK AND TRUST COMPANY. NOTICE IS HEREBY GIVEN that Lloyd Thomas, Superintendent of Banks of the State of Arizona and Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, has filed herein his fourth quarterly account and report of his receivership and administration of the estate of said insolvent bank for the period from August 31st, 1932 to November 30th, 1932, and that the matter of said account and report and the settlement thereof will be heard in the Court Room of said Superior Court in the Court House in the City of Nogales, Santa Cruz County, State of Arizona, at 11:00 o'clock A. M. on Friday the 30th day of December, 1932, or such later time to which the same may be duly continued or postponed, and any and all persons having objections to said ac-

11. January 28, 1933 Nogales International Nogales, AZ
Article from Nogales International, January 28, 1933

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SONORA BANK FIXTURES SOLD A large part of the furniture and fixtures of the Sonora Bank & Trust Company, which closed its doors in November 1931, was sold at a public auction sale Wednesday. J. B. Robinson and Jack Cohen, acted as auctioneers. Among purchasers were A. E. Aviles, Dr. F. B. Huetson, John Phillips, and Frank Lown. Furniture and fixtures still on hand will be moved to Tucson and stored and the building on Morley avenue vacated the first of February. Books and records of the bank will also be moved to Tucson where further liquidation of the bank's affairs will be handled by J. W. Entz, who is acting as receiver of both the Sonora Bank & Trust Company of Nogales and the United Bank & Trust Company of Tucson.

12. July 1, 1933 Nogales International Nogales, AZ
Article from Nogales International, July 1, 1933

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QUARTERLY ACCOUNT AND REPORT OF SUPERINTENDENT OF BANKS FOR PERIOD FROM FEBRUARY 28, 1933, to MAY 31, 1933. NOTICE IS HEREBY GIVEN that Y. C. White, as Superintendent of Banks of the State of Arizona and Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, has filed in this Court his sixth quarterly account and report. of his receivership and administration of the estate of said insolvent bank for the period from February 28, 1933, to May 31, 1933, and that the matter of said account and report and the settlement thereof will be heard in the court room of said Superior Court in the Court House in the City of Nogales, Santa Cruz County, Arizona, at ten o'clock A. M. on Wednesday, the 5th day of July, 1933, or such later time to which said hearing may be duly continued or postponed, and any and all persons having objections to said account and report or any item thereof are required to appear at such time and place and show cause, if any they have, why said account and report or any item thereof should not be settled, approved and allowed. Dated this 28th day of June, A. D. 1933. (SEAL) Robt. E. Lee, Clerk of said Superior Court. (Publish July 1, '33)

13. May 12, 1934 Nogales International Nogales, AZ
Article from Nogales International, May 12, 1934

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IN THE SUPERIOR COURT OF THE STATE OF ARIZONA, IN AND FOR THE COUNTY OF SANTA CRUZ. NOTICE OF SALE OF REAL ESTATE UNDER SPECIAL EXECUTION. Y. C. WHITE, as Superintendent of Banks of the State of Arizona and Ex-officio Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, Plaintiff, VS. M. C. DE LA FUENTE AND F. A.

14. February 2, 1935 Nogales International Nogales, AZ
Article from Nogales International, February 2, 1935

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$65,000 PAID IN DIVIDENDS HERE BY TWO CONCERNS A total of $65,000 was turned loose in Nogales this week, representing dividends paid by the Estate of the Sonora Bank & Trust Company and the Estate of the Nogales Building & Loan Association. The bank, which closed its doors three years ago last November, paid a five percent dividend amounting to about $25,000 and 7,000 pesos. It made a total of 35 percent paid so far by the bank since it closed. The building and loan association, which suspended business here last May, paid a 15 percent dividend amounting to $37,533.74. It was the building and loan's first dividend since it was taken over by the state banking department.

15. February 22, 1941 Nogales International Nogales, AZ
Article from Nogales International, February 22, 1941

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Joe Entz And Wife Hurt In Auto Accident Mr. and Mrs. Joe Entz, former residents of Nogales, are in St. Vincent's Hospital, Los Angeles, as a result of injuries suffered in an automobile accident near Blythe, California, a week ago last night while enroute to the Tucson livestock show. Entz is reported to have a fractured skull and his wife a concussion. Mr. Entz, now vice-president and manager of the stockyards branch of the Citizens Trust & Savings Bank of Los Angeles, was receiver of the Sonora Bank & Trust Company here about nine years ago.