First Savings Bank & Trust Company (Albuquerque, NM)

Episode Information

Episode UID
95000671603
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
9500067 routing
Routing Number
95-0006
Start Date
July 1, 1933*
Location
Albuquerque, New Mexico (35.084, -106.651)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0127c705f34492d1

Response Measures

None

Description

State bank examiner closed the institution in mid-1933 and receivers remained in charge after litigation; bank treated as defunct.

Events (5)
1. July 1, 1933* Suspension
Cause
Government Action
Cause Details
State bank examiner closed the institution as insolvent and took charge pursuant to banking law.
Newspaper Excerpt
after the bank examiner had closed the institution and taken charge. July
Source
newspapers
2. August 11, 1933 Other
Newspaper Excerpt
Four depositors of the First Savings Bank and Trust Co., now in the hands of the state bank examiner, filed suit requesting the appointment of a receiver to liquidate the assets of the bank and to attempt reorganization of the institution.
Source
newspapers
3. September 13, 1933 Receivership
Newspaper Excerpt
mortgage deed ... was foreclosed Wednesday in district court in suit of the First Savings Bank and Trust Co. and William Powell and Lester Cooper, the bank' receivers. Judgment entered against R. L. McNeil and Blanche McNell.
Source
newspapers
4. November 4, 1933 Other
Newspaper Excerpt
Bank Examiner John Bingham Monday was appointed receiver for the First Savings Bank and Trust company of Albuquerque in a district court order issued by Judge M. A. Otero Jr.
Source
newspapers
5. January 23, 1934 Other
Newspaper Excerpt
state supreme court ... upheld jurisdiction of Judge Milton J. Helmick of Albuquerque in receivership suit involving the First Savings Bank and Trust CO., of that city. ... the co-receivers continue and Bingham's appointment is voided.
Source
newspapers

Newspaper Articles (8)
1. August 11, 1933 El Paso Herald-Post El Paso, TX

Article Text

Maryland Eggplant Fritters Boil one eggplant until tender, remove skin, and wash well. Then add one well beaten egg, one cup of flour, one-fourth teaspoon of salt, a dash of pepper, one-half teaspoon of baking powder, one-half teaspoon of butter and one-half cup of milk. Fry on a griddle until brown and serve with butter. MRS. W. T. JOHNSON. 2901 Grant Ave. ASK BANK RECEIVER By Associated Press ALBUQUERQUE, N. M., Aug. 11.—Four depositors of the First Savings Bank and Trust Co., now in the hands of the state bank examiner, filed suit requesting the appointment of a receiver to liquidate the assets of the bank and to attempt reorganization of the institution.

2. September 13, 1933 The Albuquerque Tribune Albuquerque, NM

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Town Talk J. D. Cameron, 500 W. Crom well, and Nash Sanchez, 702 W. Coal. charged with speeding, will get hearings in police court at p. m. Wednesday Sena obtained permit from building department for re roofing at 415 N. Fifth to coat $140. Rev. Hugh A. Cooper, superintendent the Presbyterian sanatorium, left Wednesday for Chicago attend the institute for hospital administration at University of Chicago, Hugh A. Cooper Jr., accompanied him A mortgage deed on five lots in block G of Atlantic and Pacific addition was foreclosed Wednesday in district court in suit of the First Savings Bank and Trust Co. and William Powell and Lester Cooper, the bank' receivers. Judg ment entered against R. L. McNeil and Blanche McNell. The Atrisco Housekeepers club will hold its regular monthly meet ing at Thursday at the Atrisco club huose School lunches and health the schools will be discussed Mrs. Maud Doty, county home demonstration agent C. A. Doty, 720 North Twelfth, will leave for Springfield, III., to attend the annual convention of the Soveregn Grand lodge of the Odd Fellows. He also will visit the Chicago World's fair with relatives in Indiana before returning to Albuquerque.

3. December 5, 1933 Albuquerque Journal Albuquerque, NM

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JUDGE OTERO'S ORDER HOLDS LAW OF 1933 IS EXCLUSIVE Decree Makes Void and Without Effect Actions of Cooper and Powell as Joint Receivers HEARING HELD IN SANTA FE Attorney for Receivers Named by Helmick Uncertain as to Any Further Legal Move SANTA FE, Nov. 4 (SpeBank Examiner John Bingham Monday was appointed receiver for the First Savings Bank and Trust company of Albuquerque in a district court order issued by Judge M. A. Otero Jr. which set aside the appointment of Lester Cooper and William Powell as of the institution. The order makes void and without effect everything that has been done toward liquidating the affairs of bank by Cooper and Powell. The who were pointed by the Bernalillo county district ordered to to Bingham the assets of the Ruling that chapter of the session and Judge Otero that the way which for banks be appointed for the state bank aminer report the attorney general and for the torney general to institute suit to receiver appointed. did not rule the must then appoint the state bank examiner However, was that the of and and void since the did not follow the Powell had been pointed by District Judge Milton Helmick the filing of cause by four depositors of the Joint Receivers Acts Invalid The that and result of placthe institution the conof the co-receivers are and without effect because lack of jurisdiction in said court to proceed in said Judge Otero's order came following hearing entitled "State Mexico VS. First Bank and Trust Hugh Woodward, attorney for certain of the bank, presented for the assisted by Attorney General Former Judge R. Ryan represented the bank hearing. District Judge Milton Helmick had been disqualfied from hearthe following the filan affidavit plaintiff plaintiff did not beHelmick could rule imparthe Ryan attorney for the bank agreed the of that the not be placed the hands other action the attorney general and he merely sented the hearing review of what had the courts already Ordered to Return Assets In ordering the state bank aminer charge of all sets the institution order that any persons now in possession any assets property the bank by virtue action taken by Powell and Cooper under court orders their co-receivership "hereby required upon service upon them of certified copy this yield, deliver surrender all said assets to the receiver herein appointed." The banking law empowers the examiner to appoint special deputy assist him In liquidating affairs the institution for the benefit of depositors. Judge Otero, in his findings of fact the said that suit of four depositors against the bank which resulted in the the after the bank examiner had closed the institution and taken charge. July before prepared or make port the condition of the

4. January 24, 1934 Albuquerque Journal Albuquerque, NM

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Court's Opinion Upholds Powell and Cooper as Receivers Law Not Mandatory in Requiring Judge to Appoint Bank Examiner Is Ruling in First Savings Bank Case SANTA FE, Jan. 23 (4P)-In lengthy opinion the state supreme court Tuesday upheld jurisdiction of Judge Milton J. Helmick of Albuquerque in receivership suit involving the First Savings Bank and Trust CO., of that city. In effect, the court held that the state, having admitted jurisdiction of Judge Helmick in an original appointment, did not have any legal grounds in subsequent action seeking to upset the first appointment, which was of two co-receivers, and also that the law was not mandatory requiring court to appoint the state bank examiner The action was titled "Original preceeding in prohibition" and was Lester Cooper and William H. Powell, as receivers of the First Savings Bank and Trust Company of Albuquerque, and E. E. EnderIin, relators, and M. A. Otero, district judge of the first district, pretending to sit as judge of the second judicial district, as respondent Upholds Court's Power The opinion sets out the history of the case with the appointment of the co-receivers in cause 20779 and coming to the later action seeking to have John Bingham, state bank examiner, named rein case 21029. Judge Helmick appointed the COreceivers. At the time the state became party to suit, admitting jurisdiction. Thereafter an action was started to have Bing. ham named under the provisions of chapter 32, laws of contending the exclusive right of the examiner to be receiver Counsel for the respondent said the lan guage of the act meant that suit for receiver of an insolvent bank should brought by any person other than the attorney general: second, that no court should appoint receiver except upon application of the attorney general and third that the state bank is the sole and only person and officer may be ap pointed by the court as the receiver. Courts of equity have inherent power to appoint of corporations, the said "The contention of counsel for respondent apparently is that said act of 1933 has supplied such inference. Court's Power Not Restricted The opinion said in discussing the 1929 compilation section 65 chapter 67 of the 1915 laws, which said banks should be subject to all liabilities and restrictions provided for corporations in general. "That such interference extends not only to the power of the dis trict court to appoint receiver for bank under the law govern ing corporations in general but further has served to abrogate the inherent power of courts such We are not persuaded of the correctness of respondent's third contention that the court must appoint the state bank aminer and as to the first and second contentions we express no opinion After discussion of the prob. lems of banking as peculiarly dif ficult, the court says 'In several including New Mexi the visitorial power conferred upon the state banking officer to possession of state bank is only preliminary to court action in order to give the state officer more than temporary standing in other states our wn the statute allowing the state ank examiner the right to act loes not provide whether this ight is exclusive or not An of the on this question from the class of states nentioned displays contrariety Many of them are value because of the dissimiarity of the statutes Bank Examiner Surrendered in the cause first invoked by complaint the pow of the district court for deermination of the charge that the rst Savings Bank and Trust ompany of Albuquerque was inIvent and was jeopardising the terests of its There prayer for the appointment of ceiver x The bank did not opear but made default. The miner who at the time in ossession of the bank and its sets, answered, admitting in the ain the allegations of the comaint, being represented by his unsel the assistant attorney genThere follows a historical of the says after the receivers quallSept. surrendered the sets of the bank to the receivers us appointed About three weeks later, "The aminer by his ed a motion in said cause which set forth his official standing This motion was after iich 21029 was filed, which re sought to be prohibited. "Is chapter 32. laws of 1933 andatory statute. requiring the dicial department the governent to appoint the state bank aminer receiver of an Insolvent nk. when there is occasion to point such receiver in literal mpliance with the provisions of the court Does said act provide that jeiver shall be appointed by the art except upon application de therefor by the attorney genanother question the irt asked In its opinion Raises Question 'If so, it would appear there is force to the contention of respondent says Suppose examiner should be E office after the opinion asks Does he continue the receiver? If his successor is not appointed and qualified immediately would there be no receiver? These questions must answer themselves in the negative, the opinion says. 'Whether under the state banking act a receiver may be appointed by the court upon application of any person other than the torney general at the instance of the bank examiner is question we need not now decide, the opinion said. "In the view we take the respondent is precluded from pressing such contention. In each action, the court said, the appropriateness and necessity of proven. The opinion says the 1933 law does not differ 80 "far as any legislative direction as to the name of the party in whom the suit for a receiver shall be and maintained by the attorney general," does not differ from the statutes of 1909, 1915, 1917, 1919 and 1921 number of decisions are cited and then the matter of overruling motion by Judge Helmick is taken think the opinion said, "It would be reproach upon the of justice to regard mere form and technicality rather than and say under the disclosed by the record, that the proceedings in the first case are without sustaining jurisdiction and therefore void. Failed to Oppose "After upon the bank examiner of the rule to show cause why the prayer of the creditors' petition should not be granted and receiver appointed, the examiner and his attorney the attorney general might have contested the DOWof the court to deal with the matter and have challenged its authority in this regard but they elected to submit the cause to the courtr in that proceeding and they now its adjudication by challenging its power in collateral proceeding Whatever authority the may have lacked In the instance was conferred by filing the answer the rule to show ,admitting the facts alleged cause of action warranting the appointment of a receiver. and which the judgement of the court asked by them, and by accepting and ratifying the court's action, and seeking further relief in the same cause, by seeking modification of earlier orders. "We hold that the respondent. acting judge of the second judiclal district court in place and stead of the resident district judge of said district, acted in excess of his jurisdiction in entertaining the complaint of the State of New Mexico or the attorney general in cause Writ Made Absolute "The judge and court proceeded entirely upon the theory that everything which had theretofore been done by the court in the previous case null and void If had been some of the orders of the respondent might be sustained If made in an appropriate Under the circumstances, seem that case No 21029 must fall in its entirety. "For the reasons the writ will be made absolute and is ordered. The opinion is by Justice ley and Justices Sadler and Huds. peth concur Chief Justice Watson did not In concurring opinion, Justice Zinn said concur on the result on the sole theory that the acts of the bank examiner and attorney general in making return to the order show wherein they admitted the insolvency of the and subsequently by their petition in and they presented the very questios sought to be litigated in cause 21029 They supplied the property party plaintiff to give life to the case Parties litigant cannot play fast and loose, blow hot and cold, the courts. Litigants cannot be permitted to assume position in court, and on the anticipation an adverse withdraw from the case. Having elected to adopt certain course action, they will be confined to that course which they adopt.' Judge Otero first refused to alt in the case after he had been asked by parties to the sult. after Judge Helmick was disqualified on motion attorney general. Later, the supreme court ordered Judge Otero in the case. The disqualification law provides the shall name judge none will

5. January 24, 1934 El Paso Times El Paso, TX

Article Text

Albuquerque Bank Receivers Upheld Santa Fe, Jan. 23 (AP).W. H. Powell and Lester Cooper, co-receivers of the First Savings Bank and Trust Co. of Albuquerque, will remain in full charge of affairs of the bank under decision of the state supreme court today, making absolute writ of prohibition against Judge M. A. Otero, Jr., in litigation concerning the bank. The two co-recelvers were appointed by Judge Milton J. Helmick and Otero in subsequent decision named State Bank Examiner John Bingham as receiver. Under the decision today, the co-receivers continue and Bingham's appointment is voided.

6. February 16, 1934 The Coolidge Examiner Coolidge, AZ
Article from The Coolidge Examiner, February 16, 1934

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Article Text

Southwestern Briefs Probably a dozen new liquor bills will be presented at the special session of the New Mexico Legislature if one is called. Civil works administration officials the Arizona dis Jan. 20 totaled announced tributed payroll $317,107.77 the largest of record in the state. Motor vehicle accidents on Arizona highways during 1933 brought death the State announced in a re partment to 155 persons, detailed Health De port to the United States bureau of census. The New Mexico Federation of Tax Associations, meeting at Albutook formal on a program by payers' querque, posed legislative action prepared prothe organization's special legislative committee. Residents of Albuquerque reperted seeing a falling star burst into a bril liance lasting several seconds, recent ly. The falling object. believed to have been a meteor, was seen direct ly south of the city. Assistant Attorney General John Francis Connor of Arizona has com brief which he will present State Supreme state's minimum wage pleted ing to the the a Court, declar law is legal and enforceable. Herman E. Hendrix, state superin tendent of public instruction in Ari zona. has apportioned a total of $66. 674.98 to thirteen counties from fees collected in national forests in the state during the past year. Harry M. Moore, Maricopa county sources Ariz., from all treasurer, reported received amounted by revenues Mariduring 1933 to while $5,368,728.10 copa county disbursements totaled for all purposes during the year $5,551,065.81. Winslow, Ariz., will have only three places where liquor can be bought by the drink unless other applications come in later, according to Chief Rube Neill, who reported that thus far only three have signified their intention to take out the $400 a year license. New Mexico has the smallest aumber of closed banks and the smallest amount of money tied up in defunct institutions of any state in the Union, R. L. Olson, special representative of the United States Home Owners Loan Corporation, announced recently A back to the land movement, op erated by the government and primarily outlined as an auxiliary meas ure in continuing livelihood, has been placed in operation here by P. V. Ful 1er, field representative for the De partment of the Interior in Arizona. Out of $1,562,500 for new Indian hos pitals and sanatoriums, $305,000 will go to two reservations adjacent to Gallup. N. M., it was announced by Commissioner John Collier. Zuni is to receive a $125,000 hospital and Eastern Navajo $180,000 building at Crown Point. Despite the fact it was unable to reach an agreement on a proposal to consolidate counties, the New Mexico Federation of Taxpayers' Associations adopted a fifteen-point legislative program calling for a business tax and delinquent tax collection law similar to that in force in Arizona. Clinton P. Anderson, New Mexico state treasurer, who sent his resigna tion to Gov. A. W. Hockenhull, said he was willing to continue as treas urer, at $1 a year salary if necessary, under the same conditions as in the past if it is in the interests of the of fice that he remain in charge. The city of Williams, Ariz., overwhelmingly approved an $87,000 bond issue to permit construction of a $119, 000 water improvement program. A total of 105 votes was cast in favor of the proposal, with 32 opposed, out of a total registration of 167 property owners, according to official tabulations. W. H. Powell and Lester Cooper, co-receivers of the First Savings Bank & Trust Co. of Albuquerque, will remain in full charge of affairs of the bank under a decision of the State Supreme Court, making absolute a writ of prohibition against Judge M. A. Otero, Jr., in litigation concerning the bank The fight over the suspension of the New Mexico department of the American Legion went into the courts again recently, when the department asked the court of the first judicial district to declare the suspension null and void. The plea also asked that the national headquarters of the Legion be ordered to recognize the New Mex ico department and officers as being in good standing. Scenes of frontier days were re-enacted in Clayton, N. M., for three nights, January 25, 26 and 27, when the American Legion's Old Western for the Old a time. Dance The was staged Western Dance fifteenth where is three day and night attraction plannell

7. March 23, 1934 Albuquerque Journal Albuquerque, NM

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ROGERS OFFERS SETTLE FIRST SAVINGS DEBT Would Pay Receivers $2,500 Cash and Put Up Dairies Stock for $27,500 Note; Court to Consider Guy L. Rogers, former vice president of the defunct First Savings Bank and Trust company Thursday told the district court he is insolvent and If a settlement he offered to make with the bank's receivers on $27,500 he had borrowed from the institution and $1,500 due now on a stock assessment are not accepted he will have to go into bankruptcy and the bank would get nothing Through loans from friends Rogers said he was able to offer in full settlement of his indebtedness 100 shares of Valley Gold Dairies Inc., cumulative preferred stock, fully paid and non-assessable, and the sum of $2,500. District Judge Milton Helmick, after hearing testimony of Rogers on his financial condition, took acceptance of the offer under advisement. Getting Loan The prefe stock certificates of the dairy company, with par value of $5,000, and $2,000 in cash was being loaned him by friends and he raising $500 of his own money was brought out in Rogers testimony His settlement offer was in the form of petition. If he went into bankruptcy would have nothing to pay the bank his only creditor. Rogers testified In his petition Rogers said he had placed with the First Savings bank as collateral to his indebted. ness 200 shares of stock in the old First National bank of Albuquerque. At the time the loan was made the stock was worth more than as he paid for the stock he said He did not wish to file voluntary bankruptcy petition. Rogers stated The home occupied by his famfly is the separate property of Mrs. Rogers. who paid for her equity from money received from her father's estate, according the petition, which also stated there is a $6,000 mortgage on the place Rogers' petition said he is using the cash surrender value on life insurance policy to borrow money to make the settlement with the receivers All Savings Was In Stock While the witness stand, Rogers testified all his life savings had been in bank stock. now Rogers, now assistant to the president of the re-organized First National bank, said his present salary is month. Rogers said had conferred with attorneys and they advised him that if he went into bankruptcy It would be "no asset" and he would be under no obligation to pay any of his obligation to the First Savings bank. He has assets except his salary and that would be exempt under the law he stated

8. September 20, 1934 Albuquerque Journal Albuquerque, NM

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HEIRS SEEK $20,000 OF RECEIVERS Allege First Savings Bank Negligent; Excessive Expense Whether the First Savings Bank and Trust company, through its receivers, should be required to pay back between $20,000 and $30,000 in the guardianship of children of Angus Ian McGillivray, late cattleman of Estancia valley, was the question argued before District Judge Joseph Dailey Wednesday afternoon. Hearing was continued to Thursday afternoon. Attorneys for the three heirs, Angus, 20; Jessie Ann, 25, and a married daughter, Ethel Jane Ruoff, have filed exceptions to the final report of guardianship by Lester Cooper and W. H. Powell, bank receivers. The heirs claim the bank was negligent in retaining $9,000 worth of shares in the old First National bank, as the shares were described as complete loss. Expenditures totalling $10,000 for university tultion, fraternity dues, automobiles and summer vacations for the children were alleged as unjustified on the ground they ate into the principal and reduced the estate from $53,000 in 1922, to approximately $25,000 when the guardianship was turned over to the Albuquerque National bank about year ago.