1060. First National Bank (Aurora, CO)

View Charter #11682 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11682
Charter Number
11682
Start Date
*
Location
Aurora, Colorado (39.729, -104.832)

Metadata

Model
gpt-5-mini
Short Digest
8fdb15ba84d38c60

Response Measures

None

Receivership Details

Depositor recovery rate
46.1%
Date receivership started
1933-10-31
Date receivership terminated
1937-12-31
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
44.2%
Share of assets assessed as worthless
12.6%

Description

Articles (Dec 29, 1933) report the First National Bank of Aurora, Colo., as closed and having had a conservator; its former president/conservator T. Frank Gilligan confessed to defalcations (~$74,000) which were used in an attempt to stave off receivership. No article mentions a depositor run. OCR errors in second article corrected (Frank Gilligan).

Events (4)
1. April 16, 1920 Chartered
Source
historical_nic
2. October 31, 1933 Receivership
Source
historical_nic
3. * Receivership
Newspaper Excerpt
president and former conservator of the closed First National Bank of Aurora, Colo., had surrendered and confessed $74,000 defalcation... used his own personal fortune ... in an attempt to save the bank from receivership.
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Confession of defalcations by president/former conservator T. Frank (T.) Gilligan, who admitted taking about $74,000 over eight years and used personal funds to try to save the bank from receivership.
Newspaper Excerpt
the closed First National Bank of Aurora, Colo., had surrendered and confessed defalcations amounting to about $74,000... former conservator of the closed First National Bank of Aurora, Colo.
Source
newspapers

Newspaper Articles (2)
1. December 29, 1933 Evening Star Washington, DC
Article from Evening Star, December 29, 1933

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Article Text

CONFESSION OF BANK OFFICIAL IS REPORTED Denver Prosecutor Says Former Head of Institution Has Admitted $74,000 Defalcation. By the Associated Press. DENVER, December 29.-United States District Attorney Thomas J. Morrissey announced today that T. Frank Gilligan, president and former conservator of the closed First National Bank of Aurora, Colo., had surrendered and confessed defalcations amounting to about $74,000 in the last eight years. "I've spent eight years wondering when the law was going to tap me on the shoulder, and I'm glad it's all over now," Gilligan was quoted as saying. Morrissey said Gilligan told him he did not benefit from the money he took, but used his own personal fortune. besides the $74,000, in an attempt to save the bank from receivership.

2. December 29, 1933 The Kansas City Times Kansas City, MO
Article from The Kansas City Times, December 29, 1933

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Article Text

IN FEAR OF LAW EIGHT YEARS. Attorney Announces Banker Confessed Taking (By DENVER, Dec. Morrissey, United district today that Frank Gillithe closed First National Bank Aurora, Col., had surrendered and amounting in the last eight years. I've spent years wondering the going tap the and I'm glad it's over now." Gilligan was quoted saying. Morrissey said Gilligan told him did benefit from the money but used his personal fortune besides the an save the bank from receivership.