1123. Drovers National Bank (Denver, CO)

View Charter #11564 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
11564
Charter Number
11564
Start Date
December 17, 1925
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
261e133908de2cff

Response Measures

None

Receivership Details

Depositor recovery rate
40.3%
Date receivership started
1925-12-24
Date receivership terminated
1931-05-31
OCC cause of failure
Governance
Share of assets assessed as good
28.3%
Share of assets assessed as doubtful
26.7%
Share of assets assessed as worthless
45.1%

Description

Multiple contemporaneous articles (Dec 17–19, 1925) report the Drovers National Bank was closed at noon Dec 17, 1925 and placed in the hands of federal examiners due to impaired capital and frozen livestock loan assets. Reports indicate hopes/efforts to reopen rather than an immediate permanent failure; no explicit run on Drovers itself is described (runs are mentioned for North Denver and crowds at Broadway). OCR errors in some pieces corrected (e.g., Drover's -> Drovers).

Events (3)
1. December 31, 1919 Chartered
Source
historical_nic
2. December 17, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Impairment of capital and frozen assets in livestock/cattle loans led examiners to close the bank; cited as primary reason by national bank examiners.
Newspaper Excerpt
Two Denver banks, the Drovers National bank and the Broadway National bank, closed their doors at noon today and are in the hands of federal examiners.
Source
newspapers
3. December 24, 1925 Receivership
Source
historical_nic

Newspaper Articles (11)
1. December 17, 1925 Visalia Daily Times Visalia, CA
Article from Visalia Daily Times, December 17, 1925

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Article Text

State Items By Telegraph (United Press Leased Wire) SAN FRANCISCO, Dec. 17.-Car' Anton Feien, Tulare county rancher, today held a judgment of $4,371 damages against Mrs. Georgia Swain, whom he sued for $25,000 as a result of injuries when run down by the woman's automobile here June 1924. Mrs. Swain later was involved is another accident, and is serving year sentence in the county jail for intoxicated driving. SAN FRANCISCO, Dec. 17.-Sixty-seven men stood charged today with violation of the city gambling ordinances as a result of a police raid led by Captain Charles Goff, late prohibition chief, against four alleged horse race bookmakers. SAN DIEGO, Dec. 17 Harold A. Nester, the jilted suitor of Miss Mildred Dern, of Salt Lake City, was en route to his home in the east, and his bride-to-have-been and her mother, Mrs. Fred C. Dern, today refused to make any further comment on the sudden cancellation of plans for the nuptials, which were to have taken place in this city yesterday. An "agreement to disagree" was the explanation given by Mrs. Dern yesterday in her only statement regarding the unhappy climax of her daughter's romance. Miss Dern is reported to have broken her engagement to Nester, scion of a wealthy family of Geneva, N. Y., once before. Miss Deern is the daughter of Fred C. Dern, wealthy banker and stock broker of Salt Lake City, and niece of George H. Dern, Governor of Utah. LOS ANGELES, Dec. 17.-Two mysterious jewel robberies perpetrated on wealthy society women were reported to Los Angeles and Long Beach police today. Jewelry valued at $10,000 was stolen from Mrs. George L. Washburn of Long Beach. Mrs. Francis G. Packard. wealthy New York society woman, reported $2,200 in gems had been taken from her while on deposit in the safety vault of a local hotel where she was a guest. Both women said they had brought the jewels to California with them in their trunks. They were locked up for safe keeping and last night when they decided to wear the gems discovered they were Police attribute both robberies to the same gang of society thieves. The "pobs" were carried out in similar manner, it was said. LOS ANGELES, Dec. 17-With a recommendation for life imprisonment, a jury returned a verdict of guilty here early today in the case of Harry Alpine, accused slayer of Barney Blum. Blum was shot down in a bootleg war on September Alpine was formally charged with the murder when Bium died several days, after the altercation. LOS ANGELES, Dec 17.-R. H. Conley, insurance salesman, was found in a dying condition on an uptown street corner here today, apparently the victim of a wouldbe slayer. His head had been crushed from a terrific blow with a bludgeon, police surgeons said, and he was expected to live. Jewelry and money on Conley's person indicated robbery was not the motive of the strange attack Police are making a thorough in vestigation, in the belief he was murdered. SAN FRANCISCO, Dec. The steamer West O'Rowa is adrift in the North Pacific, 1400 miles from Tokio, according to messages relayed today from Cordova, Alaska, to the Chamber of Commerce marine department here today. Thirty-five members of the crew were reported in grave peril. The steamers Oakridg and West Holbrook are going to the ship's assistance. BERKELEY, Dec. 17.-The almost-forgotten hospital training of Miss Adelaide O'Brien 70, today saved the life of her brother-in Joseph R. Daly, 70, after he had cut his throat with two razors in a suicide attempt. Miss O'Brien stopped the flow of blood when Daly staggered out of the bathroom and attended him on che way to the hospital. Surgeons there said her prompt attention saved his life. MODESTO, Dec. 17.-Sentence will be pronounced Monday in superior court here on Levi Jones, retired rancher, found guilty by jury of involuntary manslaughter in the death of A. M. Herndon. Herndon died as a result of injuries when automobiles driven by him and by Jones collided April 12. DENVER. Colo., Dec. 17.-Two Denver banks, the Drovers National bank and the Broadway National bank, closed their doors at noon today and are in the hands of federal examiners. The examiners who ordered the banks closed have made no statement or explanation. A crowd of several hundred stood in the street in front of the Broadway bank at 1 o'clock, waiting for some information concerning the condition of the institution. A heavy run started this afternoon on the North Denver bank, another of the Hollis banks. Between three and four hundred persons were crowding about the teller's cage and in the street shortly before closing time. Payments had not been stopped at 2:30. Get a-going and keep a-going and let the "Times' Want Ads help you every day.

2. December 17, 1925 The Hanford Sentinel Hanford, CA
Article from The Hanford Sentinel, December 17, 1925

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Article Text

EXAMINERS CLOSE TWO BANKS Denver, Dec. 17. (United Press.) Two Denver banks. the Drovers National Bank and the Broadway National Bank, closed their doors at noon today and are in the hands of federal The examiners who ordered the banks closed have made no statement or crowd of several hundred stood in the street in front of the Broadway bank at o'clock waiting for some information concerning the the institution The Broadway National had deposits of over $3,000,000 according to the published statement. The Drovers had deposits approximately Excitement was high the stock yards, where the Drovers located. Many passed by the bank but paused only to read the sign on the door which said the bank had been closed by the board of directors and was in the hands of federal examiners. heavy run started this afternoon on the North Denver Bank, another of the Hollis banks. Between three and four hundred persons were crowding about the teller's cage and in the street shortly before closing time. Payments had not been stopped

3. December 18, 1925 Alameda Times Star Alameda, CA
Article from Alameda Times Star, December 18, 1925

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FACE CRITICAL Five Institutions Closed and Depositors Besiege Other Financial Concerns United Press DENVER Dec. banks closed their doors in Denver days. Metropolitan State Bank today failed open its doors. Yesterday the Drovers' National, Broadway National and the North Denver State Bank all were placed the hands of federal and state examiners. James E. Adams. president of the Bank, said day that the bank had been turnto state examiners at his request. Metropolitan several weeks ago, to Adams, had posits of and since that they have been reduced to about view of the bad banking situation here and to protect interests our depositors, he said, deemed advisable turn the bank over to state offiheavy run developed this morning when the Central SavBank and Trust Company opened doors. was estimated that 500 persons waiting in the street in front of the bank Police were in charge of the crowd and only few were let into the bank at time. Rumors were afloat all over town and serious situation was developing with withdrawals creasing many banks. The Capitoi Hill State Bank put in the hands of state examiners shortly after opening this morning when crowd found waiting withdraw their accounts. This banks with closed doors. The Capitol Hill State Bank small suburWhen the 500 persons milling about front the Central Savings Bank and Trust Company this morning. Bishop Frank Rice of the Liberal Church made his way the teller's window and deposited $100 church. Proceeding to the street. Bishop Rice made speech telling the crowd to be calm and that there need of fear. Fifty people with the bishop. People's Bank here failto open its doors today The closing of the Bank of Iowa, few days ago, believed to have heavy withdrawals from local bank. Deposits totalled

4. December 18, 1925 The Daily Report Ontario, CA
Article from The Daily Report, December 18, 1925

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3RD DENVER BANK Rough Dip ORDERED CLOSED Bishop's 1-1b. Box Christmas Special Frozen Cattle Paper is Cause for 2 Closings Says Bank President DENVER, Colo.-Four banks have closed their doors in Denver within two days. The Metropolitan State bank today failed to open its doors. Yesterday the Drovers National, Broadway National and the North Denver State bank all were placed in the hands of federal and state examiners. DENVED. Colo. With Christmas shopping at its height, three Dates-Bulk Denver banks were today in the 2 pounds 25c hands of bank examiners. The Drovers National bank and Plums-Preserves the Broadway National bank were closed at noon yesterday when It was found they could not meet their liabilities. The North Denver State bank Nutola was, closed last night at the request of the officers of the instiFirst Grade Oleo tution after a heavy run during the afternoon. Made by Armour & Co. Although no statement has been SPECIAL SATURDAY issued by Gordon Hollis, president of two of the closed banks, he replied affirmatively to questions 25c that frozen paper on cattle loans was a cause of his two banks closing.

5. December 18, 1925 Evening Star Washington, DC
Article from Evening Star, December 18, 1925

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TWO MORE BANKS CLOSED IN DENVER Five Forced to Suspend in Two Days Due to "Frozen Assets." By the Associated Press. DENVER, Colo., December 18.Two additional Denver banks-the Capitol Hill State Bank and the Metropolitan State Bank-failed to open today. Grant McFerson, State bank commissioner, announced that examiners had taken charge of the Metropolitan and Capitol Hill Banks. Both are small institutions. Steady withdrawals from the Metropolitan during the week and a run on the Capitol Hill yesterday was instrumental in the closing, officials said. Three others-the Drovers' National Bank, the Broadway National Bank and the North Denver Bank, the latter a State institution-closed their doors yesterday. The deposits of the three banks aggregated approximately $4,400,000-the Broadway with $3,088,683, the Drovers' National, $1,100,100 and the North Denver Bank, $258,000 Blame Frozen Assets. Frozen assets in live stock loans and an impairment of capital were the reasons indicated by national bank examiners for the closing of the two national banks, while State bank examiners, who took charge of the North Denver Bank, would not make public any reason for its closing. Gordon F. Hollis is president of the two closed national banks while Mrs. Marguerite Hollis, his wife, was named president of the North Denver Bank last year, succeeding her husband, who previously had been the institution's head. Declines Any Statement. L. K. Roberts, chief national bank examiner for the tenth Federal reserve district, took the two national banks under charge and Grant R. McFerson, State bank commissioner, was in charge of the North Denver institution last night. Hopes of an early reopening of the two national banks were asserted by Mr. Hollis in a statement last night. He said that the depression in the live stock industry caused the main depreciation of the national banks' assets. Mr. Roberts declared that he was "not in a position to say what things had happened at the banks."

6. December 18, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 18, 1925

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McFerson announced that his department's examiners had taken charge of the Metropolitan and Capitol Hill banks. Both are small institutions. Steady withdrawals from the Metropolitan during the week, and a run on the Capitol Hill yesterday. were factors in the>closing, officials said. The banks closed yesterday were the Broadway National, the Drover's National, and the North Denver bank, the latter a state institution. These three banks had deposits of approximately $3,500,000. The Broadway National was the largest, with deposits totaling about $2,500,000. - Impairment of capital and frozen paper in livestock loans were ascribed as the reasons for the closing of the two national banks.

7. December 18, 1925 The Hanford Sentinel Hanford, CA
Article from The Hanford Sentinel, December 18, 1925

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FIVE BANKS UNDER CLOSING OF TWO BANKS TO RUN ON OTHERS WHICH RE. SULTS IN STATE AND AL EXAMINERS TAKING CON- TROL. Denver. Dec. Press) Five banks have closed their doors in Denver within two days. The Metropolitan State Bank today failed to open its doors. Yes. terday the Drovers National, Broadway National and the North Denver State Bank all were placed in the hands of federal and state examinors. James E. Adams, president of the Metropolitan bank. said today that the bank had been turned over the state examiners at his request. The Metropolitan several weeks ago according to Adams, had deposits of $400,000 and since that time they have been reduced to about $100,000. "In view of the banking situation here and to protect the interests fo our depositors. he said, deemed it advisable to turn the bank over to state officials.' A heavy run developed this morning when the Central Savings Bank and Trust company opened its doors. was estimated that 500 persons were waiting in the street in front of the bank. Police were in charge of the crowd and only few were let into the bank at time. Rumors afloat all over town and serious situation ing with withdrawals increasing at many banks The Capitol Hill State Bank was put in the hands of state examiners shortly after opening this morning when crowd waiting to withdraw their accounts. This makes five banks with closed doors. The Capitol Hill State Bank is small suburban bank.

8. December 18, 1925 York News-Times York, NE
Article from York News-Times, December 18, 1925

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Three Denver Banks in Examiners' Hands DENVER Colo., Dec. 18.-(UP) With Christmas shopping at its height, three Denver banks were today in the hands of bank examiners The Drovers National bank and the Broadway National bank were closed at noon yesterday when it was found they could not meet their liabilities. The North Denver State bank was closed last night at the request of the officers of the institution after a heavy run during the af- Although no statement had been issued by Gordon Hollis, president of the two closed national banks, he replied to, questions that frozen loans on cattle were a cause of their closing.

9. December 18, 1925 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, December 18, 1925

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FIVE DENVER BANKS CLOSED Ey United Press DENVER. Colo., Dec. five local banks closed and in the hands of bank examiners. all Denver nervously awaited the next move in firencial circles today. The Capitol Hill State Bank was put into the kinds of receivers this afternoon after the Metropolitan State Bank failed to open its doors. Yesterday. the Drovers' National. The Broadway National and the North Denver State Banks were placed in the hands of federal and state examiners. Frozen credits and the depression in the live stock industry were jointly blamed for the closing of the Institutions whose deposits total seven millions of dollars. While the belief was expressed by officials that the banks would open for business as soon as their affairs were straightened out, the depositors about notices of closing and speculated on their chances. Police were in charge of a crowd estimated at more than 500 persons who started on the Central Savings Bank today. Only few depesitors were admitted at'a time. With Christmas shopping at its peak, depositors found themselves unable to do much buying and recalling two previous bank failures in the past two years. By United Press DENVER. Colo., Dec. 18.-With Christmas shopping at its height, *hree Denver banks today were in the hands of bank examiners. The National Bank and the Broadway National Bank were closed at noon yesterday when it was found they could not meet their liabilities. The North Denver State Bank was closed last night at the request of the officers of the institution after a heavy run during the afternoon. Although no statement has been issued by Gordon Hollis, president of the two closed National banks, he replied affirmatively to questions that frozen paper cattle loans were the cause of their closing. It was announced today that all business done during the forenoon yesterday was kept separate and that deposits made will be returned in full

10. December 19, 1925 The McCook Daily Gazette McCook, NE
Article from The McCook Daily Gazette, December 19, 1925

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BANK PANIC DENVER SUBSIDES Populace Quiets Down While Bankers Say Will Within Few Days Denver, Dec. officials of five banks that closed in Denver Thursday and Friday were making efforts to reopen their closed institutions, excitement that prevailed here yesterday had moderated today. Gordon Hollis, president of ers National bank, and the Broadway National bank, the first two to close their doors, said work was der way to reopen the Broadway bank. Officials of the Metropolitan and Capitol Hill State banks placed their affairs in the hands of examiners yesterday and said they believed both would reopen in short time. No statement was forthcoming from the North Denver State bank, but was said to have been solvwhen Roberts, chief national bank examiner, remained in charge of the two banks, and will make statement within few days as to their condition.

11. December 20, 1925 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 20, 1925

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FIVE BANKS CLOSE IN DENVER WITHIN TWENTY-FOUR HOURS DENVER, Colo., Dec: 18.-The Metropolitan State Bank and the Capitol Hill State Bank closed their doors here today, bringing the number of banks to close up within 24 hours to five. The North Denver State Bank closed after examiners had taken charge of the Broadway National & Drovers' National Banks. Total deposits of $4,000,000 are involved. "Frozen" assets are given as the reasons for the closing of the banks. Depositors fearing loss of their savings have started runs on the other banks in the city.