1189. Citizens National Bank (Glenwood Springs, CO)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
6957
Charter Number
6957
Start Date
December 27, 1932
Location
Glenwood Springs, Colorado (39.551, -107.325)

Metadata

Model
gpt-5-mini
Short Digest
262d1d33619fa2d8

Response Measures

None

Receivership Details

Depositor recovery rate
65.1%
Date receivership started
1932-12-29
Date receivership terminated
1936-10-29
Share of assets assessed as good
20.8%
Share of assets assessed as doubtful
63.7%
Share of assets assessed as worthless
15.5%

Description

Newspaper items (dated 1932-12-27) report the closing of the Citizens' National Bank and depositors seeking appointment of a local receiver to liquidate assets. Articles attribute the closing to general economic conditions (Great Depression). There is no mention of a depositor run in the provided texts.

Events (5)

1. September 18, 1903 Chartered
Source
historical_nic
2. December 27, 1932 Other
Newspaper Excerpt
Movement has been started by number of the depositors of the Citizens National bank to secure the appointment of local man as receiver in order to conserve as much as possible of the assets of the bank for the benefit of the depositors ... Telegrams are being sent to Costigan and Schuyler and Congressman Taylor asking them to intercede for the local appointment of a receiver
Source
newspapers
3. December 27, 1932 Receivership
Newspaper Excerpt
Movement has been started by number of the depositors of the Citizens National bank to secure the appointment of local man as receiver in order to conserve as much as possible of the assets of the bank for the benefit of the depositors ... Telegrams are being sent to Costigan and Schuyler and Congressman Taylor asking them to intercede for the local appointment
Source
newspapers
4. December 27, 1932 Suspension
Cause
Macro News
Cause Details
Closed due to general economic conditions (Great Depression) rather than specific bank scandal or rumors.
Newspaper Excerpt
That this body greatly regrets that conditions have made necessary to close the Citizens' National bank ... the closing of the Citizens National bank is entirely due to economic conditions over which the officers of the bank had no control
Source
newspapers
5. December 29, 1932 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The Daily Sentinel, December 27, 1932

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Article Text

Western Slope Briefs RIFLE UNION TO SEND DELEGATE STATE MEET Rifle. Colo., Dec. Three appointed by the president will represent the Garfield County Farmers union at the annual state meeting in Denver January Such was the decision at the annual meeting of the association which was held at the Methodist church here last Thursday There was attendance which was unanimous in John Hocker, president and Leas secretary and treasurer Mrs Dan Par ker was elected and and the board of directors is composed of Mr. Kibler. Mr. Loshbaugh and Mr. McKee. URGE APPOINTMENT OF LOCAL MAN AS BANK RECEIVER Glenwood Springs, Dec. movement has been started by number of the depositors of the Citizens National bank to secure the appointment of local man as receiver in order to conserve as much as possible of the assets of the bank for the benefit of the depositors It is believed that under proper liquidation with economy on the part of the receiver that every will be repaid in full, but, If as has been done in some some one with no interest in the community appointed he may run up the ex pense and cause loss to the local people Telegrams are being sent to Costigan and Schuyler and Congressman Taylor asking them to intercede for the local appointment


Article from The Daily Sentinel, December 27, 1932

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Article Text

of Malaby has in the year past years held responsible posi lions with the Denver and Rio Grande railroad company, in the freight and express offices of the will very capable assistant for Mr. Durant Bernard Wellington was arrested at Edwards by Game Wardens Downey and Hope for having deer in his possession. He plead guilty justice court before Frank Long of Eagle and was fined $100 and costs. It was moved. seconded and unanimously passed by the Glenwood Springs Chamber of Commerce "That this body greatly regrets that conditions have made necessary to close the Citizens' National bank that this body feels that the closing of the Citizens National bank is entirely due to economic conditions over which the officers of the bank had no control and that this body has full confidence in the honesty and in tegrity of the officers of said bank who faithfully served this community for A number of