First National Bank - Aurora, CO

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11682
Charter Number: 11682
Start Date: December 1, 1933*
Location: Aurora, Colorado (39.729, -104.832)

Metadata

Model: gpt-5-mini
Short Digest: 7b470b9e

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 report the First National Bank of Aurora as already closed and its president (former conservator) T. Frank Gilligan confessed to about $74,000 defalcations allegedly used to try to save the bank from receivership. No run is described; the bank is closed and a receivership is referenced. Suspension date not specified in the articles; receivership/ confession reported Dec 29, 1933.

Events (4)

1. April 16, 1920 Chartered

Source: historical_nic

2. October 31, 1933 Receivership

Source: historical_nic

3. December 1, 1933* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement/defalcation by the bank's president (T. Frank Gilligan) of about $74,000 over eight years, which led to bank failure/closure.
Newspaper Excerpt: the closed First National Bank of Aurora, Colo.,
Source: newspapers

4. December 29, 1933 Receivership

Newspaper Excerpt: 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.
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.