1237. First National Bank (Clifton, CO)

View Charter #9875 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
9875
Charter Number
9875
Start Date
November 28, 1913
Location
Clifton, Colorado (39.092, -108.449)

Metadata

Model
gpt-5-mini
Short Digest
fdd4e4e5

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1913-11-29
Date receivership terminated
1914-03-31
OCC cause of failure
Run
Share of assets assessed as good
41.5%
Share of assets assessed as doubtful
47.2%
Share of assets assessed as worthless
11.3%

Description

The First National Bank of Clifton temporarily suspended operations on 1913-11-28 after the Mesa County National Bank was closed by the Comptroller; suspension was explicitly to prevent a run. The institution later reopened as the First State Bank of Clifton (successor) and depositors were paid in full. A receiver (F. E. Chapman) was involved in arranging transfer to a state bank.

Events (6)
1. October 20, 1910 Chartered
Source
historical_nic
2. November 28, 1913 Suspension
Cause
Correspondent
Cause Details
Temporarily suspended after the Mesa County National Bank (with which Clifton cleared) was closed by the Comptroller; suspension intended to prevent a run.
Newspaper Excerpt
The First National bank of Clifton, which suspended temporar[ily] yesterday morning, will probably be re-opened Monday... The First National Bank of Clifton, which cleared through the Mesa County Bank, was closed temporarily to prevent a run.
Source
newspapers
3. November 29, 1913 Receivership
Source
historical_nic
4. December 6, 1913 Receivership
Newspaper Excerpt
Receiver F. E. Chapman of the Mesa County National bank went to Clifton to arrange for the transfer of the bank from a national to a state institution. Papers were drawn up today for a new charter under which the First National bank of Clifton will be opened... to take over the assets and liabilities of the old bank, ... Receiver F. E. Chapman ... went to Clifton to arrange for the transfer of the bank from a national to a state institution.
Source
newspapers
5. January 29, 1914 Other
Newspaper Excerpt
Arrangements were completed today by which the depositors of the First National Bank of Clifton will be able to draw their money next week... The receiver's certificates have been issued and the money has been deposited with the U. S. Treasurer at Washington to pay all of the depositors, dollar for dollar.
Source
newspapers
6. February 3, 1914 Reopening
Newspaper Excerpt
The First State Bank of Clifton, re-opened its doors this morning as the successor of the First National bank of Clifton, and at once began paying off depositors in the old bank.
Source
newspapers

Newspaper Articles (9)
1. November 28, 1913 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, November 28, 1913

Click image to open full size in new tab

Article Text

MESA CO. NATIONAL BANK CLOSED BY COMPTROLLER First National of Clifton DEPOSITORS WILL BE PAID is Temporarily Suspended IN FULL, DECLARE OFFICERS HE First National bank of Clifand discounts. The last statement of the Clifton ton was also closed following T' the closing of the Mesa County bank showed it to be in splendid National bank, the directors first shape financially. Depression in Securities That Were Considered Gilt-Edged is posting a notice, shortly after ten o'clock, that "owing to the failure of the Mesa County National Cause of Suspension; President Orson Adams Did EveryThe following message was bank to open its doors this morning, received today by Orson Adams it is deemed advisable to temporarily thing in His Power to Prevent Closing and Confifrom Oliver H. Shoup, one of suspend business." the best known financiers of the According to the statement of ofstate: dence of People of City is Still Unshaken. ficials of the Clifton bank that institution will be reopened within Colorado Springs, Colo., few days, as soon as it is learned to Nov. 28, 1913. what extent it will be affected by the Orson Adams, Mesa County bank. The Clifton bank Grand Junction, Colo.: NATIONAL BANK EXAMINER SMITH IS IN CHARGE cleared through the Mesa County, We are very sorry to learn of and had $9,000 on deposit there. It the present situation, but beis stated, however, that the Clifton Heve that you will work it out HE Mesa County National Bank, of this city, has been closed by bank has ample securities for all its finally and successfully. order of the United States comptroller of the currency. T" depositors, even though it should O. H. SHOUP. A notice to this effect was posted on the doors of the banking realize but fifty per cent on its loans house this morning, and the doors of the institution were not opened

2. November 28, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, November 28, 1913

Click image to open full size in new tab

Article Text

GRAND JUNCTION, COLO., Nov. 28.-The Mesa Caunty National Bank, capitalized at $100,000, was closed by order of the Comptroller of the Currency to-day. Impairment of securities and refusal of outside aid were given as the causes. The bank officials state that depositors will be paid in full. The First National Bank of Clifton, which cleared through the Mesa County Bank, was closed temporarily to prevent a run. CINCINNATI, Nov. 28.-While hundreds watched, a thief smashed the window of E. F. Keenlon's jewelry store, on one of the main thoroughfares here, this noon, and escaped with diamonds and jewelry valued at $2,000. WASHINGTON, Nov. 28.-President Wilson, it was stated to-day, will read his message to Congress at 1 o'clock Tuesday, December 2. The two branches of Congress will meet in joint session in the Hall of Representatives, MEXICO CITY, Nov. 28.-Forty Federal soldiers sent to the defense of Mendez, State of Tamaulipas, have disappeared and are believed to have been ambushed and massacred by rebels. Constitutionalists to-day captured Vasqueria, State of Nuevo Leon. Nineteen Federals and a number of residents of the town were killed. WASHINGTON, Nov. 28.-The Senate Democratic conference to-day refered the insurance deposits provision in the Hitchcock Republican draft of the currency bill back to the Banking and Currency Committee: passed over temporarily the question of whether the Federal Reserve Board shall be composed of seven to nine members, and left open the number of regional banks to be established. Senator Lewis, Democratic whip, predicted a binding caucus would be hold following the conference, which he believes will conclude its work Wednesday. CHICAGO, Nov. 28.-The jury in the case of Otoman Zar Adusht Hanish, chief of the Sun cult, charged with sending obscene literature by express, this afternoon returned a verdict of guilty. MEXICO CITY, Nov. 28.-The towns of Colorado and Tiburedo, both in Zacatecas, were captured by rebels to-day. Twenty-one women were killed and many were carried away to a worse fate. Inhabitants of Tiburcio pursued the constitutionalists and killed 19 before they reached the hills. NEW YORK, Nov. 28.-Nineteen persons were injured. four seriously, this afternoon when two trains crashed together at the Chatham Square Station of the Third avenue elevated line. Fire followed the collision, and one of the cars was partially destroyed. LEXINGTON, KY., Nov. 28.-Mrs. Emma Eversole to-day was found guilty of manslaughter in killing her husband, Mack Eversole, at Hazard, Ky,, two months ago. The penalty is 2 to 20 years in prison. She killed her husband in the presence of his divorced wife, who was visiting them.

3. November 29, 1913 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, November 29, 1913

Click image to open full size in new tab

Article Text

WILL REOPEN CLIFTON BANK MONDAY, BELIEF KUTTON ELECTED ARRANGE FOR VICE-PRESIDENT CONTINUANCE Institution's Condition is ExcelOF FEDERATION lent; Suspension Was Safety First Choice Votes Give Him Big Measure Only. Lead; McLennan President; HE First National Bank of Clifton, which suspended temporarT Hickey Secretary. ily yesterday morning, will probably be re-opened Monday mornDenver, Nov. 29.-On first choice ing. This is the expectation of Presvotes John McLennan is re-elected ident W. Guy McDonald, who is in president, William T. Hickey, secrethe city today, arranging the details tary-treasurer, and Quince Hutton of of the affairs. Grand Junction first vice president The First National is in excellent of the Colorado Federation of Lacondition from all account and was bor. It is not generally believed only temporarily affected by the inthat there will be any changes on the solvency of the Mesa County National other choices which have not yet in this city. If the bank doesn't open been counted. Monday, it will be but a few days Hutton's vote up to date, is 13,later, according to the officials. (11. The report of its condition, October Other vice presidents elected are 21, at the last call of the comptroller Radley, Anderson, Tumey, Gross and of the currency was as follows: Unlich. RESOURCES Mr. Hutton was endorsed by 75 unions in the state, and had the supLoans and discounts $20,253.60 port of all branches of the crafts. Overdrafts, secured and unsecured 78.87 U. S. Bonds to secure circulation 12,500.00 124.66 Premiums on U. S. bonds_ BANK DEPOSITORS Banking house, furniture. and fixtures 13,156.52 Due from National banks 6,941.31 (not reserve agents) TO MEET MONDAY Due from approved reserve 9,402.38 agents Notes of other National 35.00 banks No Change in Situation; People Fractional paper currency 124.97 Generally Confident Readnickels and cents Lawful Money Reserve in Bank, viz: justment is Coming. 3,043.00 $3,043 Specie HERE have been no new imporRedemption fund with U. tant developments concerning S. treasurer (5 per cent T the closing of the Mesa County 625.00 of circulation) National bank. Total $66,284.81 Special Examiner Smith, who is in LIABILITIES charge, is still busy going over the $25,000.00 papers, accounts, etc., of the instiCapital stock paid in tution. 150.00 Surplus fund Undivided profits, less exThe same feeling of confidence in 966.78 penses and taxes paid a final satisfactory adjustment of the National bank notes outaffairs that prevailed yesterday is 12,500.00 standing prevailing today. Individual deposits subject President Orson Adams last night to check 26,902.83 and today received many telegrams Time certificates of deexpressing confidence and making 765.20 posit proffers of assistance. There is a general tendency to reTotal $66,284.81 gard the local financial situation in

4. November 29, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, November 29, 1913

Click image to open full size in new tab

Article Text

ILL., Nov. 28.-Frank McAdams, who killed his wife at a Thanksgiving dance last night at Cuba, killed himself to-day. He was attacked by a posse of several hundred men and many shots were exchanged. The jaw of Policeman Hagaman, who attempted to make the arrest, was shattered with a bullet. A four-year-old daughter of the Mc. Adams escaped injury, although she was on her mother's lap when Mrs. McAdams was shot. NEW YORK, Nov. 28.-Four persons were hurt this afternoon when two Third avenue elevated trains collided at the Chatl am Square junction of the Second and Third avenue lines. Both trains caught fire after the collision. NEW YORK, Nov. 28.-Mayor Kline this afternoon announced that he had received the resignation of Park Commissioner Charles E. Stover, who has been missing for some time, and had appointed Louis F. LaRoche in his place. No explanation was given as to how Stover tendered his resignation. CONCORD. N. H., Nov. 28.-Merrill Shurteleff, attorney for Harry K. Thaw, to-day filed Thaw's answer to Sheriff Drew's return on the writ of habeas corpus granted by Federal Judge Aldrich. The answer is simply a formal denial of the grounds upon which Drew asks that the petition for a writ of habeas corpus be refused, and it alleges that the custody under which Thaw is now held is illegal, oppressive and not founded on due process of law. NEW YORK, Nov. 28.-Customs of ficials to-day indulged in a wild pursuit of a bracelet that had been passed to a relative of Mrs. Birdie Harris, of New York, a first-cabin passenger on the Lusitania. The bracelet, said to be very valuable, was passed from one to another of Mrs. Harris' ten relatives who greeted her at the pier, and it was nearly an hour before the bracelet was captured. All of Mrs. Harris' relatives were summoned to appear before the surveyor of the port. CHICAGO, Nov. 28.-Ten or fifteen passengers were hurt and hundreds thrown into a panic late this afternoon when two Wilson avenue express trains met in a rear-end collision on the Northwestern "L" Railroad at Fullerton avenue. MEMPHIS, TENN., Nov. 28.-The Federal Grand Jury to-day returned indictments against the Roberts Mamner Grain Company of Memphis, charging the firm with violating Interstate Commerce Commission laws governing shipments of grain. WASHINGTON, Nov. 28.-Agents of the Department of Justice are watching developments in the formation of a $15,000,000 "sheet music trust," now under organization. in New York. It is learned unofficially that the real purpose of the combination is to advance the price of sheet music from 10 to 15 cents, and more. For that reason it is understood one concern which operates a chain of 5 and 10-cent stores has refused to enter the combination, since it would be unable to handle the music at the advanced price. GRAND JUNCTION, COLO., Nov. 28.-The Mesa Caunty National Bank, capitalized at $100,000, was closed by order of the Comptroller of the Currency to-day. Impairment of securities and refusal of outside aid were given as the causes. The bank officials state that depositors will be paid in full. The First National Bank of Clifton, which cleared through the Mesa County Bank, was closed temporarily to prevent a run. CINCINNATI, Nov. 28.-While hundreds watched, a thief smashed the window of E. F. Keenlon's jewelry store, on one of the main thoroughfares here, this noon, and escaped with diamonds and jewelry valued at $2,000. WASHINGTON, Nov. 28.-President Wilson, it was stated to-day, will read his message to Congress at 1 o'clock Tuesday, December 2. The two branches of Congress will meet in joint session in the Hall of Representatives, MEXICO CITY, Nov. 28.-Forty Federal soldiers sent to the defense of Mendez, State of Tamaulipas, have disappeared and are believed to have been ambushed and massacred by rebels. Constitutionalists to-day captured Vasqueria, State of Nuevo Leon. Nineteen Federals and a number of residents of the town were killed. WASHINGTON, Nov. 28.-The Senate Democratic conference to-day refered the insurance deposits provision in the Hitchcock Republican draft of the currency bill back to the Banking and Currency Committee: passed over temporarily the question of whether the Federal Reserve Board shall be composed of seven to nine members, and left open the number of regional banks to be established.

5. December 6, 1913 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 6, 1913

Click image to open full size in new tab

Article Text

REOPEN CLIFTON BANK AS STATE INSTITUTION W. G. McDonald Will be Head of New Organization Which Will be in Control. Papers were drawn up today for a new charter under which the First National bank of Clifton will be opened. W. G. McDonald will be the heaviest stockholder in the new state bank, which is to take over the assets and liabilities of the old bank, and some of the most prominent and wealthiest citizens of the Clifton section will be stockholders. The change to the state bank is made in order to permit the transfer of the securities held by the receiver of the Mesa County National bank, and to make it possible to reopen without awaiting the reopening of the Grand Junction bank. Application for a state charter will be made Monday. This afternoon Receiver F. E. Chapman of the Mesa County National bank went to Clifton to arrange for the transfer of the bank from a national to a state institution. W. G. McDonald, who is president of the Clifton National, who is here today, stated that there would be very little delay in reopening the bank, and that sufficient sums are already on hand to pay the depositors if they should desire their money. The merchants in Clifton are accepting the checks of the Clifton bank just the same as if it was open for business, so there has been no inconvenience there because of failure to reopen at once. W. S. Gardner, M. T. Jaquith, J. D. Secor, T. A. Butcher and other prominent Clifton citizens will probably take stock in the institution.

6. January 29, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, January 29, 1914

Click image to open full size in new tab

Article Text

CLIFTON BANK TO PAY DEPOSITORS Arrangements were completed today by which the depositors of the First National Bank of Clifton will be able to draw their money next week, probably Tuesday. The receiver's certificates have been issued and the money has been deposited with the U. S. Treasurer at Washington to pay all of the depositors, dollar for dollar. W. G. McDonald, who has organized the First Clifton state bank, to facilitate the depositors getting their money at once, instead of waiting for the checks to be issued from Washington, has arranged to cash the receiver's certificates at their face value. The state bank will probably be opened Tuesday, with F. A. Hill of this city to assist him in the re-opening.

7. February 3, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, February 3, 1914

Click image to open full size in new tab

Article Text

CLIFTON BANK REOPENS WITH GAIN IN CASH Deposits at Close of Business Higher Than When Institution Began Business. SUCCEEDS THE NATIONAL BANK The First State Bank of Clifton, re-opened its doors this morning as the successor of the First National bank of Clifton, and at once began paying off depositors in the old bank. At the close of business today the new bank had taken in more cash than it had paid out. The deposits for today were injercess of $10,000 and the showing is remarkable, because it is indicative of the faith of the people of the valley, in spite of recent misfortunes. The new bank opened its doors at eight o'clock this morning, with the idea that the several hundred depositcrs of the old First National might secure their money without unnecessary delay. In spite of the widely advertised announcement that the claims against the old bank would be paid today, there was no rush to draw out money this morning. On the contrary. not a depositor withdrew his account, although of course there were small withdrawals for current expenses. Cashier McDonald announced this afternoon, that the deposits had exceeded the withdrawals, in addition to the fact that depositors had not touched, the funds they had with the old bank. Prof. T. A. Butcher is president of the First State Bank of Clifton, and W. G. McDonald is cashier. Frank Hill, former cashier of the First National went to Clifton this morning and assisted in starting off the new institution. Mr. McDonald said that his most sanguine expectations had been exceeded and he was very grateful for the confidence that had been shown in the new institution. According to the terms of the agreement with the First National Bank of Clifton, the new bank has taken over all the assets and liabilities of the old institution. The national bank stockholders retain possession of the fine two story bank building. The Clifton bank when it closed was in splendid financial shape, but due to the fact that the reserve, amounting to $10,000 was tied up in the Mesa County, the directors considered it best not to attempt to open and take the chances of a "run." In order to satisfy the government, represented by Receiver F. A. Chapman, the new bank deposited sufficient funds with the United States treasurer to pay every depositor in full. Certificates were issued by the receiver payable in Washington, but in order to obviate the necessity for further waiting, Mr. McDonald agreed to pay these sums as fast as presented. Those of the old depositors who presented their certificates today, simply re-deposited them in the new bank which accounts for the heavy deposits today.

8. March 12, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, March 12, 1914

Click image to open full size in new tab

Article Text

Will Pay Clifton Depositors Friday Receiver F.A. Chapman and Frank A. Hill, former cashier, will go to Clifton tomorrow, to distribute the checks to the depositors of the old First National Bank, which was succeeded by the First State bank. Most of the deposits were assigned to W. G. McDonald, who took over the assets of the old bank. but about $5,000 will be distributed direct to the depositors. The total amount being distributed is $30,000.

9. March 13, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, March 13, 1914

Click image to open full size in new tab

Article Text

Depositors Get Money Depositors in the aid First National Bank of Clifton were given their money today by Receiver Chapman, with the assistance of F. A. Hill. Some of the checks from the government were for very small amounts, twelve cents being the smallest check. Most of the depositors who received their money at once re-deposited in the new First State Bank of Clifton. Fred Farmer arrived from his home in Collbran this morning for a few days' sojourn.