1257. Broadway National Bank (Denver, CO)

View Charter #12250 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12250
Charter Number
12250
Start Date
December 17, 1925
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
0fb2f710

Response Measures

Full suspension, Books examined

Other: Closed by federal examiners for frozen livestock loans; later placed in receivership.

Receivership Details

Depositor recovery rate
77.7%
Date receivership started
1926-01-16
Date receivership terminated
1935-12-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
71.4%
Share of assets assessed as doubtful
11.4%
Share of assets assessed as worthless
17.2%

Description

Multiple newspapers (Dec 17-19, 1925) report crowds outside the Broadway National and that federal examiners took the bank into custody because it could not meet liabilities; examiners blamed frozen assets in livestock loans. There was a heavy crowd/run at closing, and later reporting (Oct 1926) refers to a receiver for the Broadway National, indicating permanent closure/receivership.

Events (5)
1. August 29, 1922 Chartered
Source
historical_nic
2. December 17, 1925 Run
Cause
Bank Specific Adverse Info
Cause Details
Crowds and heavy withdrawals driven by loss in bank assets caused by frozen livestock loans / impairment of capital
Measures
None described beyond examiners taking control; police limited access to tellers
Newspaper Excerpt
crowd several hundred stood the street in front of the Broadbank ... heavy run this afternoon
Source
newspapers
3. December 17, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by federal examiners after finding they could not meet liabilities; examiners blamed frozen assets in livestock loans and impairment of capital for national banks' closing
Newspaper Excerpt
Broadway National Bank ... closed their doors noon today and are in the hands of Federal examiners
Source
newspapers
4. January 16, 1926 Receivership
Source
historical_nic
5. October 15, 1926 Receivership
Newspaper Excerpt
George Stahl, receiver for the Broadway National bank of Denver, was called to the stand by the defense.
Source
newspapers

Newspaper Articles (12)
1. December 17, 1925 The Times Standard Eureka, CA
Article from The Times Standard, December 17, 1925

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Article Text

Colo., Dec. United Denver banks the Drover's National Bank and the Broadway National Bank, closed their doors noon today and are the hands of Federal examiners. The examiners ordered the banks closed have made statement explanation. crowd several hundred stood the street in front of the Broadbank o'clock some formation concerning the condition of the institution. The Broadway National had posits of $3,000,000. according the last published statement. The Bank deposits approximately Excitement was high the Stock Yards. where the Drivers located Many passed by the bank but only to read the sign door which said the bank had been closed by the board directors and was in the hands of Federal examiners. heavy run this afternoon on the North Denver Bank, another of the Hollis banks. Between and four hundred sons were crowding about the tellers cage and in the street before closing time. had not been stopped

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

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Article Text

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

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

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Article Text

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."

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

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Article Text

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.

5. December 18, 1925 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 18, 1925

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Article Text

THREE DENVER BANKS CLOSED BY EXAMINERS Denver Dec. 18 (U 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 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.

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

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Article Text

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.

7. December 18, 1925 News-Pilot San Pedro, CA
Article from News-Pilot, December 18, 1925

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Article Text

Frozen Loans Force Closing of Three Banks in Denver (By United Press) DENVER. Colo., Dec. Christmas shopping at its height, three Denver banks were today hands of bank examiners. The Drovers National Bank and the Broadway National Bank closed noon yesterday when found they could not meet their liabilities. The North DenState Bank closed last night the request of the offiof the institution after heavy during the afternoon. Although statement has been issued by Gordon Hollis, president of the closed banks, replied questions that frozen paper cattle loans cause his two banks closing.

8. December 18, 1925 The Whittier News Whittier, CA
Article from The Whittier News, December 18, 1925

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Article Text

FIVE DENVER BANKS CLOSE (Continued From Page One) 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 heavy run during the afternoon. Although no statement has been issued by Gordon Hollis, president of two of the closed banks, he replied affirmatively to questions that frozen paper on cattle loans was a cause of his two banks closing.

9. December 18, 1925 The Kentucky Post Covington, KY
Article from The Kentucky Post, December 18, 1925

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Article Text

FIVE BANKS IN DENVER CLOSE Frozen Paper on Cattle Loans Is Blamed By United Press. DENVER, COL., Dec. 18.-With five local banks closed and in the hands of bank examiners, all Denver nervously next move financial circles today The Capital Hill State Bank was put in the hands of receivers today the Metropolitan State Bank failed to open its doors. Yesterday the Drovers National the Broadway National and North Denver State Banks were taken over by federal and state ex James E. Adams, president of Metropolitan, the bank had been turned over to state examiners his request. The Metropolitan several weeks ago had deposits $400,000, Adams Since that time they have dwindled to "In view of the bad banking situ ation here and to protect our depositors," he said, "we deemed it ad state visable turn the bank over to Drovens National Bank and the Broadway National Bank closed at noon They could not meet last North night Denver State Bank closed heavy Cockins, elected president run, of Central Savings Bank Trust Co., with resignation of Gordon HoMis, president issued of the two national banks, that his bank was not affected by Hollis' resignation.

10. December 20, 1925 Star Tribune Minneapolis, MN
Article from Star Tribune, December 20, 1925

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Article Text

Two Additional Banks Close Doors in Denver Denver, Dec. 19. (By Associated Press.) small state failing to their dors yesterday, left Den pen ver with five closed banks. The banks, with total deposits of ap proximately $4,250,000. are the Broadway National bank, the Drovers' tional bank and the North Denver bank, which closed yesterday, and the Capitol Hill State bank and the Metropolitan State bank, which did not open today.

11. October 15, 1926 Douglas Daily Dispatch Douglas, AZ
Article from Douglas Daily Dispatch, October 15, 1926

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TECHNICAL TESTIMONY TAKES UP DAY IN TRIAL OF COLORADO BANKER COLORADO SPRINGS, Oct. 14.-((A)) -Involved in technical testimony relative to the finances of the Capitol Hill State bank in Denver and the Standard Securities and Investment company was given today in the emfbezzlement action against Walter V. Escher in district court before Judge Arthur Cornforth. Allen Redeker, certified public accountaint, who took the witness stand Wednesday, was questioned until late today. He did the auditing work for the Standard Securities and Investment company from which it is alleged Escher misappropriated funds. Foster Cline, district attorney for the second judicial district, Denver, and S. Harrison White, attorney for the defense, engaged in a legal tilt throughout the day over the introduction of evidence. Redeker was cross examined today by Cline. The exact purpose of Redeker's testimony probably will not be revealed until the attorneys begin their arguments. The case is expected to last until early next week. Shortly before the court was adjourned, George Stahl, receiver for the Broadway National bank of Denver, was called to the stand by the defense. He testified regarding stock of the Capitol Hill bank which Escher had placed in the Broadway bank as collateral for a loan of $8,000. The loan and each share of stock was read in the records, after which attorneys engaged in a dispute regarding the loan. Cline contended the loan was not renewed in that other transactions had occurred between the time it was taken out and the time it was due, and the renewal was on accumulated loans.

12. February 4, 1934 Fort Collins Coloradoan Fort Collins, CO
Article from Fort Collins Coloradoan, February 4, 1934

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Six Move Here In Shift of Bank Receiver's Office With the establishing in Fort Collins of headquarters of F. Kokrda. receiver for nine Colorado banks two in Larimer county, an interesting former Denver residents was added to Fort Collins during the past week. Mr. and Mrs. Kokrda have established themselves at 1437 West Mountain avenue, rented the residence at that address. Coming with them from Denver office to make their residence here are Mrs. Dunn, bookkeeper, and Miss Edna Mrs. Dunn accompanied by her husband, disabled war veteran wh oserved as captain with Ráindivision. Mrs. Dunn formerly studied at the Conservatory of Music at the Colorado Agricultural college, and was accompanist for DIAlexander Emalie in his pubHe appearances at that time. She planist of ability, prominent in all musical circles of Fort Collins. The Dunns are located at 431 West Oak street. Miss Backloup, mother lives with has located at the Scott apartments. From life Fort Colline office in the Fort Collins National bank building, Mr. Kokrda will administer the receiverships of nine banks: The Fort Collins National bank. the First National bank of Wellington, the First National bank of Lafay ette, the First National bank of Brighton, the First National bank Yuma, the First National bank of Deetrail, the Limon bank, the Glbe National bank of Denver and the Broadway National bank of Denver. The two latter are bases in which disposition of suits against depositors is being awaited. Ten receiverships been completed by Mr. Kokrda in recent years, of which one was in in Wy. oming and the Colorado.