12837. Citizens National Bank (Albuquerque, NM)

View Charter #11442 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11442
Charter Number
11442
Start Date
May 1, 1924*
Location
Albuquerque, New Mexico (35.084, -106.651)

Metadata

Model
gpt-5-mini
Short Digest
332938e444adbce9

Response Measures

Capital injected, Full suspension

Receivership Details

Date receivership started
1924-04-14
Date receivership terminated
1924-06-01
OCC cause of failure
Run

Description

Article states a run in which $247,000 was withdrawn in 18 days caused the bank to close; merger with Albuquerque National Bank expected to provide distributions. A receiver is also mentioned in a later article. Sequence: run → closure/suspension → takeover/merger (permanent closure).

Events (5)
1. August 29, 1919 Chartered
Source
historical_nic
2. April 14, 1924 Receivership
Source
historical_nic
3. May 1, 1924* Run
Cause Details
Article reports a run with large withdrawals but does not specify an originating cause (rumor, correspondent failure, or other).
Measures
Bank closed; merger with Albuquerque National Bank was expected to handle assets and distribute to creditors.
Newspaper Excerpt
President Simms of the Citizens said that a run on his bank, in which $247.000 was withdrawn in 18 days, caused the doors to close.
Source
newspapers
4. May 1, 1924* Suspension
Cause Details
Closure/suspension followed the run of deposits and heavy withdrawals; bank doors were closed and a merger/asset handling was arranged.
Newspaper Excerpt
the Citizens National Bank recently closed ... merger of the Citizens with the Albuquerque National Bank.
Source
newspapers
5. * Receivership
Newspaper Excerpt
Mr. Cowan was well known here, heving lived in Albuquerque for some time, while acting receiver for the Citizens National Bank.
Source
newspapers

Newspaper Articles (2)
1. May 30, 1924 The Winslow Mail Winslow, AZ
Article from The Winslow Mail, May 30, 1924

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Article Text

CITIZEN AND. ALBUQUERQUE BANK MERGER EXPECTED Albuquerque, where the Citizens National Bank recently closed, is expected to have 'a new bank in operation June 1, through the merger of the Citizens with the Albuquerque National Bank. This would enable distribution to creditors of 70 per cent of the National obligations and it was hoped that the assets of the National might be handled to permit distribution from 15 to 30 per cent more. The 70 per cent distribution would give approximately $400.000 for circulation at Albuquerque. President Simms of the Citizens said that a run on his bank. in which $247.000 was withdrawn in 18 days, caused the doors to close.

2. March 7, 1928 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, March 7, 1928

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Article Text

DAVID COWAN, BANK RECEIVER, FORMERLY OF CITY, IS DEAD David Cowan. receiver for First National bank of Las Vegas, died Tuesday morning at thony's hospital in that city, learned here Tuesday Mr. Cowan had been pneumonia and had been the hospital for days. Apparently he had almost entirely He arose his and himself Monday. Tuesday morning about 6:30 taken with heart attack and suddenly. Mr. Cowan survived by two who reside in Baltimore, whom was with him when died: and daughter CaliforHe was about 60 years The body will be taken his former home in Baltimore burial. Mr. Cowan was well known here, heving lived in Albuquerque for some time, while acting receiver for the Citizens National Bank. He had been in government for many years. Mr. Cowan member of the buquerque lodge of the Elks.