12852. State National Bank (Albuquerque, NM)

View Charter #7186 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7186
Charter Number
7186
Start Date
January 17, 1924
Location
Albuquerque, New Mexico (35.084, -106.651)

Metadata

Model
gpt-5-mini
Short Digest
5b088640d6242915

Response Measures

None

Receivership Details

Depositor recovery rate
60.2%
Date receivership started
1924-04-14
Date receivership terminated
1926-06-22
OCC cause of failure
Run
Share of assets assessed as good
42.2%
Share of assets assessed as doubtful
35.2%
Share of assets assessed as worthless
22.6%

Description

Articles consistently describe the State National Bank of Albuquerque as having closed its doors on January 17, 1924, with a receiver (Francis A. Chapman) later referenced and multiple lawsuits/indictments relating to the failed bank. No article describes a depositor run; the bank was closed and placed in receivership and did not reopen. Legal actions and recovery suits continued through 1925–1926.

Events (4)
1. March 28, 1904 Chartered
Source
historical_nic
2. January 17, 1924 Receivership
Newspaper Excerpt
Francis A. Chapman, receiver of the State National bank of Albuquerque (mentioned in 1925 articles).state vs. the State National bank and Francis A. Chapman, receiver (1925).State National bank of Albuquerque when it closed its doors on January, 17. 1924. (1926).receiver references and dividends paid by the receiver (1926, 1925). TEN NEW MEXICO BANKERS INDICTED ... involved in the failure of the State Bank and Trust company and the State National bank, of Albuquerque. (1925).
Source
newspapers
3. January 17, 1924 Suspension
Cause
Government Action
Cause Details
Bank closed its doors and was placed in receivership; matters handled by a receiver and resulting litigation with surety and state. Closure appears to be bank failure leading to receivership rather than a depositor run.
Newspaper Excerpt
the State National bank of Albuquerque when it closed its doors on January, 17. 1924.
Source
newspapers
4. April 14, 1924 Receivership
Source
historical_nic

Newspaper Articles (5)
1. March 15, 1925 El Paso Times El Paso, TX
Article from El Paso Times, March 15, 1925

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Article Text

TEN NEW MEXICO BANKERS INDICTED Federal Grand Jury Reports at Santa Fe Scoring National Laws. SANTA FE, N. M., March federal grand jury here late today indicted number prominent New Mexico bankers, including a group involved in the failure of the State Bank and Trust company and the State National bank, of Albuquerque. Violation and conspiracy to violate the federal banking laws are alleged. Defendants named are: J. B. Herndon, Roy McDonald, George A. Kaseman, Ross and Dr. M. K. Wylder, of Albuquerque: Cecil E. Bigelow, Henry T. Brewer, Jr., former bank aminer: Guy W. Blakely, H. Smith, of Roswell, and W. D. Murray, of Silver City. in some cases numerous indictments are brought against the same individual. The national banking laws were heavily scored in report by the grand jury. "It appears," says the report, "that some provision other than those now provided in our laws should be made to punish those responsible for such con. The report recommends laws providing criminal prosecution for granting of excess loans prohibiting formation of livestock loan companies by banks to take care their excess loans; penalization for excessive loans to officers and directors. making all overdrafts part of the bank's prohibiting man from acting as an officer of two banks and control stock by one individual or family: forbidding bank examiners to borrow money from examined banks; and requiring approval of loans in writing by discount commitfee. It is recommended that no tional bank be allowed to accept de. posits while insolvent. John R. Gaunt, former head of the defunct Reserve bank at Reserve, N. M., and postmaster there, was sentenced to two years in Leavenworth and a $5,000 fine for fraud in connection with $100 postal order. M. Nell Smith, assistant cashier of the bank. was given a year and day in the prison, and Mrs. Ida Jones, assistant postmaster, was fined $250.

2. October 13, 1925 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, October 13, 1925

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Article Text

Federal Court Federal Judge Neblett today sustained the defendant's motion in the case of Nova E. Myrick, because the suit has not been brought within six years after the date of the patent on the homestead. An order was signed by Judge Neblett in the case of the state of New Mexico vs. the State National bank of Albuquerque, N. M., and Francis A. Chapman. receiver of the State National bank of Albuquerque The order sustains the demurrer and dismisses the bill of complaint. In the matter of Almon P. Orier, bankrupt. Judge Noblett signed order disqualifying R. P. Fullerton referee in bankruptcy. If orders the matter be referred George C. Tay lor another referee in bankruptcy in this court. Judge Neblett signed an order allowing payment of attorney's fees in the case of Joseph S. Skarda. bankrupt further orders the payment of other expenses in connection with the case.

3. December 10, 1925 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, December 10, 1925

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Article Text

ASSIGNMENTS OF ERROR FILED IN FEDERAL COURT Appeal Has Been Taken in the Case of the State Against the State National Bank and Chapman Mail for train No. 2 now closes James N. Bujac, assistant atat 1:40, instead of at Mr. Spitz torney general. and James W. said, because of the change in train Norment, delinquent tax collector schedule. for Bernalillo county, filed in federal court here Wednesday, assignments of error on which the state will rely in its appeal from the judgment of Judge Colin Neblett in federal court at Santa Fe the case of the state vs. the State National bank and Francis A. Chapman, receiver. The case will go to the circuit court of appeals at Denver for trial. This is case in which Norment, on behalf of the State, sued the closed bank and its receiver DAIRY to collect delinquent 1904 and FOR SALE OR LEASE 1923 taxes amounting to $15,266.15. The suit was filed on Established dairy; only experAugust 3. 1925 in the state court lenced dairyman need apply. here. It was transferred to the 400 West Gold federal court at Santa Fe. The defendant demurred on the ground that taxes could not be collected Correct Teaching Method from an insolvent bank in the on hands of a receiver. Judge NebSAXOPHONE lett sustained the demurrer and TROMBONE DRUMS dismissed the suit on October 9. by The assignment of error charges that the court erred in overruling FRED K. ELLIS the plaintiff's motion to remand Studio, 1026 Forrester Phone 302-3 the case to the state court, that it erred in not overruling the defendants' demurrer and in dismisNOTICE sing the complaint.

4. January 6, 1926 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, January 6, 1926

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Article Text

RETAIN CASE VS. SURETY CO. Sandoval County Commissioners Engage Sedillo and Venable. Subject to Approval of State Officials The Sandoval county commissioners at meeting at Bernalillo Tuesday afternoon decided to retain Sedillo and John Venable as attorneys for the county its suit against the National Surety company to recover Sandoval county money on deposit in the State National bank of Albuquerque when it closed its doors on January, 17. 1924. This federal case and therefore out of the jurisdiction of Mr. Sedillo and Mr. Venable district attorney and assistant district attorney. The Sandoval county commissioners retain them, incounsel. Mr. Sedillo brought the suit, which was for against the surety district court soon after took office year ago. The was transferred federal where judgment of secured for the county being amount due after the deduction of dividends paid the county by the bank The appealed the case, and the to prosecute in the circuit court of appeals. Mr. Sedillo, with them, suggested that they special as he and Mr. Venable did not care to continue the case in federal court. The wished to Mr. Sedillo and Mr. Venable, they were already millar with the case, voted pay retainer of subthe of Judge Milton Helmick, Comptroller H. Carter and Governor T. Hannett.

5. September 17, 1926 Albuquerque Journal Albuquerque, NM
Article from Albuquerque Journal, September 17, 1926

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Article Text

VENABLE RETURNS FROM ARGUING CASE IN APPEALS COURT John Venable, assistant district attorney, returned Thursday evening from Denver, where he argued before the U. S. circuit court of appeals the case of the National Surety company, appellant, vs. the State of New Mexico, for the use and benefit of Sandoval county, appellee. The decision in the case, which involves about $7.000 of Sandoval county funds formerly on deposit in tHe State National bank of Albuquerque, has not yet been Sandoval CO nty sued originally to recover $17,500 and was given judgment in federal court at Santa Fe for $12,500, which represented the amount deposited less 30 per cent dividend paid by the bank ceiver. Another 30 per cent divident reduced the sum under litigation to $7,000.