First National Bank - Gallup, NM

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11900
Charter Number: 11900
Start Date: January 1, 1932*
Location: Gallup, New Mexico (35.528, -108.743)

Metadata

Model: gpt-5-mini
Short Digest: b0913a26e37979ee

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-12-19
Date receivership terminated: 1935-09-30
Share of assets assessed as good: 60.5%
Share of assets assessed as doubtful: 37.8%
Share of assets assessed as worthless: 1.7%

Description

Article (The Coolidge Examiner, 1935-01-11) states the First National Bank of Gallup was 'suspended during the banking holiday of 1932' and remains 'closed' with $102,000 frozen but depositors 'appear assured of full payment' of remaining funds. No mention of a depositor run, reopening, or receiver; classification as a suspension (government action) with apparent permanent closure is the best interpretation given available text. The article's reference to a 'banking holiday of 1932' may be an OCR/year error (banking holiday widely associated with 1933), but I preserved the article's date reference and did not invent additional details.

Events (3)

1. December 31, 1920 Chartered

Source: historical_nic

2. January 1, 1932* Suspension

Cause: Government Action
Cause Details: Suspended during the banking holiday (article states 'banking holiday of 1932'), leaving $102,000 of depositor funds frozen; depositors later appear assured of full payment.
Newspaper Excerpt: Depositors of the closed First National bank of Gallup, N. M., appear assured of full payment of the remaining $102,000 still frozen in the institution which was suspended during the banking holiday of 1932.
Source: newspapers

3. December 19, 1933 Receivership

Source: historical_nic

Newspaper Articles (1)

1. January 11, 1935 The Coolidge Examiner Coolidge, AZ

Article from The Coolidge Examiner, January 11, 1935

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Article Text

Southwestern Briefs George W. P. Hunt, 75. seven times governor of Arizona, died at his home in Phoenix. The Arizona Board of Nurse Examiners will hold its annual meeting in Tucson January 18 and 19. J. E. Hinman, pioneer resident and business man. died at his home in Estancia, N. M., a short time ago. Mayor Joseph S. Jenckes proclaimed March 2 as primary election day and April 3 as general election day in Phoenix. Work for at least forty-five men will be provided by three new FERA proj ects including two for flood control in Gallup, N. M. oil well were and five tests Two large completions started in Lea New Mexico, the in that oil county, active made operations increasing booming wells. to sixty-four drilling oil territory New Mexico's production raised allotment for January has been to 49,800 barrels daily for the month of January, the highest figure for more than a year. Postmaster George A. Todd of Phoenix said postal receipts for the first twenty-one days of December amounted to $45,952.85 a gain of 11.3 per cent over the same period last year. For the first time in the history of the New Mexico land office all tracts of land offered at the monthly public auction sale of oil and gas leases sold. The twenty-five tracts offered brought a total of $38,308. Depositors of the closed First National bank of Gallup, N. M., appear assured of full payment of the remaining $102,000 still "frozen" in the institution which was suspended during the banking holiday of 1932. Word has just been received of the appointment of G. L. Martin of Cameron, New Mexico, as supervisor, second district of New Mexico, 1935 census of agriculture. Mr. Martin will have offices in the postoffice building at Clovis. Arthur R. Tillman, 46, safety superthe western railroad for the Santa visor for Fe lines last of ten the years, died at his home in Albuquerque following several months' illness Tillman was completing twenty-four years of service with the Santa Fe in New Mexico. City officials of Carlsbad, N. M. launched an investigation of a fire which gutted the Carlsbad Inn, a two story frame structure, and took the lives of four persons. Six other per sons are in a hospital with serious burns. The fire is believed to have started from a cigaret. Henry F. Ashurst, veteran United States senator from Arizona, says h has declined the offer of President Roosevelt to name him judge of the Circuit Court of Appeals, San to succeed Saw Francisco, Ninth William death H. telle, who fell to his on the stairs of his home last week E. L. Barrows of Santa Fe was elected president of the New Mexicc section of the American Society of Civil Engineers at the society's an nual meeting in Albuquerque. He suc ceeded H. C. Neuffer of Albuquerque Federal Circuit Judge Sam G. Brattor was the principal speaker at the ban quet. The United Verde Copper Company in Arizona has filed a suit in Federal Court in which it seeks a 50 per cent reduction in assessed valuations and a further decrease in the 1934 taxes. The action is against the state tax commission which valued the mining company properties for taxation purposes at $18,000,000. States market news servthe Arizona ice The reported United lettuce busi- im this shows a marked over the last level for the ness The provement price year first two from ten years. $2.50 days of heavy shipping ranged to $2.75, compared to 90 cents to $1.10 a crate in 1932 and $1.25 to $1.35 last year. Sheep forage prospects are the best in five years, according to Jerrie W. of the Arizona Wool Association. Growers' Lee, secretary Consequently, flocks he said, comparatively few will be wintered in the cultivated areas of the Salt River and other valleys but will browse in the desert foothills Recent rains were responsible for the good grass stands. The Arizona state highway department will open bids January 15 for construction of an underpass near Grande and for the replacing of with concrete Mohawk-Wellton area. three in Casa the dips box culverts The for department has budgeted $149,000 the work. of this $115,000 will be spent on the Casa Grande project and $34,000 on the Mohawk-Wellton job. Taxes collected under the intangibles tax law of 1933 in Arizona, with out protest on the part of the taxpayer at the time payment was made can not refunded by the state tax comthat body was general's office. attorney mission, be advised Taxes by paid the the under protest may be refunded. but the with the state file ruling a claim stated, taxpayer treasurer must for the amount he paid in.