12906. First National Bank (Mountainair, NM)

View Charter #11329 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11329
Charter Number
11329
Start Date
September 28, 1922
Location
Mountainair, New Mexico (34.520, -106.241)

Metadata

Model
gpt-5-mini
Short Digest
e27419904c776668

Response Measures

None

Receivership Details

Depositor recovery rate
14.3%
Date receivership started
1922-11-02
Date receivership terminated
1929-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
92.9%
Share of assets assessed as doubtful
6.9%
Share of assets assessed as worthless
0.2%

Description

Article (1922-09-29) reports the First National Bank of Mountainair 'has closed its doors' and suspended because drought-caused loan failures; no run is mentioned. Later 1928 articles identify a receiver for the defunct First National Mountainair, confirming it did not resume operations. Classified as suspension leading to closure (no run).

Events (4)
1. April 11, 1919 Chartered
Source
historical_nic
2. September 28, 1922 Suspension
Cause
Local Shock
Cause Details
Prolonged drought led to almost total crop failure so farmers and ranchmen could not meet obligations; loans became frozen, forcing suspension.
Newspaper Excerpt
Frozen loans caused the suspension of the First National bank of Mountain[air] which has closed its doors.
Source
newspapers
3. November 2, 1922 Receivership
Source
historical_nic
4. April 13, 1928 Receivership
Newspaper Excerpt
McKinney ... was receiver for ... the First National Mountainair and the First National at Fort Sumner. (A. F. Rawlings succeeded him.)
Source
newspapers

Newspaper Articles (3)
1. September 29, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, September 29, 1922

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Article Text

OZEN LOANS CAUSED BANK'S SUSPENSION anta Fe, Sept. 28.-Frozen as caused the suspension of the st National bank of Mountainwhich has closed its doors. The Stution had a capital of $30,000. h a surplus of $1,800. and total ources of $361,300. The bank 5 organized several months ago consolidating the Mountainair te bank and the bank at WilThe prolonged drouth reed in almost a total failure of ps, so that farmers and ranchn were unable to meet their obtions, which the bank was carng. W. L. Kegel, former auditor of First National bank of Santa was president; J. H. White was hier.

2. April 13, 1928 Carlsbad Current-Argus Carlsbad, NM
Article from Carlsbad Current-Argus, April 13, 1928

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Article Text

McKINNEY GOES TO AMARILLO FIRST NATL H. McKinney, for some time receiver of several failed national banks New Mexico including the First National and Carisbad Na tional this city was last week succeeded by Rawlings. tional bank receiver who for some time has had charge of the affairs the failed First National Las Vegas and Springer National Bank New Mr. Kinney was receiver for five failed national two Carlsbad and the Citizens National Roswell the First National Mountainair and the First National at Fort The new receiver liquidate the affairs of these five banks as well the two he in charge before the change mentioned was made The new ceiver will have offices at both Carlsbad and Las Vegas. The Carlsbad office during Mr. absence will in charge of Miss Frankie Mr McKinney resigned has gone to where will connected First National that city as in an active capacity for Mr. Fuquar, president of that bank.

3. April 17, 1928 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, April 17, 1928

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Article Text

NEW BANK RECEIVER McKinney, for some time receiver of several defunct banks in New Mex. leo, including the First National and Carlsbad National; of this city, was last week succeeded by A. F. RawlIngs, a national bank receiver who for some time has had charge of the at. fairs of the falled First National at Las Vegas, and Springer National bank, of Springer. Mr. McKinney was receiver for five national banks two at Carlsbad and the Citizens National at Roswell, the First National at Mountainair and the First National at Fort Summer.