12935. Silver City Savings Bank (Silver City, NM)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
February 1, 1924*
Location
Silver City, New Mexico (32.770, -108.280)

Metadata

Model
gpt-5-mini
Short Digest
79351ed41256e7ca

Response Measures

None

Description

Newspaper excerpts state the Silver City Savings Bank 'closed their doors' in early Feb 1924 and later is described as having 'suspended business' and officials indicted for accepting deposits while insolvent (June 1924). No article describes a depositor run; the bank suspended/closed and appears to remain closed with subsequent criminal proceedings, so classify as suspension_closure. Dates are taken from publication dates (Feb 8, 1924 article implies early Feb closure; June 14, 1924 article reports suspension earlier and indictments).

Events (2)

1. February 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent; banks closed their doors (indicating insolvency/closure).
Newspaper Excerpt
Three banks in Silver City, N. M., closed their doors last week. They were the Silver City National, the Silver City Savings bank and the American National bank.
Source
newspapers
2. June 14, 1924 Other
Newspaper Excerpt
Six officials and directors of the Silver City Savings Bank, which suspended business two months ago, have been indicted for accepting deposits when they knew the affairs of the bank to be in an insolvent condition.
Source
newspapers

Newspaper Articles (2)

Article from The Dolores Star, February 8, 1924

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Article Text

CAUGHT FROM THE NETWORK OF WIRES ROUND ABOUT THE WORLD DURING THE PAST WEEK RECORD OF IMPORTANT EVENTS CONDENSED FOR BUSY PEOPLE WESTERN Five prisoners escaped from the Colfax county jail at Raton, N. M., by sawing their way out. The Roman Catholic society of the Sisters of the Holy Names of Jesus and Mary, operating twelve schools in Oregon with an enrollment of 2,000, recently filed a brief in an attack on the compulsory public school attendance law, now before the Federal Court. Acting on formal charges of misconduct filed in the office of City Clerk M. F. Mann, the city council of Miles City, Mont., suspended Mayor B. J. Brasen from office pending an Investigation of the charges and fixed Wednesday, Feb. 13, as the date for a hearing. W. H. Reed, president of the council, was designated as acting mayor in the interim to follow. Three banks in Silver City, N. M., closed their doors last week. They were the Silver City National, the Silver City Savings bank and the American National bank. Soon after the close of the banks the state bank examiner was asked to take charge of the Bank of Tyrone, N. M. The institutions. all in. Grant county, had combined liabilities estimated at $3,000,000. according to their statements of Dec. 31 last. Opening to homestead and desert land entry of 14,455 acres of public land in Washakie and Big Horn counties, Wyoming, beginning Feb. 20. has been announced at the Interior Department at Washington Adjoining entrymen and patentees have a preference right on the tracts within the area and ex-service men of the World war have a ninety-one day preference, after which unentered land will be thrown open to the general public. Though fire, blown by a sweeping gale, was almost upon him, Ensign Thomas John Ryan of New Orleans, knelt by the side of an American woman pinned beneath the wreckage of a hotel room in Yokohama during the Japanese earthquake and vowed he would save her or die. Hours later he delivered the injured woman to the doctor aboard the steamship Empress of Australia. For this Ryan was honored by Congress and the Navy Department on his arrival in San Francisco aboard the transport Thomas. A medal of honor for valor was bestowed upon him by Rear Admiral Simpson. commandant of the twelfth naval district, and a lieutenant's commission was awarded him.


Article from The Colorado Statesman, June 14, 1924

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Article Text

New Mexico Bankers Indicted Silver City, N. M.-Six officials and directors of the Silver City Savings Bank, which suspended business two months ago, have been indicted for accepting deposits when they knew the affairs of the bank to be in an insolvent condition. No names were given out following the announcement of county officials that the indictments had been returned. Additional charges against two directors for the alleged making of excessive loans also were returned. Judge R. R. Ryan requested that Judge Mechem of Alamogordo hear the case instead of It being brought before him.