State Bank - Alamogordo, NM

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: November 1, 1932*
Location: Alamogordo, New Mexico (32.900, -105.960)

Metadata

Model: gpt-5-mini
Short Digest: 6031e0c4

Response Measures

Full suspension, Books examined

Other: Receiver appointed; bank placed in hands of state bank examiner/receiver for liquidation.

Description

Newspaper accounts state the State Bank of Alamogordo experienced heavy withdrawals, closed its doors on Nov. 12, 1932 and a receiver was appointed in early December 1932. OCR errors in articles were corrected (e.g., dates and some garbled words). The immediate trigger for withdrawals is not described (no explicit rumor or scandal), so cause is coded as 'other'.

Events (3)

1. November 1, 1932* Run

Cause Details: Sustained heavy withdrawals in the months leading up to the suspension; article does not identify a specific rumor, correspondent failure, or bank-specific scandal.
Measures: None described prior to closure; officials decided to close the bank and state examiners took charge.
Newspaper Excerpt: Heavy withdrawals caused the officials the bank to decide to close it, they said.
Source: newspapers

2. November 12, 1932 Suspension

Cause Details: Bank suspended operations on Nov. 12, 1932 because of heavy withdrawals over preceding months.
Newspaper Excerpt: State Bank of Alamogordo suspended business on November 12, 1932, the suspension having been due apparently to heavy withdrawals within months.
Source: newspapers

3. December 8, 1932 Receivership

Newspaper Excerpt: Judge Numa Frenger signed order appoint John Bingham, state bank examiner to the position of receiver for the defunct State Bank of Alamogordo ... following conference with R. H. Carter, deputy examiner, who has been in charge of the bank's affairs since it closed its doors, Nov. 12, 1932.
Source: newspapers

Newspaper Articles (5)

1. December 2, 1932 The Coolidge Examiner Coolidge, AZ

Article from The Coolidge Examiner, December 2, 1932

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Southwestern Briefs The third quarterly executive board meeting of the New Mexico Cattle Growers' Association will be held in the District Court room at Lovington, Dec. 3. Charles W. Murphy of Mount Dora, N. M., filed a voluntary petition of bankruptcy in Federal Court. Mur- asphy listed debts of $10,080.20 and sets of $5,621.64. E. K. Neumann, attorney general, said that the plurality of 19,000 votes the given Gov. Arthur Seligman. "is biggest ever given a Democratic candidate for governor." Eighteen thousand acres of land northeast of Wickenburg. Ariz., will be opened to homestead entry January 5. 1933. The land lies both in Maricopa and Yavapai counties. A. N. Kewly of Yuma was elected of president of the Arizona Association Commercial Secretaries. Joe Kolby of Bisbee was elected vice president and Ella Browden, Douglas, secretarytreasurer. Elliott Barker, state game warden, and said that a special season on does fifantlerless deer in a restricted area teen miles southeast of Alamogordo, will be opened Dec. 1 for a period of fifteen days. A bar of gold weighing approximate- of 100 ounces and having a value about ly $1,500, was shipped to the mint Vulby the Bank of Arizona for the ture mine, near Wickenburg, operated by A. B. Peach. The United States Department of Agriculture reports 28,000 bales of cothad been ginned in Arizona up to Nov. ton 1. The estimated yield is 88,000 as bales, or 356 pounds to the acre compared with 313 last year. While former Governor R. C. Dillion speaking to a Republican political was rally at Gallup, N. M., Joe Baca, 22, shot and killed his uncle, Juan M. Baca, 45, on the steps of the American held. Legion hall, where the rally was Mr. and Mrs. H. H. Schneider, Albuquerque, field suit in District Court against Juan Sena and Camilo Chacon, inGuadalupe county, for $50,000 for juries she incurred Oct. 27 in an automobile accident near Santa Rosa. J. E. Owens, tax agent for the Santa Fe railroad, said the railroad, in order enable schools and other departments to in the state to meet their obligations, probably will pay the first this half of the 1932 taxes the last of month. F. B. Thornburg of the Hoosier Engineering Company of Chicago and of Idaho, through W. R. Sayers Ariz., has op- in Skull Boise, Valley, taken deposit an tion on a large placer Spruce canyon, a mile southeast from of Ramsgate, and reached by a road Skull Valley. The State bank of Alamogordo closed its doors a few days ago and notice was posted that state bank a examiners would take charge. Heavy of withdrawals caused the officials the bank to decide to close it, they said. A statement the officials issued said all deposits would be paid. thousand sheep per cap Inita to Jicarilla Fifteen distribution for Apache dians in New Mexico, to replace losses in incurred last winter, was grouped bunch near Dulce. The distribu- until one tion has begun and will continue all Indians have received their sheep. An average of twenty-four head each will be issued to 666 Indians. Efforts of the New Mexico Livestock Association to obtain drouth rates for its members from the Santa railroad have been successful. The company a drouth rate to railroad would Fe grant advised shippers that of the it cattle in the northern part wish to ship pas- Vaof state tures who cattle and to in Sandoval, Socorro New lencia and will apply only in Mexico. Lloyd Thomas, state superintendent banks of Arizona, filed in Superior of Court at Phoenix a petition seeking of his action in rejecting and certain claims of the closed Arizona allowing posits approval against bank sys- detem. The bank superintendent would allow thirty-nine of the 109 priority claims filed against the bank, totaling $39,023.03, and reject the others, amounting to $47,691.41. The finishing touches on a map in connection with the proposed erection of a dam on one of the Verde Ariz., river north of Prescott, of tributaries, for the purpose impounding executed in water the for a fish lake, were office of County Engineer Richard Pres- L. Merritt at the request of a joint cott Fish, Game and Forest Protection Association and Yavapai county Chamber of Commerce. were taken to the state penitentiary Arizona Four prisoners at county Florence recently by Maricopa sheriffs. They were Frank convicted of and sentenced to ten teen deputy murder Leonard, second degree to can fifyears Rornardo Valloz

2. December 8, 1932 Alamogordo Daily News Alamogordo, NM

Article from Alamogordo Daily News, December 8, 1932

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Article Text

Champion To Alamogordo are going to try to give you folks bank down there, but plans not worked out, and cannot tell you how, when, but still working on the plan, the statement made to Alamogordo News Thursday by Champion, president of the First State Bank of Tulaover the telephone. Champion admitted that he has had in mind the operation of bank in Alamogordo since the failure of the State Bank of Alamogordo, and still forts in that direction, but yet definite announce. Champion asked if he any connected with the fact that the interior the People's Bank building becleaned up, for occupation. He stated that he knew nothof the present of the building for occupancy. deputy state bank examiner, in of the the bank, states that he having both compartments of the building cleaned and that he has an offer from where, who wishes rent the building for business. interested gaining possession the old People's State Bank building, but his negotiations have not as yet taken definite form. Paper of People's Bank building held by Reconstruction Corporation and offered to that corporation by defunct to partly $30,000 loan. Mr. Champion belief that by next week, he will be able definite announcement, to the progress his negotiations opening of bank here. depends on many things which not been he told the News Thursday.

3. December 8, 1932 Alamogordo Daily News Alamogordo, NM

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Judge Numa Frenger nesday signed order appointJohn Bingham, state bank aminer to the position of receiver for the defunct State Bank of Alamogordo, following Las Cruces with H. Carter, deputy who has been in charge of affairs since closed its doors, Nov. 12, 1932. Mr. Carter was in conference with the depositors' committee on Thursday, and made that time that Chas. Thomas, county clerk, would approved by the committee and by the office of the state bank local fiscal agent to direct charge the bank's affairs. Such appointment, course, subject the approval of the court. Mr. Thomas was notified that had been recommended by the committee, but declined say would accept reject in tically brief statement the repof the News Thursday afternoon, he said: In signed statement issued Alamogordo News at noon on Thursday, Mr. Carter announced: John Bingham, State Bank Examiner, has been pointed Receiver of the State Bank of Alamogordo, which Bank suspended busiNovember 12, 1932, the suspension having been due apparently to heavy withdrawwithin months. This appointment was made pursuant to an agreement reached at depositors meeting held on Monday, Nov. 28. Announcement of the pointment of special deputy state examiner and receiver will be made at an early date. special deputy and co-receiver will be placed under surety bond and amount to be fixed by the District Court, and will have immediate charge of the liquidation assets of Bank, in conjunction with and under supervision of the Banking Department the State, all matters the further supervision of the District Court. of the banking partment the state, reflected by the receiver, will be to alize on the assets of the Bank rapidly that can be done without actual sacrifice of valand that means make available largest percentage deposits and at the liest possible The banking department of the state maintained at public expense, and primarily, for the protection and benefit the depositors, and prompt and drastic action taken gainst those whose obligations the Bank past due, be done for one reason onthat of giving the earliest and greatest possible relief to the unfortunate victims closed bank. (Signed) H. CARTER, Deputy State Bank Examiner in Charge.

4. December 8, 1932 Alamogordo Daily News Alamogordo, NM

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Hopes To are going to try to give you folks bank down there, but not yet worked out, and cannot tell you how, when, but still working on plan," the statement made to the Alamogordo News Thursby R. Champion, president First State Bank of Tulaover the telephone. Mr. Champion admitted that he had mind the operation of bank in Alamogordo since the failure of the State Bank of Alamogordo, and still making forts in that direction, but as has nothing definite announce. Mr. Champion asked in any way connected with the fact that the interior of the People's Bank building cleaned up, for tion. He stated that he knew nothof the present preparations of building for occupancy R. H. Carter, deputy state bank examiner, in charge the affairs the defunct bank, states that he having of the building cleaned up, and that he has an offer from elsewishes rent the building for new business. Champion admitted that he gaining the old People's State Bank building, but his negotiations have not yet taken definite form. Paper of the People's Bank building held by the Reconstruction Finance Corporation and offered that corporation by the defunct bank to $30,000 loan. Mr. Champion of the belief that by week. he will be able to make definite to the of progress his negotiations for opening of bank here. depends on many things which have not yet been sethe told the News Thursday.

5. December 8, 1932 Alamogordo Daily News Alamogordo, NM

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As Receiver State Judge Numa WedFrenger nesday signed order appointJohn Bingham, state bank aminer to the position of receiver for the defunct State Bank of Alamogordo, following conference Las Cruces with R. H. Carter, deputy examiner, who has been in charge the bank's affairs since closed its doors, Nov. 12, 1932. Mr. was in conference the depositors committed Thursday, and made at that time that Chas. Thomas, county clerk, would be approved the committee and the office of the state bank examiner local fiscal agent to be direct charge of the bank's affairs. Such appointment, of course, subject to the approval of the court. Mr. Thomas was notified that he had been recommended by the committee, but declined to say whether he would accept or reject the characteristically brief the resentative of the News Thursday repafternoon, he said: know.' In signed statement issued to the News noon Thursday, Mr. Carter announced: Mr. John Bingham, State Bank Examiner, been appointed Receiver of the State Bank of Alamogordo, N. M. which Bank suspended business on November 12, 1932, the suspension having been due apparently to heavy withdrawwithin months. This appointment made pursuant to an agreement reached at depositors' meeting held on Monday, Nov. Announcement of the pointment of special deputy state bank examiner and receiver made at an early date. The special deputy and will be placed under surety bond and amount to be fixed by the District Court, and have Immediate charge of the liquida. tion of the assets of the Bank, conjunction with and under supervision of the Banking Department of the State, all matters the further supof the District Court. The policy of the banking partment of the state, reflected by the receiver, will be alize on the assets of the Bank rapidly that can be done without actual sacrifice valand by that means make available the largest percentage deposits at the liest possible The department of the state maintained at publie expense, and primarily, for the protection and benefit the depositors, and prompt and drastic action taken gainst those whose obligations the Bank past due, it be done for reason that of the earliest and greatest possible relief to the victims of closed bank. (Signed) H. CARTER. Deputy State Bank Examiner in Charge.