Citizens National Bank - Albuquerque, NM

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 11442
Charter Number: 11442
Start Date: May 1, 1924*
Location: Albuquerque, New Mexico (35.084, -106.651)

Metadata

Model: gpt-5-mini
Short Digest: 6daa405d

Response Measures

Full suspension

Other: Merged with Albuquerque National Bank; receiver (David Cowan) later acted for Citizens National Bank (per obituary).

Receivership Details

Date receivership started: 1924-04-14
Date receivership terminated: 1924-06-01
OCC cause of failure: Run

Description

Article (May 30, 1924) reports a heavy depositor run in which $247,000 was withdrawn in 18 days and that the bank recently closed; a merger with Albuquerque National Bank was expected (indicating permanent closure/takeover). A later (1928) obituary notes David Cowan had served as receiver for Citizens National Bank, corroborating closure/receivership. Exact run and closure dates not given in the clipping; I use the May 1924 publication as the best temporal anchor.

Events (5)

1. August 29, 1919 Chartered

Source: historical_nic

2. April 14, 1924 Receivership

Source: historical_nic

3. May 1, 1924* Run

Cause Details: Heavy depositor withdrawals totaling $247,000 over 18 days; specific trigger (rumor, bank-specific scandal, or correspondent failure) not specified in article.
Measures: Bank closed doors; merger with Albuquerque National Bank arranged to provide distribution to creditors.
Newspaper Excerpt: President Simms of the Citizens said that a run on his bank, in which $247,000 was withdrawn in 18 days, caused the doors to close.
Source: newspapers

4. May 1, 1924* Suspension

Cause Details: Closure followed a depositor run; bank suspended/closed and arranged merger with another bank for creditor distribution.
Newspaper Excerpt: Albuquerque, where the Citizens National Bank recently closed, is expected to have a new bank in operation June 1, through the merger of the Citizens with the Albuquerque National Bank.
Source: newspapers

5. * Receivership

Newspaper Excerpt: Mr. Cowan was well known here, having lived in Albuquerque for some time, while acting receiver for the Citizens National Bank.
Source: newspapers

Newspaper Articles (2)

1. May 30, 1924 The Winslow Mail Winslow, AZ

Article from The Winslow Mail, May 30, 1924

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Article Text

CITIZEN AND. ALBUQUERQUE BANK MERGER EXPECTED Albuquerque, where the Citizens National Bank recently closed, is expected to have 'a new bank in operation June 1, through the merger of the Citizens with the Albuquerque National Bank. This would enable distribution to creditors of 70 per cent of the National obligations and it was hoped that the assets of the National might be handled to permit distribution from 15 to 30 per cent more. The 70 per cent distribution would give approximately $400.000 for circulation at Albuquerque. President Simms of the Citizens said that a run on his bank. in which $247.000 was withdrawn in 18 days, caused the doors to close.

2. March 7, 1928 Albuquerque Journal Albuquerque, NM

Article from Albuquerque Journal, March 7, 1928

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Article Text

DAVID COWAN, BANK RECEIVER, FORMERLY OF CITY, IS DEAD David Cowan. receiver for First National bank of Las Vegas, died Tuesday morning at thony's hospital in that city, learned here Tuesday Mr. Cowan had been pneumonia and had been the hospital for days. Apparently he had almost entirely He arose his and himself Monday. Tuesday morning about 6:30 taken with heart attack and suddenly. Mr. Cowan survived by two who reside in Baltimore, whom was with him when died: and daughter CaliforHe was about 60 years The body will be taken his former home in Baltimore burial. Mr. Cowan was well known here, heving lived in Albuquerque for some time, while acting receiver for the Citizens National Bank. He had been in government for many years. Mr. Cowan member of the buquerque lodge of the Elks.