Article Text
PAGE RECEIVER OF HIS BANK Gregory Page, of Gallup, has been appointed receiver of the Gallup State bank by Judge Reed Holloman of the district yourt. Page was president of the bank before it. closed.
14438. Gallup State Bank (Gallup, NM)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 15, 1925
- Location
- Gallup, New Mexico (35.528, -108.743)
Metadata
- Model
- gpt-5-mini
- Short Digest
b551080e
Response Measures
None
Description
Articles report the Gallup State Bank had closed and a receiver (Gregory Page) was appointed in June 1925. No contemporaneous run or depositor agitation is described. The closure was via court-appointed receiver (government action). Later (Aug 1925) the Attorney General moved to set aside the appointment alleging insolvency and misconduct.
Events (2)
1.
June 15, 1925
Receivership
- Newspaper Excerpt
- Gregory Page, of Gallup, has been appointed receiver of the Gallup State bank by Judge Reed Holloman of the district court. Page was president of the bank before it closed.
- Source
- newspapers
2.
August 18, 1925
Other
- Newspaper Excerpt
- A motion has been filed in the district court in McKinley county asking the court to set aside the order appointing Gregory Page receiver of the Gallup State bank... Assistant Attorney General ... gave reasons alleging insolvency, transfers to avoid liability, and improper actions by the receiver.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
PAGE TAKES UP HIS DUTIES AS BANK RECEIVER Threatening Message Is Received by Gallup Man; Package Is Found in Postoffice, Delivered to Him Callup. N. M June You had see the boys and settle up or the boys will see settle up. was the threatening received Saturday by Gregory Page. president of the Gallup State bank. The note was curled on the inside of an empty 45 caliber pistol shell which in turn was in coffin. The package did not go through the regular postal channels but was found on the window of the postoffice with his upon It turned over to Mr. Page when found. Mr. Page. when questioned concerning the mysterious package. said that he had no clue as where might have come from. He that without doubt the package in with his position as president of the State bank. Mr. Page deposited bond of in the McKinley county district court cover his appointment receiver of the institution. He took up his duties without protest from Bank Examiner F. Kirby.
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Article Text
SEEKS TO HAVE PAGE OUSTED AS BANK RECEIVER Motion Filed by Attorney General's Office in McKinley County Court A motion has been filed in the dis triet court in McKinley county asking the court to set aside the order appointing Gregory Page received of the Gallup State bank. according the Gallup Independent. Assistant Attorney General James Bujac said the matter had been in hands of Tom W. Neel of no East Las Vegas and he did not know whether the motion had been filed However, he said he had signed recently The reasons given in asking for the of Page are as follows, according to the Independent "That the attorney general, acting behalf of the state and the depositors, had petitioned for appoint ment of the state bank examiner receiver but that he was given no opportunity to be heard on the petition: that H. Denny, an attorney of Gallup, and attorney for Gregory Page, surreptitiously removed this petition from the files, went to and there had the court appoint Page as receiver, all without the knowledge of the petitioner, thereby perpetrating fraud upon the court. "That some years the failure of the bank, the said receiver was and Its managing officer and during that time he caused loss of $473,000; that after he knew or had reason to believe that the bank was insolvent he transferred, all told, two different times, 500 shares of his stock of the value of $50,000 to Bontems, the then cashier and that said transfer was without valu: able consideration and for the purpose of escaping personal liability on his stock in the event of the bank's failure: that time of the bank's failure he owned 50 shares of stock the value of $5,000 on which he should pay an that his interests are inimical and inconsistent with the interests of depositors: that since the insolvent condition of the bank was known for months before to the officers of the bank that they are liable to depositors for deposits received during that time, the amount which is "That the said Gregory Page, since he became receiver, has transferred large sums of money out of the court's jurisdiction, which he held as receiver, the First National bank of Los An geles; this bank had discounted $70.000 of notes of the Gallup State bank and had the endorsement of Gregory Page, W. H. Morris and Sharp Hanson on those notes; the payment of these notes out of the funds of the bank will reduce the dividends-re ceived by the depositors and will involve litigation with the Los Angeles bank: this be drain on the assets of the bank for which the endorsers of the notes are personally responsible.'