First National Bank - Mountainair, NM

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: 666b5fd9

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

The First National Bank of Mountainair suspended/closed in late September 1922 due to drought-related loan losses; later listed among failed national banks with a receiver in 1928. OCR corrected obvious typos (e.g., drouth->drought; dates inferred from article datelines). No article describes a depositor run, so this is a suspension leading to permanent closure/receivership.

Events (4)

1. April 11, 1919 Chartered

Source: historical_nic

2. September 28, 1922 Suspension

Cause: Local Shock
Cause Details: Prolonged drought causing near-total crop failures and resulting borrower defaults/frozen loans that forced the bank to close.
Newspaper Excerpt: Frozen loans caused the suspension of the First National bank of Mountainair, which has closed its doors... The prolonged drouth resulted in almost a total failure of crops, so that farmers and ranchmen were unable to meet their obligations, which the bank was carrying.
Source: newspapers

3. November 2, 1922 Receivership

Source: historical_nic

4. April 13, 1928 Receivership

Newspaper Excerpt: McKinney, for some time receiver of several defunct banks in New Mexico, including the First National at Mountainair... was last week succeeded by A. F. Rawlings, a national bank receiver who for some time has had charge of the affairs of the failed First National at Las Vegas, and Springer National bank, of Springer.
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.