14476. Santa Fe Bank (Santa Fe, NM)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 12, 1921
Location
Santa Fe, New Mexico (35.687, -105.938)

Metadata

Model
gpt-5-mini
Short Digest
e22f5c02

Response Measures

None

Description

The Santa Fe bank (described repeatedly as a state bank) was taken into custody by the state bank examiner and suspended on Dec 12, 1921 due to 'depleted reserves' and excessive/state deposits/mismanagement. There is no evidence of a depositor run; depositors largely remained patient. The bank was reorganized by stockholders and fully resumed business on March 9, 1922.

Events (3)
1. December 12, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by state bank examiner for depleted reserves after carrying excessive state deposits and making large loans against deposits; insolvency/poor management indicated.
Newspaper Excerpt
the Santa Fe bank, which closed on Monday morning, with more than $350,000 of the state's funds on deposit.
Source
newspapers
2. December 22, 1921 Other
Newspaper Excerpt
The Santa Fe bank ... was opened today, under direction of James B. Read, state bank examiner, for the sole purpose of receiving payment on loans and overdrafts.
Source
newspapers
3. March 9, 1922 Reopening
Newspaper Excerpt
The Santa Fe bank, of Santa Fe, resumed business on Thursday morning, with a cash reserve that exceeded legal requirements by more than $50,000.
Source
newspapers

Newspaper Articles (17)
1. December 13, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 13, 1921

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SANTA FE BANK CLOSES HOL LOING STATE DEPOSITS OF $367 000.00 Governor and State Treasurer Declare State Will Not Lose Cent, Owing to Securities Held, TREASURER'S BOND MAY PREVENT ANY LOSSES Other Officers of State Have Small Accounts in Institution; Rest of Santa Fe Banks Are Solvent. (SPECIAL DISPATCH TO MORNING JOURNAL} Santa Fe, Dec. 12.-Holding a total of about $367,000 in state funds, the Santa Fe bank, a state bank of this city, was closed today and was placed in the hands of the state bank examiner, J. B. Read. Mr. Read's only statement with to its was it "on account reference was closing condition of that deDr. of the sanapleted Mera, head resources." Sunmount Frank of the E. here, is president and Robert torium institution $50,000 W. Lynn and is cashier. Its capital is its surplus is $15,000. There is a statutory provision in Mexico restricting the state in single deposits New any capital institution and sur- to 75 cent of its That would have to about plus. per $48,000 remain however, allowed in the Santa Fe bank. It had, about $367,000 in state money, the great bulk of which came from the checking account of the state treasurer. The checking account of the treasurer was about $263,000. His account was $43,500, in The of stationary round numbers. certificate had totaled deposit which he in from the $356,500 $50,000, making treasurer. all reached around The total deposits in the bank $667,000. This fund was safeguarded by a bond, a bond from personal $110,000 surety the directors $100,000 notes of and and totaling the mortgages, bank, $280,000 $490,000. the in other state officials, land office $2,000 bond. $15,000 Of had surety secured The attorney by a had about secrestate about augeneral tary of $550, $6,000, $2,000, the the less than and general ditor the attorney slightly under funds $400. was The total of state slightly over $367.000. There was no demonstration in over the of the A few Santa bank. Fe today depositors closing came great and saw the sign but paid no it. was Santa Fe attention on the other to There banks, no since run it is known that both are entirely solvent. Governor M. C. Mechem stated that in the state deposits cent the since bank have been reduced 40 per That on January cate he took a total office. would 1 of indi- this Mr. Strong, state also had been reduced, year treasurer, of $600,000. indicated although that he they did not exceed If specify the deposits the amount. the state of that may be Treasurer law, it is possible Strong the liable. bond It He is under bond for $1,800,000. is possible that the amount over $48,000 which the treasurer deposited in the Santa Fe bank may be recovered in that manner. The following list shows the funds which the treasurer has had (Continued on Page Two.)

2. December 13, 1921 The Evening Herald Albuquerque, NM
Article from The Evening Herald, December 13, 1921

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ARE FUNDS OF STATE IN CLOSED BANK FULLY PROTECTED? Treasurer's Right to Hold Collateral Questioned; Bond Firm Liable? (Special Dispatch to The Herald.) SANTA FE. Dec. 13. The only development of importance today in the affairs of the closed Santa Fe bank, where in excess of $360,000 of state funds are on deposit. was a formal request upon the attorney general for an opinion as to the right of the state treasurer to hold $280,000 of notes and mortgages assigned to the treasurer by the bank. as additional security for the deposit. Attorney General Harry 8. Bowman is out of town. Assistaint Attorney General Edwards advised State Bank Examiner Read. informally, that in his opinion the right of the state treasurer to hold these notes and mortgages as collateral for state deposits, was doubtful. The result of the ex. pression was a request for a formal opinion. Without the notes and mortgages the treasurer holds a surety bond for $110.000 and personal bonds for $100,000 to protect his deposit of $353,000. while the small deposits of other state offices in the bank are covered by surety bonds considerably in excess of the deposits. Strong's Bond Over 2 Million. The total bond furnished by State Treasurer Strong is $2,097,000. The hond was written by the U. 8. Fidelity & Surety company Governor Mechem said yesterday and repeated the state. ment today. in discussing the state interests in the closed bank that the treasurer's bond fully protected the state against any losses. It was SUK. gested today. however, by a representative of the bonding company that the state treasurer did not com ply with the law. in depositing more than the statutory limit of 75 per cent of its capital and surplus with the Santa Fe bank It was said on the same authority that a request by a representative of the bonding company to check the treasurer N books had been denied at the treasurer's office Had Full Knowledge of Conditions Discussing the state's deposit in the Santa Fe bank today Governor Mechem said that the state finance board had never ordered any deposits of state funds to be made changed any deposit. or designated any de positories When the present board came into authority's the governor said. financial conditions were in a delicate position in New Mexico as elsewhere and the board did not regard it as in the public interest to change state deposits and therefore had not done so. By postponing action he said. the chances of losses to the state and to creditors had been lessened. The state bank examiner the governor said. could in no way be held subject to blame for the situation It had been well known for a long time he said. that the position of the Santa Fe bank was unsatisfactory and that the bank examiner could have ordered the bank closed at any time within the year. but that an effort was being made to work the institution out of its embarrassments and it was regarded as best to encourage this effort so long as any chance remained for its success without closing the institution Insolvency, he said. was difficult to establish under the cona ditions and there had always been reasonable hope that the bank could work its way out of its difficulties Who Is at Fault? The extent of the responsibility of State Treasurer Strong and to what extent he shares it with the state finance board or other officials was the subject of considerable discussion today The fact that the status of the bank and of the state deposit therein had been known to all the responsible financial authorities of the state and that nothing had been done toward correcting the situation furnished ground for criticism that in

3. December 16, 1921 New Mexico State Record Santa Fe., Santa Fe, NM
Article from New Mexico State Record, December 16, 1921

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SPECIAL SESSION IS NOT LIKELY IS JUDGMENT OF GOVERNOR MECHEM "Need of a special session of the New Mexico Legislature must be imoperative and there must be some assurance that the required program would be enacted, before call for such a special session is signed." said Gov. Merritt C. Mechem today in discussing rumors that he might convene the legislature at an early date. These rumors have grown out of the suspension of the Santa Fe bank, of Santa Fe, which closed on Monday morning, with more than $350,000 of the state's funds on deposit. This huge amount was being carried by State Treasurer Charles U. Strong, in spite of the statutory limit of not more than 75 per cent of combined capital and surplus to be deposited in any one bank. There has been a demand from some quarters that a special session be convened to inquire into the failure, to fix definitely the responsibility for exceeding the limit and to enact such laws as would prevent a recurrence. The law governing the handling of state funds by the state treasurer is adequate, in the opinion of Gov. Mechem and J. O. Seth, who has been retained by Bank Examiner Read as counsel for the bank. Since this is true, in the judgment of these two officials there is no need of further legislation on the point. However, Gov. Mechem explained, more power should be given to the state finance board, which is charged with the responsibility of designating the banks that are to be used as depositories for state funds. This finance board is composed of the governor, the auditor and the treasurer. This board may now direct the treasurer to deposit $100,000, say in any bank, but the treasurer the next day may withdraw and deposit elsewhere, Gov. Mechem said. Holding a special session will cost the taxpayers a large sum of money, and before a call is signed, Gov. Mechem will get in communication with the members of the legislature and secure the pledges of a majority that any suggested program is necessary, and will be enacted. The power of enacting legislation is vested in the legislature, not in the executive, the governor pointed out, and the judgment of the legislature must be indicated as favorable to the proposed legislation; otherwise nothing would be accomplished. Treasurer Strong's bond of $2,097,000 is adequate to protect the state's funds that were in the Santa Fe bank, it is established beyond any doubt whatever. "The state cannot possibly lose a dollar," Gov. Mechem emphatically declared.

4. December 17, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 17, 1921

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Until About June 1920 the deposits of the state treasurer in the Santa Fe Bank were not abnormal. Then they suddenly mounted well toward the figure where they were when the bank failed. Why did this happen? There is a reason. What is it? Almost at once the loans of this bank mounted proportionate ly until the loans nearly equalled the deposits. It should be remembered that the excuse for this account assuming such size was because it was presumed to be a checking account. The state's checking accounts are very active; that Is, all of them but this one. Except for a private understanding this bank must have assumed that a check of one hundred thousand dollars or some other large amount might come in any day. Yet this bank almost immediately loaned practically the entire amount on unliquid paper. There are two alternatives possible in one's reasoning: either the officers of this bank were stark mad and should be in an asylum for the insane, or they had an understanding on the side that this account would not be checked against or would be replenished so as to maintain a uniform balance. No one charges the officers with insanity. There is no conclusion possible except that they had an understanding with some one. With whom did they have an understanding? Why did they have such an understanding? There is a reason. Such things do not just happen. What is the reason? The Journal cannot answer. It could only guess. But we will refrain from guessing. If the governor will call the legislature in special session we are sure that, with its power to subpoena, swear witnesses and compel them to talk and to compel, the production of books and records, its committees will soon learn an interesting story of how the people's money is handled. Two hours with the banks records before them and its officials on the witness stand, would suffice to produce the desired information, in our judgment. The rumor that a poker game played any part in it is false, although the size of the stakes in poker games in which state onicials have participated is shocking. No self-respecting custodian of the people's business could indulge with decency in these dissipations running through the light and iar into the day. No powerful political figure lurks in the background of this bank mess. It was not politics unless there were large campaign contributions of which the Journal can not learn. We are convinced that it was not politics. What was it? There is a reason. The legislature could find out. Will Governor Mechem give it a chance to find out? The Journal is learning some interesting things. For instance, the law requires all state officials to deposit in the state treasury on the first of each month, any monies collected during the previous month. The secretary of state has done this with great promptness. The check on the Santa Fe bank by the secretary of state for the month of October was handed to the treasurer on November 8. The bank pronounced it good in response to a telephone inquiry, yet the books show that the treasurer carried it as a cash item until November 13, because the bank said it could not pay it and it was finally deposited in that*bank by the treasurer on the last day of the fiscal year out of sheer despair, we are told. Yet on December 3 twenty-five thousand dollars was transferred from the treasurer's account in the First National bank of Santa Fe to his account in the Santa Fe bank because the latter did not have money enough to stay in business throughout that day without it. This may be explained by a willingness on the part of the treasurer to hazard an additional twenty-five thousand rather than face the criticism which would follow a failure of the bank. The insurance division of the bank examiner's office deposited $70,000 with the state treasurer on July 17 by giving the treasurer a check on the Santa Fe bank, which was merely transferred from one account to the other on the books of that institution. This department had held this money for months in defiance of the law requiring monthly deposits. It is only fair to Mr. Read, bank examiner, to say that this office did not come under his jurisdiction until April of this year. Mr. Lineau handled this fund. The auditor's office turned over to the treasurer $66,000 on October 22. This was already in the Santa be bank and was merely transferred to the treasurer's account. The auditor's office ignored the law relative to monthly transfers to the treasurer but got out from under in a lump sum when the situation became aoute. This is the fund of which the auditor kept an account on scraps of paper. Laxness is prevalent i.. the capitol building. No one seems to check any one else with any seriousness." They seem too courteous to each other to care to offend by criticizing or prying. Governor Mochem has It in his power to make them know right now that public office is a public trust instead of a private snap. He can cure officials of "sucking eggs" if he has the will. If offenders are protected now everyone will feel safe in doing anything he pleases. Now is the time to correct the evils in the law of accounting and auditing. Governor Mechem can make or unmake his administration by his handling of this m. tter. The legislature should be convened in January. Meantime the governor should have a cash audit of the treasurer and the auditor with criticisms of their methods by someone who will command public confidence.

5. December 23, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 23, 1921

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SANTA FE BANK IS OPEN FOR PAYMENT ON LOANS NOW DUE Santa Fe, Dec. 22.-The Santa Fe bank, of Santa Fe, was opened today, under direction of James B. Read, state bank examiner, for the sole purpose of receiving payment on loans and overdrafts. This bank suspended on Monday of last week with a total of $667,000 in deposits, of which over $350,000 was in state funds from the state treasurer's office.

6. December 24, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 24, 1921

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$280,000 WORTH OF SECURITIES WILL BE RETURNED TO BANK (Special Correspondence to The Journal.) Santa Fe, Dec. 23.-Under stipulation by attorneys for both sides, an agreement has been reached as t to the disposition of the $280,000 in 1( notes and mortgages which the suspended Santa Fe bank had asT signed to State Treasurer Charles o U. Strong as partial security for the $853,000 of the state funds that the en treasurer was carrying on deposit i nthe bank. h Under the agreement, the securities are to be returned to the bank C so that payment on the notes may SP an be made by those who had borrowed money from the bank. The Sr amounts collected are to be depositde ed in the First National bank, in a special account, and not touched f until there is a final order of the P court. James B. Read, as state bank exat aminer in charge of the closed CI bank, made formal demand upon the treasurer for return of these W securities, Acting upon advice of gr the attorney general's office, Treas7: urer Strong held the securities on W behalf of the state. Examiner Read A then secured a temporary injuncne tion from the district court to restrain the treasurer from disposing E of any part of the securities in any pr way. o' The stipulation was made by J. Su O. Seth, as counsel for Examiner Read and O. O. Askren, representing Treasurer Strong. A

7. December 27, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 27, 1921

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SPECIAL ASSESSMENT TO BE LEVIED AGAINST BANK STOCKHOLDERS SPECIAL DISPATCH TO MORNING JOURNAL) Santa Fe, Dec. 26.-Holders of a majority of the stock of the suspended Santa Fe bank have agreed to pay the special assessment levied by the directors. The general belief among the stockholders is that by paying this assessment it will be possible within a short while to reorganize the bank and resume business. The capital of the bank was $50,000. When this institution was taken in charge on December 12 by James B. Read, head of the state bank department, on account of "depleted reserves," it had total deposits of $667,000, of which some $353,000 was in state funds from the state treasurer's office. The total of depositors was about 1,200.

8. December 27, 1921 Deming Graphic Deming, NM
Article from Deming Graphic, December 27, 1921

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and often entirely lacking. It should be made impossible for potential rascals and thieves, or imbeezles to handle the peoples' money with no more protection than has been afforded by the state up to this time. The people have been urged to trust their savings to banks instead of I old socks hidden under mattresses or in old stoves; the argament is logical Having a tidy savings account in a safe bank gives the bumblest citize freedom from worry that is musi gratifying. When the bitter winds of financial stress begin to search the shorn lambs, it is mighty comfort able to finger the old deposit book with its brief but meaning entries. Butand here is the sad part about it-too often when the need is the greatest the old well goes dry-the bank is "bust," and a crisp paragraph on the oaken doors of the temple of finance informs the poor, deluded sneker that. "This bank is closed by order of the Bank Examiner." The depositor hasnot even had a run for his moneythe fun of stock gambling-speculati chances for gain. No the bankers have had all the fun, all the opportunities and on the money of the small depositor who has worked and saved and denied himself as he was told to 60 by his fallen money master. Unless legitima te Lankers get 10gether. the state will not only force guaranteed deposits, but will do all the banking as well. So far as the Santa Fe bank is concerned It has been shown that It had about three times as much of the state money as it could lawfully have on deposit. 11. re to both knavery and imbecility. For a year the institution was known to be insolvent. yet de posits were invited and the state money was use! to bolster up its declining speculative powers. Even the slight est restraint of present banking laws meant nothing in the young life of this care-free institution Will the guilty be punished?

9. December 29, 1921 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 29, 1921

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A NEW DISPUTE HAS ARISEN AT STATE CAPITOL (Special Correspondence to The Journal.) Santa Fe, Dec. 28.-A new controversy has arisen in the state house here, following the suspension of the Santa Fe bank, which carried more than $350,000 of state funds. The new one is over adequate insurance for the state house and the executive mansion. The last legislature found that more insurance was needed and made an emergency appropriation of $4,000 to take out additional insurance on the two buildings and their contents. The amount then carried on the two buildings and contents was $345,000. The architect who designed the capitol said the building could not be replaced for less than $600,000. The capitol custodian board did not take out the additional insurance until a day or so ago, when additional policies for a total of $145,000 were taken out on the capitol. The board is composed of Nelson A. Field, state land commissioner; J. H. Gerdes, of Santa Fe and another member-who resigned some time ago, and whose place has not been filled. Field is not in town now.

10. January 3, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, January 3, 1922

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EXPECT FUTURE OF THE SANTA FE BANK TO BE DETERMINED SHORTLY (Special Correspondence to The Journal.) Santa Fe, N. M., Jan. 2.-Developments that are scheduled for this week are expected to determine the future of the Santa Fe bank which suspended on Dec. 12, with $667,000 in deposits, of which more than $350,000 was in state funds from the state treasurer's office. The meeting of the stockholders with the directors will be held on Tuesday, to be followed on Thursday by a meeting of the depositors. Stockholders holding a majority of the $50,000 of capital stock, already have assented to a double assessment. It is said upon reliable authority that the plans which the officers and directors have been working upon for more than two weeks are entirely practicable, and the general feeling here among those directly concerned is one of increasing hopefulness. One of the reports current is that under the reorganization the past as active head of the institution will be tendered to a man who has been prominently identified with New Mexico banking affairs for a number of years.

11. January 6, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, January 6, 1922

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DEPOSITORS IN SANTA FE BANK MAY RECEIVE MONEY BACK IN TIME [SPECIAL DISPATCH TO MORNING JOURNAL) Santa Fe, Jan. -The greatest willingness to be patient and reasonable was displayed by the large number present at the meeting of the' depositors of the Santa Fe bank, which suspended on December 12. The meeting was held in the county court house and pledges were circulated for signature. These pledges which are now being signed bind the depositors to a scale of gradual. withdrawal. Since the meeting of directors and stockholders held Tuesday. the prevailing feeling is that the institution is practically certain to resume business and that the depositors will sustain no loss,

12. February 17, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, February 17, 1922

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STRONG TENDERS RESIGNATION AS TREASURER N. (Special Correspondence to The Journal.) Santa Fe, Feb. 16.-Charles U. Strong, of Mora county, treasurer of the state of New Mexico since January 1, 1919, has tendered his resignation, to become effective upon the appoatment by Governor M. C. Mechem of a successor. The resignation follows: "For some time I have been desirous of resigning my office as state treasurer, but have delayed filing my resignation for the reason that those interested in the reorganization of the Santa Fe bank have suggested that a resignation might interfere with their plans. "I now understand those plans have been advanced far enough so that the reopening of the bank is practically assured, and I now feel free to follow my own inclination. "I therefore hereby resign my office as state treasurer to take effect upon the appointment of my successor. "My office is now being examined and checked by the traveling auditor, who advises me his work will be completed in about thirty days. "I am ready to turn over the office now to my successor, or upon the conclusion of the audit, as may seem best to you for the public interest." The Santa Fe bank, to which reference is made, suspended on December 12, having at the time a total of $667.000 in deposits, of which $353,000 was in state funds from the treasurer's office. This amount was greatly in excess of the limit fixed by law.

13. March 8, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 8, 1922

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THURSDAY IS THE DAY SET FOR REOPENING THE SANTA FE BANK (Special Correspondence to The Journal.) Santa Fe, March 7.-Thursday is the day definitely set by the stockholders for the reopening of the Santa Fe bank, which suspended business on December 12. At the meeting of the stockholders, Nathan Jaffa, Charles C. Closson, Dr. James R. Rolls and William J. Barker were elected directors, with power to select the other directors.

14. March 10, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 10, 1922

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SANTA FE BANK REOPENED WITH JAFFA AT HEAD (Special Correspondence to The Journal.) Santa Fe, March 9.-The Santa Fe bank, of Santa Fe, resumed business on Thursday morning, with a cash reserve that exceeded legal requirements by more than $50,000. Nathan Jaffa, formerly of Roswell, territorial secretary of state and a successful banker, has accepted the presidency and once more takes up his residence in Santa Fe. He said Thursday that the bank has no outstanding obligations, and is absolutely sound, having charged off every dollar in questionable paper. At the meeting of the stockholders, held Monday night, Nathan Jaffa, Dr. James A. Rolls, Charles C. Closson and W. J. Barker were elected directors and given power to choose the other directors. They then elected the following officers: Nathan Jaffa, president; Dr. Rolls, vice president; S. C. McCrimmon. cashier: J. B. C. Lopez, assistant cashier; Howard Richards, bookkeeper. This bank suspended on December 12. on account of "depleted reserves," and was taken in charge by the state banking department. It had a total of $667,000 in deposits, The reorganization was effected by the stockholders, who levied a 200 per cent assessment against themselves, and, in addition, raised $50,000 in cash. For the latter they accepted $175,000 of paper which the bank had charged off. There was no flurry whatever when the bank reopened. No effort was made by depositors to withdraw funds.

15. March 14, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 14, 1922

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GRAND JURY TO PROBE CLOSING OF S. F. BANK (Special Correspondence to The Journal.) Santa Fe, March 13.-The grand jury in the district court for Santa Fe county began its work of the regular spring term here today. The first case to be investigated was that of a killing at Cerr'llos. One of the most important matters to be considered will be the suspension of the Santa Fe bank, which occurred or December 1. The bank resumed business on last Wednesday, but the causes leaGing to the suspension will be inquired into, it is the general belief.

16. March 18, 1922 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 18, 1922

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JURY INDICTS EX-CASHIER OF SANTA FE BANK (special Correspondence to the Journal.) Santa Fe, March 17.-Robert W. Lynn, former cashier of the Santa Fe bank, has been indicted by the Santa Fe county grand jury in the district court. Three separate indictments well returned this afternoon, charging Lynn with responsibility for accepting deposits when the bank was known to be insolvent. This bank suspended on December 12. the state banking department announcing the suspension was ordered because of "depleted reserves." At the time of the suspension the bank was carrying a total of $667,000 in deposits, The institution, reorganized and placed on a sound financial footing. resumed business on March 10.

17. June 13, 1922 The Evening Herald Albuquerque, NM
Article from The Evening Herald, June 13, 1922

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Tie & Lumber Co. Is Sold to Bank (Special to The Herald) SANTA FE, June 13.-Sale of the Hondo Tie & Lumber company by Charles C. Closson. receiver, to the Santa Fe bank for $16,533.48. was confirmed yesterday by Judge Reed Holloman of the district court. 1 this company went into receivership shortly after the closing of the Santa Fe bank, which since has reopened.