14482. Peoples Savings Bank & Trust Company (Silver City, NM)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
June 14, 1915
Location
Silver City, New Mexico (32.770, -108.280)

Metadata

Model
gpt-5-mini
Short Digest
143f55a1

Response Measures

None

Description

The People's Savings Bank & Trust Co. (state-chartered) closed/suspended June 14, 1915 with no run. Officers asked the state examiner to take charge, liquidation described as voluntary and the bank was later placed in receivership (Aug 1915) and treated as failed; indictments followed. Classified as suspension leading to permanent closure/receivership.

Events (2)
1. June 14, 1915 Suspension
Cause
Voluntary Liquidation
Cause Details
Officers closed bank and asked state bank examiner to take charge; liquidation described as voluntary and caused by large amount of slow paper and reserves below legal requirement.
Newspaper Excerpt
This bank is in the hands of the state bank examiner. ... The People's Savings Bank & Trust Co. ... closed its doors this afternoon at 1 o'clock
Source
newspapers
2. August 19, 1915 Receivership
Newspaper Excerpt
MORRILL IS NAMED RECEIVER FOR BANK ... Charles B. Morrill ... was appointed by Judge Colin Neblett ... to be receiver of the failed People Savings Bank and Trust company. The People's bank failed Monday, June 14, when it was taken in charge by the state banking department.
Source
newspapers

Newspaper Articles (10)
1. June 15, 1915 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, June 15, 1915

Click image to open full size in new tab

Article Text

PEOPLES BANK IN SILVER CITY CLOSES DOORS No Excitement Caused and Belief Prevails That Institution Will Eventually Pay Out Dollar for Dollar. I (SPECIAL DISPATCH TO MORNING JOURNAL) Silver City, N. M., June 14. - The People's Savings Bank & Trust Co., with a paid up capital of $75,000, closed its doors this afternoon at 1 o'clock, a notice being posted on the door reading: "This bank is in the hands of the state bank examiner." The suspension of the bank, which was a chartered state institution, was not due to any run, and caused no particular excitement. The last statement, which was issued December 31, 1914, gave the deposits as approximately $75,000, and loans and discounts as $143,000, with a total business figuring $167,440.11. Officers of the bank declined to make any statement pending the arrival of the state bank examiner, whe is expected here tomorrow from Santa Fe. It is believed, however, that the bank will pay depositors in full, the liquidation being voluntary and the present embarrassment being caused by the fact that the bank has on hand a large amount of slow paper. The closing of the People's bank in no way affects either of the two national banks in Silver City, both of which are in a flourishing condition.

2. June 17, 1915 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, June 17, 1915

Click image to open full size in new tab

Article Text

EARNEST TAKES CHARGE OF BANK AT SILVER CITY Former Examiner Arrives to Wind Up Affairs of Defunct Institution; Receiver to Issue Statement Soon. EPECIAL DISPATCH TO MORNING JOURNAL] Silver City, N. M., June 16.-Howell Earnest, former state bank examiner, arrived in Silver City today as the representative of the state banking department and took charge of the affairs of the People's Savings and Trust company, which closed its doors last Monday. The receiver of the bank is expected to issue a report on the condition of the institution as soon as the books can be checked up. In the meantime depositors are anxiously awaiting an announcement as to what they may expect to realize from their claims.

3. June 18, 1915 Deming Graphic Deming, NM
Article from Deming Graphic, June 18, 1915

Click image to open full size in new tab

Article Text

SAVINGS BANK OF SILVER CITY CLOSED ITS DOORS The Peoples Savings Bank and Trust Company of Silver City failed to open its doors Monday morning and a brief notice on the door stated that the institution had been placed in the hands of the state bank examiner. There was no run on the bank. the officers maintaining that the doors were closed to protect the pa trons. It is said that the assets will cover the deposits, but that some of the securities will be hard to convert at this time. State Bank Examiner Howell Earnest was in Deming Tuesday en route to Silver City to take charge of the defunet institution. He could not say what the condition of the bank is. Officers of the bank. according to report, would make no statement. Recent changes in the state bank ing laws, together with inability to realize on loans and a falling off in its business brought the bank's reserve below that legally required and the officers and directors, not caring to further jeopardize the interests of the bank's patrons decided. after a meeting. to ask the state bank examiner to take charge of the institution forthwith. The last semi-annual statement of the bank, made at the close of business December 31. 1914. to the state bank examiner showed individual deposits subject to cheek of $35,377.87 savings deposits, $9,481.81: certifieates of deposit, $34,992.50: loans and discounts. $143,413.80, the grand total being $167,440.11. Since that time it is understood the deposit have been materially reduced below the figures shown above, while few new loans have been made.

4. June 18, 1915 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, June 18, 1915

Click image to open full size in new tab

Article Text

Silver City, June 11.-"This bank is in the hands of the state bank examiner." This brief notice, posted on the front door and followed by the closing of the bank at 1 o'clock yesterday afternoon, announced the suspension of the Peoples Bank & Trust Co. of Silver City. No run preceded the bank's closing and there was no excitement when it became known the bank had suspended business. Pending the arrival of the state bank examiner, who was expected to reach here today, officers of the bank would make no statement, believing that sinasmuch as the bank was in the hands of the state banking department any statement, if one is to be issued, should come from the examiner. Hope to Pay Depositors. The officers, it is said are firm in the belief that the bank in the course of time will be able to liquidate its obligations and pay all depositors in full. Whether or not a reorganization will® be effected is not known. When the bank closed yesterday, R. C. Markley was president; R. H. Boulware, vice-president, and W. S. Hoatson, secretary and treasurer. These officers with A. J. Boulware, D. B. Robertson, Andrew Locklear, J. Fred Cleaveland and E. S. Edwards constituted the board of directors.

5. August 19, 1915 The Evening Herald Albuquerque, NM
Article from The Evening Herald, August 19, 1915

Click image to open full size in new tab

Article Text

MORRILL IS NAMED RECEIVER FOR BANK Silver City, N. M., Aug. 19.-Charles B. Morrill, one of the best known young men of Silver City, yesterday was appointed by Judge Colin Neblett, of the district . court, to be recelver of the failed People Savings Bank and Trust company. The cour fixed the receiver's bond at $25,000 and when this is furnished, Mr. Morrill will take active charge of the bank and begin the work of liquidating its affairs under the direction of the court. The People's bank failed Monday, June 14, when 11 was taken in charge by the state banking department. Attorney R. B. Powell was thereafter named a special deputy bank examiner and he has been in charge of the bank. Mr. Morrill, on qualifying as receiver, will succeed Mr. Powell. The bank. when it closed its doors had approximately $50,000 on deposit, It was capitalized at $75.000. R. C. Markley was president and W. S. Has. ton. secretary-treasurer. The application for a receiver was filed by the attorney general of New Mexico, acting under the provisions of the new state banking law, and was received here yesterday.

6. August 20, 1915 Deming Graphic Deming, NM
Article from Deming Graphic, August 20, 1915

Click image to open full size in new tab

Article Text

RECEIVER FOR DEFUNCT BANK AT SILVER CITY Charles B Morrill, one of the best known young men of Silver City, yesterday was appointed by Judge Colin Neblett, of the district court, to be receiver of the failed Peoples Savings Bank and Trust company. The court fixed the receiver's bond at $25,000 and when this is furnished, Mr. Morrill will take active charge of the bank and begin the work of liquidating its affairs under the direction of the court. The Peoples Bank failed Monday June 14, when it was taken in charge by thes tate banking department. Attorney R. B. Powell was thereafter named as a specia Ideputy bank exmainer and has been in charge of the bank. Mr. Morrill, on qualifying as receiver will succeed Mr. Powell. The bank, when it closed its doors had approximately $50,000 on deposit. It was capitalized at $75,000. R. C. Markley was president and W. S. Haston, secretary-treasurer. The application for a receiver was filed by the attorney-general of New Mexico, acting under the provisions of the new state banking law, and was received there Monday. n Things usually look blue to a man 1. after he has painted the town red. Having become a British subject, Henry James should proceed to learn the English language.

7. January 3, 1916 The Evening Herald Albuquerque, NM
Article from The Evening Herald, January 3, 1916

Click image to open full size in new tab

Article Text

OF BANKS MAKES ANNUAL REPORT R. H. Carter Explains Conditions of Financial Institutions of State and Makes Some Comparisons. | Santa Fe. N. M., Jan. 3.-The report of the state bank examiner. R. H. Carter, on the condition of the state's financial institutions for the year just ended, has been transmitted to the governor. It is as follows: "In compliance with the provisions of section 80, chapter 67. session laws of New Mexico. 1915. I beg to submit herewith the report of my office for a period beginning on June 15, 1915 the date of my appointment and ending December 31, 1915. "This report discloses the names of the officers and directors of all banks doing business at tris time, and subject to the supervision of this office for the period named together with a summary of the financial condition of such banks, as shown by reports received in response to a call ISsued for statements as of date November 10, 1915. "The Peoples Savings Bank & Trust company of Silver City, New Mexico, closed its doors on June 14. 1915. and one of my first official acts was to take charge of this bank and to appoint Mr. R. B. Powell of Silver City special deputy state bank examiner, pending the appointment of a receiver by the district court of the Sixth judicial district of New Mexico, which appointment was made on or about August 16, 1915. Complete reports showing the condition of the bank when it closed and while in charge of a representative of this office are on file in my office. "The Bank of Des Moines. Des Moines. New Mexico. opened for business on August 26. 1916. This bank was incorporated and authorized to engage in business before chapter 67 of the session laws referred to above became effective. "The Citizens Trust & Savings bank of Deming and the Bank of Deming were consolidated under date of September 4. 1915. The business continues under the name of the Bank of Deming Deming, New Mexico. "At this date the number of state banking institutions actually engaged

8. March 15, 1916 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 15, 1916

Click image to open full size in new tab

Article Text

TRUE BILLS ARE FOUND AGAINST BANK OFFICIALS Grant County Grand Jury Returns Indictments in Case of Institution Which Went Under June 14, 1915, (SPECIAL DISPATCH TO MORNING JOURNAL) Silver City, N. M., March 14.-An echo of the failure June 14, 1915, of the People's Savings Bank and Trust company of Silver City, was the return yesterday by the Grant county grand jury of true bills against officers and employes of the bank. Warrants were promptly served and the arraignment of the defendants is set for tomorrow morning before Judge Colin Neblett. Those against whom indictments Were found include R. C. Markley, president of the bank when it failed; Robert H. Boulware, vice president: W. B. Haston, secretary and treasurer; Andrew Locklear, director; A. J. Boulware, director: David H. Robertson, director; J. F. Cleaveland, director; E. S. Edwards. director, and Herlan Pitts, bookkeeper and employe. The specific charge against the defendants is that of unlawfully, knowingly and feloniously receiving a deposit of $75. made by R. F. Keene, when the bank was insolvent. The return of the indictments against the officers of the bank comes as a good deal of a surprise to the public, for while it was generally believed that the affairs of the bank had been poorly managed from a business standpoint, it was not thought that anything had been done which might bring the officers within the range of possible prosecution. The progress of the case will be watched with a great deal of interest, as all of the men indicted are prominent in the community. The affairs of the failed institution are now being straightened out by Charles B. Morrill, receiver. his appointment being made several weeks after the bank closed its doors, it having first been taken in charge by the state bank examiner.

9. March 18, 1916 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 18, 1916

Click image to open full size in new tab

Article Text

GRANT COUNTY GRAND JURY SETS NEW HIGH MARK Greatest Number of Indictments Ever Returned Ground Out; More Than 100 True Bills in One Day, (SPECIAL CORRESPONDENCE TO MORNING JOURNAL) Silver City, N. M., March 17.-After being in session nine days, during which it investigated over 200 cases, the Grant county grand jury adjourned yesterday and was discharged by Judge Colin Neblett, who commended the jurors for their work. During the time the grand jury was in session it established a new record in the number of indictments returned, a total of-201 true bills being found and twenty-nine no bills. Over 100 true bills were returned by the grand jury the last day it was in session, a large number of these indictments being in connection, it is alleged, with the failure of the People's Savings Bank & Trust company, which suspended about a year ago. The grand jury examined into the various county offices, county and state institutions, finding all to be in excellent shape. However, with reference to the Grant county jail, which is now overcrowded with prisoners. the grand jury characterized the jail as a disgrace to the county. While admitting that the county jail is in as good condition and as well kept as possible under existing conditions, the grand jury found it dark, poorly ventilated, unsanitary and upon occasions like the present, when there are a large number of prisoners confined therein, it is possible to prevent not only overcrowding, but actual danger from disease, to say nothing of filth and vermin. In addition to this, the corridor and cell arrangement is such that the guards and jailors are in constant danger of personal violence from desperate prisoners. New Jail Needed, Further commenting on the inadequate jail facilities, the grand jury declares that in its opinion Grant county could easily afford a new and properly arranged sanitary jail of sufficient size to accommodate any number of prisoners which ordinarily might be confined therein. and it recommends that the court call the matter to the attention of the authorities charged with the duty of providing jail facilities that the disgraceful conditions now existing may as soon as possible be remedied. The grand jury likewise found the grand jury room in the courthouse to be devoid of coat and hatracks. the furniture antiquated and insufficient and the floor barren, all of which it

10. April 9, 1916 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, April 9, 1916

Click image to open full size in new tab

Article Text

NEUNOITS FOR PEN SENT UP BY GRANT COUNTY Death Sentence Imposed by Juddge Neblett Upon Hightower and Montes, Convicted of First Degree Murder. (SPECIAL CORRESPONDENCE TO MORNING JOURNAL) Silver City, N. M., April 8.-Grant county this week sent a large number of recruits to the state penitentiary. following the conclusion of the criminal docket of the spring term of the district court. Following the sentencing of prisoners who were convicted and who pleaded guilty at this term, Judge Colin Neblett announced court in recess until May 12, when the indictments against the officers, directors and employes of the Peoples Savings Bank and Trust company, which failed a year ago, will be taken up on demurrer. In addition to Lucius C. Hightower and Pedro Montes, the two murderers sentenced to death, Judge Neblett imposed sentences on the following prisoners: Eugene Rowland, convicted of assault with intent to kill, not less than fifteen months nor more than thirty months in the penitentiary. Notice of appeal to supreme court and application for bond filed. Jose Arispe. convicted of assault with intent to kill, not less than eighteen months nor more than two and a half years in the penitentiary. Plea of Guilty. Telesforo. Martinez pleaded guilty to assault and battery, six months in