14487. Silver City Savings Bank (Silver City, NM)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 1, 1924*
Location
Silver City, New Mexico (32.770, -108.280)

Metadata

Model
gpt-5-mini
Short Digest
a7f56645

Response Measures

None

Description

Newspapers report the Silver City Savings Bank closed/suspended in early 1924 and by June 1924 officials were indicted for operating while insolvent. No article describes a depositor run or a reopening; facts point to suspension followed by permanent closure/insolvency. There is a small dating discrepancy: a Feb 8, 1924 brief reports the bank 'closed their doors last week' whereas a June 14, 1924 item says the bank 'suspended business two months ago' (around April); I use the Feb 1924 closure reference as the suspension date but note the inconsistency.

Events (2)

1. February 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles later state officials were indicted for accepting deposits while the bank was insolvent, indicating insolvency/financial wrongdoing led to suspension.
Newspaper Excerpt
Three banks in Silver City, N. M., closed their doors last week. They were the Silver City National, the Silver City Savings bank and the American National bank.
Source
newspapers
2. June 14, 1924 Other
Newspaper Excerpt
Six officials and directors of the Silver City Savings Bank, which suspended business two months ago, have been indicted for accepting deposits when they knew the affairs of the bank to be in an insolvent condition.
Source
newspapers

Newspaper Articles (2)

Article from The Dolores Star, February 8, 1924

Click image to open full size in new tab

Article Text

CAUGHT FROM THE NETWORK OF WIRES ROUND ABOUT THE WORLD DURING THE PAST WEEK RECORD OF IMPORTANT EVENTS CONDENSED FOR BUSY PEOPLE WESTERN Five prisoners escaped from the Colfax county jail at Raton, N. M., by sawing their way out. The Roman Catholic society of the Sisters of the Holy Names of Jesus and Mary, operating twelve schools in Oregon with an enrollment of 2,000, recently filed a brief in an attack on the compulsory public school attendance law, now before the Federal Court. Acting on formal charges of misconduct filed in the office of City Clerk M. F. Mann, the city council of Miles City, Mont., suspended Mayor B. J. Brasen from office pending an Investigation of the charges and fixed Wednesday, Feb. 13, as the date for a hearing. W. H. Reed, president of the council, was designated as acting mayor in the interim to follow. Three banks in Silver City, N. M., closed their doors last week. They were the Silver City National, the Silver City Savings bank and the American National bank. Soon after the close of the banks the state bank examiner was asked to take charge of the Bank of Tyrone, N. M. The institutions. all in. Grant county, had combined liabilities estimated at $3,000,000. according to their statements of Dec. 31 last. Opening to homestead and desert land entry of 14,455 acres of public land in Washakie and Big Horn counties, Wyoming, beginning Feb. 20. has been announced at the Interior Department at Washington Adjoining entrymen and patentees have a preference right on the tracts within the area and ex-service men of the World war have a ninety-one day preference, after which unentered land will be thrown open to the general public. Though fire, blown by a sweeping gale, was almost upon him, Ensign Thomas John Ryan of New Orleans, knelt by the side of an American woman pinned beneath the wreckage of a hotel room in Yokohama during the Japanese earthquake and vowed he would save her or die. Hours later he delivered the injured woman to the doctor aboard the steamship Empress of Australia. For this Ryan was honored by Congress and the Navy Department on his arrival in San Francisco aboard the transport Thomas. A medal of honor for valor was bestowed upon him by Rear Admiral Simpson. commandant of the twelfth naval district, and a lieutenant's commission was awarded him.


Article from The Colorado Statesman, June 14, 1924

Click image to open full size in new tab

Article Text

New Mexico Bankers Indicted Silver City, N. M.-Six officials and directors of the Silver City Savings Bank, which suspended business two months ago, have been indicted for accepting deposits when they knew the affairs of the bank to be in an insolvent condition. No names were given out following the announcement of county officials that the indictments had been returned. Additional charges against two directors for the alleged making of excessive loans also were returned. Judge R. R. Ryan requested that Judge Mechem of Alamogordo hear the case instead of It being brought before him.