1452. Rico State Bank (Rico, CO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 30, 1907
Location
Rico, Colorado (37.693, -108.030)

Metadata

Model
gpt-5-mini
Short Digest
69cf2cfa

Response Measures

None

Description

The bank failed to open Dec 1907 (reported 1907-12-30). A receiver was appointed by the court on 1908-01-30 but reports indicate this was a formality and the bank intended to resume. Receiver discharged and bank to resume under trustees by 1908-02-27. No explicit run is described in the articles; events indicate suspension/temporary closure due to insolvency/embarrassment and subsequent reopening under trustees.

Events (4)

1. December 30, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open its doors; owner notified State Bank Commissioner and sought receiver, indicating insolvency/financial trouble.
Newspaper Excerpt
David Swickheimer, of the Rico bank which failed to open its doors Monday morning
Source
newspapers
2. January 30, 1908 Other
Newspaper Excerpt
asked for the appointment of a receiver for the Rico State bank... Upon recommendation J. H. Goodknight was appointed receiver by the court and his bond fixed at $15,000.
Source
newspapers
3. January 30, 1908 Receivership
Newspaper Excerpt
J. H. Goodknight was appointed receiver by the court and his bond fixed at $15,000.
Source
newspapers
4. February 27, 1908 Reopening
Newspaper Excerpt
The receiver for the Rico bank was yesterday discharged by Judge Pike, all depositors of the bank having agreed to accept notes from David Swickheimer... and the bank will resume business under the direction of three trustees.
Source
newspapers

Newspaper Articles (3)

Article from Semi-Weekly Herald, December 30, 1907

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Article Text

THE RICO BANK WILL RESUME. David Swickheimer, of the Rico bank which failed to open its doors Monday morning, arrived in the city last evenIng for the purpose of atteading to some legal matters in connection with the bank. When the bank closed Mr. Swickheimer notified State Bank Com missioner Beatty who arrived Tues day evening. A meeting was called of the depositrs with Mr. Beatty and Mr. Swickheimer present. Mr. Swickheimer said he wanted the bank placed In the hands of a receiver and its affairs wound up, and he would look after every dollar due depositors. This the depositors refused to listen to and unanimously they insisted that Mr. Swickheimer reopen the bank and each


Article from Semi-Weekly Herald, January 30, 1908

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Article Text

Chairman Taggart of the democratic national committee and his co-workers. He is in communication with a live newspaper man and if arrangements his can be made for the party to sever present connections The Herald will have a valuable acquisition in the near future. -0E B. House, grand chancellor of the Knights of Pythias of Colorado, ar rived last evening via the Rio Grande Southern and is the guest of the local order. As Herald readers have been informed. there is going to be an in teresting time at the hall this evening and it is urged that every member turn out and extend greeting. Mr. will give an interesting talk will be well worth your which House time, to say nothing of the general program which follows the lodge session. Judge R. J. McNutt has handed the Silverton Miner the following prescription which he claims is a sure remedy for smallpox. The judge used and prescription for himself at Del Norte this twelve others in the earof the San Juan, and although was in a much more the ly days disease in viru- this lent form than is now known section, every one of the afflicted recovered from their illness: Sulphate of zinc, 1 grain; fox glove (digitalis', 1 grain; sugar, one-half teaspoonful; mix thoroughly with two teaspoonfuls of water, after which add 4 ounces of water; dose, 1 teaspoonful each hour; disease will disappear in twelve hours. District court met in adjourned session this morning at 10 o'clock. Both the criminal and civil dockets were called and cases continued or set for motions to be disposed of. Informations were filed by District Attorney Pulliam in the various bank cases sent up from the justice court. There were two informations filed Charles E. McConnell. In the the bond was against first case fixed at $15. 000 and in the second bond will be Both Mr. McConnell with nominal. informations receiving deposits charge when the Smelter City bank was insolvent. Informations were filed against B. N. Freeman, Frank Eldredge, W. C. Chap man and Evans C. Hampton on the same charge-receiving deposits when the Colorado State bank was insolvent. Bonds were fixed as follows: B. N. Freeman, $15,000; Frank Eldredge, $12,000; W. C. Chapman and E. C. Hampton, $5,000 each. the latter two being allowed to sign their own bond for the amount, their individual recognizance being held good by the court. The other bonds are to be approved of by the sheriff. Two additional informations were filed, one against Edward Luna and S. Martinez, charging them with robbery, being the robbery of the National hotel. At the present time Luna is in Martinez having jail, furnished bond required by the justise court The other information is against Joseph Lawrence, charged with horse stealing. The case of the People vs. Wm. Ma son and Joseph Vanderweide was continued the April term n until attorney, of court the motion of the district defense taking no part in the matter. At the conclusion of the above business the court took a recess until 2 o'clock to listen to motions and arguments in civil cases. At the afternoon session some mo tions were set for argument Thursday. All the bank officials appeared and furnished bonds. Just before adjourning B. W. Ritter, in behalf of State Bank Examiner Beatty, asked for the appointment of a receiver for the Rico State bank. J. A. Pulliam. attorney for David SwickThe and himer, closing consenting. proposition for facts reopennig of the have already been outlined in The Herald and the appointment of a receiver is in compliance with law requirements and more a matter of form than anything else as the bank will resume in the near future. Upon recommendation J. H. Goodknight was appointed receiver by the court and his bond fixed at $15,000. Court then ad. journed until Thursday. BEN N. FREEMAN LIGHLYCOMRLIMENTED


Article from Semi-Weekly Herald, February 27, 1908

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Article Text

Mr. and Mrs. Aurand of Silverton, who have been visiting the past few days with Mr. and Mrs. W. G. Lewis, were passengers on the eastern this morning, Mr. Aurand being bound for Denver and Mrs. Aurand going to Chicago. H.D. McBride was a Denver-bound passenger on the eastern this morning. Tom Loftus was a passenger this morning for Farmington, having two ditch contracts down there. Mrs. Emma L. Willson and son Harry departed this morning for Los Angeles, where they will put in the time for the next two months. -0A. L. Nathan has gone east to buy goods for the spring and summer trade. Mr. Nathan is one of the very optimistic ones and will buy accordingly. Mrs. Charles Webber, who came here from Independence, Colo., to attend the funeral of her brother-in-law, W. H. Webber, was a returning passenger this morning. The receiver for the Rico bank was yesterday discharged by Judge Pike, all depositors of the bank having agreed to acept notes from David Swickheimer, secured by his property, and the bank will resume business under the direction of three trustees. Rev. John C. Hay, who has come to be pastor of the Christian church in this city, arrived Saturday in company with Rev. Leonard G. Thompson of Denver, coresponding secretary of the Colorado Christian Missionary society. Services were held on Sunday at the Woodmen of the World hall on Main street and the hall has been se-