First National Bank - Sterling, CO

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5624
Charter Number: 5624
Start Date: April 1, 1924*
Location: Sterling, Colorado (40.626, -103.208)

Metadata

Model: gpt-5-mini
Short Digest: 233af470

Response Measures

Full suspension

Other: Bank failed to open its doors and closed permanently.

Receivership Details

Depositor recovery rate: 52.9%
Date receivership started: 1924-04-05
Date receivership terminated: 1930-06-05
OCC cause of failure: Economic conditions
Share of assets assessed as good: 24.1%
Share of assets assessed as doubtful: 50.7%
Share of assets assessed as worthless: 25.3%

Description

Article (Phillips County Herald, 1924-04-10) reports the First National Bank of Sterling failed to open its doors after large withdrawals (~$200,000) and is described as closed. No reopening or receiver assignment is mentioned; thus classified as run leading to suspension and closure.

Events (5)

1. November 16, 1900 Chartered

Source: historical_nic

2. April 1, 1924* Run

Cause Details: Large depositor withdrawals (~$200,000) that drained funds and precipitated failure to open.
Newspaper Excerpt: Withdrawal of funds to the mount of about $200.000.00 is believed to have been the principal cause.
Source: newspapers

3. April 4, 1924 Suspension

Cause Details: Bank failed to open after heavy withdrawals; article indicates closure rather than temporary pause.
Newspaper Excerpt: The First National Bank of Sterling failed to open its doors last Friday morning.
Source: newspapers

4. April 5, 1924 Receivership

Source: historical_nic

5. April 10, 1924 Other

Newspaper Excerpt: The First National was one of the largest banking institutions in this section of the state, and its statement of March 31st, showed deposits At the amounting to $922.000.00. time of closnig. deposits amounted to $722,000.00.
Source: newspapers

Newspaper Articles (1)

1. April 10, 1924 Phillips County Herald Holyoke, CO

Article from Phillips County Herald, April 10, 1924

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Article Text

FIRST NATIONAL BANK OF STERLING CLOSES DOORS The First National Bank of Sterling failed to open its doors last Friday morning. Withdrawal of funds to the mount of about $200.000.00 is believed to have been the principal cause. The First National was one of the largest banking institutions in this section of the state, and its statement of March 31st, showed deposits At the amounting to $922.000.00. time of closnig. deposits amounted to $722,000.00. The bank was established in 1900.