Sterling National Bank - Sterling, CO

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11972
Charter Number: 11972
Start Date: September 20, 1923
Location: Sterling, Colorado (40.626, -103.208)

Metadata

Model: gpt-5-mini
Short Digest: 9080c96b

Response Measures

None

Receivership Details

Depositor recovery rate: 30.7%
Date receivership started: 1922-12-11
Date receivership terminated: 1929-07-31
OCC cause of failure: Economic conditions
Share of assets assessed as good: 24.7%
Share of assets assessed as doubtful: 47.5%
Share of assets assessed as worthless: 27.7%

Description

Article (Phillips County Herald, 1923-09-20) reports the Sterling National Bank had closed and E. M. Gillett was acting as receiver; court rendered decisions in suits arising from assessments after the bank's closing. The piece does not describe a depositor run or specific trigger for suspension, only closure and receivership. Classified as suspension leading to permanent closure/receivership.

Events (5)

1. May 9, 1921 Chartered

Source: historical_nic

2. December 11, 1922 Receivership

Source: historical_nic

3. September 20, 1923 Other

Newspaper Excerpt: After the closing of the bank an assessment of 100 per cent of the stock was made by the comptroller of the currency. The bank, through Mr. Gillett as receiver, is suing several of the stockholders of the bank for payment of this assessment.
Source: newspapers

4. September 20, 1923 Receivership

Newspaper Excerpt: Decisions favorable to the interests of stockholders of the Sterling National Bank were rendered Monday afternoon in district court by Judge Stephenson... Previous to the closing of the bank... E. M. Gillett as receiver, by W. E. Patterson and James A. Moore.
Source: newspapers

5. * Suspension

Cause Details: Article does not state a cause for the bank's suspension/closing (no mention of runs, rumors, or correspondent failures).
Newspaper Excerpt: Previous to the closing of the bank, stockholders of the bank furnished an 86 per cent assessment on their stock... In each case the court decided for the plaintiffs.
Source: newspapers

Newspaper Articles (1)

1. September 20, 1923 Phillips County Herald Holyoke, CO

Article from Phillips County Herald, September 20, 1923

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Article Text

COURT HANDS DOWN DECISION IN STERLING BANK CASE Decisions fovorable to the interests of stockholders of the Sterling Na. tional Bank were rendered Monday afternoon in district court by Judge Stephenson. in actions brought against the bank and E. M. Gillett as receiver, by W. E. Patterson and James A. Moore. Previous to the closing of the bank. stockholders of the bank furnished an 86 per cent assessment on their stock. The actions brought by Mr. Patterson and Mr. Moore were on their contention that this assessment was not legally made. Mr. Patterson asked that the note which he gave in payment be cancelled. Mr. Moore sought a judgment against the bank and asked that the judgment be made a preferred claim. In each case the court decided for the plaintiffs. After the closing of the bank an assessment of 100 per cent of the stock was made by the comptroller of the currency. The bank, through Mr. Gillett as receiver. is suing several of the stockholders of the bank for payment of this assessment. - Sterling Democrat.