1485. Bank of Grand County (Sulphur Springs, CO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 26, 1909
Location
Sulphur Springs, Colorado

Metadata

Model
gpt-5-mini
Short Digest
bd4601e8

Response Measures

None

Description

State bank commissioner ordered the bank closed and a temporary receiver placed in charge (Oct 1909). Court-appointed receiver handled affairs and a new company of local bankers purchased assets and planned to reopen and pay depositors by Jan 1910. No mention of a depositor run in the articles — event is a suspension by authority followed by reorganization and reopening.

Events (4)
1. October 26, 1909 Suspension
Cause
Government Action
Cause Details
State bank commissioner ordered closure and placed a temporary receiver in charge pending examination after alleged bad affairs and arrest of president.
Newspaper Excerpt
The state bank commissioner on Monday ordered the bank closed and placed Mr. Hardey in charge, pending an examination into the affairs of the institution which it is alleged are in bad shape.
Source
newspapers
2. October 29, 1909 Other
Newspaper Excerpt
State Bank Commissioner Emil W. Pfeiffer ... announced he would apply ... for a receiver to be placed in charge of the institution until a thorough audit of its affairs can be completed. Meanwhile former Deputy State Bank examiner Paul Hardy is in charge.
Source
newspapers
3. October 29, 1909 Receivership
Newspaper Excerpt
Paul Hardey in charge. Bank of Grand County Closed by State Bank Examiner Paul Hardey ... had charge of the Bank of Grand County at Sulphur Springs this week as temporary receiver.
Source
newspapers
4. December 16, 1909 Reopening
Newspaper Excerpt
Wrecked Colorado bank will resume business ... the institution is to be taken over by a group of Denver, Arvada and Broomfield bankers ... An entirely new company is to be organized for the operation of the bank ... arrangements have been made to pay all depositors and prove up claims at once.
Source
newspapers

Newspaper Articles (3)
1. October 29, 1909 Rocky Ford Enterprise Rocky Ford, CO
Article from Rocky Ford Enterprise, October 29, 1909

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Article Text

PAUL HARDEY IN CHARGE Bank of Grand County Closed by State Bank Examiner Paul Hardey, the well-known former citizen of Rocky Ford. late deputy state bank examiner, had charge of the Bank of Grand County at Sulphur Springs this week as temporary receiver. The state bank commissioner on Monday ordered the bank closed and placed Mr. Hardey in charge. pending an examination into the affairs of the institution which it is alleged are in bad shape. In the meantime C. H. Bowlds, president and principal owner of the bank for but little over two months, IS under arrest charged with the greatest series of check kiting in the history of Colorado.

2. October 29, 1909 The Julesburg Grit-Advocate Julesburg, Big Springs, CO
Article from The Julesburg Grit-Advocate, October 29, 1909

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Article Text

Bank President Arrested. Denver.-What is said to be a deff. nitely-organized attempt to loot the Bank of Grand County at Sulphur Springs was made public Monday by the arrest of C. H. Bowlds, its president, and by the announcement of State Bank Commissioner Emil W. Pfeiffer that he would apply in the District Court at Littleton for a re ceiver to be placed in charge of the institution until a thorough audit of its affairs can be completed. Mean. while former Deputy State Bank ex. aminer Paul Hardy is in charge.

3. December 16, 1909 Las Vegas Optic Las Vegas, NM
Article from Las Vegas Optic, December 16, 1909

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Article Text

WRECKED COLORADO BANK WILL RESUME BUSINESS Denver, Dec. 16.-The affairs of the Bank of Grand County, Colo., at Sulphur Springs, have taken a decided change for, the better and the institution is to be taken over by a group of Denver, Arvada and Broomfield bankers, consisting of J. Frank Church of the First National Bank of Broomfield; Staley Brothers of the Central National bank of Denver and W. W. Pickett of Arvada. An entirely new company is to be organized for the operation of the bank which C. H. Bowlds, now a prisoner in the county jail, is accused of wrecking, and the bank building, fixtures and the book assets have been purchased by the new company. The bank is now in the hands of Receiver G. F. Higgins, who was or. dered by the court to keep the rooks open until December 27, but arrangements have been made to pay all depositors and prove up claims at once. The cost of the receivership will be about $2,800. Edmon G. Bennett, attorney for the receiver is authority for the statement that the assets will exceed the liabilities by about $4 000, less the expenses of the receivership, and that all depositors will be paid in full by the new organization before January 1, 1910. Attorney Bennett raised something over $12,000 on a trip, from which he has just returned. At Santa Fe N. M. he collected $2500 from J. W Norment president of the bank on which Bowlds drew a check for that amount. From Bowlds' brother Clarence L. Bowlds cashier of the Santa Fe bank he received $1500 which was raised by relatives in Kentucky, while friends of the Bowlds brothers in New Mexico contributed $500 more.