18319. City National Bank (El Paso, TX)

View Charter #7514 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7514
Charter Number
7514
Start Date
May 1, 1924*
Location
El Paso, Texas (31.759, -106.487)

Metadata

Model
gpt-5-mini
Short Digest
afca37f49046d18f

Response Measures

None

Receivership Details

Depositor recovery rate
48.0%
Date receivership started
1924-05-08
Date receivership terminated
1927-02-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
29.9%
Share of assets assessed as doubtful
63.4%
Share of assets assessed as worthless
6.7%

Description

The articles describe the City National Bank of El Paso failing to open in May 1924 because of 'frozen paper' and a weakened condition, followed by appointment of receivers, ongoing collection suits by the receiver in 1924–1925, dividend payments to depositors, and final sale of assets in 1926. There is no clear description of a depositor run prior to suspension; the primary event is suspension and subsequent receivership/closure. OCR errors in Article 1 (garbled lines) were corrected where obvious (e.g., 'failed to open its doors a few days ago', 'frozen paper'). Receiver appointment and controller levy referenced July 22, 1924 (article text indicates controller action on that date).

Events (7)
1. December 16, 1904 Chartered
Source
historical_nic
2. May 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was in weakened condition and 'frozen paper' (illiquid or questionable assets); had earlier been aided by transfer of $1,000,000 in gold from the Federal Reserve to avert closing.
Newspaper Excerpt
The El Paso City National Bank... failed to open its doors a few days ago... condition understood, due to frozen paper.
Source
newspapers
3. May 8, 1924 Receivership
Source
historical_nic
4. July 22, 1924 Receivership
Newspaper Excerpt
the controller of currency did on the 22d day July, 1924, levy an assessment ... the receiver had been appointed ... to collect the assets of the City National bank, and upon the uncollected assets remaining in his possession it appeared necessary to enforce the individual liabilities ... . (El Paso Times, 1925-01-01 referring to controller action July 22, 1924).
Source
newspapers
5. February 18, 1925 Other
Newspaper Excerpt
MANY PERSONS FAIL TO CALL FOR DIVIDENDS... Forty per cent first dividend have not called first checks distributed Monday of last week ... the following day there rush, since then but persons have called for their dividends.
Source
newspapers
6. July 7, 1925 Other
Newspaper Excerpt
Bank Receiver Will Pay Out $400,000 to Depositors Here Thursday. A second 10 per cent dividend will be paid depositors the City National announced yesterday by Receiver Jerome ...
Source
newspapers
7. September 20, 1926 Other
Newspaper Excerpt
CITY BANK ASSETS SOLD TO COOLEY... the defunct City National bank will receive final dividend of 18 ... total payment 48 cents on dollar... auction of the bank assets in the banking rooms ...
Source
newspapers

Newspaper Articles (11)
1. May 10, 1924 The Colorado Statesman Denver, CO
Article from The Colorado Statesman, May 10, 1924

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Article Text

FOREIGN King George has signed the AngloAmerican rum-running treaty enabling authorities to of American shops suspected whisky search smuggling British beyond the three-mile limit. Quite a sensation has been created in the Irish linen trade by a German order for 115,000 dozen of men's This is the orhandkerchiefs. largest for printed many der Belfast has received years. A treaty of peace was signed at Amthe three discordant political in Honduras and factions alpa by representa- nations. tives of the Central American The document was signed in the presence of Sumner Welles, who was sent to Honduras by President Coolidge. Unless an official recount of the ballots deprives the United Socialist party of its present rank as numerically the strongeest party in the new reichstag, President Ebert will in the next few days commission its leaders to proceed with the work of organizing a new coalition government. Premier Theunis and Foreign Minister Hymans of Belgium arrived in a few days ago on the second visits they are paying to of London the ascertain France, the England and Italy, to views of the allied governments on methods for making the Dawes plan effective. M. Krestinsky, the Russian ambassador, has left Berlin for Moscow and the the Russian in Berlin will be egation offices of commercial closed, given it del- by is until satisfaction is for the recent entry into the stated, Germany German police building of of the the delegation and the search of the quarters for the Community leader Botzenhardt. The Conservatives have started their attack on the Labor government's bud- As in the House of Commons. get everyone expected, the onslaught of of criticism was aimed at the abolition duties on foreign manuand Labor's opfactures, the McKenna intention tariff to wall any building of a pose around the empire by a scheme of imperial preference. Twenty-six Japanese insurance companies have commenced the payment of 10 per cent. of the policies of losers and fire of Great crowds are in tember. the earthquake last The milling Sep- disabout each office in Tokio. tribution involves $40,000,000, which the companies borrowed from the government. Most of the money will be reinvested immediately in permanent buildings, for which permits are issued as of June 1. A Reuter agency dispatch from Spain, says the war minister military airplanes of the Spanish personnel has Seville, ordered flying and corps the to be ready for immediate departure atfor Morocco. The information is tributed to the newspaper Voz, which have that all leaves of absence been says suspended. The newspaper intimates that the order is a consequence of urgent dispatches from Morocco forreaching Seville by airplane and to warded immediately by plane Madrid. GENERAL The El Paso City National Bank, of the Southwest's largest insti- few one falled to open its doors a The bank, it is tutions, days ago., condition understood, due to in a weakened was frozen paper. The bank was saved from closing three months ago when $1,000,000 in gold was transferred of to the institution from the vaults the Federal Reserve Bank here. Modern parenthood has no place for that once popular standby-"Spare the of and spoil the child'--members of Mothers and Associations were Teacher the rod Congress told Parent- educa- in St. Paul. Miss Alma L. Binzel, tional director of the Federation for Child Welfare Study, New York city, this information in her talk on gave "Education for Parenthood" at the association's annual convention. Tegucigalpa, capital of Honduras, Dehas fallen to the rebels. the Navy partment was advised in a dispatch from the commander of the U.S.S. Milwaukee at Amapala. bobbed hair banher husband and dit, Mrs. and Cella Cooney, partner sentenced in Edward Cooney, were from ten to in prison by County each crime, to serve twenty Judge years Mar- was of Brooklyn. Mrs. Cooney to Auburn to Sing Sing. sentenced husband tin prison They and assault. had her guilty to a charge of Lewis pleaded Ed "Strangler" successfully with Joe defended his title in a match Mondt of Colorado at Y., winning the only 1 ter, "Toots" N. fall Roches- in The hour 37 minutes and 4 seconds. second fall was called after twelve minutes because of the time limit set state athletic followed Lewis' near by the riot commission. victory. the cham- The A challenger made a rush at the end of the fall, claiming he had been taken at a pion that at all disadvan- in and tage when Lewis, apparently

2. January 1, 1925 El Paso Times El Paso, TX
Article from El Paso Times, January 1, 1925

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Article Text

CITY NATIONAL RECEIVER FILES SUIT AGAINST 4 Albert H. Denton, receiver of the City National bank, yesterday filed suit In the United States district court against four El Pasoans in order recover levied order to pay the debts of the defunct bank The suits were filed against Will Owen, Margaret Dale Owen, Warnock and Josephine Warnock The receiver seeks recover $5,000 assessment levied on 50 shares capital stock the City National bank. the being In the sum of $100 per share, per cent in. terest from August 29, the date the as. alleged to have become due and Seeks to Recover Money Receiver sult to refor 13 shares in assess. ments from W. Warnock $800 for eight shares from Margaret Dale and on 10 shares from Will Owen Six per cent interest in each suit dates from August 29. The receiver, according to the Detition, had been appointed to collect the assets the City National bank. and upon the uncollected as mets remaining In his it appeared the of the controller of currency and the that order to pay the debts of the City Na tional bank necessary to enforce the individual liabilities of the to the extent as provided under the federal reserve act. What Petition Reads The petition further reads that by virtue the authority vested. controller currency did on the 22d day July, 1924, levy an assessment and each and every of the shareholders the City National bank and association for $100 upon each and every share of the capi. tal stock the bank and association. held and owned them respectively at the the failure of the bank Receiver Denton directed by the controller of currency to take all necessary proceedings individual liabilities, the petition sets forth.

3. February 18, 1925 El Paso Times El Paso, TX
Article from El Paso Times, February 18, 1925

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Article Text

MANY PERSONS FAIL TO CALL FOR DIVIDENDS Pasoans apparently are not pressed That conclusion reached members the City National bank receiver's Forty per cent first dividend have not called first cheeks distributed Monday of last week the following day there rush, since then but persons have called for their dividends.

4. February 20, 1925 El Paso Times El Paso, TX
Article from El Paso Times, February 20, 1925

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Article Text

INSURANCE AND CITY BAN TO COMPROMIS Two Republics Co. to draw Suit in Return for Concessions. A compron whereby the Two publics Life company draws its suit for $440,000 against City National bank and Receiver Denton, and the receiver makes concessions, authorized by an signed yesterday afternoon by W. B. Sheppard in the United district court. Under the agreement, the life Ips its the Ing leased by the City transfers and relinquishes the ceiver all dividends payable, may payable the Two publics on account its deposits the City National at the time relinquisbes any claim it may have connection with the subscript made by to the citizens' pool ary cancels the the ing room which run. cancels any liability under, dismisses the suit the bank The receiver to to Two Republics all the of the Republics his possession to for $25,000 executed H. Rodes, president of the company, and due the trust deliver the Two Republics each the $2,500 executed by Andreas and wife, together with lien to secure the Two sale all in that portion of the building by the bank. The receiver was authorized to the following action To sell lots Hill tion to Jose P. Valdez for cash and two receiver's value which dez will surrender to the receiver. Bank to Compromise To deliver W. Piper lot the east feet of 49, block Golden HIII consideration Piper of $2,700 mortgage on the and payment $115.87 which paid linquent taxes. The said was equity the property the $2,700 authorize the federal bank to adjust and best terms obtainable the debt owed Aranda, which is held the bank as rediscount City National from L R. an indebtedness of To sell to Hoskins and Hall acres land known Fred Shaw place, near Hatch, under terms contract entered April 1919

5. March 18, 1925 El Paso Times El Paso, TX
Article from El Paso Times, March 18, 1925

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Article Text

Bank Receiver Sues to Collect $20,800 Suit to collect $20,800 note was filed in the United States district court yesterday afternoon by A. H. Dentor. receiver for the City National bank, against W. H. Kraft and Alberto Madero. The note, which was made August 9. 1923, was secured by collateral consisting of shares of capital stock of the Lower California Jockey club, Mosqueteros Mining company and Cla. Industrial de Parral

6. June 15, 1925 The Santa Fe New Mexican Santa Fe, NM
Article from The Santa Fe New Mexican, June 15, 1925

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Article Text

TOWNTALK ARTS & CRAFTS STUDIO 104 Grant Ave. Lessons in China Painting, Designs for Stenciling and Embroidery. B. Westlake. 6-13tf For Broilers or Fryers, call 318-J 407 W. Buena Vista. M. A. Gregory -Adv. 6-18 YES, WE DO HEMSTITCHING We call for and deliver work. Young's, 502 College St. Phone 201-M. 6-17-25 Saddle horses for rent by day, week or month. Fletcher and Pankey. Phone 313-M. We are selling good Singer sewing machines. Guaranteed to sew good. $5, $10, $20. $35; new $50. Young's, 502 College street.-Adv. 6-15 PAST MATRONS' TEA AT BARKER RESIDENCE The Past Matron's club of the Or der of the Eastern Star will have tea for the visitng ladies at the residence of Mrs. Charles B. Barker, 134 Lincoln avenue, on Tuesday, June 16, from to 6 o'clock. All "wives, daughters, mothers, wid. own and sisters of Master Masons" are cordially invited to attend. Marcelling and Hair bobbing. Ethel Benits. Phone 38-W. 6-19 SANTA FE COUNTRY CLUB There will be meeting for the purpose of organization of the Santa Fe Country club at the club house on the links Thursday evening, June 18. at o'clock. All persons interested should be that they may be informed of the plans and of the officers elected. 6-18 BANK RECEIVER OF EL PASO SUES ON NOTES suit was filed in the United States district clerk's office today by Albert H. Denton, receiver of the City National bank of El Paso, Texas, VS. Buck Bounds. Eva A. Bounds, his wife, and Edward W. Latham, asking judgment on promissory notes for $2,000, and that a deed of release of certain property be decreed null and void. Judge E. L. Medler of El Paso, and Attorney A B. Renehan, of Santa Fe, represent plaintiff. NOTICE All persons who purchased a 1923 hunting or fishing license prior to May 25th, 1925, are kindly requested to call at their nearest license collector and have same exchanged. It is very important that these licenses be exchanged on account of changes made by the last Legislature in the bag limits, date of big name season, and etc. No charge will be made for the exchange T. P. DELGADO, State Game and Fish Warden. LADIES. ATTENTION Having purchased one of Mr. J. L Young's Hemstitchers, am prepared to do hemstitching on all kinds of material. Satisfaction guaranteed in work and price. MRS. S. C. CHATHAM 213 Santa Fe Ave. 6-17

7. July 7, 1925 El Paso Times El Paso, TX
Article from El Paso Times, July 7, 1925

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Article Text

NATIONAL Bank Receiver Will Pay Out $400,000 to Depositors Here Thursday. A second 10 per cent dividend will paid depositors the City National announced terday by Receiver Jerome The total about Checks distributed from dows room floor space the City National without checks paid except upon receiver certificates, This second dividend paid under the Receiver the dated June 26, prior to his Mr Mrs. Denton from City and left last night for their home in Arkansas Denton was receiver of the bank 14 fortunate for depositors of the City that the the with of the trust," banker of many perience and sound and He operate the trust economically."

8. August 25, 1925 El Paso Times El Paso, TX
Article from El Paso Times, August 25, 1925

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CITY NATIONAL LOANS "IN SUIT Bank's Receiver Names Cattle Financing Company in Issue. Jerome Harrington. receiver of the City National bank. yesterday filed suit in the United States district court against the Tri-State Cattle Loan company. and others, seeking to collect loans amounting to $71,144.68 made by the bank to the company. He also asks for interest and 10 per cent attorney's fees. The bank's petition states that loan of $37,668 for 30 days was made to the loan company November and that only $17,740.04 has been The petition further avers that July 24, 1923, the cattle loan company borrowed $40,000 Liberty bonds bearing 1-2 per cent interest. with the provision that the should be kept by the bank and the bonds should returned on demand. Efforts of the receiver to recover the bonds have failed. the petition says. The receiver is also seeking to colleet note for $11,216.69 plus 10 per cent attorneys' fees and per cent interest from July 3. 1923. This note was signed by John Helms, president of the loan Harry Braidfoot, T. D. Love and R Durrill, who are also co-defendants with the company in the collection of the other two loans

9. July 11, 1926 El Paso Times El Paso, TX
Article from El Paso Times, July 11, 1926

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Notice of Proposed Sale of Assets of City National Bank it these the has to the has court the after the is of the is file nor has for

10. September 20, 1926 El Paso Herald El Paso, TX
Article from El Paso Herald, September 20, 1926

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Article Text

CITY BANK ASSETS SOLD TO COOLEY of the defunct City National bank will receive final dividend of 18 maktotal payment 48 cents on dollar. Eighteen percent was the successbid the auction of the bank assets the banking rooms 11 today Winchester Cooley, of the bank the time failure. B. Kimbrough, John Hayes Lamar entered the bid. Other bidders were former for Lee Moor, valley rancher, for himself; John Hicks, El Paso, Oxsheer Smith, Cameron, Texas, and Lee Davis, Texas, jointly Creditors Benefit. The sale auction means that creditors will receive total or two cents on each dollar more than they would have received made by H. Denton with the the Washington several weeks ago had been approved. Mr. Denton's bid then was 16 cent. first set aside by the controler of the currency and the assets sold auction when Mr. Hicks, Mr. Smith and Lee Davis raised Mr. Denoffer by $10,000. Total creditors will receive result sale approximately $556,500, Jerome Harrington, bank said. Under the original Denton would have received about $494,548. Dividend Soon. Mr. Harrington said the final dend checks will not be ready within less than two months the approved by federal judge Charles Boynton. which is expected within day or Under terms of the sale, the bank retains one-half its oil and gas rights the John ranch until June 31, 1931, brought to production. This the only hope of creditors to get further dividend. The pledges himself reasonable means to the field production. Bidding started today at percent Mr. Denton. Mr. Harringdropping hand to call the assets sold Mr. Cooley on bid 17.5 when Mr. Moor shouted cent higher. Denton's final was 17.7 cent.

11. February 3, 1927 The Morning Press Santa Barbara, CA
Article from The Morning Press, February 3, 1927

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in From El Paso Post Three bank failures here in about as many years. No one prosecuted! No one looking out from bars other than those of other commercial institutions. The City National bank failure was so crude it looked raw. The City National paid depositors 48 cents the dollar. None of its officials was prosecuted. The most charitable thing you can say about the City National that it was officered by bunch of ignoramuses with hearts so full and heads so empty that they loaned money to every Tom, Dick and Harry who happened to be friend. They forgot that the money with which they were so free was not their money, but in many cases was the all of poor persons who had sweated lifetime for nestegg. The Border National is another glaring example of dumbbells trying run bank. We don't believe It is possible for any bank to be run more dumbly than was the City National, but the officers of the American Trust & Savings bank will give the old City gang run for first honors in dumbness. To the officers of the American add hypocrisy. They were too dumb, seems, to suspect until quite late that someone must using shovel in the banking room. They were hypocrites in that through omission they led part of the public to believe that the bank still was state guaranty fund bank. Depositors who put money in with the thought that the state guaranty fund stood behind the bank were fooled. Maybe the depositors only fooled themselves and maybe they were fooled by signs at the bank which said in great big letters: "A Guaranty Fund Bank."