Citizens National Bank - McGregor, TX

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5504
Charter Number: 5504
Start Date: February 8, 1904
Location: McGregor, Texas (31.444, -97.409)

Metadata

Model: gpt-5-mini
Short Digest: cbba6405

Response Measures

None

Receivership Details

Depositor recovery rate: 98.6%
Date receivership started: 1904-02-08
Date receivership terminated: 1906-05-07
OCC cause of failure: Fraud
Share of assets assessed as good: 61.7%
Share of assets assessed as doubtful: 28.0%
Share of assets assessed as worthless: 10.3%

Description

Articles report the Citizens' National Bank of McGregor closed its doors on Feb 8, 1904 and a receiver was appointed. No run or depositor panic is described; cause attributed to a drop in the price of cotton (local economic shock).

Events (4)

1. July 18, 1900 Chartered

Source: historical_nic

2. February 8, 1904 Receivership

Source: historical_nic

3. February 8, 1904 Suspension

Cause: Local Shock
Cause Details: Failure attributed to a drop in the price of cotton, hurting bank's assets/loan quality.
Newspaper Excerpt: the Citizens' National Bank of McGregor, Tex., has closed its doors.
Source: newspapers

4. February 12, 1904 Receivership

Newspaper Excerpt: the controller of the currency has appointed Mr. Frank R. McCormick of Colorado receiver of the Citizens' National Bank of McGregor, Texas, which closed its doors on-the 8th instant, and has since that time been in the hands of National Bank Examiner Joseph M. Logan as temporary receiver, who will be relieved by Mr. McCormick ...
Source: newspapers

Newspaper Articles (4)

1. February 8, 1904 The Washington Times Washington, DC

Article from The Washington Times, February 8, 1904

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Article Text

TEXAS BANK RUINED BY DROP IN COTTON Owing, it is said, to the drop in the price of cotton, the Citizens' National Bank of McGregor, Tex., has closed its doors. The Comptroller of the Currency has been advised and has appointed National Bank Examiner J. M. Logan as receiver. The bank had resources of over $134,000 and deposits of upward of $63,000.

2. February 8, 1904 Evening Star Washington, DC

Article from Evening Star, February 8, 1904

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Article Text

Texas Bank Fails. The controller of the currency has received advices from the vice president of the Citizens' National Bank of McGregor, Texas, that the bank has closed its doors. National Bank Examiner J. M. Logan has been appointed receiver by the controller. This bank was organized on July 18, 1900, with C. G. Hering president and John P. Cooper cashier. The cause of failure is said to be on account of the drop in cotton.

3. February 12, 1904 Evening Star Washington, DC

Article from Evening Star, February 12, 1904

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Article Text

Receiver of McGregor, Texas, Bank. The controller of the currency has appointed Mr. Frank R. McCormick of Colorado receiver of the Citizens' National Bank of McGregor, Texas, which closed its doors on-the 8th instant, and has since that time been in the hands of National Bank Examiner Joseph M. Logan as temporary receiver, who will be relieved by Mr. McCormick as soon as the assets of the bank can be listed and turned over to him. Mr. McCormick has heretofore been employed by the controller's office in connection with failed national banks.

4. February 18, 1904 Iron County Register Ironton, MO

Article from Iron County Register, February 18, 1904

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Article Text

Receiver Appointed. Washington, Feb. 12.-The comptroller of the currency has appointed Frank R. McCormick, of Colorado, receiver of the Citizens' national bank of McGregor, Tex., which closed its doors on the 8th inst