21252. San Angelo National Bank (San Angelo, TX)

View Charter #3260 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
3260
Charter Number
3260
Start Date
October 1, 1931*
Location
San Angelo, Texas (31.464, -100.437)

Metadata

Model
gpt-5-mini
Short Digest
43385b8d

Response Measures

Full suspension, Books examined

Other: Receiver appointed and assets examined; reorganization and recharter issued by Comptroller of the Currency.

Receivership Details

Date receivership started
1931-10-06
Date receivership terminated
1932-01-04

Description

The San Angelo National Bank failed to open in October 1931 after deposit withdrawals linked to the recent spread of runs elsewhere; a receiver (George Embry) was appointed and the bank was reorganized and reopened January 3, 1932. Cause of the initial withdrawals is described as fallout from runs/rumors elsewhere ('the spread the recent weeks'), so classified as local_banks rather than a discrete misinformation event.

Events (8)
1. October 28, 1884 Chartered
Source
historical_nic
2. October 1, 1931* Receivership
Newspaper Excerpt
George Embry, receiver the bank said yesterday evening after having turned over the assets of the institution which he has held for the last three months Roy Vance, and cashier.
Source
newspapers
3. October 1, 1931* Run
Cause
Local Banks
Cause Details
Depositors withdrew funds in the wake of spreading runs/closures elsewhere, reducing deposits the prior week.
Measures
None specified prior to suspension; subsequent receivership and reorganization followed.
Newspaper Excerpt
The San Angelo National Bank failed to open business The spread the recent weeks had caused ing They said that deposits had been reduced the week
Source
newspapers
4. October 1, 1931* Suspension
Cause
Local Banks
Cause Details
Bank failed to open after deposit reductions/withdrawals tied to spreading runs in recent weeks.
Newspaper Excerpt
The San Angelo National Bank failed to open business
Source
newspapers
5. October 6, 1931 Receivership
Source
historical_nic
6. January 3, 1932 Reopening
Newspaper Excerpt
The San Angelo National Bank...closed its doors October reopen o'clock tomorrow morning. The charter for the bank was issued Saturday from the Comptroller Currency...authorizing the bank begin business once...George Embry, receiver, had wire from the comptroller's office...authorizing him turn over the of the bank to the new officers and directors
Source
newspapers
7. January 4, 1932 Restored To Solvency
Source
historical_nic
8. March 25, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. October 4, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, October 4, 1931

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Article Text

Withdrawal Notice Rule Is Invoked to Stop Runs on Banks Philadelphia Action Follows Closings, 'Hoarding' by Depositors. By Associated Press. PA., October Philadelphia today adopted resolution calling on all banks to enforce the rule requiring weeks' notice for the of time and deposits. All the mucity have Joseph president the that closing of some small outlying stitutions resulted unreasoning among depositors which causing drawals deposits largely for the purpose hoarding. Three Banks Close. The house small trust and the of trust subThe Fidelity Philadelphia Trust today appointed temporary receiver Weniger ing after three creditors filed involuntary petition of bankruptcy in Federal Court. The firm about 1500 depositcounstateand would be available until after an audit of the books. Richmond Trust Company, bank, deposits the of the Banking Closings. By Associated Press. GLENSIDE, October Glenside Bank Trust Company failed open for business today and placed in the hands of the State Department. hour later the Glenside Trust Company, in Wynclosed its doors. had cote, opened for business, but run of depositors decide place the hands State Department also. Failure Texas. By Associated SAN TEX., October The San Angelo National Bank failed to open business The spread the recent weeks had caused ing They said that deposits had been reduced the week bank was capitalized at $600,000. One in West Virginia. By Associated Press. WESTON, W. October today Directors posits the closing The bank had of $150,000; surplus resources $1,500,000.

2. January 3, 1932 San Angelo Standard-Times San Angelo, TX
Article from San Angelo Standard-Times, January 3, 1932

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Article Text

Praises Embry Condition Of Bank Angelo Receiver Says Closed Institution Best He Has Seen MUCH WORK DONE Care Taken In Going Over All Paper Took Extra Time "The San Angelo National Bank by far the best closed bank that connected with either state national bank receiver," George Embry, receiver the bank said yesterday evening after having turned over the assets of the institution which he has held for the last three months Roy Vance, and cashier. "The bank will open tomorrow in excellent condition, well fortified with cash and other assets take care its business. expect the bank to make progress from the beginning. Group Shows Spirit "The committee that managed the reorganization the leaders new bank have shown an excellent spirit all the trying details that necessarily have to be handled between the bank receiver. old officers have thrown out some assets that considered suitable for the new bank, but whenany question was raised by the

3. January 3, 1932 San Angelo Standard-Times San Angelo, TX
Article from San Angelo Standard-Times, January 3, 1932

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Article Text

San Angelo National Bank Its Doors at Clock Tomorrow Morning President The San Angelo National Bank. closed its doors October reopen o'clock tomorrow morning. The charter for the bank was issued Saturday from the Comptroller Currency, authorizing the bank begin business once and that the charter was being mailed yesterday from was ceived Saturday morning. few hours later, George Embry, receiver, had wire from the comptroller's office and from the chief bank examiner of this district authorizing him turn over the of the bank to the new officers and directors Slight Change in Name The name of the bank has been changed the dropping article from the official name the old This not only preserved the old name, but the worth stationery and printing which the bank had in store room. appreciate the work of the Bank Reorganization the Merchants Board of president of the bank said last night. course this cludes all those business earnestly and so hard during the time of reorganization. feel they done community great service and assure them that their work not been Community Praised credit for the reorganization the bank due to the people the community," said Hall, active yesterday ning. "No greater tribute the operative spirit of San Angelo West Texas can be found than work. We are all deeply appreciative. want thank the other banks in the city for what they have well the merchants and business men every walk of life We regret the delays which have held off reopening the bank from time to time, but was job than any of Reorganization of the bank has taken much more time than nally contemplated. On Sunday, Oct. following the closing the bank on Saturday, meeting of

4. January 3, 1932 San Angelo Standard-Times San Angelo, TX
Article from San Angelo Standard-Times, January 3, 1932

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Article Text

to the stockholders and directors of the San Angelo National Bank, who have backed this institution with their own personal fortunes and who have been tireless in their efforts in the reorganization of a bank powerful enough to weather any storm. To the private citizens who SO willingly have given their support and confidence to the new San Angelo National Bank. As a result of this hearty cooperation not a depositor will lose a cent and San Angelo and West Texas have taken a long step forward.

5. January 3, 1932 San Angelo Standard-Times San Angelo, TX
Article from San Angelo Standard-Times, January 3, 1932

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CONGRATULATIONS ARE RECEIVED San Angelo bankers and finan ciers joined with customers and stockholders of the San Angelo Na. tional Bank in wishing success to the new institution which opens to morrow. Their statements follow: Judge W. C. Blanks president of the Central National "It is tribute to our community and to the people of San Angelo that the San Angelo National Bank is to reopen tomorrow. It always has occupied an important place in the financial life of our section and its opening will relieve credit in this part of the country. predicted the bank would be reorganized on substantial basis and am gratified at seeing it ready for business tomorrow." George E. Webb. president of the First National Bank: "I am glad to see the bank reopen and hope it does well." Roy Hudspeth, president of the Guaranty State Bank: "I am in deed pleased to see the San Angelo National Bank reopen' its doors for business It tribute to the men behind the bank, to the citizens of San Angelo and of West Texas and shows that this country can always come back and come back better and stronger than it was. predict great future for the San Angelo Na tional Bank." M. B. Pulliam. former president of the San Angelo Bank for years, now a retired capitalist with offices at the First National Bank: "When that bank closed knew that it would not stay closed long. Such men as its present management with long years of experience in the banking business would reopen and build it to better and stronger and more substantial bank, knew. "I predict that within twelve months it will take its place among the strong banks of West Texas. The management of the bank will not only be proud of it. but the entire West Texas will be proud. predict that the bank will start out as good, clean bank, and it will have the oppo nity at this time to select such paper as it finds most desirable, and such as it will want to handle. It will not be forced to take any paper that does not look good to Re -opening Monday of the San Angelo National Bank "will be a wonderful help not only to Western Texas but the whole country. said Ira Yates, local oil man and capitalist, yesterday "In my opinion no better body of men could have been gotten together than the new officers and directors. They are worthy of the fullest confidence of everyone. feel like in these times of depression, it behooves the people everywhere to stay with the banks and not let false alarms excite them to run and draw their money out. A run on one bank throws the rest of the banks into uneasy condition and instead of keeping 20 to 25 per cent of their money in the vaults many of our banks through precaution against runs today are holding 50 to 75 per cent of their funds. That amounts to millions of dollars out of circulation. That in my opinion, is largely the cause of the depressionso much money kept out of circulation. "If the people expect the banks and loan companies to stay with them. they must first stay with the institutions they entrust their money to." CARD OF THANKS We wish to extend our sincere thanks for the many kindnesses shown to us during the recent loss of our loved one. DR. AND MRS. R E. CAPSHAW. MRS. ANDERSON.

6. January 3, 1932 San Angelo Standard-Times San Angelo, TX
Article from San Angelo Standard-Times, January 3, 1932

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Article Text

Embry Praises Condition Of Angelo Bank (CONTINUED FROM PAGE 1) examiner. myself, or the new board, they were taken out and taken out Much Work Done "The size of the San Angelo Na. tional and the large number of ac. counts and securities held by it, even for a bank of its size, greatly in creased the work of the receivership and necessarily required great deal more time to clear up than some expected. The smallest note had to receive the same careful attention as the largest piece of paper in the bank. "While everyone connected with the bank. including myself, hoped to be able to open sooner-I can say that as far as my part of the work was concerned that I could not have gotten ready to turn the assets over to the new bank any sooner than yesterday afternoon. Being personally responsible for the assets of the bank entrusted to me it was impossible for me to delegate a great deal of authority and necessitated me handling practically all of the transactions. "I consider this reorganization an outstanding piece of work and one the people of the community can justly feel proud."