gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ccd332a3eb550e3d
Response Measures
None
Receivership Details
Depositor recovery rate
73.2%
Date receivership started
1925-05-04
Date receivership terminated
1929-06-30
OCC cause of failure
Fraud
Share of assets assessed as good
39.0%
Share of assets assessed as doubtful
29.1%
Share of assets assessed as worthless
31.9%
Description
Bank was placed in receivership in 1925 and remained closed; a separate 1891 false rumor briefly threatened a run.
Events (5)
1.September 22, 1879Chartered
Source
historical_nic
2.July 10, 1891Other
Newspaper Excerpt
An absurd and groundless story ... would have created a considerable run and annoyance had not prompt measures been taken ... to prove the falsity and absurdity of the statement.
Source
newspapers
3.May 4, 1925Receivership
Source
historical_nic
4.May 8, 1925Receivership
Newspaper Excerpt
David Cowan ... has been appointed receiver of the First National bank of Las Vegas, N. M., according to letter received yesterday ...
Source
newspapers
5.June 1, 1925*Suspension
Cause
Government Action
Cause Details
Bank failed and was placed in receivership/closed following failure in June 1925.
Newspaper Excerpt
The closing followed the failure of the First National Bank of the city last June.
Source
newspapers
Newspaper Articles (11)
1.July 10, 1891Los Cerrillos RustlerCerillos, NM
Click image to open full size in new tab
Article Text
Masons' Fruit Jara and White Mountain Ice Cream Freezers at CERRILLOS SUPPLY Co's. An absurd and groundless story to the effect that a commissioner was on his way to take charge of the Frst National Bank of Las Vegas, which has always stood at the head of New Mexico banks, by some means found its way into a Kansas City paper last week and would have created a considerable run and anoyance had not prompt measures been taken by both the bank officials and the authorities at Washington, to prove the falsity and absurdity of the statement. How the publication came to be made is a mystery.
2.May 8, 1925El Paso TimesEl Paso, TX
Click image to open full size in new tab
Article Text
APPOINTED BANK RECEIVER David Cowan, who has been federal examiner of receivers, has been ap. pointed receiver of the First National bank of Las Vegas, N. M., according to letter received yesterday by A. H. Denton, receiver of the City National bank Mr. Cowan has frequently visited EH Paso in the last few months.
3.August 21, 1925Evening StarWashington, DC
Click image to open full size in new tab
Article Text
TWO STATE BANKS CLOSE IN EAST LAS VEGAS, N. M. Suspension Follows Failure of First National in June-Only One Bank Left. By the Associated Press. EAST LAS VEGAS, N. Mex., August 21.-Two banks, both State institutions, closed here yesterday. The Peoples' Bank and Trust Co., incorporated at $100,000, failed to open and is in the hands of the State bank examiner. The Las Vegas State Bank, an affiliated institution. closed voluntarily, on advice of the bank examiner, for the protection of its depositors, officials of the bank announced. The closing followed the failure of the First National Bank of the city last June. This leaves only one bank in the city. The last statement of the Peoples' Bank and Trust Co., gives its resources as $668,113.72, and deposits as $331,825.34.
BANK RECEIVER WANTS SALE OF CATTLE FOR TAXES TO BE STOPPED
David Cowan, receiver for the First Natonal bank of Las Vegas, has filed an action in federal court to prevent the seizure by San Miguel county for taxes of 161 head of cattle belonging to E. E. Smith and on which the bank holds mortgage. Cowan alleges that the officers of the county are about to seize the cattle and sell them for back taxes.
5.May 7, 1926Albuquerque JournalAlbuquerque, NM
Click image to open full size in new tab
Article Text
BANK RECEIVER GETS $10,000 JUDGMENT IN SUIT AGAINST NORMAL
David Cowan. receiver of First National bank of Las given judgment against the board of regents the Normal University for federal court here The court that no tion issue for the the but that be collected any unexpected ceeds deficiency appropriations which may have been hereafter made
6.May 17, 1926The Santa Fe New MexicanSanta Fe, NM
Click image to open full size in new tab
Article Text
OFFICIAL NOTES
BANK RECEIVER SUES ON NOTES Suits been filed in the United States district David court by Cowan, receiver of the First National bank of Las Vegas, on alleged promissory notes. the first. asks judgment against Rossco Spriggs of Colfax county for and torney's fees, and in the other. judgment against Frank Zummack and Mary Zummack, his for interest and attorney's
7.December 23, 1926The Santa Fe New MexicanSanta Fe, NM
Click image to open full size in new tab
Article Text
FEDERAL COURT NOTES
District Judge Neblett today named Shettler, of Silver City. referee bankrupety vice Frank deceased. The counties are Dona Ana, Grant, Luna and Sierra. BANK RECEIVER ON NOTE Suit filed in the district clerk's office today by David Cowan. receiver of the First National bank Vegas, against Edward and note for PETITION OF NEIL GIBBS CRANTED District Judge Neblett today granted the of Nell Gibbs, matter the American Surety Silver City Beer and Ice allowed make proof of claim previously filed. Testimony will taken December The court also sustained motion Carmen Maxwell to dismiss cause failure the amended supplemental complaint to state action.
8.January 6, 1927The Santa Fe New MexicanSanta Fe, NM
Click image to open full size in new tab
Article Text
BANK RECEIVER FILES AGAINST R. R. DEVINE ON ASSESSMENT FOR $1,500 Suit was filed in the office today by David the First National Las Vegas, an insolvent against Devine, asking ment for stock. The assessment was July of 1925. Attorney W. G. Ward, Vegas, represents plaintiff.
9.March 7, 1928Albuquerque JournalAlbuquerque, NM
Click image to open full size in new tab
Article Text
DAVID COWAN, BANK RECEIVER, FORMERLY OF CITY, IS DEAD
David Cowan. receiver for First National bank of Las Vegas, died Tuesday morning at thony's hospital in that city, learned here Tuesday Mr. Cowan had been pneumonia and had been the hospital for days. Apparently he had almost entirely He arose his and himself Monday. Tuesday morning about 6:30 taken with heart attack and suddenly. Mr. Cowan survived by two who reside in Baltimore, whom was with him when died: and daughter CaliforHe was about 60 years The body will be taken his former home in Baltimore burial. Mr. Cowan was well known here, heving lived in Albuquerque for some time, while acting receiver for the Citizens National Bank. He had been in government for many years. Mr. Cowan member of the buquerque lodge of the Elks.
McKINNEY GOES TO AMARILLO FIRST NATL
H. McKinney, for some time receiver of several failed national banks New Mexico including the First National and Carisbad Na tional this city was last week succeeded by Rawlings. tional bank receiver who for some time has had charge of the affairs the failed First National Las Vegas and Springer National Bank New Mr. Kinney was receiver for five failed national two Carlsbad and the Citizens National Roswell the First National Mountainair and the First National at Fort The new receiver liquidate the affairs of these five banks as well the two he in charge before the change mentioned was made The new ceiver will have offices at both Carlsbad and Las Vegas. The Carlsbad office during Mr. absence will in charge of Miss Frankie Mr McKinney resigned has gone to where will connected First National that city as in an active capacity for Mr. Fuquar, president of that bank.
11.April 17, 1928The Santa Fe New MexicanSanta Fe, NM
Click image to open full size in new tab
Article Text
NEW BANK RECEIVER McKinney, for some time receiver of several defunct banks in New Mex. leo, including the First National and Carlsbad National; of this city, was last week succeeded by A. F. RawlIngs, a national bank receiver who for some time has had charge of the at. fairs of the falled First National at Las Vegas, and Springer National bank, of Springer. Mr. McKinney was receiver for five national banks two at Carlsbad and the Citizens National at Roswell, the First National at Mountainair and the First National at Fort Summer.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
