First National Bank (El Paso, TX)

View Charter #2532 on SPMC View balance sheet

Episode Information

Episode UID
253201581
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
25320 national
Charter Number
2532
Start Date
September 5, 1931
Location
El Paso, Texas (31.759, -106.487)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c9b3fbc4dca77c1

Response Measures

None

Receivership Details

Depositor recovery rate
52.9%
Date receivership started
1931-09-04
Date receivership terminated
1938-07-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
52.4%
Share of assets assessed as doubtful
39.0%
Share of assets assessed as worthless
8.6%

Description

Reorganization efforts and subscriptions occurred but ultimately abandoned and the receiver liquidated assets.

Events (6)
1. June 6, 1881 Chartered
Source
historical_nic
2. September 4, 1931 Receivership
Source
historical_nic
3. September 5, 1931 Receivership
Newspaper Excerpt
Receiver Is Named For Institution ...failed to open its doors Receiver Is Named For Institution Bank Has $1,500,000 Cash, $1,600,000 Securities On Hand, Officials Say
Source
newspapers
4. September 5, 1931 Suspension
Cause
Government Action
Cause Details
Bank failed to open and national bank examiner/receiver took charge; bank closed by banking authorities
Newspaper Excerpt
for the first time in its 30 years of existence, failed to open its doors
Source
newspapers
5. November 4, 1931 Other
Newspaper Excerpt
$843,900 Raised For Bank Opening ...plans for reorganization...subscriptions for stock and capital raising efforts were undertaken by local businessmen
Source
newspapers
6. February 10, 1932 Other
Newspaper Excerpt
abandonment of all plans open the First National bank ... committee ... gave up; reorganization plans abandoned and subscribers returned money
Source
newspapers

Newspaper Articles (21)
1. September 5, 1931 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, September 5, 1931

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Article Text

(Continued on Page Five) MAY REOPEN IN FEW DAYS Las Cruces, Sept. L. Sibley, National Bank examiner from Dallas, Texas, arrived in Las Cruces this morning and assumed charge of the First National Bank of Las Cruces which closed its doors yesterday morning. A run was started on the Las Cruces National shortly after information reached Las Cruces that the First National Bank of El Paso had failed to open, and had been placed in the hands of national bank officials. W. P. B. McSain, president of the Las Cruces National said the closing was voluntary in the interest of protection to depositors and that he expected the bank to be reopened withfew days. Mr. Sibley had no statemet to make at the bank today. He was just beginning his checkup of conditions. The Mesilla Valley State Bank of Las Cruces was open and doing business today. P. F. Campbell, vice president, speaking for Percy Barker, president of the Mesilla State said: "Everything is 0 K. here and running perfectly. Yesterday instead of closing at 3 p. m., we kept open until 5 m. and had posted a notice that we would remain open all night to accomodate depositors if they wished to withdraw their money from our institution. There was no run on the Mesilla Valley State Bank." State Deposit: Santa Fe, Sept. deposits in the First National Bank of Las Cruces total $38,674.19, and are secured by $45,000 Federal Land Bank bonds and highway debentures, State Treasurer Warren R. Graham said today. Mr. Graham was asked to stop payment on state warrants deposited at Las Cruces and El Paso just before the banks closed, but declined to do so on advice of the attorney general who said such action would unlawful,

2. September 5, 1931 El Paso Times El Paso, TX
Article from El Paso Times, September 5, 1931

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Receiver Is Named For Institution Bank Has $1,500,000 Cash, $1,600,000 Securities On Hand, Officials Say By Bob Chapman Plans for the reopening of the First National bank may be nounced shortly according officials of yesterday. for the first time in its 30 years of existence, failed to open its doors

3. September 5, 1931 El Paso Times El Paso, TX
Article from El Paso Times, September 5, 1931

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Raynolds Says He Is Sorry To Hear Bank Has Closed When M. Raynolds, president First National bank of Albuquer was informed that the First Nn. tional bank of El Paso had he sorry to hear of it but out of touch with the situation Paso since my father and members of the family their interests in the Paso bank several years Raynolds said his father, Joshua Raynolds, after disposing of his interest in the El Paso bank became chairman of the board directors cleaning up his Paso, but shortly after he slight indisposition in health and being over was Induced where he has been living his daughters in dome. Long Island, New York He not been engaged in since. brother and sisters in the First National Paso their stock together my father member had financial the bank Frank M. Mur and his

4. September 5, 1931 El Paso Times El Paso, TX
Article from El Paso Times, September 5, 1931

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Times Milk Fund In Closed Bank To Be Made Good babies of El Paso, the of the Times Milk Fund, not suffer for lack by yesterday Hosing of the First National Approximately Milk Fund deposit bank, awaiting transfer clinic the Charities which supply the babies. lisher of The night he will make personally this amount which be lost by reason the closing. "Inasmuch this has been from the public, in sums ranging small to the 81423.31 turned from the baseball feel it that this fund the

5. September 5, 1931 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, September 5, 1931

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BANKS ARE CLOSED. Run at Las Follows Closing at EL PASO, Txas, Sept. The closing the First National Bank of Paso today was lowed by heavy the First National Bank of Cruces, N, which examiner took charge President Frank blamed rumors and heavy deposits for The June statement of the bank showed of and liabilities bank ized $1,000,000. McSain, the Las run started about after Paso received. condition and would reopen few days. REHEARING FOR GAS FIRM. JEFFERSON CITY, Sept. state public Gas Company rehearing on its order requiring the company file of and for the gas in Mil. ton of the the rehearing for Sept. 16.

6. September 5, 1931 El Paso Herald-Post El Paso, TX
Article from El Paso Herald-Post, September 5, 1931

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Article Text

Las Cruces Bank to Reopen When First Scare Passes R. H. Collier, national bank examiner, said the closing of the First National Las N. M., at m., Friday, was a surprise to him. 'It is fundamentally sound and will re-open as soon as the first scare passes," he said. 'Business in Paso and the valley is good, especially the livestock industry The First National bank of Las Cruces. bank of the First National in El Paso, withstood a run all day Friday until 2 m. "When the hysteria subsides, we will re-open bank,' W. P. McSain, president, said. "The bank is sound and we can pay 100 cents on the dollar when we re-open. The run on our bank was started by the closing of the First National bank in El Paso and we decided to close to protect our depositors until the hysteria subsides. bank has deposits of $799.858.91 and of $898,973.47 according to its last financial statement. The Mesilla Valley bank at Las Cruces open m. Friday. There was no run.

7. September 5, 1931 El Paso Herald-Post El Paso, TX
Article from El Paso Herald-Post, September 5, 1931

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Banks Lend Money To Meet Payrolls Business houses which did business with the closed First National bank were assured of meeting their payrolls Saturday when the State National and the El Paso National offered loans for that purpose. R. W. McAfee, vice president of the State National. said his bank is making loans wherever it feels they are justified for payroll purposes. Assignments cannot be taken on accounts in the First National bank until receivers' certificates are issued, he said.

8. September 12, 1931 El Paso Herald-Post El Paso, TX
Article from El Paso Herald-Post, September 12, 1931

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APPROVE BANK OPENING PLAN Expect to Use Capital To Aid First National Paso business men will supply most of the capital in the reorFirst National bank, officers said today have definite plan of procedure said Pres. Frank M. Murchison. much couraged "We hope to make some definite early next "The present plan has been proved those but portant Atty M. Pollard, who with Murchison, said some announcement may be made

9. September 13, 1931 The Buffalo Times Buffalo, NY
Article from The Buffalo Times, September 13, 1931

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Article Text

LOSES FALSE TEETH WHEN BANK CLOSES United EL PASO, Texas, the First National Bank here short personal catastrophe Paul United States His extra set false teeth in safety deposit vault at the bank. Boland's set broke after the bank closed. His pleas have failed move the bank receiver to open up

10. September 14, 1931 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, September 14, 1931

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Article Text

HIS TEETH LOCKED UP IN BANK THAT WAS CLOSED EL PASO TEX Sept Closing the First National Paul Boland. United States His extra of false teeth is locked deposit and regular bank closed His broke the have failed move the bank pleas receiver open up his box

11. September 16, 1931 El Paso Times El Paso, TX
Article from El Paso Times, September 16, 1931

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Letters To The Times DID BEST THEY COULD To The Editor of The Times: Supplementing the commendatory letter of W. D. Hawes of Clint wish to say that for the last ten years have kept and compared the periodical published statements of the National bank of El Paso, and have the highest praise and admiration for the officials of the First National bank when it Weathering the run on the bank several years ago, they at once began program of retrenchment, and conservatism. They divided the banking room and rented part of the building, called and reduced loans wherever they could, refused to pay further dividends to stockholders, although there was demand from some stockholders for dividends General conditions whisperings and gossip alone, feel. are responsible the unfortunate receivership Edgar D. Brown, THE TROUBLE AT JONESBORO Editor, El Paso Times The Times carries an Associated Press dispatch of the church row at Jonesboro, Ark., which happens my home town and am quite familiar with events leading up the latest outburst. Rev Joe Jeffers first invaded the peaceful little city of Jonesboro two years ago as Jeffers and Short evangelistic team, Short was They had not been in long until they had members First Baptist church fighting amongst themselves Jeffers claimed rival factions were disturbing his tent services and asked police protection which was given but he still claimed the police not doing their duty so he pointed Mr. Short as special peace Trouble started when Short at tempted to arrest the chief's son parked his car across the street from the tent and in the scuffle Short hit young Craig over the head. inflicting painful injury Short left the team and Rev Jeffers, apparently enjoying his campaign around Jones born while the beautiful first Baprist church had its membership divided that it was in bad However majority and the element of the members re mained loyal to the local pastor My sister, who came Jonesboro visit me said Jeffers had started another tent meeting and the church people were at

12. September 17, 1931 El Paso Herald-Post El Paso, TX
Article from El Paso Herald-Post, September 17, 1931

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BANK REOPENING NEAR SOLUTION President Expects Complete Details in Week Pres. Frank Murchison today said that plans for reorganization of the First National bank probably will be announced within the next week. "The board of directors in conjunction with officials of the Federal Reserve bank, literally have been working day and night on the reorganization program,' Murchison said. "Although we have agreed in principal on certain fundamentals, "we have not concurred on any definite figures.

13. November 4, 1931 El Paso Times El Paso, TX
Article from El Paso Times, November 4, 1931

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$843,900 Raised For Bank Opening (Continued From Page 1.) buted substantial figure "T'II take $1000 if you will match me, Mr. Momsen said. James A. Dick, B. Poe. W. G. Walz each matched the $1000 "I'll take 8500 more. even if it hurts it does." Bishop A. J. Schuler said. E F. Flores took $200. All these were additional subscriptions, as each had previously subscribed for stock Lawrence Gardner was new subscriber He took $200 worth of shares for himself, the same for Mrs. Gardner and the same for his company. Empire Products. Subscribe $1000. A. B. Poe, who presided, called on Del Richey for talk Mr. Richey walked forward with subscription for $1000. "That's my speech," he said R. H. Collier. national bank examiner, who took charge of the bank at the request of Frank M. Murchison, president, had his hearers cheering and almost on their thought there would only be about dozen people here," Mr. Collier said "This large gathering is not only encouraging, but the most inspiring occasion have ever encountered. In all my 16 years' ex perience with the comptroller's office, have never witnessed the response to the efforts that are being made to open this bank have never seen such wonderful spirit as is being manifested here in El Paso in with the reopen ing of this institution. could take this group in this room and put anything bank, cotton or any other worthy enterprise. "You subscribers for stock will have the privilege of electing the directors. The main thing is to give EI Paso this bank, which has served this community long and so well have talked to men mentioned as those who may have something do with the management and these will run bank of which you will be very proud. H. Hunter, editor of The Times remarked that the gathering to him represented "the fine old time spirit of El Paso." "It occurs to me Mr. Hunter aid "if all of US had given to the bank when it was open the fine support We are now according it. it never would have closed. Let's all go out of here resolved to open this bank It seems that sometimes we need kick in the pants to impress our minds." "I do not think that anyone. who will pause to think, can fail to appreciate what the First National bank has done for El Paso during its more than 50 years of existence," Bishop Schuler said. New subscribers added to the list yesterday were: Alemite Co. of EI Paso, Charles Auer, Ian Benton. W. Berkshire, Channing M. Brown, W. 8. Brownfield, Arthur Dueas, D. Foster. Mrs. J. E. Gemoets. Beuna Gilder. M. M. and H. Griffith. Leonard Hanson, Jay Harman, C. O. Horner, Charles R. Loomis, Flora Malone, H. A. Markham, Peter Marsel, B. Meyers, Joe, Mogel, David E. Mulcaby, Mac Murchison. Old Town Pump, Dr. Jacob Rogde, Charles Schuck. W. D. Shea, W R. Shutes. C. Stapleton, Paul D. Thomas, W W. Thornton, James Vance. Jas. Watts Co., Louise H. Wilmarth, Win R. Walker,

14. November 9, 1931 El Paso Herald-Post El Paso, TX
Article from El Paso Herald-Post, November 9, 1931

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WANTS CLAIMS FILED EARLY Bank Receiver Warns About Unnecessary Delay S. O. Pottorff receiver of the First National bank. today urged depositors and other creditors to prove their claims without delay He also urged debtors of the bank to give their notes "prompt attention so that first dividend to creditors may be paid as quickly as possible Depositors have three-months period in which to file claims. Pottorff's statement National forts reminded the fact that the bank at present still Liquidation of the assets of the bank will best the bank short hoped the deter debtors the bank from meeting their obliga to handling same the will pect the that affairs the or injury of through open the successful would course greatly the terest and the bank debtors help make this taking obligations claims tors necessary does order that liability may "The next week will tell whether can raise the needed to reopen the First National bank, B. Poe said today Only few subscriptions were added today the to reported raised last night GETS NEW PASTORATE MIDLAND Rev. Thomas Murphy, former pastor of the Pres- D byterian church Midland, has been called as pastor of the Troup church

15. February 10, 1932 El Paso Times El Paso, TX
Article from El Paso Times, February 10, 1932

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All Efforts Of Committee To Resume Operations Prove Futile. Failure Of Depositors To Sign Agreement Causes Decision. Definite anouncement the abandonment of all plans open the First National bank which had been in existence than 50 years when closed Sept. was made yesterday following the the committee which had been working for five months to complish this result. Money paid covering various subscribers. represented shares stock the bank to returned them immediately. that the reorganization plans been given up, suggest co-operation the people of the community the receiver to the end that the most possible may realized for the depositor," Frank Murchison, president of the closed institution who slated the president of the reopened bank. receiver's interest that the committee have identical: that the depositors most from the assets that possible to produce Every Means Exhausted. committee has worked diligently in the endeavor the program The bers did not want to abandon the that an arrangement could worked out until every means had exhausted. They now feel that they have exhausted every means their disposal. That being the the reorganization work being given the final session held by the committee the fact veloped that the original call for $1,000,000 required new capital was actually oversubscribed by The original plan was given the necessary number positors with accounts of 8500 ward, did not sign the agreement which set aside 30 per cent to take of non-liquid assets in the old bank. $300,000 was contemplated that the cent be aside by the larger depositors take out bad. doubtful and slow assets, would realize approximately Murchison said. "Signed creditors' agreements by the commitproduced only approximately $1,200,000, leaving approximately $300,000 short required amount. There was considerable (Continued on Page 2, Col.

16. April 2, 1932 Nogales International Nogales, AZ
Article from Nogales International, April 2, 1932

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LEGAL NOTICE Tucson Porridge Pot Store Company, A. E. Sanders, Manager, by S. O. Pottorff, Receiver of the First National Bank of El Paso, Texas, by reason of its seller's rights in a certain Contract of Conditional Sale executed by the Gullekson Motor Company, as seller, and Tucson Porridge Pot Store Company as buyer, on the 25th day of May, 1931, and filed on record in the office of the County Recorder of Santa Cruz County, Arizona, on the 9th day of June, 1931. S. O. POTTORFF, Receiver of the First National Bank of El Paso, Texas. By W. J. Donald, Agent. (Pub. 4-2 it)

17. May 3, 1932 El Paso Times El Paso, TX
Article from El Paso Times, May 3, 1932

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City May Grant Extension On Tax Dividend checks now being livered by receiver the First National bank, may the city council in granting 20-day extension for the payment 1931 taxes. The first extension this particular ended Saturday Alderman Leon Rosenfield yestersuggested tax payers might pay one-half the amount within 30 and the balance within three months. The county accepts partial ments, but Anderson, tax city collector, said the system will not permit this. Alderman will discuss the situation with Anderson this morning and submit tion relative to another postponed payment taxes without interest penalty.

18. May 3, 1932 El Paso Times El Paso, TX
Article from El Paso Times, May 3, 1932

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Sues Bank Receiver Over Minor's Account Suit was filed yesterday in the 11st district court by Mrs. Edith Pfeffer against S. 0 Pottorff, re ceiver of the First National bank. asking for the appointment of the First National bank of Houston as trustee for the estate of Kay M. Nolan, minor Mrs. Pfeffer says the father of the minor, Kay R Nolan, left $6563. the remaining balance of his war risk insurance in the First National bank of El Paso to be held in trust for the child Pottorff's attached statement shows $6800 to be the total invested in notes and bonds He also sets out 878.06 in the ings department and $110.50 cash in the receiver's account

19. August 24, 1932 El Paso Times El Paso, TX
Article from El Paso Times, August 24, 1932

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Bank Receiver Must Account For Trust S. O. Pottorff. receiver for the First National bank, yesterday was ordered by Judge Ballard Coldwell, 65th district court, to make an accounting of the estate held in trust for Lucy An Crosson. Pottorff's attorneys presented documents to show that the bank had invested 8500 for the child, and that there was about 8100 in the savings account. Transfer of the estate to the trusteeship of the EI Paso National bank was ordered.

20. December 8, 1932 El Paso Times El Paso, TX
Article from El Paso Times, December 8, 1932

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100 El Paso Lots Are Sold For $500 Attorneys for S. 0. Pottorff, First National bank receiver, bought 100 Kern place, Highland park and Alexander addition lots belonging to M. Murchison, former president of the First National bank, for 8500 at a sheriff's sale. The property was sold to satisfy $421,227.99 judgment granted Pottorff in 41st district court against Murchison for stock assessments and personal loans.

21. January 11, 1933 El Paso Times El Paso, TX
Article from El Paso Times, January 11, 1933

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Croom Retains District Job Road Commissioners Will Continue His Fee At $100 A Month. C. W. Croom, El Paso attorney yesterday was reappointed legal advisor to the EI Paso-Hudspeth county road district at a 8100 month retainer. He has held the same position at the same fee since 1927. Road district commissioners voted to advance Croom $1000 on his alllicipated percentage deriving from successful culmination of the county's suit against the defunct First National bank for $160,000 in county funds tied up in the bank. The suit is now pending before the U. S. supreme court on the bank receiver's appeal. Commissioners agreed to suspend regular monthly meetings and place themselves on mileage basis rather than flat expense account. Meetings will be held on call of County Judges Joseph McGill or E. C. Booth. Road district funds will be deposited in the El Paso National bank in special fund. Formerly the fund was handled by the El Paso county treasurer.