San Angelo National Bank (San Angelo, TX)

View Charter #3260 on SPMC View balance sheet

Episode Information

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

Metadata

Episode ID
Bank ID
City ID
481375953
Model
gemini-3-flash-preview
Short Digest

Response Measures

Capital injected, Full suspension, Books examined

Other: The bank underwent a formal reorganization during its period of closure, which involved a receiver turning over assets to new officers and directors and a slight name change to reopen the institution.

Receivership Details

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

Notes

The bank underwent a reorganization and reopened under a slightly modified name (dropping 'The') but retained the same charter and assets.

Events (8)
1. October 28, 1884 Chartered
Source
historical_nic
2. September 1, 1931* Run
Cause
Rumor Or Misinformation
Cause Details
Spread of rumors in the weeks leading up to the closure caused heavy withdrawals.
Newspaper Excerpt
The spread of rumors in recent weeks had caused heavy withdrawing. They said that deposits had been reduced $1,000,000 the week before the bank closed.
Source
newspapers
3. October 3, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals caused by rumors led to the failure to open.
Newspaper Excerpt
The San Angelo National Bank failed to open for business today.
Source
newspapers
4. October 6, 1931 Receivership
Newspaper Excerpt
George Embry, receiver for the bank said yesterday evening after having turned over the assets of the institution which he has held for the last three months
Source
newspapers
5. October 6, 1931 Receivership
Source
historical_nic
6. January 4, 1932 Reopening
Newspaper Excerpt
The San Angelo National Bank, which closed its doors October 3, will reopen at 9 o'clock tomorrow morning.
Source
newspapers
7. January 4, 1932 Restored To Solvency
Source
historical_nic
8. March 25, 1932 Voluntary Liquidation
Source
historical_nic

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

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 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 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 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."