First National Bank (Sterling, CO)

View Charter #5624 on SPMC View balance sheet

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
April 4, 1924
Location
Sterling, Colorado (40.626, -103.208)
Bank Type
national
Charter Number
5624

Metadata

Episode ID
Bank ID
City ID
80202901
Model
gpt-5-mini
Short Digest

Response Measures

Full suspension, Books examined

Other: Receiver (National Bank Examiner) appointed and bank closed; receiver indicated willingness to consider reorganization.

Receivership Details

Depositor recovery rate
52.9%
Date receivership started
1924-04-05
Date receivership terminated
1930-06-05
OCC cause of failure
Economic conditions
Share of assets assessed as good
24.1%
Share of assets assessed as doubtful
50.7%
Share of assets assessed as worthless
25.3%

Notes

Receiver appointed by Comptroller; closing immediately followed heavy withdrawals.

Events (5)
1. November 16, 1900 Chartered
Source
historical_nic
2. April 4, 1924 Run
Cause Details
Large withdrawals by depositors (unspecified trigger) totaling about $200,000.
Newspaper Excerpt
Withdrawal of funds to the mount of about $200.000.00 is believed to have been the principal cause.
Source
newspapers
3. April 4, 1924 Suspension
Cause Details
Bank failed to open following heavy withdrawals; suspension/closure of operations.
Newspaper Excerpt
The First National Bank of Sterling failed to open its doors last Friday morning.
Source
newspapers
4. April 5, 1924 Receivership
Newspaper Excerpt
Roy E. Smith, National Bank Examiner, has been appointed receiver of the First National Bank of Sterling. A telegram from the comptroller of currency...announced the appointment and stated that the commission would follow.
Source
newspapers
5. April 5, 1924 Receivership
Source
historical_nic

Newspaper Articles (3)
1. April 10, 1924 Phillips County Herald Holyoke, CO
Article from Phillips County Herald, April 10, 1924

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Article Text

FIRST NATIONAL BANK OF STERLING CLOSES DOORS The First National Bank of Sterling failed to open its doors last Friday morning. Withdrawal of funds to the mount of about $200.000.00 is believed to have been the principal cause. The First National was one of the largest banking institutions in this section of the state, and its statement of March 31st, showed deposits At the amounting to $922.000.00. time of closnig. deposits amounted to $722,000.00. The bank was established in 1900.

2. April 10, 1924 Albion News Albion, NE
Article from Albion News, April 10, 1924

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Article Text

FORMER ALBION MAN IS NAMED BANK RECEIVER

Roy Smith, formerly of this city, has been named receiver of the First National Bank, of Sterling, Colorado. The following clipping from a Sterling paper tells of his appointment:

Roy E. Smith, National Bank Examiner, has been appointed receiver of the First National Bank of Sterling. A telegram from the comptroller of currency, received Saturday, announced the appointment and stated that the commission would follow. Mr. Smith has been in charge of the bank since its closing Friday. He has been examiner in this district for several years and is known to many Sterling people.

3. April 10, 1924 Albion News Albion, NE
Article from Albion News, April 10, 1924

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Article Text

Roy Smith, formerly of this city, has been named receiver of the First National Bank, of Sterling, Colorado. The following clipping from a Sterling paper tells of his appointment:

Roy E. Smith, National Bank Examiner, has been appointed receiver of the First National Bank of Sterling. A telegram from the comptroller of currency, received Saturday, announced the appointment and stated that the commission would follow. Mr. Smith has been in charge of the bank since its closing Friday. He has been examiner in this district for several years and is known to many Sterling people.

The appointment of the receiver does not preclude reorganization, but it is generally accepted as evidence that there is now no probability of immediate opening of the bank. Mr. Smith stated today that he would be glad to consider any plans for reorganization that might be feasible.