599. First National Bank (Florence, AZ)

View Charter #10998 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10998
Charter Number
10998
Start Date
March 15, 1933
Location
Florence, Arizona (33.031, -111.387)

Metadata

Model
gpt-5-mini
Short Digest
8064f878b565569e

Response Measures

None

Receivership Details

Depositor recovery rate
90.5%
Date receivership started
1933-12-05
Date receivership terminated
1936-10-28
Share of assets assessed as good
40.9%
Share of assets assessed as doubtful
57.4%
Share of assets assessed as worthless
1.6%

Description

Articles show First National Bank of Florence reopened after the March 1933 bank holiday (1933-03-15). The bank was placed under a conservator in April 1933 (operated since April by a conservator), and on Dec. 1, 1933 a receiver supplanted the conservator and the bank closed its doors by order — indicating a government-instigated suspension followed by receivership/closure. No article describes a depositor run; causes are regulatory/government action and financial inability under conservatorship.

Events (5)
1. May 18, 1917 Chartered
Source
historical_nic
2. March 15, 1933 Reopening
Newspaper Excerpt
the First National Bank of Florence ... reopened in Arizona today
Source
newspapers
3. April 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was placed under a conservator in April (conservator operated the bank since April).
Newspaper Excerpt
operated since April by conservator
Source
newspapers
4. December 1, 1933 Receivership
Newspaper Excerpt
First National Bank of Florence, operated since April by conservator, closed its doors this morn[ing] by order ... Hull was ordered here from Mesa to become [receiver].
Source
newspapers
5. December 5, 1933 Receivership
Source
historical_nic

Newspaper Articles (2)
1. March 16, 1933 El Paso Times El Paso, TX
Article from El Paso Times, March 16, 1933

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Article Text

18 Banks Open Over Arizona Phoenix, Ariz., March 15 Eighteen banks, including six state, two national and nine branches of federal reserve member reopened in Arizona today bring to twentytwo the number of financial institutions resuming business since the presidential and gubernatorial holiproclamations. Of the 24 banks in the state only two remain closed state banking officials examining the conditions of these as quickly as they could get around them. Those reopening today were the Merchants and Miners bank of Bisbee; its Yuma branch, the Bank of Bisbee: Bank Douglas: the Bank of Clemenceau at Jerome: the Southern Arizona Bank and Trust company, state institutions, and the First National Bank of Nogales: Consolidated National Bank of Tucson, the First National Bank of Florence and the branches of the Valley Bank Trust comMesa, Glendale, Globe, Miami, Hayden, Prescott, Clifton, Ajo, Safford. Three federal reserve members and state bank reopened in Phoenix yesterday.

2. December 7, 1933 The Arizona Republic Phoenix, AZ
Article from The Arizona Republic, December 7, 1933

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Article Text

Bank Receiver Supplants Conservator At Florence The Soviet Union THE days Russia was IN land and Today Russia, and land tery and land of Americans think of the Soviet, they know less than any major countries This map has been prepared accurate and and that is to of only through Wash Bureau the Republic. The price ten cents cover cost and Use This Coupon (Exclusive Republic Dispatch) FLORENCE Dec. First National Bank of Florence, operated since April by conserclosed its doors this mornorder of United H. Thorpe, for many bank cashier, relieved duties conservator, and Hull was ordered here from Mesa to become Hull is for the First National Bank process of He arrived the scheduled hour this Mr. made plain that none of the deposits made in the bank its April er the affected in any the the opened that their money in full, almost at once. was that this distribution will probably late tal involved approximately 000. Only the routine work of checking deposit clearing standing checks and calling in funds held by the bank. delays that long No reason assigned for the order the federal during the night to Mr. Hull and Mr. Thorpe. It was indicated in authoritative that the probable in the fact the deposits maintained at the bank under the conservator insufficient permit earning of operating expenses the investments to they restricted. Liberty bonds and other government securities. Mr. Hull was permitted, under federal ment of it from sources that during the time the had