610. First National Bank (Nogales, AZ)

View Charter #6591 on SPMC

Bank Information

Episode Type
Suspension → Run → Reopening
Bank Type
national
Bank ID
6591
Charter Number
6591
Start Date
March 1, 1933*
Location
Nogales, Arizona (31.340, -110.934)

Metadata

Model
gpt-5-mini
Short Digest
bc81c56108c5cf16

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Description

The articles describe the March 1933 national banking holiday (government-ordered suspension) and the subsequent reopening of the First National Bank of Nogales. There is also mention that during the 1933 panic thousands of banks experienced runs and the First National laid money on its counters and told its depositors to come get it, indicating depositor pressure associated with the suspension; the bank reopened (mid-March 1933). Dates are taken from article context (banking holiday began Monday March 6, 1933; reopening reported March 15, 1933).

Events (5)
1. January 24, 1903 Chartered
Source
historical_nic
2. March 1, 1933* Run
Cause
Macro News
Cause Details
Nationwide 1933 banking panic associated with the national bank holiday and broader systemic crisis; depositors sought cash from the bank.
Measures
Bank laid money on its counters and paid depositors; permitted withdrawals to satisfy demand.
Newspaper Excerpt
When the run on thousands of banks occurred in 1933 the First National laid money on its counters and told its depositors to come get it.
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Banking holiday proclaimed by President Roosevelt (national bank holiday) leading to temporary closure of banks including First National of Nogales.
Newspaper Excerpt
the banking holiday which was ordered by President Roosevelt and which begun Monday, March 6.
Source
newspapers
4. March 15, 1933 Reopening
Newspaper Excerpt
Eighteen banks ... reopened in Arizona today ... and the First National Bank of Nogales; Deposits exceeded withdrawals during the first day of the re opening of the First National Bank of Nogales.
Source
newspapers
5. September 29, 1945 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
1. March 11, 1933 Nogales International Nogales, AZ
Article from Nogales International, March 11, 1933

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Article Text

FIRST OF WEEK EXPECTED TO SEE ALL SOUND BANKS AGAIN OPERATING THRUOUT NATION Rrst National Bank Of Nogales Ready To Reopen Immediately Upon Receipt Of Authority From Treasury Just when the First National Bank Treasury proclamation, will reopen, continued uncertain last night. President Roosevelt on Thursday extending the bank holiday indefinitely. The original four-day holiday, proclaimed by the President Sunday night, expired Thursday. There is a remote possibility that the local bank may reopen today. However, it appears more likely the reopening will not take place before Monday. Banks throughout the nation are preparing to reopen. Emergency legislation passed by Congress, Thursday, makes possible reopening of banks on a sound basis and only sound banks, by the way, will be allowed to open. One of these sound banks the First National of Nogales which is ready to reopen immediately upon receipt of authority from the Secretary of the open. In New York yesterday banks were performing restricted services for clared they hoped they could resume normal business by Monday. In Philadelphia yesterday clearing house certificates were declared ready for circulation At Washington Secretary Woodin of the treasury said it would be the policy of his department to open sound banks of the country as rapidly as possible and invited them to make application for reopening.

2. 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.

3. March 18, 1933 The Border Vidette Nogales, AZ
Article from The Border Vidette, March 18, 1933

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Article Text

DEPOSITS GOOD IN OPENING OF NOGALES BANK (Wednesday's Herald) Deposits exceeded withdrawals during the first day of the re opening of the First National Bank of Nogales, it was an. nounced this afternoon by local bank officials. Business swang into its normal channel as the doors of the First National bank were opened following a banking holiday which was ordered by President Roosevolt and which begun Mon day. March 6. Heavy deposits were made by business men who had an accumulation of cash and checks taken in during the banking holiday. Checks were cleared and deposits and withdrawais made in the usual manner. "The business thus far today is very gratifying," said Otto Herold and W W. Barbee, president and vice president, of the local institution. "The sound. ness of the bank has been firm. ly established by the reopening. The people have confidence and it is realized here that order. ly banking is a great essential to the community. Much money was deposited today. There were no large withdrawals notic. ed," the bank heads said. The Nogales bank opened this morning without restrictions per mitting the return of normal business conditions to the city Business houses took advant. age of the enthusiasm and an in crease in trade is reported by several stores. The banking holiday in this city now becomes history. The aftermath is satisfactory.

4. August 24, 1945 Nogales International Nogales, AZ
Article from Nogales International, August 24, 1945

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Article Text

in a position to liquidate if it had had to. When the run on thousands of banks occurred in 1933 the First National laid money on its counters and told its depositors to come get it. "Sale of the bank coincides with a statement I made some time ago that I'm gradually going out of business and relieving myself of all responsibilities possible," Mr. Bowman said yesterday. "I expect to remain in Nogales the rest of my life where I have lots of interests, and will devote most of my time to ranching." Closing of the bank deal came less than a week following the visit here last week of Walter Bimson of Phoenix, president of the Valley National, and four other Valley National officials. CAME HERE IN 1894 Mr. Bowman, who is closing his career as a banker, and during whose ownership of the First National made it a great success, first came to Nogales as a young man in 1894 with 25 cents in his pockets and baggage consisting of an old wooden 10-pound box containing letters, a change of underwear, and one suit of clothes. He quickly made frinds, saved his money and made wise investments, took an active part in community affairs, and became Nogales' most influential citizen and one of the most public-spirited citizens this community ever had. In all the years his faith in Nogales has never wavered and it can be said he has done more toward erecting business structures and homes here than any other person, in fact, he has built more buildings in this city than any three other persons combined. He erected the Bowman Hotel, the Nogales Theater, the big garage building now owned by Robert Marcus, the Harry Brann residence in (largest Nogales), built several country homes, and bought and rehabilitated several homes and business houses. A few years ago he acquired the Otero Ranch near Tubac and recently purchased the Clyde McPherson Ranch in San Rafael Valley, one of the largest cattle ranches in Santa Cruz County. Prominent Democrat A southern Democrat by birth. born in Mississippi, he has always been one of the Democratic party's foremost leaders in Arizona and served two terms as Democratic National Committeeman from this state. He is a former mayor of Nogales, former president of the Santa Cruz Chamber of Commerce, and became collector of the customs of the port of Nogales on July 1. 1943, through appointment by the 'ate President Franklin D. Roosevelt. Since acquiring the First National he has been its chairman and upon the resignation a few weeks ago of Otto H. Herold as president of the bank he took on the added duties of vice-president. Following Mr. Herold's resignation, W. W. Barbee, who had been the First National's manager and executive vice-president from the time it was purchased by Mr. Bowman, was elevated to the presidency. "Due to Mr. Barbee's efforts and popularity with the general public, he made the First National a great success and I am proud to have had him with me not only because of his ability as a banker but also his loyalty to me and the institution," Mr. Bowman said yesterday. Prior to becoming vice-president in 1929, Mr. Barbee was with the Southern Trust Company, an affiliate of the bank, for many years.