629. First National Bank (Clifton, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5821
Charter Number
5821
Start Date
February 23, 1923
Location
Clifton, Arizona (33.051, -109.296)

Metadata

Model
gpt-5-mini
Short Digest
a80a883a

Response Measures

None

Receivership Details

Depositor recovery rate
15.0%
Date receivership started
1923-04-02
Date receivership terminated
1927-07-31
OCC cause of failure
Losses
Share of assets assessed as good
34.2%
Share of assets assessed as doubtful
31.6%
Share of assets assessed as worthless
34.3%

Description

Article (1923-04-27) states First National Bank closed its doors on Friday, February 23 and that the comptroller named a temporary receiver; later (1926) articles refer to the bank as defunct with an active receiver. No run is mentioned. Classification: suspension leading to permanent closure/receivership (government action).

Events (5)

1. May 20, 1901 Chartered
Source
historical_nic
2. February 23, 1923 Suspension
Cause
Government Action
Cause Details
Bank closed its doors Feb. 23; comptroller of the currency, acting on examiner's recommendation, named a temporary receiver.
Newspaper Excerpt
M. J. Knight, national bank examiner, who has been in charge of the First National Bank, which on Friday, February 23, closed its doors announced recently that the comptroller of currency at Washington, D. C., acting upon the recommendation of Mr. Knight, had named a temporary receiver for the First National Bank
Source
newspapers
3. April 2, 1923 Receivership
Source
historical_nic
4. April 27, 1923 Receivership
Newspaper Excerpt
the comptroller of currency at Washington, D. C., acting upon the recommendation of Mr. Knight, had named a temporary receiver for the First National Bank, who is expected to arrive in Clifton the latter part of this week to assume his duties.
Source
newspapers
5. September 17, 1926 Receivership
Newspaper Excerpt
The receiver of the defunct First National bank of Clifton blocked payment by the Greenlee county board of supervisors of $29,240.03 to Secretary of State Kerby and others.
Source
newspapers

Newspaper Articles (3)

Article from The Winslow Mail, April 27, 1923

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Article Text

BRIEF ARIZONA ITEMS Alvin M. Owsley, national commander of the American Legion and rated as one of the outstanding figures of American life, will be in Arizona from May 4 to 7, inclusive. Mrs. M. Larkin, colored was instantly killed and Anton Bonar, Mexican of Jerome, was fatally injured, receiving a fractured skull and several broken ribs when the Buick car in which they were riding went over the hill near Jerome. Sheriff James McDonald of Tombstone received a letter from the California state identification bureau at Sacramento containing the record of E. V. Allen, who was recently sent to the state penitentiary at Florence by Judge Lockwood to serve out a ten year suspended sentence. The third battalion of the 25th infantry which completed its firing tests on the rifle range near Nogales made a score of 99.62 per cent in the qualification tests, one of the highest averages ever recorded, according to Nogales officers. Of 262 men in the battalion only one failed to qualify. Luis Nerey, shift boss for the Verde Copper Mining Company, at Prescott, met instantaneous death when caught and crushed between the belt and shaft on the crushing plant at Hopewell tunnel. The belt had slipped off several times when Nerey volunteered to fix it, according to witnesses at the inquest. A resolution memorializing the state legislature to pass laws which would require that marriage certificates issued in Arizona show date, place and cause of divorce, if either of the contracting parties had ever been divorced, was adopted at the convocation of the Episcopal church of Arizona at Phoenix. There is much improvement in business conditions in the state over a year ago according to members of the state tax commission who returned to Phoenix from a ten days' tax inspection trip through the southeastern part of the state. Since the middle of March, the commission has inspected taxable properties in Santa Cruz, Yuma, Mohave, Pima, Cochise, Greenlee, Graham and Gila counties. M. J. Knight, national bank examiner, who has been in charge of the First National Bank, which on Friday, February 23, closed its doors announced recently that the comptroller of currency at Washington, D. C., acting upon the recommendation of Mr. Knight, had named a temporary receiver for the First National Bank, who is expected to arrive in Clifton the latter part of this week to assume his duties. A career to which had fallen the leading role in dramatic murder trials of two states ended when Paul V. Hadley was hanged at the Arizona state prison for the murder of Mrs. Anna C. Johnson. The condemned man, convicted of slaying the aged woman after she and her husband had given him a ride in their automobile over the Arizona desert west of Tucson, met his fate without flinching and held to the last his claim of innocence. Arizona's fight against illiteracy is showing results, according to word received at Tucson by Dean F. C. Lockwood, of the University of Arizona, a member of the Arizona illiteracy commission, from the office of the commissioner of Indian affairs at Washington. The commission is determined in co-operation with the federal government, to remove the stigma now attached to the state because of its high percentage of illiteracy, which is due, chiefly, to the low educational status of its Indian population, according to Dean Lockwood. Wayne Hubbs, state treasurer has received from the county treasurer or Yavapai county, the estate of Ed D. Hurley, who died in that county, and whose estate escheats to the state because no heirs have been found. The estate amounts to $463.31 in cash, shares in various mining companies. The estate will revert to the general fund in accordance with the state law. Exhibits and statistical data for use in the general investigation by the interstate commerce commission of the wool situation in the intermountain states, has been prepared by the state corporation commission. A series of five hearings have been scheduled by the commission in the matter, the last of which will be held in Phoenix on May 14. The hearings begin in Billings, Mont., on April 26. Judge M. T. Dooling, sitting for Judge William H. Sawtelle in the United States District Court at Tucson dismissed an indictment against C. M. Zander of Phoenix, charging him with conspiracy to use the mails to defraud. Judge Dooling in dismissing the action said that he did SO on the ground that the government had not presented suf-


Article from The Winslow Mail, September 17, 1926

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Article Text

Payment of $29,240 To Kerby Blocked By Bank Receiver CLIFTON / The receiver of the defunct First National bank of Clifton blocked payment by the Greenlee county board of supervisors of $29,240.03 to Secretary of State Kerby and others. The bank holds a judgment against Kerby and R. M. Kelly, amounting to $1,000, and its receiver filed a writ of garnishment against the supervisors.


Article from Winslow Daily Mail, September 17, 1926

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Article Text

Payment of $29,240 To Kerby Blocked By Bank Receiver CLIFTON - The receiver of the defunct First National bank of Clifton blocked payment by the Greenlee county board of supervisors of $29,240.03 to Secretary of State Kerby and others. The bank holds a judgment against Kerby and R. M. Kelly, amounting to $1.000, and its receiver filed a writ of garnishment against the supervisors.