First National Bank - Florence, AZ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10998
Charter Number: 10998
Start Date: April 1, 1933*
Location: Florence, Arizona (33.031, -111.387)

Metadata

Model: gpt-5-mini
Short Digest: 8ca2352c

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

No article describes a depositor run. The bank had been operated by a conservator since April 1933 (suspension/partial operation) and in December 1933 the conservatorship was replaced by a receiver and the bank closed its doors—indicating permanent closure/receivership. Dates inferred from article publication (April reference and Dec. 1933). OCR errors in Article 2 corrected (e.g., names Hull/Thorpe and wording).

Events (4)

1. May 18, 1917 Chartered

Source: historical_nic

2. April 1, 1933* Suspension

Cause: Government Action
Cause Details: Conservator was appointed in April and the bank was operated under conservatorship (authority intervened to restrict normal operations).
Newspaper Excerpt: operated since April by conservator
Source: newspapers

3. December 5, 1933 Receivership

Source: historical_nic

4. December 7, 1933 Receivership

Newspaper Excerpt: First National Bank of Florence, operated since April by conservator, closed its doors this morn... Hull was ordered here from Mesa to become... receiver for the First National Bank process of ... made plain that none of the deposits ... were affected ... the conservator relieved; Hull was ordered here to become receiver and the bank closed its doors this morning by order of ... Thorpe, conservator was relieved and Hull ordered to become receiver (OCR corrected).
Source: newspapers

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