647. First National Bank (Mesa, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11130
Charter Number
11130
Start Date
June 24, 1932
Location
Mesa, Arizona (33.422, -111.823)

Metadata

Model
gpt-5-mini
Short Digest
5746c9b2

Response Measures

None

Receivership Details

Depositor recovery rate
87.7%
Date receivership started
1932-06-27
Date receivership terminated
1936-09-30
Share of assets assessed as good
14.6%
Share of assets assessed as doubtful
74.3%
Share of assets assessed as worthless
11.1%

Description

First National Bank of Mesa closed (did not open) June 24, 1932 after the Arizona Bank and branches were closed; closure appears precautionary/administrative rather than described as an active depositor run. A receiver was appointed (statement posted Aug 9, 1932) and dividends paid by the receiver later in 1932, indicating permanent closure and liquidation.

Events (5)

1. January 16, 1918 Chartered
Source
historical_nic
2. June 24, 1932 Suspension
Cause
Local Banks
Cause Details
Closed after news that the Arizona Bank at Phoenix and branches were closed; officials reportedly closed to avert a run following that failure.
Newspaper Excerpt
the First National Bank of Mesa, 20 miles from here, did not open its doors today.
Source
newspapers
3. June 27, 1932 Receivership
Source
historical_nic
4. August 9, 1932 Receivership
Newspaper Excerpt
Assets of the First National Bank exceeded liabilities by $92,264.02 when the institution was suspended June 24, according to the statement of condition released for publication this week by C. E. Hull, receiver. Statement of condition was posted on the front door of the bank Wednesday morning and the public was given free access to the bank for the first time since it was closed.
Source
newspapers
5. November 26, 1932 Other
Newspaper Excerpt
first dividend of ... payable to all depositors ... declared ... by the receiver the First National Bank. checks ready for delivery today.
Source
newspapers

Newspaper Articles (4)

Article from Imperial Valley Press, June 24, 1932

Click image to open full size in new tab

Article Text

EIGHT ARIZONA BANKS CLOSED OFFICIALS BY PHOENIX, Ariz., June 24. (U.P.)Eight Arizona banks were closed today. The Arizona Bank of Phoenix and its six branches at Chandler, Kingman, Flagstaff, Williams, Winslow and McNary were closed by order of the state superintendent of banks. Posting a notice that the bank would be closed "to protect depositors," the First National Bank of Mesa, 20 miles from here, did not open its doors today. The Arizona bank and its branches showed deposits aggregating $1,000,000 in its December statement, the last to have been made public. The Mesa bank was the largest bank in that section of the Salt River valley. Unconfirmed reports in Mesa today were that officials of the bank had heard of the imminent closing of the Arizona bank and its branches, and had closed temporarily to avert a run, and were planning to reopen. The state banking department had nothing to say regarding closing of the Arizona bank except that it was necessitated by "persistent withdrawals and inability to liquidate."


Article from Los Angeles Evening Citizen News, June 25, 1932

Click image to open full size in new tab

Article Text

Inventory Begun As Phoenix Bank Closes An inventory begun today and quiring about 10 will be cessary before the condition of the Arizona Bank at Phoenix, with six branch offices can be made public, Sid Ellery, state banks, closed the institution seid today. Branches were maintained by the Phoenix bank Chandler man and Winslow. The institution had deposits as Dec. 31. last. of $4,298,860. Leo M. Meeker in president of the bank. second bank the First National of Mesa closed yesterday order the board of directors BAR SILVER NEW June unchanged at


Article from Nogales International, August 10, 1932

Click image to open full size in new tab

Article Text

Assets Mesa Bank Exceed Liabilities MESA, Aug. 9.-Assets of the First National Bank exceeded liabilities by $92,264.02 when the institution was suspended June 24, according to the statement of condition released for publication this week by C. E. Hull, receiver. Statement of condition was posted on the front door of the bank Wednesday morning and the public was given free access to the bank for the first time since it was closed. Notice was given this week that all persons who may have claims against the bank must present same to the receiver with legal proof within three months from August 3, or they may be disallowed. This notice came from J. W. Pole, comptroller of currency. Receiver Hull's report gives the assets as $521,671.63, and the liabilities $426,407.61. The report shows that cash on


Article from The Arizona Republic, November 26, 1932

Click image to open full size in new tab

Article Text

Available Dividend Bank Today first dividend of cent, payable to all depositors per claims, has been who have proven to Hull, declared, according receiver the First National Bank. checks ready for deDividend are livery today. In making the announcement, Hull said: "This dividend is being paid from funds acquired by the receivin the ordinary course of liquier dation, supplemented by from Finance Corporation. This loan. which cured by lien on the remaining assets the bank, must retired, and repaid, the receiver. lieved that co-operation of the the loan be repaid within reasonable time the depositors receive regular made by the receiver warrant. "Funds Reconstruction Finance Corporation set aside receivers insolvent loans banks are limited and the depositors First National Bank Mesa fortunate to an for loan accepted at this early Union Meeting Monthly union meeting of stake ward Mutual sociation officers will be held morrow Mesa First ward stake board will the union meeting at From Central Mr. and Mrs. Alfred Freestone family, Central, Ariz., iting here several days guests Mrs. Freestone's parents, Mr. and Mrs. Clarence Dana, and other relatives. To Long Beach Mrs. Margaret faculty member Mesa Union high school, is spending the holidays Long Beach mother. From Gila College Marvin Russell Hakes Gila college. spending the holldays with their parents From Pima Miss Maxine Phelps, teacher in Pima, Ariz., schools, here for several days with ents, Mr. and Mrs. Gove Phelps. Mr. and Wilson, San Tan leaving today Angeles to spend week with relatives friends. Speakers Announced Glenn Kleinman and Hewwill speak Mesa Second ward chapel during morrow evening. In regular program, address one apostles be the electrical talking equipment. Guests From Flagstaff Dr. Grady Gammage, president the Arizona State College at Mrs. Gammage dinner northeast Mesa by Mr. and Mrs. H. E. Hendrix. From Utah Mrs. Eva Crandall, Utah, for many years resident several the Phelps home, East First From Tucson Miss Ruth Jones, student at the Arizona in Tucson. spending the holidays here with her father, Jones, North Robson street. To Prescott Mrs. A. D. her mother, Kingsbury, spending the holidays here from Tucson, were visitors in Prescott yesterday Return To Phoenix Mrs. Carl Curnutt and infant to their home During recent illness Phoenix. Mrs. Curnutt was patient here the her parents, Mrs. Robertson. Children's Dance Under auspices Maricopa Stake Primary Association, children's dance be held o'clock this announced by stake officials. III William Stewart, teller at the Valley Bank and Trust Company branch here, is ill at his home with influenza. Visits In Miami Miss Elma Jacobson, Mesa high school parents in Miami over the holidays. Scouts To Camporee Louis Haws and his memNo. 55, attending the Roosevelt Heard Scout Pueblo today. group cludes Bruce Brimhall, Hurley Pratt. Martin Young, Bernard Allen, Gerald Allen, Lyman Haws, Joe Savage and Jay Farnsworth. To Present Demonstration demonstration of Christmas presented by the Primary Association of Fourth ward union of m. in Mesa Second Ward chapel.