648. State Bank (Metcalf, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 11, 1922
Location
Metcalf, Arizona (33.111, -109.373)

Metadata

Model
gpt-5-mini
Short Digest
4928e42c

Response Measures

None

Description

Directors voluntarily closed the State Bank of Metcalf (end of business March 11, 1922) and requested the state examiner and a receiver for liquidation. No run or depositor panic is described. Cause is voluntary bankruptcy/liquidation tied to local mining shutdown and lack of business; receiver appointed and liquidation/creditor notices follow.

Events (3)
1. March 11, 1922 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors, seeing no immediate prospects for resumption of operations (mines idle, low business), decided to go into voluntary bankruptcy and closed the bank to protect depositors and stockholders.
Newspaper Excerpt
At the end of business on Saturday, March 11, 1922, The State Bank of Metcalf ... closed its doors and request[ed] the state examiner take charge.
Source
newspapers
2. March 31, 1922 Receivership
Newspaper Excerpt
The State of Arizona, ex rel W. J. Galbraith, Attorney General, vs. The State Bank of Metcalf ... Adam Smith was appointed the Receiver. A bond of ten thousand dollars is required of the receiver and he will manage the affairs of the Bank as soon as he takes the oath of office and makes bond. (Copper Era, 1922-03-31).
Source
newspapers
3. June 2, 1922 Other
Newspaper Excerpt
Notice is hereby given by the undersigned Receiver of the State Bank of Metcalf, Insolvent, to the creditors ... to exhibit and file their verified claims ... ADAM A. SMITH, Receiver. 6-2-4tc (published June 2, 1922).
Source
newspapers

Newspaper Articles (4)
1. March 17, 1922 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, March 17, 1922

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Article Text

STATE BANK OF METCALF CLOSES DOORS be unfavorable for business, over a voluntary bankruptcy proceedings to At the end of business on Saturthe Attorney General of the state period of three or four years, the difday, March 11, 1922, The State Bank, who in turn has requested Judge rectors requested that the State Exof Metcalf, through its Board of DiLaine, of the Superior Court. of this aminer come to Metcalf and discuss county. to appoint a Receiver. The rectors, closed its doors and requestthe affairs of the bank, and the toappointment will probably be made cal industrial situation. with the of ed State Bank Examiner Fairfield to the first of next week and the Reficials of the bank. Mr. Fairfield, take charge of the affairs of the ceiver will take charge and begin the state examiner, came in person. bank and liquidate its assets. the liquidation of the assets of the and spent three days in the district The procedure on the part of the closed institution. going over the situation with Phelps directors was a voluntary one, after The last statement of the State Dodge officials and the affairs of discussing the affairs of the bank Bank of Metcalf was made to the the bank with its officers. With no with the state examiner, and in view state examiner under date of Decemimmediate improvement in sight the of the announced policy of the Phelps ber 31, 1921. At that time the indidirectors decided to go into volun Dodge Corporation regarding the opvidual deposits in the bank subject tary bankruptcy and on Monday eration of the mines in the Metcalf to check was $43,155.84, and time morning last a sign on the window district, which policy does not concertificates of deposit. $22,240.27. The announced the closing of the bank template any activity in their low capital stock of the Bank of Metcalf and the state examiner took charge. grade properties there until the comis $15,000. with a surplus account of In conversation with an Era man pletion of the big concentrator. $3,000.00 and undivided profits of State Examiner Fairfield stated that With no immediate prospects for $1,400.92. he was certain that all depositors the early resumption of operations at The loans and discounts at the same would be paid dollar for dollar but Metcalf the directors decided that in date were $58,240.97 and the bank that it would take several months all fairness to depositors and stockowned $5,000.00 in United States to do this under a Receiver. He holders the institution should be Bonds and $28,500 in state. county and predicted that the first dividend of closed at this time. instead of conmunicipal bonds. Cash on hand twenty per cent would be paid within tinuing to operate at a loss. The proamounted to $12,514.55. three or four months. fit and loss statement for the Bank Under the banking laws of Ariof Metcalf for the year 1921 showed W. E. Lutz. Superintendent of the zona the depositors will be paid in a profit of $11.45. Morenci schools was a Clifton busifull first and the stockholders last. When it became apparent, that local ness visitor on Tuesday of this week The state examiner has reported the conditions at Metcalf were likely to

2. March 31, 1922 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, March 31, 1922

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Article Text

The case of R. S. Black and N. C. Siegal, VS. The Insto Manufacturing Company, and the Bank of Duncan was tried before Judge Laine this week. The case was taken under advisement and judgment will be rendered next week: The action arises out of a contract entered into between the plaintiffs and defendant Insto Manufacturing Co. herein. Plaintiffs placed the sum of $1000.00 in escrow with the Bank of Duncan pending the approval of the contract between the parties. The plaintiffs claim that the contract never was approved and that a satisfactory construction thereof was never ratified by the Insto Manufacturing Co. Bicente Tapia*a youth of sixteen years was hailed before the juvenile court this week on the charge of Grand Larceny. The defendant was charged with stealing and butchering a cow about 3 miles west of Morenci. Deputy Fulcher who has been receiving complaints redently from cattlemen in the vicinity of Morenci that cattle were being butchered took up the case and in several days caught young Bicente in the act. The young man admitted to Judge Laine that he had killed the animal and stated that he had done so at the instance of his aunt who resides at Morenci. Bicente was committed to the Reform School at Fort Grant. The case of Jahn Gaglierde, VS. Rosendo Munoz, an action to foreclose a mortgage, was set for trial on Thursday the 6th day of April. An action entitled. The State of Arizona, ex rel W. J. Galbraith Attorney General, vs. The State Bank of Metcalf, and others was filed in the office of the Clerk of the Superior Court en Wednesda afternoon in which the plaintiff asked for the appointment of a receiver for the defendant Bank, The matter was taken up immediately before the court and Adam Smith was appointed the Receiver. A bond of ten thousand dollars is required of the receiver and he will manage the affairs of the Bank as soon as he takes the cath of office and makes bond.

3. April 2, 1922 Tombstone Epitaph Tombstone, AZ
Article from Tombstone Epitaph, April 2, 1922

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Article Text

BANK'S PROFITS FOR ONE YEAR $11.45; WILL CLOSE COORS CLIFTON, Ariz, March 28.- After making an operating profit of only $11.45 for the past year, the directors of the State Bank of Metcalf, have turned their institution over to the state banking department for liquidation. Metcalf is a mining town seven miles from Cilfton, and is the center of the Shannon hill and Coronado operations that ordinarily supply a large part of the ore treated at the Clifton smelters. But the mines have been idle for a year and most of the population has vanished. Now it has been found that the Phelps Dodge corporation does not intend to resume production for many months and hence there is believed no longer a necessity for continuing the bank. State bank superintendent, C. W. Fairfield, has investigated the bank's finances and states his belief that the depositors will be paid in full, with a dividend of about 20 per cent within a few months. A receiver will be appointed by the Greenlee county superior court. At the last statement December 31, the bank had payable $43,155 in demand deposits and $22,240 inf time certificates of deposit. Cash on hand amounted to $12,514 and loans and discounts to $58,240. Other assets included $5000 in federal bonds and $28,500 in public bonds.

4. June 16, 1922 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, June 16, 1922

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Article Text

IN THE SUPERIOR COURT OF THE STATE OF ARIZONA IN AND FOR THE COUNTY OF GREENLEE. State of Arizona, Ex Rel, W. J. Galbraith. Attorney General, Plaintiff. vs. State Bank of Metcalf, a corporation. E. J. Rowan. F. G. Scott. E. A. Spriggs. Sam Abraham, Henry Bingham. W. J. Williams, and E. H. Green. Defendants. Notice to Creditors Notice is hereby given by the undersigned Receiver of the State Bank of Metcalf. Insolvent, to the creditors of and all persons having claims against the said Bank. to exhibit and file their verified claims, with the necessary vouchers. within six months after the first publication of this notice to the said Adam A. Smith. Receiver, at this office in the Town of Clifton, Greenlee County, Arizona. the same being the place for the transaction of the business of said Insolvent Bank, in said County ot Greenlee. State of Arizona. ADAM A. SMITH, Receiver. 6-2-4tc