First National Bank - Nogales, AZ

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 6591
Charter Number: 6591
Start Date: November 30, 1931
Location: Nogales, Arizona (31.340, -110.934)

Metadata

Model: gpt-5-mini
Short Digest: 03e280e1

Response Measures

Accommodated withdrawals, Books examined

Description

The articles report the Nogales National Bank closed after heavy withdrawals, and note that the First National Bank withstood a run Monday in fine shape and received $200,000 in currency to pay depositors. The First National did not suspend or close.

Events (3)

1. January 24, 1903 Chartered

Source: historical_nic

2. November 30, 1931 Run

Cause: Local Banks
Cause Details: Depositor withdrawals and loss of confidence following the recent closing of the Nogales National Bank (and Sonora Bank & Trust ten days earlier) prompted heavy withdrawals from First National.
Measures: Received $200,000 in currency to add to funds on hand for paying depositors.
Newspaper Excerpt: the First National Bank, which withstood a run Monday in fine shape, and has ample resources to withstand any kind of an onslaught.
Source: newspapers

3. September 29, 1945 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (2)

1. December 2, 1931 Nogales International Nogales, AZ

Article from Nogales International, December 2, 1931

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Article Text

Due to heavy withdrawais of deposits the Nogales National Bank closed its doors Monday morning. Shortly after closing, A. M. Gillespie, president of the bank, gave the Nogales International the following statement: "Due to persistent heavy withdrawals of deposits and inability to collect in loans sufficient to overcome this loss of funds, for the best interest of its loyal depositors the Nogales National Bank has been ordered closed by its board of directors." Officers of the Nogales National are A. M. Gillespie, president; E. K. Cumming, vice-president; A. F. Kerr, cashier; and Alan Gillespie, assistant cashier. The directors are the above named officers and Duane Bird and Victor J. Wager. The bank opened as usual at 9 o'clock Monday morning and three quarters of an hour later closed. Deposits made during the 45 minutes will be returned to depositors, it was said Monday. A national bank examiner is expected here tomorrow to take charge of the institution and it is the concensus of opinion that depositors will not lose much, if any. The Nogales National was founded in 1917. The September 29th statement of the Nogales National Bank showed it had deposits of $488,223.17 and surplus of $50,000. Resources then amounted to $731,664.61. With the closing of this bank, and the Sonora Bank & Trust Company ten days ago, Nogales now has but one bank, the First National Bank, which withstood a run Monday in fine shape, and has ample resources to withstand any kind of an onslaught. Business firms, former depositors

2. December 5, 1931 The Border Vidette Nogales, AZ

Article from The Border Vidette, December 5, 1931

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Article Text

THE NOGALES NATIONAL BANK CLOSES ITS DOORS (Wednesday's International) Due to heavy withdrawals of deposits the Nogales National Back closed its doors Monday morning. Shortly after closing, A. M. Gillespie, president of the bank, gave the Nogales International the following statement: "Due to persistent heavy with drawals of deposits and inability to collect in loans sufficient to overcome this loss of funds, for best interest of its loyal deposi tors the Nogales National Bank has been ordered closed by its board of directors." Officers of tne Nogales Nation al are A. M. Gillespie, president; E. K. Cumming, vice-president; A. F. Kerr, cashier; and Alan Gillespie, assistant cashier. The directors are the above named officers and Duane Bird and Vic tor J. Wager. The bank opened as usual at o'clock Monday morning and three quarters of an hour later closed. Deposits made during the 45 miuutes will be returned to depositors, it was said Mon day. A national bank examiner is expected here tomorrow to take charge of the institution and it is the concensus of opinion that depositors will not lose much. if any. The Nogales National Bank was founded in 1917. The September 29th statement of the Nogales National Bank showed it had deposits of $488. 223.17 and surplus of $50,000. Resources then amounted to $731,664 With the closing of this bank, and the Sonora Bank & Trust Company ten days ago, Nogales now has but one bank, the First National Bank of Nogales, which withstood a run Monday in fine shape, and has ample resources to withstand any kind of an on slaught. Business firms, former depositors in the Sonora Bank and the Nogales National, are now depositing in the First National and no apprebensbion is felt whatever so far as Nogales' lone bank is concerned. The First National yesterday received $200,000.00 in currency to be added to funds on hand in paying depositors desiring their money. The public has great confidence in the First National because it is widely known as one of the strongest banks in the entire Southwest.