658. Nogales Building & Loan Association (Nogales, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 23, 1934
Location
Nogales, Arizona (31.340, -110.934)

Metadata

Model
gpt-5-mini
Short Digest
7cb18cec

Response Measures

None

Description

The association entered receivership and suspended business in May 1934 (articles give May 23, 1934 as the date it went into receivership). No run is mentioned. The institution was liquidated under the state banking department; later dividends were paid during liquidation (Feb 1935).

Events (3)
1. May 23, 1934 Suspension
Cause
Macro News
Cause Details
Failure attributed to general economic conditions/depression; long-term slow business before Home Owners Loan Act
Newspaper Excerpt
Late Wednesday, the building and loan association ... went into receivership
Source
newspapers
2. May 26, 1934 Receivership
Newspaper Excerpt
Y. C. White ... was named receiver of the institution by Judge Fred W. Fickett ... Harry R. Renshaw ... was appointed special deputy receiver of the Nogales Building & Loan Association for many years. Late Wednesday, the building and loan association ... went into receivership, and Mr. Y. C. White of Phoenix as special deputy receiver of the association was named Thursday by Y. C. White of Phoenix as special deputy receiver of the association. (appointment and inventory of assets referenced).
Source
newspapers
3. February 2, 1935 Other
Newspaper Excerpt
The building and loan association, which suspended business here last May, paid a 15 percent dividend amounting to $37,533.74. It was the building and loan's first dividend since it was taken over by the state banking department.
Source
newspapers

Newspaper Articles (7)
1. May 26, 1934 Nogales International Nogales, AZ
Article from Nogales International, May 26, 1934

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Article Text

HARRY RENSHAW APPOINTED SPECIAL DEPUTY RECEIVER NOGALES BUILDING AND LOAN Local Building And Loan Association Goes Into Receivership After 40 Years; Y. C. White Is Named Receiver and 25 cents. Harry R. Renshaw, secretary and Collapse of the in titution is the treasurer of the Nogales Building & third major failure here since the Loan As: ociation for many years. depression began, the other two was appointed Thursday by Y. C having been the Sonora Bank & White of Phoenix as special deputy Trust Company and the Nogales receiver of the association. National Bank. Late Wednesday. the building and loan association, established in 1894 went into receiver: hip, and Mr. JOSEPH CONWAY White, who is state superintendent of banks, was named receiver of CANDIDATE-FOR the institution by Judge Fred W Fickett of Pima county, presiding ATTY. GENERAL for Judge Charles L. Hardy, who is on a trip to Mexico. On Thursday morning, L. V. BailPHOENIX, May 25.-Joceph W. ey of Phoenix, an examiner for the Conway, well known Phoenix state banking department, began an torney, today announced his candiinventory of the assets and liabilidacy for the office of Attorney ties of the institution and will have General, subject to the democratic charge of the office until Mr. Renshaw, who is ill at his home on Crawford street, is able to take up his duties as special deputy receiver. Officers of the building and loan as ociation when it went into receivership were E. K. Cumming. president; F. J. Duffy, vice-presiden: Harry R. Renshaw, secretary and treasurer. These three and I. Burgoon. H. M. Clagett. F. Mazon. H. R. Sisk, E. A. Wessell and John Jund comprise the board of directors. On Thursday Superintendent of Banks White named W. N. Puckett as an appraiser and the building and loan appointed H. R. Sisk as its appraisor. These two named Fred Hannah as the third appraiser and Hannah will serve whenever Puckett and Sisk fail to agree. Assets of the company include $128,000 in loan, $106,000 in real estate owned, $14,000 in real estat contracts, and $4,000 in delinquencics. Liabilities include $237,000 in 383 stock and $30.000 in sundry accounts. JOSEPH W. CONWAY The $14,000 item is real estate being sold under contract and the primary September 11th. $106,000 is real estate originally sold A life long democrat, Mr. Conway that the in titution had to take pledges his support to the new deal back after purchasers of property policies of President Roosevelt, to were unable to fulfill their contracts. the application of its principles in Directors of the company issued the administration of our state laws, a statement this week to the effect and to a program of economy for that they were unable to meet the the office to which he aspires. demand of the state banking deHe promises to expedite the lipartment to pay into its treasury quidation of insolvent building and $24,289 to provide for losses susloan associations and defunct banktained on real estate owned and ing institutions. He pledges complete mortgage loans. support and enforcement of all Statements were made by some laws of our commonwealth. persons this week that the building "I will bring about the earliest and loan, upon being liquidated, liquidation and settlement of all inwill pay 75 cents on the dollar. Othsolvent building and loan associaers maintain it will pay between 20 tions banking and investment com.

2. May 26, 1934 Nogales International Nogales, AZ
Article from Nogales International, May 26, 1934

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Article Text

Failure Of The Building And Loan The Nogales International regrets with the public in general the failure of the Nogales Building & Loan Association. The failure can be attributed to general economic conditions. Statements that alleged slowness of operations of the Home Owners Loan Corporation was a big factor carry little, if any, truth. Long before the Home Owners Loan Act was ever passed by Congress the local building and loan association was having tough sledding. Going into receivership Wednesday was no surprise. Such a step had been expected a long time. The local building and loan is not the first association of its kind to feel the depression. Thousands of such concerns blew up long ago. The local association lasted far longer than most of 'em did. Under the direction of State Superintendent of Banks Y. C. White, who has been named receiver, we are certain the affairs of the building and loan association will be liquidated satisfactorily to all, and Mr. White in naming Harry R. Renshaw special deputy receiver, will have a very able assistant.

3. June 9, 1934 Nogales International Nogales, AZ
Article from Nogales International, June 9, 1934

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Article Text

HANNAH NAMED DEPUTY RECEIVER Fred W. Hannah, former chairman of the county board of supervisors, prominent real estate and insurance man, has been named special deputy receiver of the Nogales Building & Loan Association to fill the vacancy created by the death of Harry R. Renshaw. The appointment was made Thursday by Y. C. White of Phoenix, state superintendent of banks, after he had received a petition signed by all the retiring board of trustees asking that Hannah be named. The retiring trustees are E. K. Cumming, Frank J. Duffy, E. A. Wessell, H. R. Sisk. I. Burgoon. John Jund, Fortunato Mazon and H. M. Clagett.

4. February 2, 1935 Nogales International Nogales, AZ
Article from Nogales International, February 2, 1935

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Article Text

$65,000 PAID IN DIVIDENDS HERE BY TWO CONCERNS A total of $65,000 was turned loose in Nogales this week, representing dividends paid by the Estate of the Sonora Bank & Trust Company and the Estate of the Nogales Building & Loan Association. The bank, which closed its doors three years ago last November, paid a five percent dividend amounting to about $25,000 and 7,000 pesos. It made a total of 35 percent paid so far by the bank since it closed. The building and loan association, which suspended business here last May, paid a 15 percent dividend amounting to $37,533.74. It was the building and loan's first dividend since it was taken over by the state banking department.

5. February 9, 1935 Nogales International Nogales, AZ
Article from Nogales International, February 9, 1935

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Article Text

BUILDING AND LOAN TAXES TO BE. CONSIDERED An assistant attorney-general from Phoenix, representing the state banking department, will be here about the 23rd of February to meet with the board of supervisors in regard to taxes of the defunct Nogales Building & Loan Association, it was learned this week from Fred Hannah, special receiver of the building and loan.

6. May 25, 1935 Nogales International Nogales, AZ
Article from Nogales International, May 25, 1935

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Article Text

John F. Thomas Succeeds Hannah As Receiver Of Building And Loan John F. Thomas of Phoenix, con- said to have been satisfactory to nected with the State Banking De- the banking department but, accordpartment, th's week succeeded Fred ing to information learned this week Hannah as local receiver of the No- by The International. it was felt the 1 quidation could be handled better gales Building & Loan Association. by a person more acquainted with Accompanied by L. V. Bailey, also such duties. The new receiver. Mr. of the State Banking Department, Thomas, is said to have had much and who had charge of the local experience in liquidating building building and loan for awhile last and loan associations. summer after it went into receiverThe late Harry R. Renshaw, who ship on May 23rd of last year, Mr. had been secretary of the building Thomas arrived here Monday and and loan for many years until It established an office on the second went into receivership, was receiver floor of the Trust bulding where he until his death on June 2nd last will handle the liquidation of the year, then Mr. Bailey took charge building and loan. Mr. Hannah's work as receiver is until appointment of Mr. Hannah.

7. May 25, 1935 Nogales International Nogales, AZ
Article from Nogales International, May 25, 1935

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Article Text

John F. Thomas of Phoenix, connected with the State Banking Department, th's week succeeded Fred Hannah as local receiver of the Nogales Building & Loan Association. Accompanied by L. V. Bailey, also of the State Banking Department, and who had charge of the local building and loan for awhile last summer after it went into receivership on May 23rd of last year, Mr. Thomas arrived here Monday and established an office on the second floor of the Trust bu lding where he will handle the liquidation of the building and loan. Mr. Hannah's work as receiver is