666. Sonora Bank & Trust Company (Nogales, AZ)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: November 1, 1931*
Location: Nogales, Arizona (31.340, -110.934)

Metadata

Model: gpt-5-mini
Short Digest: 66538c84

Response Measures

Full suspension, Books examined

Other: State Superintendent assumed charge and receiver appointed; liquidation proceedings followed.

Description

The Sonora Bank & Trust Co. of Nogales experienced heavy withdrawals over several months (reportedly in part due to an exodus of Chinese customers withdrawing pesos), then closed/suspended in mid-November 1931 with the State Superintendent of Banks assuming charge; subsequently placed in receivership and liquidated through 1932–1935. Dates are taken from newspaper reports (closure reported Nov 21, 1931; closure described as occurring 'Thursday' — inferred as Nov 19, 1931).

Events (5)

1. November 1, 1931* Run

Cause: Local Shock
Cause Details: Quiet run/steady heavy withdrawals over several months reportedly exacerbated by exodus of Chinese from Sonora who allegedly withdrew large sums (reportedly 400,000 pesos over two weeks).
Measures: Bank continued operations until suspending; officials and manager attempted to arrange affairs and make collections; later superintendent assumed charge.
Newspaper Excerpt: Heavy withdrawals during the past two months caused the bank to suspend business.
Source: newspapers

2. November 19, 1931 Receivership

Newspaper Excerpt: Superintendent of Banks in Charge. and later legal notices naming S. W. Ellery as ex-officio receiver (March 1932 onward).
Source: newspapers

3. November 19, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended after prolonged heavy withdrawals left it insolvent; state examiner Leo N. Roach (and superintendent) took charge and declared insolvency. (Articles attribute suspension to heavy withdrawals over prior months.)
Newspaper Excerpt: Bank Closed. Superintendent of Banks in Charge.
Source: newspapers

4. March 29, 1932 Other

Newspaper Excerpt: S. W. ELLERY, as Superintendent of Banks ... ex-officio receiver of Sonora Bank and Trust Company, an insolvent banking corporation (summons filed Mar 29, 1932).
Source: newspapers

5. January 1, 1933* Other

Newspaper Excerpt: SONORA BANK FIXTURES SOLD ... which closed its doors in November 1931, was sold at a public auction sale Wednesday.
Source: newspapers

Newspaper Articles (14)

1. November 21, 1931 Nogales International Nogales, AZ

Article from Nogales International, November 21, 1931

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SONORA BANK & TRUST CO. MAY REOPEN BY JANUARY 1 or some arrangement, whereby Here's good news for Nogales. the Sonora Bank & Trust ComThe Sonora Bank & Trust pany can reopen by the first of Company, which suspended January." business Thursday, may reopen The Banco de Sonora, mentioned its doors by the first of January. above, one of Mexico's greatest finW. C. Winegar, manager, and one ancial institutions, owns controlling of the vice-presidents of the Sonstock in the Sonora Bank & Trust ora Bank & Trust Company, gave the following statement to the NoCompany. It has large resources and its Director General, Mr. Mulgales International yesterday afternoon: ler, is widely known as one of the "I had a conversation over foremost bankers of the great west coast of Mexico. the phone with Mr. Muller, Director-General of the Banco "General gradual shrinkage in deDe Sonora, with headquarters at posits the last two or three months caused the Sonora Bank & Trust Hermosillo, and he said they are working on a re organization, Company to close", Mr. Winegar

2. November 21, 1931 The Border Vidette Nogales, AZ

Article from The Border Vidette, November 21, 1931

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SONORA BANK & TRUST COMPANY CLOSES DOORS (Thursday's Herald) The Sonora Bank & Trust com pany, one of the pioneer financi al institutions of Nogales, closed its doors this morning. A sign was placed in the main entrance at 9 a. m. which simply read: "Bank Closed. Superintend ent of Banks in Charge." The insolvency of the financial institucion came as a surprise to the people of this city. Leo N. Roach, chief examiner of the state banking deartment, assumed charge of the bank this morning. He has been here for several days, it was learned to day. Last statement of conditions of the bank, issued at the close of business September 26, 1931, showed resources amounting to $1,062,268 38. In the liabilities column deposits amounting to $823,293.15 were shown. HOPE IS EXPRESSED In an interview with the Herald this morning W. C. Winegar, vice president and manager of the institution, said: "Heavy withdrawals during the past two months caused the bank to sus pend business. I feel confident however that the depositors will receive a good percentage of their money and perhaps all of it. It may take time to arrange the affairs and make collections due the bank. I am very sorry, naturally, that this has happened. We of the bank have work ed hard in an attempt to keep the bank in a solvent condition." Chief Examiner Roach said: It will be at least 90 days be fore we can make any payments to depositors. We mustarrange the affairs of the bank and turn some of the assets into cash." RJN WAS QUIET According to officials of the Sanora Bank & Trust company the run of the bank was quiet, covering a period of several months. It is reported that the exodus of Chinese from Sonora caused heavy withdrawals and it is said that the fleeing Chinese with drew 400,000 pesos from the bank within a period of two weeks. This statement was not verified by the bank officials. HAS MEXICAN AGENCIES The Sonora Bank and Trust

3. November 21, 1931 The Border Vidette Nogales, AZ

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SONORA BANK & TRUST COMPANY CLOSES DOORS (Thursday's Herald) The Sonora Bank & Trust com pany, one of the pioneer financi al institutions of Nogales, closed its doors this morning. A sign was placed in the main entrance at 9 a. m. which simply read: "Bank Closed. Superintend ent of Banks in Charge. The insolvency of the financial institucion came as a surprise to the people of this city. Leo N. Roach, chief examiner of the state banking deartment, assumed charge of the bank this morning. He has been here for several days, it was learned to day. Last statement of conditions of the bank, issued at the close of business September 26, 1931, showed resources amounting to $1,062,268 38 In the liabilities column deposits amounting to $823,293. 15 were shown. HOPE IS EXPRESSED In an interview with the Herald this morning W. C. Winegar, vice president and manager of the institution, said: Heavy withdrawals during the past two months caused the bank to sus pend business. I feel confident however that the depositors will receive a good percentage of their money and perhaps all of it. It may take time to arrange the affairs and make collections due the bank. I am very sorry, naturally, that this has happened. We of the bank have work ed hard in an attempt to keep the bank in a solvent condition. Chief Examiner Roach said: "It will be at least 90 days be fore we can make any payments to depositors. We must arrange the affairs of the bank and turn some of the assets into cash." RJN WAS QUIET According to officials of the Sanora Bank & Trust company the run of the bank was quiet, covering a period of several months. It is reported that the exodus of Chinese from Sonora caused heavy withdrawals and it is said that the fleeing Chinese with drew 400,000 pesos from the bank within a period of two weeks. This statement was not verified by the bank officials. HAS MEXICAN AGENCIES The Sonora Bank and Trust company, which is principally owned by the Bank of Sonora, has agencies in Nogales, Sonora, Hermosillo, Guaymas, Cajeme, Navojoa and Culiacan, Sinaloa According to reports agencies are unaffected by the insolvency of the local institution. Officers of the bank are: Max Muller, Hermosillo, vice president; W. C. Winegar, vice president and manager; R.H. Bibolet, secretary; C. Mignardot, cashier; W. P. Tiedemann, assistant se. cretary. Directors are: Max Muller, W. C. Winegar, W. J. Phil. lips, J E Wise, Ramon Corral, E-nesto Camou, and Guillermo Mascarenas.

4. November 28, 1931 The Border Vidette Nogales, AZ

Article from The Border Vidette, November 28, 1931

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Mrs. Carrie Schrader, mother the Clell Schrader, member of in of Nogales Herald staff, arrived Wed Nogales from Los Angeles wesday to spend Thanksgiving nith her son and family. S. W. Eilery, state banking here superintendent, has been busi several days this week on connected with the insolv ness Sonora Bank & Trust Com. 19. ent pany which closed November Alfonso Pesqueira, Mexican consul here, has returned from be Santa Ana, California, where testified in a suit brought against attorney charged with solicit ing an law actions from Mexican people. One of the most delightful Thanksgiving dinners here last Thursday night was that given Dr. Anna Mae Smock at her by home, attended by members cosy of her family and a few intimate friends. The Roy and Titcomb lumber department received a special to order Monday for panel work The used in a Tucson home. be pioneer firm of Roy & Tit comb, big Inc., is always reliable and dependable. The men's furnishing stock fixtures of the William Tid and well store in Morley avenue, a which has been purchased by Tucson merchant for an amount to said to be $2,800, was moved Tucson Tuesday. American Consul and Mrs. B. Yost have moved into the consulate F. just across the border fine Nogales, Sonora. The in brick residence, their new home, in owned by Y. Bonillas, pioneer resident of this city. The federal grand jury return ed an indictment at Tucson last Monday, charging Mac (Golney) Seymour, 22-year old Indian, the murder of Henrietta Saymour, with Columbia university restudent, on the White river servation last July. The November editions of the Nogales and Patagonia bigb school papers were distributed Wednesday. Both were printed the Nogales International. The by Nogales high school paper War. known as 'The Apache "The cry" is and the Patagonia as Mesquite." A large turkey, raffled off here Monday by Mrs. George Januel won W. F. Neil, was Gambee, and by Mary Mrs. daughter Gambee of of and Mrs. L R. Nogales. Mr. Proceeds of the raffle, local amounting to $10 will go to charity. The raffle tickets were sold within two hours. A new communication service the made available by Telephone & and its graph has American been Company associat System Tele companies in the Bell ed has been announced by J. the J. it Harris, local manager of and Mountain States Telephone Telegraph Company. William A. (Bill) Scatena, than a whiter chap never lived, down whom returned from a trip on has West coast of Mexico vegetable the business. He reports the there were heavy runs on Her Banco de Sonora at both which mosillo and Guaymas, closed their doors Monday. Arrangements are nearing for the E:ks charity and dance to be on Friday clubrooms completion party held night cord t the on December 4. The public is will invited and admission fifty ially by each person bringing be worth of staple groceries. cents groceries will be Christ placed aside The for the Elks annual man charity baskets. Approximately 40 persons at the meeting here Novem de tended 20th of Southern Pacific ber Mexico and Southern Pacitic officers of the Transcon officials, tinental Freight Bureau, brokers, of and distributors shippers Mexican West Coast vegetables. an G. Hoff of Guadalajara, L of the Southern Paciñic de official Mexico, presided as chairman

5. March 30, 1932 Nogales International Nogales, AZ

Article from Nogales International, March 30, 1932

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LEGAL NOTICE IN THE SUPERIOR COURT Of Santa Cruz County, State of Arizona. Action brought in the Superior Court of Santa Cruz County, State of Arizona, and the Complaint filed in the said County of Santa Cruz in the office of the Clerk of the said Superior Court. S. W. ELLERY, as Superintedent of Banks of the State of Arizona and ex-officio receiver of Sonora Bank and Trust Company, an insolvent banking corporation, Plaintiff, vs. BANCO DE SONORA, S. A. a corporation, Defendant. IN THE NAME OF THE STATE OF ARIZONA TO Banco de Sonora, S. A. a corporation, Defendant, Greeting: You Are Hereby Summoned and required to appear in an action brought against you by the abovenamed plaintiff in the Superior Court of Santa Cruz County, State of Arizona, and answer the Complaint therein filed with the Clerk of this said Court, at Nogales, in said County, within twenty days after the service upon you of this Summons, if served in this said County, or in all other cases within thirty days thereafter, the times above mentioned being exclusive of the day of service; or judgment by default will be taken against you. Given under my hand and seal of the Superior Court of Santa Cruz County, State of Arizona, this 29th day of March, A. D. 1932. ROBT. E. LEE (SEAL) Clerk of the said Superior Court. (3-30 4 weds)

6. May 21, 1932 Nogales International Nogales, AZ

Article from Nogales International, May 21, 1932

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LEGAL NOTICE IN THE SUPERIOR COURT OF THE STATE OF ARIZONA IN AND FOR THE COUNTY OF SANTA CRUZ. NOTICE OF HEARING PETITION IN THE MATTER OF THE LIQUIDATION OF SONORA BANK AND TRUST COMPANY. NOTICE IS HEREBY GIVEN that S. W. Ellery as Superintendent of Banks of the State of Arizona and ex-officio receiver and owner of the property and assets of Sonora Bank and Trust Company, an insolvent banking corporation, has :filed in this Court his petition for the instructions of this Court in the matter of the compromise and compounding with C. C. Cheshire, Cheshire Brcs. Motor Co. and C. C. Cheshire Motor Co. the indebtedness of said parties to said petitioner as Receiver in the sum of $8185.20 evidenced by notes of said parties and of N. B. Mercer, payable to the order of Sonora Bank and Trust Company, which sum includes interest upon said notes computed to May 20th, 1932, by accepting from said C. C. Cheshire and his wife a desd of a part of Lot Thirteen (13) in Block Four (4) of the Ellis Ranch Tract in the City of Nogales, Santa Cruz County, State of Arizona, more particularly described in said petition, in payment of the sum of $6000.00 upon said indebtedness. the balance thereof to be secured by a partial ascignment to said petitioner by said C. C. Cheshire of the monthly rentals payable to him by Geo. B. Marsh, Inc., Chas. H. Field and Anna Field and The Western Union Telegraph Company, and that the matter of said petition will be heard by this

7. May 25, 1932 Nogales International Nogales, AZ

Article from Nogales International, May 25, 1932

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LEGAL NOTICE NOTICE OF PLEDGE FORECLOSURE SALE. NOTICE IS HEREBY GIVEN that Florence Gustetter and A. L. Gustetter, M. D. have failed to pay the indebtedness owing by them upon their certain note in the sum of Seven Hundred Fifty ($750.00) Dollars, dated December 28th, 1931, payable in installments to the order of Sonora Bank and Trust Company, by reason of which the whole amount of said note matured and is now due and payable and which note is now held by the undersigned, and that the chattels pledged as security for said indebtedness, or so much thereof as is necessary to pay the debt, interest and costs of sale, towit: One (1) dinner ring with solitaire diamond center circled by six diamonds, One (1) unset diamond 3-8 carats, One (1) unset diamond 1-5 carats, One (1) solitaire diamond ring; Tiffany setting (delivered 3-30'32) One (1) solitaire diamond ring, Tiffany setting (delivered 3-30'32) will, if redemption is not made before the sale, be sold by the undersigned at public auction to the highest bidder for cash at 223 Morley Avenue, in the City of Nogales, Santa Cruz County, State of Arizona, at 10 o'clock A. M. on Saturday, the 11th day of June, 1932. Dated this 24th day of May, A. D. 1932. S. W. ELLERY, Superintendent of Banks of the State of Arizona and ex-officio Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, By J. W. Entz Special Deputy Publish May 25, 1932.

8. July 9, 1932 Nogales International Nogales, AZ

Article from Nogales International, July 9, 1932

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CAFE CLOSES Pete Raptis' Grand Cafe in the new Bowman building, just north of the Sonora Bank & Trust Company on Morley avenue, suspended business Thursday night.

9. October 5, 1932 Arizona Daily Star Tucson, AZ

Article from Arizona Daily Star, October 5, 1932

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PRIORITY UPHELD BY COURTS ruled Building company against property John Crugar Tucson should given priority pumping installed Jordan and attempted The written Justice Henry Ross, judgment the trial court enter priority the mortgage ground the lien filed against the plant within after required law for one not the original The high tribunal also reversed judgment the Cumming against the state superintendent receiver the Sonora Bank and Trust company Nogales, granted Cumming. opinion written by Justice Lockwood and holds the claim Cumming ordinary preferred. original against Farmer but when the the bank official became defendant.

10. December 24, 1932 Nogales International Nogales, AZ

Article from Nogales International, December 24, 1932

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LEGAL NOTICE IN THE SUPERIOR COURT OF THE STATE OF ARIZONA IN AND FOR THE COUNTY OF SANTA CRUZ. NOTICE OF HEARING AND SETTLEMENT OF FOURTH QUARTERLY ACCOUNT AND REPORT OF SUPERINTENDENT OF BANKS FOR PERIOD FROM AUGUST 31, 1932 TO NOVEMBER 30, 1932. IN THE MATTER OF THE LIQUIDATION OF SONORA BANK AND TRUST COMPANY. NOTICE IS HEREBY GIVEN that Lloyd Thomas, Superintendent of Banks of the State of Arizona and Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, has filed herein his fourth quarterly account and report of his receivership and administration of the estate of said insolvent bank for the period from August 31st, 1932 to November 30th, 1932, and that the matter of said account and report and the settlement thereof will be heard in the Court Room of said Superior Court in the Court House in the City of Nogales, Santa Cruz County, State of Arizona, at 11:00 o'clock A. M. on Friday the 30th day of December, 1932, or such later time to which the same may be duly continued or postponed, and any and all persons having objections to said ac-

11. January 28, 1933 Nogales International Nogales, AZ

Article from Nogales International, January 28, 1933

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SONORA BANK FIXTURES SOLD A large part of the furniture and fixtures of the Sonora Bank & Trust Company, which closed its doors in November 1931, was sold at a public auction sale Wednesday. J. B. Robinson and Jack Cohen, acted as auctioneers. Among purchasers were A. E. Aviles, Dr. F. B. Huetson, John Phillips, and Frank Lown. Furniture and fixtures still on hand will be moved to Tucson and stored and the building on Morley avenue vacated the first of February. Books and records of the bank will also be moved to Tucson where further liquidation of the bank's affairs will be handled by J. W. Entz, who is acting as receiver of both the Sonora Bank & Trust Company of Nogales and the United Bank & Trust Company of Tucson.

12. May 12, 1934 Nogales International Nogales, AZ

Article from Nogales International, May 12, 1934

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IN THE SUPERIOR COURT OF THE STATE OF ARIZONA, IN AND FOR THE COUNTY OF SANTA CRUZ. NOTICE OF SALE OF REAL ESTATE UNDER SPECIAL EXECUTION. Y. C. WHITE, as Superintendent of Banks of the State of Arizona and Ex-officio Receiver of Sonora Bank and Trust Company, an insolvent banking corporation, Plaintiff, VS. M. C. DE LA FUENTE AND F. A.

13. November 10, 1934 Nogales International Nogales, AZ

Article from Nogales International, November 10, 1934

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KIN THE OF PILILIA AND FOR THE COUNTY OF SANTA CRUZ No. 2565 ORDER TO SHOW CAUSE In the Matter of the Estate of SONORA BANK AND TRUST CO., Insolvent. Y. C. White, the duly appointed. qualified and acting Superintendent of Banks of the State of Arizona, and, as such, Ex-officio Receiver of the Senora Bank and Trust Co., Insolvent, acting by and through J. W. Entz, Special Deputy Superintendent of Banks in charge of the liquidation of the estate of said Sonora Bank and Trust Co., having filed herein his verified petition praying for an order of this Court authorizing and directing him to sell certain assets belonging to the estate of said Sonora Bank and Trust Co., consisting of certain obligations as set forth in "Exhibit A" attached to said petition, upon the terms and conditions set forth in that certain contract, a copy of which is attached to said petition, therein referred to and marked "Exhibit B". AN ORDER IS NOW MADE setting said petition down for hearing before the above entitled Court on the 20th day of November, 1934. at the hour of 10:00 o'clock .A M., at which time any and all persons interested therein may appear and show cause, if any they have, why the order prayed for in said petition should not be granted. It is FURTHER ORDERED that notice of the hearing on said petition be given by the Clerk of this Court posting a copy of this order in three public places in the County of Santa Cruz, State of Arizona, at least ten days prior to the date of the hearing on said petition, and by the publication of a copy of this Order to Show Cause in The Nogales International, a newspaper of general circulation, published in the County of Santa Cruz, State of Arizona, for two issues prior to the date of the hearing on said petition. DONE in open Court this 9th day of November, 1934. CHAS. L. HARDY, Judge (Publish Nov. 10 and Nov. 17, 1934)

14. October 19, 1935 Nogales International Nogales, AZ

Article from Nogales International, October 19, 1935

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IN THE SUPERIOR COURT Of the State of Arizona, in and for the County of Santa Cruz In the Matter of the Estate of SONORA BANK AND TRUST COMPANY, Insolvent. No. 2565 ORDER TO SHOW CAUSE Y. C. WHITE, as Superintendent of Banks of the State of Arizona and Ex-officio Receiver of Sonora Bank and Trust Company, an Arizona banking corporation, insolvent, having filed his verified petition in the above entitled Court, praying an order of this Court, authorizing and directing him to accept the offer of Henrietta Neumann, a married woman, of the sum of One Thousand, Three Hundred and no/100 ($1,300.00) Dollars, as and for the purchase price of the following described real property, situate in the County of Santa Cruz, State of Arizona, to-wit: All that piece or parcel of land situate in the City of Nogales, County of Santa Cruz, State of Arizona, particularly described, as follows: The Westerly Half of Lots numbered Nine (9) and Ten (10) in Block numbered Two (2) of the Ellis Ranch Tract, which is a subdivision of Lot numbered Three (3) in Block One (1) of the town (now city) of Nogales, Arizona. according to the Bradford Map of said town; said Lot Ten (10) having a frontage of Seventy (70) feet on Grand Avenue and the property herein described fronting on Ellis Street; payable in cash; AN ORDER IS NOW MADE seting said petition down for hearing before the above entitled Court on the 25th day of October. 1935, at the hour of 10 o'clock A. M., at which time all persons interested therein may appear and show cause, if any they have, why the order, as prayed for in said petition should not be granted; AND IT IS FURTHER ORDERED that notice of said hearing be given by the Clerk of this Court posting a copy of this order to show cause in three public places in Santa Cruz County, Arizona, at least