684. Citizens State Bank (Phoenix, AZ)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 31, 1930
Location
Phoenix, Arizona (33.448, -112.074)

Metadata

Model
gpt-5-mini
Short Digest
900e70d4

Response Measures

Full suspension, Books examined

Other: Depositors organized meetings to try to avoid appointment of a receiver and sought purchasers.

Description

Articles report persistent/excessive withdrawals (~$200,000) leading to the bank's suspension and takeover by the state banking department on July 31, 1930. Deposit-holders later met to try to avoid a receiver, but the bank was placed in hands of state examiners. No clear reopening is reported; classification assumes suspension led to closure/receivership.

Events (3)
1. July 31, 1930 Run
Cause Details
Persistent/excessive withdrawals (run) totaling about $200,000; article does not specify an initial rumor or specific triggering event.
Measures
None reported other than bank being taken over by state banking department/examined.
Newspaper Excerpt
Excessive withdrawls, believed to total approximately $200,000, were blamed by State Superintendent of Banks James B. Button as the cause for the suspension this morning of the Citizens State Bank of Phoenix.
Source
newspapers
2. July 31, 1930 Suspension
Cause Details
Suspended and taken over by officers of the state banking department after heavy withdrawals; deposits reported $823,000 just before closing.
Newspaper Excerpt
The Citizens State bank of Phoenix closed its doors today and was placed in the hands of the state bank examiner because of persistent withdrawal of deposits.
Source
newspapers
3. August 5, 1930 Other
Newspaper Excerpt
Receivership Opposed For Citizens Bank ... depositors had ample time work out plan ... More than 100 depositors met to discuss various plans for solving the situation ... Purchasers Sought ... an effort made with certain desire purchase the bank, according ... the solution ... adjustment difficulties ... may be made of all funds. (article describing depositors' meeting to avoid appointment of a receiver).
Source
newspapers

Newspaper Articles (5)
1. July 31, 1930 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, July 31, 1930

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Article Text

PHOENIX BANK CLOSES DOORS PHOENIX, Ariz., July 31. (U.P.) Excessive withdrawls, believed to total approximately $200,000, were blamed by State Superintendent of Banks James B. Button as the cause for the suspension this morning of the Citizens State Bank of Phoenix, The bank. with assets of $10,042, 000 and capitalization of $100,000, was taken over by officers of the state banking department. Button was unable to estimate the seriousness caused by the withdrawls until examiners inspect the books. Deposits of $823,000 were reported just before the bank closed, Button said. E. S. Wakelin and L. L. Stewart. both of Phoenix, are president and cashier, respectively, of the bank. The institution is one of the oldest in Arizona.

2. July 31, 1930 Riverside Daily Press Riverside, CA
Article from Riverside Daily Press, July 31, 1930

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Article Text

Withdrawals Blamed for Bank Suspension total $200,000. blamed by State Superintendent of Banks James Button the the suspension today Citizens State bank of PhoeThe bank, with assets officers state banking Button the caused the drawals until examiners inspect the books.

3. August 1, 1930 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, August 1, 1930

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Article Text

BIG NEGRO BANK CLOSED Bings State Had Frozen Assets and Shortage of Cash. July 31. Binga bank, one of the Negro in the with deposits of closed today by the state auditor at the request of directors cause frozen assets and age of Bank Closed. Pa., July 31. Citizens' National bank of the two remaining banks in closed today. of deposits was reported the Run Sinks Bank. PHOENIX July The Citizens State bank of Phoenix its doors today and was placed in the hands of the state bank examiner because of persistent withdrawal of Old Missouri House Goes. WESTON, July Brothers Banking second closed officers of The bank tablished

4. August 1, 1930 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, August 1, 1930

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Article Text

BIG NEGRO BANK CLOSED Bings State Had Frozen Assets and Shortage of Cash. CHICAGO. July 31. Bings State bank. one of the larg. banks in the country, deposits closed today by the state the request of its directors frozen assets and age of Bank Closed. Pa., July one two in closed today of deposits was reported the cause. Run Sinks Bank. July The Citizens' State bank of Phoenix closed its doors today and was placed in the hands of the state bank examiner because of persistent withdrawal of deposits. WESTON, July Banking second bank closed today. officers attribut. the business to The bank was tablished in 1865.

5. August 5, 1930 The Arizona Republic Phoenix, AZ
Article from The Arizona Republic, August 5, 1930

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Article Text

Receivership Opposed For Citizens Bank No receiver for Citizens closed its doors State bank, be appointed bank depositors had ample time work out plan the Button, state banks, told positors meeting held last night chamber of commerce More than 100 depositors ered discuss various plans for solving facing situation, Butbeing made ton the depositors, the another report be made expected meeting this week. that complete checking completed by Would Pass On Receiver The by Martin, calling meeting the state banking department to appoint approval the such adopted and presented to After the banking department check been made be has filed with the superior court required that of their 100 ment cent assessment, Chairman Martin Purchasers Sought When has made the report available depositors and an effort made with certain desire purchase the bank, according The solution of the financial problem facing the Citizens State bank the adjustment ficulties and expense this believed accounting may be made of all funds.