First National Bank (Deming, NM)

View Charter #6974 on SPMC View balance sheet

Episode Information

Episode UID
697401506
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
69740 national
Charter Number
6974
Start Date
June 5, 1925
Location
Deming, New Mexico (32.269, -107.759)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
723bfaf46f125434

Response Measures

None

Receivership Details

Depositor recovery rate
17.2%
Date receivership started
1924-03-04
Date receivership terminated
1927-07-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
20.7%
Share of assets assessed as doubtful
49.0%
Share of assets assessed as worthless
30.3%

Description

No article describes a depositor run; failure attributed to local economic conditions (drought, low cattle prices).

Events (5)
1. October 2, 1903 Chartered
Source
historical_nic
2. March 4, 1924 Receivership
Source
historical_nic
3. June 5, 1925 Suspension
Cause
Local Shock
Cause Details
Hard economic conditions in the area—low cattle prices and drought—cited as the basic cause of the bank's closing.
Newspaper Excerpt
The First National Bank ... has closed; Deming has lost its second and last banking institution. ... These conditions caused the closing of the First National Bank
Source
newspapers
4. September 29, 1925 Receivership
Newspaper Excerpt
Jacobs, receiver for the First National Bank here ... has resigned and he succeeded by Pottorff who arrived from El Paso last night.
Source
newspapers
5. December 7, 1926 Other
Newspaper Excerpt
Pottorff, the very efficient receiver of the First National Bank in Deming, has completed his arrangements the second and final dividend in the closing up of the affairs of that defunct institution.
Source
newspapers

Newspaper Articles (4)
1. April 28, 1922 The Snowflake Herald Snowflake, AZ
Article from The Snowflake Herald, April 28, 1922

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Article Text

Southwest News From All Over New Mexico and Arizona (Western Newspaper Union News Service.) First actual work on the reconstruction of the Apache trail east of Mesa to Roosevelt has been launched. In the arrest of a man who gives his name as "Albert Clark," Santa Fé police think they may have a clue of importance in solving the Vidal Lopez murder mystery. At the recent election held in Tularosa, N. M., a majority of the residents of the city went on record as in favor of the $75,000 bond issue for the building of a new waterworks. The First National Bank of Deming has closed a deal with the bank at Columbus by which the business of the latter will be transferred to Deming and will be handled by the First National here. Reports of the hunters of the Biological Survey show that 126 predatory animals have been killed in New Mexico since the first of the year. In the Black range and the Gila country many-mountain lions have been killed. Children, either in a spirit of play or unmindful of the consequences of their act, almost caused the derailment and possible wrecking of Southern Pacific passenger train at Yuma, Ariz., when they placed several spikes on tracks just south of Yuma. An "International Run" from Phoenix to Nogales, Mexico, is being planned by the Automobile Club of Arizona and the good roads entertainment committee, J. J. Montgomery, chairman, as the crowning feature of the big national good roads convention to be held in Phoenix during the week of April 24. Jewell A. Bostick, charged with importation, possession and transportation of 162 quarts of tequila, has been bound over to the federal grand jury under bond of $2,000 and committed to the Pima county jail, according to commissioner's records filed in the office of the United States District Court at Tucson. Members of the Maricopa county board of supervisors, at a recent meeting, voted to join with the supervisors and commercial bodies of Cochise, Santa Cruz, Pima, Pinal and Yuma counties in requesting the governor of Arizona and the State Highway Department to designate the Southern Arizona Interstate highway a primary interstate route. W. S. Eason, a resident of Deming, N. M., has been held to the grand jury under bond of $500, charged with Illegal voting at the recent election. While it is said that Eason had lived in the state and county the required length of time, he had been in the precinct only two weeks. His ballot was challenged at the polls but he nisisted on casting his ballot. The New Mexico Cowboys' Reunion Association voted to hold the eighth annual roundup at Las Vegas July 3, 4 and 5. Business men have raised the required purse, and the reunion will offer, as usual, $5,000 in prizes for roping, brone riding, steer bulldogging, cowboy and cowgirl races, fancy roping and riding, and all the events that go to make up a first-class rodeo. When the war finance bill, an emergency measure introduced in the Senate by Senator James Scott of Navajo county, became effective with the signing of the bill by Gov. Thomas E. Campbell, loans to Arizona cattle and sheep men by the War Finance Corporation amounting to approximately $1,500,000, which have been held up awaiting the passage of the measure, were released. Apple Blossom day, one of the biggest events in New Mexico, was held in Roswell April 18. All the business houses in the city were closed. On account of the fact that there has been little snow during the winter in the Gila country near Silver City, N. M., all visitors and tourists have been asked by the officials of the forest service to guard against fires during the summer. May and June will be the worst months and special guards will be stationed in then ational forest during these months. The forests have been well posted and everything possible done to save the country from fires. The state of Arizona stands to lose $20,000 as the result of the action of former State Treasurer Harry S. Ross in accepting the bond of the Central Finance Corporation as surety for state funds deposited with the Bank of Willcox. This is the significance of a decision handed down by the Supreme Court at Phoenix in the matter of the receivership of the bank, in which it is held that the state is not a preferred creditor as claimed by the attorney general. Governor Campbell has approved the claim of Frank S. Faurot of Weiser, Idaho, former deputy sheriff of Washington county, Idaho, for the $1,000 re-

2. June 5, 1925 The Deming Headlight Deming, NM
Article from The Deming Headlight, June 5, 1925

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Article Text

What of the Future? Deming has lost its second and last banking institution. The Headlight submits that now is the time to sit steadily in the boat, for sane, think ing citizens to speak with wisdom and act with discretion. Accusations and recriminations might offer a safetyvalve for supressed feeling, but they mean nothing and ouly add to the general distress. Many Deming citizens have lost their savings, the result. in many cases. of long hard years of toil. They are entitled to the help and sympathy of every rightthinking person. A great misfortune has befallen, and it should draw the citizens together in a bond of understanding. Whatever may have been contributory causes of the failure. the fact remains that the hard economic conditions, largely brought about by the low price of cattle and the drouth, is the basic cause. These conditions caused the closing of the First National Bank, and another New Mexico bank that suspended on the*same day as the Bank of Deming. There may have been other reasons for the failure, but rehearsal of them at this time would contribute nothing toward the solution of Deming's problem. Deming citizens have not been pulling together, and the community is now gathering the bitter fruit of its failure to cooperate for the good of all. The outcome has been the simple answer to the formula of cause and result. Things could have been quite different. but it is too late to dwell on the past; what of the future' Will Deming now repent and mend its ways On the answer to that question depends the economic and social rehabilitation of this community. If every citizen will think for himself. and act in accordance with his own judgment, this city will have begun its regeneration-With charity for all. with malice toward none." The Sierra County Record is the name of a new weekly newspaper recently found among The Headlight's exchanges. It is published at Hillsboro by Lewis D. Thatcher. Hillsboro has ben quite awhile without a newspaper and no doubt the community is glad to have Mr. Thatcher fill a local need.

3. September 29, 1925 The Deming Headlight Deming, NM
Article from The Deming Headlight, September 29, 1925

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Article Text

NEW BANK RECEIVER Jacobs, receiver for the First National Bank here. also lena and Clifton. has resigned and he succeeded by Pottorff who ar rived from El Paso last night. The transfer will be made as Mr. Jacobs returns from Albuquerque.

4. December 7, 1926 The Deming Headlight Deming, NM
Article from The Deming Headlight, December 7, 1926

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Article Text

CARNIVAL The sixth annual Deming High Junfor Carnival was held the Deming at Armory Friday evening, 3d. The was arranged and sponsored by Principal Anderand the Junior The made by the Carnival will be used for the banquet and for sun dry school necessities, such centage of the high school paper, the Broadcaster. percentage pay football deficit. etc. The amount of money taken in the door and several booths amounted $440.00. The amount cleared will be approximately $275. The Armory was attractively decorated. Every organization and class in the school worked equally hard to its booth the most attractive and the best paying. The five hours from to proved to hours of fun and for every Upon ntering the Armory, wide choice of amusements given. Dutch Cafe. serpentine and confetti shooting in the air, pop corn stands, hot-dog stands, galleries, dancing and bar constituted some of the wonders the Carnival. As the evening advanced, the crown the Carnival Queen of 1926 took interest of all. The most popular the eight nominated queens was proved by system of voting. Saralois Kerr of the Senior class crowned Martin Wehmhoner, President of Student Council. Everyone departed at deciding that the Carnival of 1926 had offered the most fun of all the Carniand that this Carnival had been the best managed. great deal of credit should be given to Anderson and workers the management of the Carnival Every boy and girl should be response that or she made when asked do work. All were delighted with the attitude the trons of the school took the Carnival In every respect did they their hearty The students wish to express their appreciation for the loyalenabling the Carnival to be the success it really was. Pottorff, the very efficient ceiver of the First National Bank in Deming, has completed his arrangements the second and final dividend in the closing up of the affairs of that defunct institution. All the checks have been written, each for the payment of cent per the amount due each depositor, cording to his proof of claim which will be taken up when these final checks are issued. No further progress towards the of these checks can be made until they have all been sent to Washington signed. They cannot be sent to Washington until Mr. Pottorff receives notice from the comptroller advising him to take such action, and he awaiting this authorizaton. anticipated that the checks can be sent to signed and turned that can be made before Christmas, but it is not certain that this can done. The payment of these checks will mean the of approximately $28,000, which will exhaust the assets that bank. When this final dividend is paid the Jank will have paid total 17½ per cent to its depositors, which great deal more than of them anticipated. Many the depositors felt that they would be lucky they eventually received as much cent. Pottorff has been the receiver of the bank just little over year, and when he took charge of and alyzed its assets he felt inclined to lieve that the institution could never pay per cent dividend did not feel all discouraged, but went to work with to every cent in way sets that he could, and this total of percent is the result of his earnest efforts in that Receiver Pottorff well pleased at done much better for the positors than he had reason to anticipate could be done, and he is also well satisfied with the which has been accorded him by the people of Deming this vicinity. He being by the depositors here because of his promptness and the amount of the two dividends be has been able to pay.