Bank of Safford - Safford, AZ

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 17, 1932
Location: Safford, Arizona (32.834, -109.708)

Metadata

Model: gpt-5-mini
Short Digest: e4b64ad4

Response Measures

None

Description

Articles report the Bank of Safford as insolvent and a receiver was appointed Aug. 17, 1932; later (Dec. 1934) the state superintendent/receiver pursued suits against stockholders. No run is described. This indicates a suspension leading to permanent closure and receivership.

Events (3)

1. August 17, 1932 Receivership

Newspaper Excerpt: Martin Layton ... has been appointed receiver of the insolvent Bank of Safford and will begin duties in the bank work at once. Members the Committee ... who have had charge the bank's interests ... stated that their direction of the bank's affairs had been completed.
Source: newspapers

2. August 17, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank declared insolvent and responsibilities of its affairs completed by committee; receiver appointed to take charge.
Newspaper Excerpt: Martin Layton resigned as city clerk, as he has been appointed receiver of the insolvent Bank of Safford and will begin duties in the bank work at once.
Source: newspapers

3. December 15, 1934 Other

Newspaper Excerpt: The case of Y. C. White, superintendent of banks of the state of Arizona and ex-officio receiver of the Bank of Safford, against seven asserted stockholders of the insolvent bank ... was set in the Graham county superior court for hearing on December 18th.
Source: newspapers

Newspaper Articles (2)

1. August 18, 1932 The Arizona Republic Phoenix, AZ

Article from The Arizona Republic, August 18, 1932

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Article Text

Safford Bank Receiver Named SAFFORD. Aug. 17.-At meeting of the council held Monday night at the town hall. Martin Layton resigned as city clerk, as he has been appointed receiver of the insolvent Bank of Safford and will begin duties in the bank work at once. J. C. Wright, member of the appointed to Mr. Layton. An appointment will be made to fill the place left vacant in the council by Mr. Wright's appointment Members the "Committee of who have had charge the bank's interests, set resolutions stated that their dt. rection of the bank's affairs had been completed. L. Crandall had acted as chairman of the committee and Sam Cobb was secretary.

2. December 15, 1934 Nogales International Nogales, AZ

Article from Nogales International, December 15, 1934

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Article Text

SUIT AGAINST BANKERS GOES ON TRIAL DEC. 18 SAFFORD, Dec. 14.-The case of Y. C. White, superintendent of banks of the state of Arizona and ex-officio receiver of the Bank of Safford, against seven asserted stockholders of the insolvent bank, in which it is sought to collect a total of $4,500, was set in the Graham county superior court for hearing on December 18th. this week. The defendants named in the seven complaints and the amount of shares alleged to have been owned by each of them at the par value of $100 per share, are as follows: S. S. Marshall, 8 shares, $800; Chas. Ray Killian, 10 shares, $1000; J. W. Foster, 10 shares, $1000; Ben Maurer, 2 shares, $200; Chas. M. Pursley, 2 shares, $200; L. H. Welker, 10 shares, $1000; and Ernest S. Wickersham, 3 shares, $300. Each of the seven complaints are practically the same, with the exception of the number of shares and the amount of judgment sought. The complaints assert that by reason of the insolvency of said bank, that the full 100 per cent stockholders' liability upon the capital stock of said bank, as authorized and imposed by the Constitution and Laws of the state of Arizona, is necessary to be collected for the payment of the creditors of The Bank of Safford. In addition to the 100 per cent stockholders' liability sought, judgment is asked in each case for interest at the rate of 6 per cent per annum from the 28th day of May, 1932, until paid, on the respective defendant's stock value, and for his costs incurred and expended.