711. Somerton State Bank (Somerton, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 28, 1921
Location
Somerton, Arizona (32.596, -114.710)

Metadata

Model
gpt-5-mini
Short Digest
2eb285cf

Response Measures

None

Description

State auditor took possession March 28, 1921; Attorney General filed for involuntary liquidation April 14, 1921; by late May 1921 the bank is listed as in receivership. No article describes a depositor run prior to suspension.

Events (3)
1. March 28, 1921 Suspension
Cause
Government Action
Cause Details
State auditor and superintendent of banks took possession of the Somerton State Bank on March 28, 1921; followed by Attorney General action to seek involuntary liquidation (filed April 14, 1921).
Newspaper Excerpt
the state auditor and superintendent of banks took possession of the bank on March 28
Source
newspapers
2. April 14, 1921 Other
Newspaper Excerpt
Asks for Bank Receiver ... Attorney General Galbraith yesterday filed ... asking for the involuntary liquidation of the bank. The complaint sets up the fact that the state auditor and superintendent of banks took possession of the bank on March 28, and asks for the appointment of a receiver.-Sun.
Source
newspapers
3. May 25, 1921 Receivership
Newspaper Excerpt
Someron State Bank, in receivership
Source
newspapers

Newspaper Articles (3)
1. April 14, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, April 14, 1921

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Article Text

. To Continue Operating MIAMI-It was reported this afternoon that when the members of the local grievance committees of the miners went to call upon the management of the Miami Copper company recently for the purpose of discussing certain details likely to arise in the future that they were frankly told by the representatives of the company that there was not the slightest intention of shutting down the mine.-Silver Belt. Reduces Milk Price NOGALES-The Nogales Jersey far mannounced a reduction in milk beginning April 15. The reduction is made possible by loweerd cost of feed.-Herald. Car Overturns; Three Hurt NOGALESWhile motoring on the Patagonia road early this morning, a car containing P. L. Beardsly, J. D. Farley and H. Goodman of Tucson turned over near the Santa Cruz river and the occupants were strewn about the road, Farley receiving the worst injuries of the trio, sustaining a bad gash in the back of the head. -Herald. To Increase Bond Interest Rate YUMA-At the Commercial club on Friday evening a movement was inaugurated to call a special election to authorize the board of supervisors of Yuma county to increase the interest rate on the $1,200,000 of good road bonds frob 5 1/2 per cent. It has been found impossible to sell the bonds on account of the low interest rate which they carry. It is believed that if the rate is increased to 6 per cent that the bonds can be readily sold at par.-Sun. Asks for Bank Receiver YUMA-Attorney General Galbraith yesterday filed with the clerk of the superior court of Yuma county, an action against the Somerton State bank and its directors and managers asking for the involuntary liquidation of the bank. The complaint sets up the fact that the state auditor and superintendent of banks took possession of the bank on March 28, and asks for the appointment of a receiver.-Sun. Condemn County Attorney JEROME-Alleged leniency shown to cattle thieves by the county au-

2. May 25, 1921 Bisbee Daily Review Bisbee, AZ
Article from Bisbee Daily Review, May 25, 1921

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Article Text

BANK RESERVES OF STATE GAIN A!pril Report Places Reserve At 28 Percent, Compared With 26 In February PHOENIX, May 24.-Report of state and national banks of Arizona at the close of business April 28 showed an increase in the reserve over that re: ported in response to /the February call, according to a report issued today at the office of Charles W. Fair, field, state superintendent of banks. The April reports place the reserve at 28 per cent while those of Februarv showed 26 per cent. A decrease in loans during April. 1921, compared to those made during April, 1920, was shown. The figures for April, 1920, were taken from the reports submitted at the close of business May 4, 1920. The loans during April, 1921, were $35,982,160.93. Those during April. 1920, were $3,838,910.44 greater, or $39,821,071.37. Banks shown in previous statements, but not included in the one made public today were listed as follows: Central Bank of Phoenix, reorganization pending: Central Bank of Wickenburg, in receivership; Someron State Bank, in receivership: and the Security Trust and Savings Bank of Tucson, absorbed by the Tucson National Bank.

3. May 25, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, May 25, 1921

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Article Text

INCREASED RESERVES REPORTED BY BANKS Reports of state and national banks of Arizona at the close of business April 28 showed an increase in reserve over the February call. The April call gives the reserve at 28 per cent. while that of February was placed at 26 per cent. There is a decrease in loans over a year ago, the amount for April, 1921, being $35.982 160.93, or $3,838,910.44 less than the loans of 1920 during the call ending May 4. The banks shown in previous statements not included in the recent call were the Central Bank of Phoenix (reorganization pending): Central Bank of Wickenburg (in receivership) : Somerton State Bank (in receivership), and the Security Trust and Savings Bank, Tucson, absorbed by the Tucson National Bank.