716. Farmers & Merchants Bank (Tempe, AZ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 27, 1923
Location
Tempe, Arizona (33.415, -111.909)

Metadata

Model
gpt-5-mini
Short Digest
ba8b9e3f

Response Measures

None

Description

The bank closed (suspended) after an early-morning vault fire on July 27, 1923 that destroyed vital records. The cashier later pleaded guilty to burning the records and was imprisoned; the institution is described as defunct/enforced suspension, indicating permanent closure. The articles do not explicitly state a receiver was appointed, but they describe an enforced suspension and that the bank is defunct.

Events (2)

1. July 27, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Vault fire that destroyed vital records; later revealed cashier burned important records on the eve of enforced suspension (intentional internal malfeasance/arson).
Newspaper Excerpt
The bank closed July 27 after an early morning blaze in the vault had destroyed vital records.
Source
newspapers
2. October 12, 1923 Other
Newspaper Excerpt
Thorntone Jones, former cashier of the defunct Farmers' and Merchants' bank of Tempe, entered the gates of the state prison ... to serve a sentence of four to five years. Jones was sentenced ... after the cashier pleaded guilty to a charge of burning important records of the banking institution last July, on the eve of its enforced suspension from business.
Source
newspapers

Newspaper Articles (2)

Article from The Winslow Mail, September 28, 1923

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Article Text

BRIEF ARIZONA ITEMS The Salt River valley cotton crop this year will be sold for approximate- by ly $10,000,000, acording to estimates Phoenix cotten men. The town of Holbrook, Ariz., was reported flooded and at least one life was lost when the recent flood water to swept through the town, acocrding reports, Approximately thirty families were hail made homeless by a rain and storm accompanied by a high wind at Hayden, seventy-five miles southeast of Phoenix recently. A. Von Borstel, manager of the Planchas de Plata mines, 188 miles from Nogales in the Altar district, and reports that the mine will reopen will employ about thirty men. rains in northern Arizona resent rivers to flood cently Heavy stage, northeast causmaterial damage to crops of killing live stock mamany campers on rooning ing Flagstaff, high and land. state convention of the Bankers' Association Arizona The annual Tucson. will be held October 26 and 27 at Over 200 Arizona bankers and their wives are expected to attend the meeting. The highway from Roosevelt lake through Payson to the northern line of the coupnty will soon be signed by the Automobile Club of Arizona. F. H. Hardy, general manager of the club stated today in Miami. After suspension of operations for about ten years, the La Dura Mining located on the by the Dolores and Company, owned Yaqui Mines, and river, Ltd., now has started operating again employs from 75 to 100 workers. The recent wide-spread rumors that the entire Apache county, Arizona, was under quarantine because of cattle scab and that, therefore, no cattle could be from that area have largely shipped exaggerated, according bureau to been in- of formation received from the animal industry. Apportionment of the tax levy of per each $100 of assessed of property in the as ten valuation cents for state road provided by the highway bill has been made by A. E. state to Stelzer, purposes acting auditor, The total the twenty-five per cent funds. amount apportioned was $697,002. Alfalfa seed growers of the Yumo will net a profit this season of about according to valley $250,000, with estimates the inmade by those in touch dustry. The crop has averaged about 141/2 cents a pound. Over 3,000,000 of seed were harvested this netting about $500,000, which should be yaer, pounds profit. half of A bronze memorial tablet to Justice Albert C. Baker of the Arizano SuCourt who died August 31, 1921, is placed upon the hall of the of preme being the main second east facade story of the state capitol building. The tablet is the fifth to be erected in the capitol in memory of members of the constitutional convention. Not only has the War Department at Washington approved in principle the project of transferring a government hangar to Tucson and erecting it upon the local municipal flying field but it has recommended that the entire field be leased to the government instead of the limited hangar space that has been under consideration. With the early completion of the 150-foot bridge across Big Hell canon and of twenty-eight miles of road between Ashfork and Puntenny, one of the outstanding achievements of the state highway administration will stand as an accomplished fact, and an unit of the important Prescott-Ashfork public use. road wil be thrown open to Jones, Jr., a county grand Maricopa Thornton indicted jury of by on the a charge of burning the records Farmers and Merchants' bank of Tempe, withdrew his former plea of not guilty in Superior Court at Phoenix and entered a plea of guilty to the charge. The bank closed July 27 after an early morning blaze in the vault had destroyed vital records. Industrial conditions in Arizona in general are much improved over 1922 and principally noted in cotton, metal mining (mostly copper), fruit, alfalfa, live stock and building. Installation of hoist on Roosevelt dam spillways is requiring small number of skilled workmen. A railway company has under construction a million dollar program of yard and bridge improvements at Yuma. Another railway company has under way many improvements to both trackage and depot buildings, principally noted at Winslow, Williams Pinto. Aditions to the railway at Tucson are under tion. Much devlopment and shops work construc- districts. is bedone in the metal mining shortage of and increased surplus comContinued miners ing skilled of metal mon (mostly transient) labor.


Article from The Coconino Sun, October 12, 1923

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Article Text

ARIZONA BANKER ENTERS GATES OF PENITENTIARY ON FOUR-YEAR SENTENCE Thorntone Jones, former cashier of the defunct Farmers' and Merchants' bank of Tempe, entered the gates of the state prison at Florence Wednesday to serve a sentence of four to five years. Jones was sentenced recently by superior judge M. T. Phelps, after the cashier pleaded guilty to a charge of burning important records of the banking institution last July, on the eve of its enforced suspension from business. Jones entered the prison with the recommendations of the local sheriff's office as a model prisoner.