Cochise County State Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 5, 1931
Location: Tombstone, Arizona (31.713, -110.068)

Metadata

Model: gpt-5-mini
Short Digest: f9ec050e

Response Measures

None

Description

The Cochise County State Bank closed its doors on Sept. 5, 1931 and entered liquidation thereafter. Articles describe closing, investigation by state department of banks, and liquidation/receiver handling into 1932. There is no clear description of a depositor run specific to this bank in the supplied clippings, so this is classified as a suspension leading to permanent closure/liquidation. OCR errors corrected (e.g., punctuation and spacing).

Events (3)

1. September 5, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed amid heavy withdrawals, loss of confidence and unwise loans; ties to a mortgage company under liquidation contributed to loss of confidence.
Newspaper Excerpt: Three More Close ... the Cochise County State Bank at Tombstone, Ariz., and a branch of the latter at Benson, Ariz., had closed their doors.
Source: newspapers

2. November 25, 1931 Receivership

Newspaper Excerpt: The state department of banks is continuing a thorough investigation of the affairs and conditions of the Cochise County State bank ... The process of liquidation is going on smoothly as it has been since September 5, the date of the closing of the doors of the bank.
Source: newspapers

3. May 7, 1932 Other

Newspaper Excerpt: C. Cox, special deputy superintendent of banks, ... is handling the liquidation of the Arizona Southwest Bank in Tucson and the Cochise County State Bank at Tombstone and Benson.
Source: newspapers

Newspaper Articles (5)

1. September 5, 1931 The Roswell Daily Record Roswell, NM

Article from The Roswell Daily Record, September 5, 1931

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Article Text

AS SEEM SAYS BANK EXAMINER PASO TODAY El Paso, Tex,, Sept. Pottorff, now in charge of a bank at Helena, Ark, has been appointed -receiver for the First National Bank of Paso. R. H. Collier, of Dallas, National bank examiner, who assumed temporary management of the bank's affairs after it closed yesterday, said Pottorff would arrive within week. "Things are not as bad as they seem," Collier said, "What the bank officials will be able to do depends largely on how willing the people of El Paso are to co-operate. "We can't tell at this time what percent depositors may expect. We are working out a definite plan, which we expect to announce soon." He attributed closing to unwise loans, heavy withdrawals and loss of confidence partly growing out of a former relationship of the bank with the First Mortgage Company, now under process of liquidation. He said the closing of the First National Bank of Las Cruces, N. M., was a surprise to him, that it was "fundamentally sound" and would re-open "as soon as the first scare passes." Three More Close El Paso, Sept. Federal Reserve Bank of El Paso was advised today that the First National Bank of Clint, Texas, the Cochise County State Bank at Tombstone, Ariz., and a branch of the latter at Benson, Ariz., had closed their doors. Clint is about 20 miles southeast of E1 Paso, where the First National Bank failed yesterday. The Clint bank was capitalized at $25,000 and was a correspondent of the First National Bank of El Paso. Roy H. Davidson, a director, said it was closed to protect depositors in anticipation of a run. "The bank is in A-1 shape," he said. "Our president, W. B. Hawes, told me every depositor would get his money and if there was any loss

2. September 5, 1931 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, September 5, 1931

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Article Text

330 NEW CARS SOLD IN POLK IN AUGUST Polk county residents pur chased new cars and 36 new trucks during according to the monthly bulletin issued Saturday by the Chamber of ComUsed car sales continued to in crease. Total recorded in the department at the courthouse numbered 3,208. BANK RECEIVER NAMED Tribune's SIBLEY Salland, deputy sheriff for the last six years, has been appointed receiver for the Bank of Ocheyedan private bank which closed Sept. He has resigned as deputy and will take charge of his new duties at once. BANK FAILS TO OPEN. sak State bank here failed open Saturday The bank's deposits total more than four million dollars. 3 Banks Close EL PASO -Officials of the federal reserve bank here were advised that the First National bank at Clint. Tex., the Cochise County State bank Tombstone, Ariz. and a branch of the latter institution at Benson Ariz., failed to open Saturday.

3. November 25, 1931 Nogales International Nogales, AZ

Article from Nogales International, November 25, 1931

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Article Text

AFFAIRS OF COCHISE BANK MOVE STEADILY TOWARD LIQUIDATION TOMBSTONE, Nov. 25.-The state department of banks is continuing a thorough investigation of the affairs and conditions of the Cochise County State bank, the real estate owned by it and any other phases of the present situation that have an important bearing on the reop- ening of the bank. The action of the state department is largely due to the earnest efforts of the officials of the bank and the citizens of Tombstone to reopen this banking institution in Tombstone and Benson. During the week, since the meeting on the 14th between Superintendent Ellery and representatives from the Cochise county cities, Governor Hunt has met with Mayor Krebs in Phoenix and assured him that all is being done that can be done to revive the bank, which assurance was further confirmed in a letter to the Tombstone Epitaph. The process of liquidation is going on smoothly as it has been since September 5, the date of the closing of the doors of the bank.

4. May 7, 1932 Nogales International Nogales, AZ

Article from Nogales International, May 7, 1932

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Article Text

Bank Receiver To Return Next Week J. W. Entz, receiver of the Sonora Bank & Trust Company, will return next week from Phoenix where he is attending court. During his absence from Nogales his duties here are being looked after by C. Cox, special deputy superintendent of banks, who is handling the liquidation of the Arizona Southwest Bank in Tucson and the Cochise County State Bank at Tombstone and Benson. The Arizona Southwest Bank of Tucson, with branches at Casa Grande, Coolidge and Douglas, closed its doors on June 22 and already has paid 37 1/2 percent in dividends to depositors.

5. May 7, 1932 Nogales International Nogales, AZ

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Article Text

Bank Receiver To Return Next Week J. W. Entz, receiver of the Sonora Bank & Trust Company, will return next week from Phoenix where he is attending court. During his absence from Nogales his duties here are being looked after by C. Cox, special deputy superintendent of banks, who is handling the liquidation of the Arizona Southwest Bank in Tucton and the Cochise County State Bank at Tombstone and Benson. The Arizona Southwest Bank of Tucson, with branches at Casa Grande, Coolidge and Douglas, closed its doors on June 22 and already has paid 37½ percent in dividends to depositors.