First National Bank - Monte Vista, CO

Episode Information

Episode Type: Suspension → Closure
Start Date: January 14, 1932
Location: Monte Vista, Colorado (37.579, -106.148)
Bank Type: national
Charter Number: 7228

Metadata

Episode ID
Bank ID
City ID: 80204764

Model: gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate: 24.6%
Date receivership started: 1932-02-08
Date receivership terminated: 1935-12-20
Share of assets assessed as good: 23.0%
Share of assets assessed as doubtful: 53.3%
Share of assets assessed as worthless: 23.7%

Notes

Article uses the concatenated form 'Montevista' for Monte Vista.

Events (3)

1. April 26, 1904 Chartered

Source: historical_nic

2. January 14, 1932 Suspension

Cause: Local Shock
Cause Details: Heavy shrinkage of the potato crop due to shortage of irrigation water caused financial distress leading to the bank's closing.
Newspaper Excerpt: one of its banks closed Jan. 14
Source: newspapers

3. February 8, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. January 26, 1932 Chattanooga Daily Times Chattanooga, TN

Article Text

ATTACKERS OF AMERICAN SENTENCED IN ABYSSINIA

ADDIS ABABA, Abyssinia, Jan. 25 (AP).—Sentences of one year in prison and heavy fines were imposed today on three policemen convicted of taking part in an altercation last week in which Addison E. Southard, United States minister to the court of Emperor Haile Selassie, was knocked down.

The trouble developed after Mr. Southard's automobile, which he was driving, ran over the foot of a native woman, injuring her slightly. The minister stopped his car and a traffic policeman pulled the chauffeur from it and struck him. When Mr. Southard intervened, he was struck.

COLORADO POTATO TOWN CALLS BUSINESS HOLIDAY

MONTEVISTA, Colo., Jan. 25 (AP).—A five-day business holiday was decreed today by the city commission to give this community, which has been upset financially since one of its banks closed Jan. 14, an opportunity to steady itself.

Heavy shrinkage of the potato crop this year, due to shortage of irrigation water, caused an economic condition which led to the closing of the First National bank, of Montevista, a week and a half ago. The two remaining banks, the Montevista Bank and Trust company and the Wallace State bank, brought in money from outside banks to meet the emergency.

Mayor F. B. Golwoz and City Commissioners H. L. Hougland and E. B. Faus issued the proclamation closing all business houses, excepting food and drug stores, transportation and public agencies and newspapers until Saturday, Jan. 30. A mass meeting was called for Wednesday to discuss the situation.

Montevista shipped out 2,000 cars of potatoes in 1931, compared with 10,000 cars in 1930.