Churchill County Bank (Fallon, NV)

Episode Information

Episode UID
94003571595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9400357 routing
Routing Number
94-0035
Start Date
November 1, 1932
Location
Fallon, Nevada (39.474, -118.777)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e289bd0b3c8b146f

Response Measures

None

Description

Bank closed during the Nevada banking holiday (Nov 1, 1932) and remained closed; depositors planned a liquidating company rather than immediate reopening.

Events (3)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
Statewide business and banking holiday/moratorium proclaimed by Nevada authorities starting November 1, 1932, causing banks (including Churchill County Bank) to close.
Newspaper Excerpt
By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. April 25, 1933 Other
Newspaper Excerpt
Immediate steps by depositors of the Churchill County Bank toward taking over its assets and forming a liquidating company ... was decided upon here last night at a meeting of depositors, at which 230 people were present. (April 25, 1933 article).
Source
newspapers
3. May 11, 1933 Other
Newspaper Excerpt
The Churchill County Bank at Fallon ... had $27,480.79 in cash on hand on November 1 and $13,723.11 on April 30. The consolidated report ... includes the Fallon bank. (May 11, 1933).
Source
newspapers

Newspaper Articles (3)
1. November 1, 1932 Reno Gazette-Journal Reno, NV

Article Text

GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000. LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out. The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators. GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows: "To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action. "While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

2. April 25, 1933 Reno Gazette-Journal Reno, NV

Article Text

BANK DEPOSITORS AT FALLON SEEK TO TAKE OVER BANK FALLON, Nev., April 25.—(Special)—Immediate steps by depositors of the Churchill County Bank toward taking over its assets and forming a liquidating company and, if possible, of organizing a new bank, was decided upon here last night at a meeting of depositors, at which 230 people were present. Six of the seven members of the former depositors' committee were elected to take the leadership in bringing about the new organization. The seventh member is to be chosen by the six elected. Those chosen were George W. Coverston, chairman of the former depositors' committee, E. B. Loring, J. A. Eason, Charles E. Howard, A. E. Wilson and H. G. Wendt. Another committee was named to solicit signatures to waiver forms, which will be in circulation soon. The committee is made up of George W. Forbes, G. H. Hyatt, J. M. Heizer and Walter Nygren. Powers of attorney, sought to "give the committee legal status," were signed by 116 of the 230 present at the meeting, which was presided over by E. E. Winters, Churchill county district attorney. The bank has approximately 1560 depositors. The plan proposed is for the depositors representing fifty per cent of the total outstanding indebtedness of the bank to take over the bank under the provisions of the new banking law as a depositors' liquidating corporation, to be later merged into an independent bank to be managed and controlled by directors to be elected from among the bank's depositors. "This plan will probably return more dimes per dollar to depositors than any other type of reorganization or depositor liquidation plan," the committee stated. "If sufficient capital can be raised to open an entirely new bank, arrangements can probably be made to have the assets of the old bank liquidated in orderly fashion by the new bank. This would require raising the sum of $60,000 in cash not now in the closed bank." That the taking over of the old bank and slow liquidation of its assets can be carried out from an early beginning was the assertion made last night by Coverston, the committee chairman, who added that at least half of the necessary $60,000 for opening the new bank is in sight. "We know no reason why this bank should be forced into a more or less vague chain banking scheme," Coverston continued. "At the last meeting in Reno of the depositors' committees of all the banks, Mr. Palmer of the San Francisco Chamber of Commerce stated that the reorganization plan would work even though one or two banks decided not to join. If the chain bank plan is sound, this should be true. If it is not, we should not care to join it. "Much has been said about the old stockholders being in the new institution. If they will adequately secure the payment of one hundred cents on the dollar, we do not care who runs the bank, but if we have to take chances on receiving a very much smaller sum, we feel that the control, at least, should rest with the depositors. We can find nothing in the waiver that keeps the old directors from becoming officers or directors of the new institution."

3. May 11, 1933 Reno Gazette-Journal Reno, NV

Article Text

CASH IN CLOSED BANKS AMOUNTS NOW TO OVER $700,000 The eleven Wingfield banks, destined to be consolidated under the proposed reorganization plan, have approximately $708,000 in cash on hand as compared with approximately $426,000 in cash that was in the eleven banks when they closed on November 1, 1932, according to a consolidated report prepared for the state banks by E. J. Seaborn, bank superintendent, and the reports of the receivers of the two national bank receivers are dated March 31. Cash in the nine state banks, excluding the Churchill County Bank at Fallon, as of April 30, compared with November 1, is as follows: Apr. 30 Nov. 1 Riverside Bank. $ 88,628.57 $ 64,780.25 United Nevada. 23,328.09 69,071.88 Bk. of Nev. S.-T. 23,824.44 28,188.83 Henderson Bk.. 83,290.42 74,339.33 Carson C. Bk... 24,336.76 36,463.77 Virginia C. Bk.. 10,870.05 12,939.49 Sparks Bank... 69,411.17 29,437.82 Tonopah Bk.... 17,451.70 19,589.78 Wells Bank.... 15,640.03 6,843.64 Total ......$356,781.23 $341,654.80 Cash in the two national banks as of March 31, compared with November 1, is as follows: March 31 Nov. 1 Reno Natl. ....$207,744.00 $ 35,536.16 Winnemucca .. 144,000.00 48,827.57 Total ......$351,744.00 $ 84,363.69 The Churchill County Bank at Fallon, which it is indicated will not join in the consolidation plan, had $27,480.79 in cash on hand on November 1 and $13,723.11 on April 30. The consolidated report of the condition of the ten state banks discloses a decrease of $816,205.40 in loans since the state bank superintendent took charge of them on November 12 and an increase of $11,253.88 in cash on hand. Interest bearing bills payable such as Reconstruction Finance Construction loans have been reduced $298,800.36 during the period the report discloses. Net collections and offsets total $532,000 and worthless assets to the extent of $97,000 have been charged off for income tax purposes, it is stated. Gross operating earnings of the ten banks for the period, which includes interest collected rentals and other items, amounted to $125,397.20 while the operating expenses including salaries, rents, attorneys' fees, postage, telephone and telegraph amounted to $68,644.76. The consolidated statement appears in an adjacent column and includes the Fallon bank.