First State Bank (Capitan, NM)

Episode Information

Episode UID
95014871486
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
9501487 routing
Routing Number
95-0148
Start Date
October 11, 1923
Location
Capitan, New Mexico (33.545, -105.572)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cd4f072666fe0500

Response Measures

None

Description

State examiner sent to arrange for appointment of a receiver, suggesting permanent closure but reopening not documented.

Events (1)

1. October 11, 1923 Suspension
Cause
Local Banks
Cause Details
Suspension followed the failure/closing of the affiliated Exchange Bank at Carrizozo (which failed largely from cattle loan losses).
Newspaper Excerpt
W. P. Saunders, deputy state bank examiner, will leave for Carrizozo ... Saunders will go to Capitan also, where the First State bank has suspended.
Source
newspapers

Newspaper Articles (3)

Article from The Santa Fe New Mexican, October 11, 1923

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Article Text

OFFICIAL NOTES CORPORATION CHANGES NAME An amendment to the articles of incorporation of the Brooks Mercantile Co., of Raton, changing the name to the Butler Mercantile Co., has been filed at the corporation commission's offices. FUEL COMPANY INCORPORATED The Southwestern Fuel company, Albuquerque, has filed incorporation papers at the state corporation commission's offices. Its authorized capital stock is divided into 4,000 shares of preferred stock of the par value of $100 each and 1,500,000 shares of common stock of no par value. It begins business with $2,000 subscribed. The incorporators are Sidney M. Weill, G. L. Rogers and Maurice Klein, all of Albuquerque. SAUNDERS TO GO TO CARRIZOZO W. P. Saunders, deputy state bank examiner, will leave for Carrizozo in a few days to take charge of the Exchange bank, which recently closed there, and get its affairs in shape to apply for the appointment of a receiver, according to State Bank Examiner L. B. Gregg. Saunders will go to Capitan also, where the First State bank has suspended. PERMITS ISSUED TO SELL STOCK Permits to sell stock have been issued by the state corporation commission, on recommendation of Joseph Grant, head of the blue sky bureau, to the Albuquerque Oil & Gas company, Albuquerque, and the Bryan Harvester Co., Peru, Ind. The former wishes to sell $10,000 stock and the latter $500,000.


Article from Carlsbad Current-Argus, October 19, 1923

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Article Text

CARRIZOZO AND CAPITAN BANKS CLOSED MONDAY President George L. Ulrich of Exchange Bank Has Made Heroic Efforts for Past Year to Avert Disaster. The Exchange Bank at Carrizozo closed Monday and Frank J. Sager, cashier so informed the state bank examiner. George L. Ulrich, a member of the state tax commission, was president of the bank. It is well known in Santa Fe that Mr. Ulrich has been playing against odds for several months in his heroic efforts to save his bank. The bank's capital was $50,000 and surplus $65,000 according to its last published report dated September 14. At that time the deposits were: time, $86,000 and demand $237,240. Loans and discounts were $389,608.69. The report showed $10,739.39 undivided profits. The cause of the closing was mostly because of loans on cattle. The state's deposit in the Exchange bank was $72,727 according to State Treasurer Warren Graham. Depository bonds are on file in his office from this bank are $10,000 surety, $56,800 United States and $22,500 personal. Following closely on the heels of the Exchange Bank at Carrizozo, the First State bank, Capitan, suspended. The Capitan bank was affiliated with the Carrizozo bank. George L. Ulrich who was president of the latter was a member of the board of directors of the Capitan bank alone with Frank J. Sager, who was cashier of the Exchange bank. The officers of the Capitan bank were George A. Titsworth, president, and H. C. Patterson, cashier. The Capitan bank's capital was $50,000. It had a surplus of $6000 and undivided profits of $5508. According to the last published report of its condition its loans and discounts totalled $105,732 and deposits time, $34,203, demand $49,274.


Article from Carlsbad Current-Argus, October 19, 1923

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Article Text

Following closely on the heels of the Exchange Bank at Carrizozo, the First State bank, Capitan, suspended.