RIGGS BANK

RIGGS BANK OF WILLCOX
Mary Elizabeth sold the Riggs building in Safford so her sons could buy the bank in Willcox.
The following was taken from the book, “Our El Dorado”, written by John C Riggs, completed by his daughter Jeanette Riggs Roll: “Our El Dorado” page 49 “In 1920 William M., his brothers John C. and Barney K. organized the Riggs Bank of Willcox -– William was the first president and in this capacity he felt that he should devote at least the major part of his time to his new enterprise. It has been a Riggs trait that nothing should be done half way. So, William, at that time unmarried, left his beloved ranch at the foot of the east Chiricahua’s, and moving into Willcox, established his living quarters in the rear of the bank building. He slept on a tiny cot not far from the vault. But William was forced to move his quarters elsewhere after a short time when it became apparent that there were too many people who were willing to take advantage of his accessibility. They would disturb him long after banking hours and even far into the night would arouse him to obtain a favor. So, William moved his bed and baggage to a private home and slept in peace. After conducting the institution for several years, the Riggs brothers, forced by the press of their cattle business, gradually with drew their control and their hand in the management and returned to the outdoor life again. The bank continued with their name, however, with the understanding that as soon as convenient the name would be changed. Before the name could be changed to the present Bank of Willcox, however, the National Bank Holiday closed the Institution. The Riggs brothers, although not morally or legally obligated, felt a deep responsibility to the depositors, merely because the bank still carried their name. They called on the state Bank Examiner in Phoenix and ascertained the financial condition of the institution. Then they went out and borrowed $123,000.00 in their own name and told the depositors to come and get their money, every dime of it. Under the slow process of the law, the depositors might have had to wait a considerable time for their money and receive it in portions, but it wasn’t the Riggs Brothers way of doing business. They felt an implied trust, a challenge to their responsibility and in their characteristic straight dealing manner met it in true western fashion, a fashion which regrettably seems to have disappeared with the frontier and the men who were a part of it.” It was in operation as the Riggs Bank until 1931. In 1933 it became known as the Bank of Willcox and the Riggs brothers no longer were involved in running the bank.
The building where the Riggs Bank was located is still standing at the corner of Haskell and Maley. This corner for many years had the only stoplight in town.