Billings National Bank (Billings, OK)

Article Text

Appointed New Bank Receiver

Gene Shidler, well known Osage county banker and rancher, has cently been appointed to succeed M. Overstreet as receiver of the First National bank of Fairfax, the Liberty National bank of Pawhuska and the Billings National bank of Billings Overstreet will devote his entire time to his work as conservator of the First National bank at Ponca City. Work of checking up the books and records of the banks is in progress and the entire work is expected to be turned to Shidler the latter part of this week.

Article Text

The First National Bank At Ponca City

ONCA CITY has a new bank. it is the First National and P it is the outgrowth of the old First National Bank of Ponca City. The new bank got away for a flying start during the closing days of the old year. Before the week was up they were called upon for the regular statement as of December 30th, 1933, and were able to show deposits of $730,203.94. The Bank is capitalised with $100,000, $50,000 Preferred and $50,000 Common, with a surplus of $10,000, which give it total assets on December 30th of $840,203.94.

Here, in brief, is what each depositor of the old First National bank did to obtain 60 per cent of the funds he had on deposit when the bank was restricted:

First, be went to the office of F. M. Overstreet, conservator, and filed a claim for the funds on deposit.

Second, the deL D. EDGINGTON positor was given by Overstreet an order on the new bank for 60 per cent of his deposit. (It is assumed 5 per cent previously was drawn, when made available.) Third, the depositor took the above order to the bank and received a duplicate deposit slip as in any ordinary deposit. The funds thus on deposit were immediately available in cash or for checking purposes.

Bank, Pawhuska, and Conservator for the old First National Bank of Ponca City. In September, 1933, he was appointed Receiver for the Billings National Bank at Billings, Oklahoma. Thus, at one time, he was Conservator for one bank and Receiver for three others. Early in December he was relieved of the receivership of these three banks, and was thus in a position to accept the cashiership of the new First National ank of Pones City. While he has been elected cashier he will not become active until he has severed his connection with the Comptroller's office and the conservatorship of the old bank has been completed. Walter Harp has been elected as Assistant Cashier. He received his first banking experience in Oklahoma City soon after finishing high school at Newkirk, Oklahoma in 1916. He was employed by the Security National Bank as Assistant Chief Clerk until the spring of 1918. Answering the call to arms he served his country in France for over a year, returning to Tulsa, Oklahoma. He was elected Assistant Cashier of the Central National Bank, and remained in the service of that institution until 1929, when he was elected Assistant Cashier of the Central State Bank of Tulsa, later consolidated with the National Bank of Tulsa, remaining in the employ of that bank until he accepted his present position.

The President of the Bank, is L. D. Edgington. Mr. Edgington has been in the banking business in Oklahoma for many years. He served as the President of the National Bank of Hominy for the past twenty-seven years, and still retains his interest in that bank, and while he retains the presidency of the bank at Hominy the active management will be in other hands as he expects to devote his entire time and attention to the First National Bank of Ponca City. The Cashier, F. M. Overstreet, has been engaged in the banking business in Oklahoma for the past twenty-five years. Meet of this time at Cherokee, Oklahoma. in March, 1932 he accepted a position with the Comptroller of Currency as Receiver for the First National Bank of Fairfax, Oklahoma. In March, 1983, be was appolated Receiver for the Liberty National

The Directors of the First National are as follows:

S. A. Dellaplain D. W. Kygar R. E. Onstot Eugene Witsel L D. Edgington. 0

Article Text

J. F. O'Conner has announced that during the month of May, 1934, 14 insolvent national banks were liquidated, the receiverships thereof being financially closed, making a total of 65 receiverships finally closed or restored to solvency since his last annual report to congress compiled as of October 31, 1934.

The First National Bank of Havensville, Kan., was placed in receivership on October 11, 1933, and all depositors and other creditors were paid 100 per cent principal with interest in full at the legal rate amounting to an additional dividend of 6.1857 per cent. Total payments to creditors, including offsets allowed, aggregated $62,006 and the stockholders received $754 together with the assets remaining uncollected.

The Montgomery County National Bank of Cherryvale, Kan., was placed in receivership on May 7, 1931, and disbursements, including offsets allowed, to depositors and other creditors aggregated $153,358, which represented 67.2 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 14.63 per cent of their claims.

The Commercial National Bank of Independence, Kan., was placed in receivership on March 14, 1930, and disbursements, including offsets allowed, to depositors and other creditors aggregated $4,488,385, which represented 84.4 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 76.41115 per cent of their claims.

The Billings National Bank of Billings, Okla., was placed in receivership on October 17, 1930, and disbursements, including offsets allowed, to depositors and other creditors aggregated $142,436, which represented 88.2 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 85.62 per cent of their claims.

The First National Bank of Tower City, N. D., was placed in receivership on December 10, 1929, and disbursements, including offsets allowed, to depositors and other creditors aggregated $57,197, which represented 73.7 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 62.18 per cent of their claims.

The First National Bank of Huntsville, Tenn., was placed in receivership on February 9, 1933, and disbursements, including offsets allowed, to depositors and other creditors aggregated $50,314, which represented 70.8 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 58.7 per cent of their claims.

The First National Bank of Milton, N. D., was placed in receivership on August 11, 1932, and disbursements, including offsets allowed, to depositors and other creditors aggregated $36,016, which

Article Text

The Comptroller of the Currency, J. F. T. O'Connor, has announced that during the month of May, 1935, 14 insolvent national banks were liquidated, the receiverships thereof being finally closed, making a total of 65 receiverships finally closed or restored to solvency since his last annual report to congress compiled as of October 31, 1934.

The First National Bank of Havensville, Kansas, was placed in receivership on October 11, 1933 and all depositors and other creditors were paid 100 per cent principal with interest in full at the legal rate amounting to an additional dividend of 6.1857 per cent. Total payments to creditors, including offsets allowed, aggregated $62,006 and the stock holders received $754 together with the assets remaining uncollected.

The Montgomery County National Bank of Cherryvale, Kansas, was placed in receivership on May 7, 1931 and disbursements, including offsets allowed, to depositors and other creditors aggregated $153,358, which represented 67.2 per cent of the total liabilities at rate of failure. Unsecured depositors received dividends amounting to 14.63 per cent of their claims.

Receive Dividends

The Commercial National bank of Independence, Kansas, was placed in receivership on March 14, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $4,438,335, which represented 84.4 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 76.4115 per cent of their claims.

The Billings National Bank of Billings, Oklahoma, was placed in receivership on October 17, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $142,436, which represented 38.2 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 35.62 per cent of their claims.

The First National Bank of Tower City, North Dakota, was placed in receivership on December 10, 1929 and disbursements, including offsets allowed, to depositors and other creditors aggregated $57,197, which represented 73.7 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 62.18 per cent of their claims.

70 Pct. Pay Off

The First National Bank of Huntsville, Tennessee, was placed in receivership on February 9, 1933 and disbursements, including offsets allowed, to depositors and other creditors aggregated $50,814, which represented 70.8 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 58.7 per cent of their claims.

Article Text

Many Insolvent National Banks Being Liquidated

The Comptroller of the Currency, J. F. T. O'Connor, has announced that during the month of May 1935, 14 insolvent banks were liquidated, the receiverships thereof being finally closed, making a total of 65 receiverships finally closed or restored to solvency since his last Annual Report to Congress compiled as of October 31, 1934.

The First National Bank of Havensville, Kansas, was placed in receivership on October 11, 1933 and all depositors and other creditors were paid 100 per cent principal with interest in full at the legal rate amounting to an additional dividend of 6.1857 per cent. Total payments to creditors, including offsets allowed, aggregated $62,006 and the stockholders received $754 together with the assets still remaining uncollected.

The Montgomery County National Bank of Cherryvale, Kansas, was placed in receivership on May 7, 1931 and disbursements, including offsets allowed, to depositors and other creditors aggregated $153,358, which represented 67.2% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 14.63% of their claims.

The Commercial National Bank of Independence, Kansas, was placed in receivership on March 14, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $4,488,385, which represented 84.4% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 76.4115 per cent of their claims.

The Billings National Bank of Billings, Oklahoma, was placed in receivership on October 17, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $142,436, which represented 88.2% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 85.62% of their claims.

The First National Bank of Tower City, N. Dakota, was placed in receivership on December 10, 1929 and disbursements, including offsets allowed, to depositors and other creditors aggregated $57,197, which represented 73.7% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 62.18 per cent of their claims.

The First National Bank of Huntsville, Tennessee, was placed in receivership on February 9, 1933 and disbursements, including offsets allowed, to depositors and other creditors aggregated $50,814, which represented 70.8% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 58.7% of their claims.

The First National Bank of Milton, North Dakota, was placed in receivership on August 11, 1932 and disbursements, including offsets allowed, to depositors and other creditors aggregated $36,016, which represented 50.4% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 23 per cent of their claims.

The First National Bank of Florence, South Carolina was placed in receivership on May 22, 1925 and disbursements, including offsets allowed, to depositors and other creditors aggregated $1,282,155, which represented 85.8% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 49.77% of their claims.

The First National Bank of Montezuma, Iowa, was placed in receivership on September 16, 1929 and disbursements, including offsets allowed, to depositors and other creditors aggregated $302,319, which represented 60.9% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 57.84% of their claims.

The First National Bank of Ambrose, North Dakota, was placed in receivership on February 29, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $37,148, which represented 37.8 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 20.96% of their claims.

The First National Bank of Arlington, Georgia, was placed in receivership on March 8, 1932, and disbursements, including offsets allowed, to depositors and other creditors aggregated $59,642, which represented 57 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 32.55% of their claims.

The First National Bank of Mound City, Illinois, was placed in receivership on December 19, 1931, and disbursements, including offsets allowed, to depositors and other creditors aggregated $119,767, which represented 84.7% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 82.57 per cent of their claims.

The First National Bank of Pepin, Wisconsin, was placed in receivership on July 23, 1926 and disbursements, including offsets allowed to depositors and other creditors aggregated $152,245, which represented 60.5 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 55.665 per cent of their claims.

The First National Bank of Laredo, Texas, was placed in receivership on November 30, 1931, the liabilities of the institution having heretofore been assumed by another bank. The Receiver was appointed for the purpose of collecting an assessment against the stockholders for the benefit of the purchasing bank which was the sole creditor of the receivership and which received dividends amounting to 84.35 per cent or the aggregate sum of $136,817.