Cherokee National Bank (Cherokee, OK)

View Charter #12049 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 1, 1933*
Location
Cherokee, Oklahoma (36.754, -98.357)
Bank Type
national
Charter Number
12049

Metadata

Episode ID
Bank ID
City ID
401091235
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-04
Date receivership terminated
1937-12-29
Share of assets assessed as good
59.8%
Share of assets assessed as doubtful
30.8%
Share of assets assessed as worthless
9.4%

Notes

Articles show March 1933 restrictions and later appointment of a receiver; there is some ambiguity about a brief conservatorship/reopening attempt in late 1933.

Events (5)
1. November 18, 1921 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank closed/withdrawals restricted during the March 1933 national/state banking holiday and subsequent emergency restrictions.
Newspaper Excerpt
have been restricted Both banks withdrawal of deposits since new the national banking holiday was lifted.
Source
newspapers
3. October 4, 1933 Receivership
Newspaper Excerpt
George L. Aycock, receiver ... Aycock is also receiver for the Cherokee National bank ... The Cherokee National bank ... failure of The Cherokee National bank with $110,000 worth of city funds on deposit ... dividends to the extent of 73 percent ... have been paid by the bank's receiver, Geo. L. Aycock, leaving a balance ... in the defunct bank and unpaid.
Source
newspapers
4. October 4, 1933 Receivership
Source
historical_nic
5. November 21, 1933 Other
Newspaper Excerpt
This bank ... was placed under conservator ... there being plan ... whereby the National bank would open for operation ... the first of November ... receiver George Aycock ... held the matter in abeyance until the first of November.
Source
newspapers

Newspaper Articles (9)
1. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM

Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

2. March 2, 1933 The Hobart Democrat-Chief Hobart, OK

Article Text

Lone Wolf Open But Just 'Changing'; Others Closed CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up. The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally. ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky. OREGON TOO Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through

3. May 26, 1933 The Alva Review-Courier Alva, OK

Article Text

EXAMINERS NATIONAL CHEROKEE BANK AT that the treasury Indications taking steps to partment lieve the banking conditions in the of Cherokee were neighboring city week when Coggiven this bank examiner, and national gins, Oberwortmann, assistant the books aminer, began checking of the Cherokee National and the Farmers' National. have been restricted Both banks withdrawal of deposits since new the national banking holiday was lifted. bank examiner made The concerning what would statement done toward the be reopening banks unrestricted.

4. November 21, 1933 The Alva Weekly Record Alva, OK

Article Text

Bank Soon Opens Examination to Be Made to Again Start Business of Institution president the Eason Oil This entire community will and long time associate of pany pleased to learn that greatly Doolin, his friendship for Farmers National bank of Cherothe county citizen, and how according to reliable happy present at an vices, been granted authority to affair honoring him. their banking Acock, federal bank George examination has made by the national banking known spoke partment. the honored guest. highly This bank, with all others Hadwiger, prominent piothe country, was placed talked he blazed trails ratorium the part March his friend, Doolin, and spoke of this Later, was year. highly his and honesty. under conservator Tells of Dealings Constant of the Cherokee National Toastmaster Ferguson bank being placed charge Hunter Marcum both the Farmers National declared he had "waited Cherokee National get Doolin About month ago, both banks He spoke about the dealwere placed his friend of long time, ings George Aycock receiver and that all he heard cock held the matter of home Tulsa from Doolin and his abeyance until the first of the short Ferguson vember, there being plan under grass country whereby the Nationwell known Woods countian bank would open for operation veteran usual before the then spoke about Doolin The great distance from Washand of the things he has ington caused negotiations and the feeling of accomplished rather slow. but the first of Carl Dunnington Doolin Speaks and R. Carpenter started Then came Doolin's address, Washington make personal which he reminiscensed his arrival tact with the and his clothing store through the efforts of Senator which was known as Deppen and Gore, personal contact Doolin: how he first started in poliwas made, placing the situation phase of life which has directly before the department. him high in this state, well The bank officials made the trip nationally. Henry Washington an automobile France and others started They coming home the first of George Crowell and others helped the week, examreach my first the ination can be had of the bank, office of register of deeds. When expected again be in operacame here, there unrestricted. road, one bank. two churches, and has been stated reliable Every time authority that the officials of the built around the institutions will gladly welcome held dance in celebraexamination the bank's dition and confident there will The well known Democrat be better showing this several things that happened time than previously and under Alva and this section during his which the approval the resumption operation was granted. (Continued on page

5. February 9, 1934 The Cherokee Republican Cherokee, OK

Article Text

COOPERATION OF PEOPLE THE LOCAL BANKS Receiver Aycock Points Out Several Ways for Hastening Payments IS TRYING TO GET READY FOR DIVIDEND Substantial Payment on posits Would be Big Help At This Time People interested depositors borrowers closed Cherokee National or The Farmers National Banks, can be material in getting early dividend payment they give their immediate and complete cooperation, was pointed ou: this week by Geo. Aycock, receiver for the two institutions. my desire to pay dividend the earliest possible moment. Aycock said "One of our greatest hindrances in this plan the cooperation on the part of parties. The receiver explained that those who have deposits in the bank should not fail to make immediate claim. Failure to do so may loss of much time in share of the money to be paid "Those who are indebted to these banks should understand that was the depositors money that was loaned them when the note made. Depositors cannot be until the notes are Aycock declared. Where persons indebted the banks should make ments with other banking tions or federal loan agencies secure money with which to take notes in the close banks thus assist depositors in their money. The receiver pointed out again that substantial dividend payment this time would be of very terial help the entire and such payments can only with complete cooperation everyone concerned.

6. January 31, 1935 Woodward Daily Press Woodward, OK

Article Text

AYCOCK TO TAKE OVER ALVA BANK Receiver Given Fourth Institution; Cherokee Bank Paid In Full George L. Aycock, receiver of the First National bank here, will become receiver for the First National bank at Alva, effective this afternoon. His appointment came from J. F. T. O'Connor, comptroller of the currency, to succeed A. W. Kavanaugh, who resigned to accept a post with the state administration. The Alva bank failed March 14, 1932. Aycock is also receiver for the Cherokee National bank and the First National bank at Waynoka. He was receiver for a second bank at Cherokee, the Farmers National, which he paid off in full.

7. January 31, 1935 Woodward Daily Press Woodward, OK

Article Text

George L. Aycock, receiver of the First National bank here, will become receiver for the First National bank at Alva, effective this afternoon. His appointment came from J. F. T. O'Connor, comptroller of the currency, to succeed A. W. Kavanaugh, who resigned to accept a post with the state administration. The Alva bank failed March 14, 1932. Aycock is also receiver for the Cherokee National bank and the First National bank at Waynoka. He was receiver for a second bank at Cherokee, the Farmers National, which he paid off in full.

8. February 15, 1935 The Cherokee Republican Cherokee, OK

Article Text

CITY'S PAST DUE BONDS NOW PAID KLIEWER STATES Cherokee's Remaining Bonded Indebtedness Reduced To Only $68,000.00 All City of Cherokee bonds are now paid to date. This is the good news given out Wednesday by Pat Kliewer, city treasurer, after he had called in the last $8,000 worth of unpaid bonds. This brings to an end two years of more or less concern brought about by failure of The Cherokee National bank with $110,000 worth of city funds on deposit and unsecured. Of the $110,000 city funds in the Cherokee National, $22,000 were liquidated through offsets with Cherokee bonds held by the county treasurer as security for county funds deposited with the Cherokee National. On the remaining $88,000 dividends to the extent of 73 percent or $64,240 have been paid by the bank's receiver, Geo. L. Aycock, leaving a balance of slightly more than $24,000 in the defunct bank and unpaid. With $30,000 due on bonds last December, sufficient money was accumulated through tax collections and the recent dividend payment of the Cherokee National to liquidate all bond delinquencies, Kliewer said. The city's outstanding bonded indebtedness now stands at $68,000. Kliewer believes that future tax collections will be ample to meet the various bond installments falling due at various periods in the future. ONLY TWO WEEKS FOR ASSESSMENTS Spring, Lincoln and Cherokee Are Slow in Reporting Garrison Says Taxpayers who have not turned in their personal and real estate assessments, for 1935 by March 1, will be assessed one dollar penalty in accordance with the law, Wm. Garrison, assessor pointed out Thursday. Garrison has been working with his deputy assessors in various parts of the county the past three weeks taking assessments. Meetings were scheduled for each township. People living in outlying townships who did not give their assessments during the regularly scheduled meetings, must now turn their assessments in to the assessor's office. Garrison says a very satisfactory response has been had from all parts of the county except Spring and Lincoln townships and the City of Cherokee. All of these communities must report their assessments to the assessor's office. The assessor emphasizes that the dollar penalty must be levied on delinquent assessments. This is in accordance with the law which he will follow to the letter. To avoid the assessment, taxpayers should be sure their assessments are in before March 1. Garrison, in company with the proper deputy, will be at Jet Feb. 18, 19. At Lambert Feb. 20, Parkhurst filling station, Feb. 21; Goltry 22, 23, 25; Helena 26, 27, 28.

9. February 15, 1935 The Cherokee Republican Cherokee, OK

Article Text

CITY'S PAST DUE BONDS NOW PAID KLIEWER STATES Cherokee's Remaining Bonded Indebtedness Reduced To Only $68,000.00 All City of Cherokee bonds are now paid to date. This is the good news given out Wednesday by Pat Kliewer, city treasurer, after he had called in the last $8,000 worth of unpaid bonds. This brings to an end two years of more or less concern brought about by failure of The Cherokee National bank with $110,000 worth of city funds on deposit and unsecured.