First National Bank (Cordell, OK)

View Charter #12299 on SPMC View balance sheet

Episode Information

Episode UID
1229901599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
122990 national
Charter Number
12299
Start Date
March 2, 1933
Location
Cordell, Oklahoma (35.291, -98.988)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
aefd1d56b24c41db

Response Measures

None

Description

The bank was affected by the mandatory Oklahoma state banking holiday in March 1933. Articles 1 and 2 describe a 1929 legal suit regarding the state guaranty fund and do not involve a bank failure or run.

Events (3)
1. January 13, 1923 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Mandatory three-day state banking holiday declared by Governor Murray of Oklahoma.
Newspaper Excerpt
The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory.
Source
newspapers
3. March 15, 1933 Reopening
Source
newspapers

Newspaper Articles (4)
1. October 2, 1929 Morning Examiner Bartlesville, OK
Article from Morning Examiner, October 2, 1929

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Article Text

Cordell Bank Asks Receiver for Guaranty Fund To Get Old Deposit OKLAHOMA CITY, Oct. appointment receiver recovery of $3,000 in liberty bonds deposited the state guaranty fund was filed Oklahoma county district court Tuesday the First National bank Cordell, successor to the Oklahoma State bank The bonds were with the state banking department January 1920. security that the Cordell institution would meet its assessments due the guaranty fund, the petition alleged. Suit was filed Beets and K. Wetzel, Oklahoma City attorneys. guaranty fund has been inactive since 1922 and has rants outstanding totaling 000,000, the petition alleged, has exceed 000,000. First National bank met its obligations assess ments came and entitled recovery of the since fund no longer is active, Beets contends. "This action is not adverse to the state, but was filed to place fund position liquidated,' Beets declared. have delayed taking action several years as not embarrass bank commissioner affect financial structure the state during the deflation period following that our financial institutions and are in very prosperous condition, reason delay further. The matter ought to closed by court equity where all parties their day court and secure their rights. event receiver the guaranty refused. Beets that judgment for the First National bank be given for the liberty bonds, their equivalent in money if they have converted. The petition asking receivership the fund was presented the supreme court week but jurisdiction refused with the request that petition filed first in district court.

2. October 2, 1929 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, October 2, 1929

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Article Text

BANK SEEKS RECEIVER OKLAHOMA CITY. Oct. 1 (P)-Suit of receiver and for appointment recovery $3,000 in liberty bonds deposited with the state guaranty fund was filed in Oklahoma county district court today by the First National bank of Cordell successor to the Oklahoma State bank. deposited with The bonds the state banking department January 1920 as security that the Cordell institution would meet its assessments due the guaranty fund. the petition alleged. Suit was filed by A. M. Beets and K. Wetzel. Oklahoma City attorneys. The guaranty fund has been inactive 1922 and has warrants outstanding totaling the alleged. has assets not petition $1,000,000. The First Nato exceed tional bank met its obligations when assessments came due and is entitled the surety. since the to recovery fund no longer is active. Beets contends. Only 30 men survive of the 1,008 to war in the 76th who marched Illinois volunteer infantry 67 years ago.

3. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM
Article from Las Vegas Daily Optic, March 2, 1933

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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)

4. March 2, 1933 The Hobart Democrat-Chief Hobart, OK
Article from The Hobart Democrat-Chief, March 2, 1933

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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