National Bank of Commerce (Shawnee, OK)

View Charter #12441 on SPMC View balance sheet

Episode Information

Episode UID
1244101492
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
124410 national
Charter Number
12441
Start Date
April 1, 1924*
Location
Shawnee, Oklahoma (35.327, -96.925)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ef91fb3520be0c62

Response Measures

None

Receivership Details

Depositor recovery rate
48.0%
Date receivership started
1924-04-28
Date receivership terminated
1929-06-01
OCC cause of failure
Fraud
Share of assets assessed as good
41.1%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
21.8%

Events (6)
1. September 24, 1923 Chartered
Source
historical_nic
2. April 1, 1924* Receivership
Newspaper Excerpt
J. M. Banks is receiver for the failed bank. / L. M. Vance, receiver. With total liabilities ... the depositors been paid dividends ... cash on hand amounting to $40,668.69 . . . receiver report for year ending Dec. 31 . . . closed in April, 1924, one month after the storm will ... the receiver, L. M. Vance.
Source
newspapers
3. April 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed April 1924 after insolvency related to alleged false reports and fraud by officers (Caldwell brothers); legal actions and indictments followed.
Newspaper Excerpt
which closed in April, 1924, one month its doors
Source
newspapers
4. April 28, 1924 Receivership
Source
historical_nic
5. March 14, 1926 Other
Newspaper Excerpt
BANK RECEIVER LOSES LAWSUIT ... J. M. Banks is receiver for the failed National Bank of Commerce in Shawnee to collect ... failed to collect on notes; case not over. . . . Caldwell now under indictment for alleged violation of the national ...
Source
newspapers
6. March 1, 1929 Other
Newspaper Excerpt
Depositors of the defunct National Bank of Commerce in Shawnee ... received their final dividend check for 8 per cent recently.
Source
newspapers

Newspaper Articles (6)
1. March 14, 1926 The Daily Oklahoman Oklahoma City, OK
Article from The Daily Oklahoman, March 14, 1926

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Article Text

BANK RECEIVER LOSES LAWSUIT Defunct Institution Fails To Collect on Notes; Case Not Over. Efforts on the part of the receiver of the falled National Bank of Commerce In Shawnee to collect from alleged stockholders and notes held by the bank In five suits in the federal court failed in two Instances Saturday afternoon. The court Instructed the jury In two cases to bring in a verdict in favor of the defendant. The Farmers' State bank of Asher was released from all claim by the first verdiet. and W. L. Chapman, Shawnee attorney, in the second case. J. M. Banks is receiver for the failed bank. In the Chapman case, the defense was that the note signed by Chapman was signed for "accommodation only,' and that he didn't get one dime from the note. According to testimony introduced, Chapman signed the note for $5,000 when Jesse M. Caldwell. now under Indictment for alleged violation of the national

2. May 30, 1926 The Enid Morning News Enid, OK
Article from The Enid Morning News, May 30, 1926

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Article Text

SHAWNEE MEN ON TRIAL FOR BANKING FRAUD Caldwell Brothers, Officials of Failed Bank Of That City Federal court re-convened here Satunday and testimony in the case of Jeca Caldwell and R. 8. Caldwell of the National Bank of Commerce of Shawnee was resumed. Three government witnesses were called to testify. The first, Miss Ferguson, who worked at the bank approximately five years in the capacity of notary public and secretary to Jess M. Caldwell She testified that Jess M. Cald was at the bank at intervals between June 23. 1923. and July 1, 1923: that she witnessed the signa ture of Jess M. Caldwell to the note The next witness was Miss Ruby Breece. stenegrapher to Jess M. Caldwell She testified that she handle Mr. Caldwell's correspond ence. took dictation from him be tween June 23, 1923, and July 1923. at the bank She testified also that went to Caldwell's home to take any dictation as alleged by Caldwell's testimony that he was confined to his home with sprained ankle. Saw Caldwell There Mrs. Gladys B. Forstick, assistant bank receiver, was called to the witness stand next. She testified that she was on her vacation. June 15. to June 30, 1923, but that she remembered clearly having con versed Jess M. Caldwell on July the bank. The substance of the conversation was jesting of Mrs. Forstiek about her contemplated marriage, July 27, and for this rea son she stated she clearly having seen Jess M. Cald well on July Evidence was completed at 10 m. and Roy St. Lewis began immediately to present his arguments for the government to the jury. St. Lewis re-read the indictment charging that on or about July 1923, false report was made to the comptroller of the currency nt Washington of the condition of the National Bank of Commerce, Shaw nee. Was Not Cashier. Caldwell in his testimony said that he was not cashier of the bank at the time of the alleged report. St. Lewis showed bank statements to the effect that Jess M. Caldwell signed the statements as cashier when sent to Washington. Lewis showed that stock sur rendered at the consolidation of the bank, October 1. 1924, to R. S. Cald well as liquidaing agent, was can celed. series of legal clashes ensued when Mark Goode, counsel for the defense, began his argument before the jury. He repeatedly scored Rex Peel, an official of the First Na. tional bank, Oklahoma City, for his testimony and referred to him as "King Pin Peel." Objection by Lewis The clashes were over objections made by Roy St. Lewis, government prosecutor who objected to the cit ing of other cases as examples by Goode The defense based its full argu ments on the grounds that unless an officer is stockholder of a nn. tional bank he cannot be an officer and cannot net in capacity as an of licial under the rules of national bank laws. It showed some doeu ments where L. J. Larsen signed himself as cashier, contending that Larsen was the cashier and not Jess M. Caldwell. It also attempted to prove the bank was not federal re A rebuttal by the government asted until m. Judge Cotteral read his instructions to the jury and turned the case over to it at

3. October 5, 1926 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, October 5, 1926

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Article Text

BANK'S RECEIVER MAKES REPORT FOR QUARTER No More Dividends Paid Depositors but $40,668 in Cash on Hand. The following report of the of the National Bank of affairs Commerce in Shawnee, its doors in is made for the quarter September 30, ending Vance, receiver. With total liabilities of $728,528.19 the depositors been paid dividends to and the amounting receiver cash on hand amounting to $40,668.69. no dividends having been paid during the last quarter. The itemized report of the ceiver is as follows: Assets Bills receivable Cash on hand Assets other than bills receivable and cash hand 471,162.10 Additional assets acquired 87,120.62 Stock assessment 100,000.00 Total of all assets coming into hands receiver Remaining Assets Uncollected Contributes to Red Cross Bills receivable contribution of was bills Assets other than ceived at Red Cross headquarters receivable 58,576.18 for Florida relief from the stuAdditional assets acdents of the Shawnee Commercial quired college. Stock assessment Total assets uncollected 551,240.00 Liabilities Total claims proven unsecured liabilities Total unproven unsecured claims 17,400.98 Total secured liabilities outstanding unpaid None Total rediscounts unpaid None Total additional liabilities 10,805.42 proven Total of all Young Prague Matron Dies Annie Harris, wife of Harris who lives near Prague, died at the Shawnee hospita Sunday afternoon about o'clock Funeral services held yesterday afternoon with burial at the Meeker cemetery

4. January 4, 1928 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, January 4, 1928

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Article Text

MAY BE PAID BY FAILED CITY BANK Receiver Of National Bank Of Commerce Makes Report For Year Ending Dec. 31 Depositors and claimants in the of wrecked National Bank of case the Commerce in Shawnee. which closed in April, 1924, one month its doors and down after the the deposits of insurance with storm will money from many to learn that sufficient be interested money has in the hands of the receiver, L. M. Vance. to indicate that dividend may be forthcoming an early According to report up to January the now has cash to 10. No hand dividends have been paid for several months past but early dividends made by the collections amounted to The total uncollected assets this time of to while the total of all proven foots up closed its doors after This bank being in condition for and foltowing its of the Caldwell State bank. The officers were with acts and several trials in federal have taken and others on counts are still pending. Estill the president. pleaded guilty to number of counts but not passed pending the trial of Jess Caldwell, (who was on counts, and Caldwell, whose case is finally to The report of the receiver in full follows: ASSETS Bills 657,635.50 Assets other than bills receivable and cash on hand Additional assets acquired assessment 100,000.00 Stock Total assets coming into the hands of receiver $1,400,001.58 Remaining Assets Uneollected: receivable 243,343.10 Bills Assets than bills receivable 33,245.74 Additional assets acquired assessment 92,500.00 Stock Total assets uncollected 427,936.88 LIABILITIES Total proven on unsecured liabilities Total unproven unsecured claims 15,478.20 Total secured liabilities outstanding unpaid None Total rediscounts unpaid None ties proven 8 10,808.96 Total additional liabiliTotal of all liabilities 728,291.94 Dividends paid during quarter None Dividends paid prior thereto 287,002.85 Total dividends paid to date 287,002.85 Cash on hand 44,201.10

5. December 29, 1928 Harlow's Weekly Oklahoma City, OK
Article from Harlow's Weekly, December 29, 1928

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LEGISLATION THE OKIMPTO Teachers Association will have the next Legislature revise the state school code. Its code revision committee has completed the task of redrafting the school statutes. Dr. M. A. Nash, president of the Oklahoma College for Women at Chickasha, declares that there are many dead provisions in our present code which should either be eliminated or amended. Some of the new features incorporated in the redraft to be submitted to the Legislature for its approval provide for the county unit system. a retirement plan for teachers, uniform highschool programs, and a new plan for organizing the School Text Book Commission. Dr. Nash states that every county superintendent in the state has indorsed the county unit system which provides for the election of a county school board that would operate similarly to a city school board. The county superintendent would be elected by this board. The free text book bill looms again as an object of contention in the next Legislative session. Otto Strickland, representative from Pontotoc County, has announced he will introduce such a bill. It will be similar to the one repealed by the Tenth Legislature. This law was passed by the Ninth Legislature, but was repealed due to excessive costs after $1,500,000 had been expended. Textbooks were purchased under the law from money derived from taxes collected from foreign insurance companies operating in the state. Strickland voted against the repeal. Clay W. Kerr, Assistant State Superintendent of Education, declared that his office favored the proposed measure, saying that in rural districts a text book shortage exists and that the state can purchase books more cheaply than individuals. Thus they can be provided to all students by levying only a small tax. 0. U. TUITION OHN ROGERS of Tulsa, member of the J Board of Regents of Oklahoma University, who has made an exhaustive study of tuition charges at other state colleges throughout the country, thinks there are many reasons for opposing such charges for undergraduates, but is not against it when applied to professional and graduate schools. He thinks that eventually the other state universities will abandon the tuition charge, or that Oklahoma University will adopt a similar policy. As to the whole question of tuition charges, he says: This question of tuition is a very important question in the field of state-supported institutions of higher learning. It is a question upon which there is a wide difference of opinion. For instance there is considerable agitation in the state of Minnesota at the present time over an apparent proposal on the part of the governing board to further increase the present rate of tuition. Some of these very interesting questions are: 1. Is it a wise policy? 2. Is it constitutional? 3. Is it best for the student? 4. Is it best for the university? On this discussion. Professor James E. Belcher of the Chemistry Department, suggests a plan whereby the students attaining a certain scholastic standing would be excused from payment. and those falling below would be required to pay. Dr. Chas. N. Gould offered the following comment on Belcher's plan : The University is crowded with too many of these students. It is neither an idler's playground nor a rich man's property. Tuition should solve such a problem. but it will not. Those who are against tuition fail to appreciate the fact that every student enrolled in the University is the receiver of a huge money gift from the state. It is not the plan that the student body should pay tuition enough to support the cost of running the school any more than do students of denominational schools all of which have high matriculation fees. I have no particular objection to Belcher's idea except that I do not think it feasible in that it would afford too great complications in a university of this size. Dr. Roy Gittinger. Dean of Administration, said that he realized that the coming of tuition charges is inevitable but he hoped that they would be deferred as long as possible and be made as low as possible when they are adopted. FORENSIC GROUP REORGANIZED TASSOCIATION Junior College Forensic has been reorganized and will hereafter be sponsored by the extension division of Oklahoma University. A committee of five, representing this group, recently met at Norman and completed the plans of reorganization. There are twelve junior colleges in the state eligible for membership in the organization. A forensic tournament is being planned by the association. in March. NEGROES SEEK UNIVERSITY recently adopted resolutions asking that a university of the highest rating be erected for Oklahoma negroes. Others things sought are, strict supervision of schools, and strict enforcement of the compulsory school attendance laws, according to W. H. Fort of Okmulgee, association president. To bring about the stricter supervision of negro schools, the retention of a special state supervisor for negro schools was advocated. As to the situation existing at Langston University, the only institution of higher learning for negroes in the state, the resolution said: In addition. we deem it our duty to call attention to the baneful effect of polities upon the Colored Agricultural and Normal University at Langston and to ask that members of its board of regents be selected in the same manner and for the same term as the members of the board of regents of the University of Oklahoma. COURT DECISION State Supreme Court Monday denied THE a rehearing of the suit filed by the American National Company in an endeavor to force the school board of Shawnee to pay for $100,000 worth of school bonds. The court decided almost a year ago that the school board was not liable for the bonds. They were purchased from the defunct Shawnee National Bank of Commerce, and the result of the decision means that the company must attempt to collect the money paid for the bonds from the bank receiver. This case originated in March, 1924. UNTAXED LANDS ARE COSTLY G. Morris of prepared a bulletin showing the losses in taxes to county schools caused by untaxable Indian and school lands located in the county. This loss totals $23,965.05 annually. There are 19.261 acres of Indian lands, and 2,483 acres of school lands not taxable for any purpose. The bulletin shows that the schools applying for the bigger share of weak school aid are in those districts having the largest portion of the untaxable lands. As to federal funds received, they are declared to be pitifully inadequate in the effort to balance the loss.

6. March 1, 1929 The Oklahoma Banker Oklahoma City, OK
Article from The Oklahoma Banker, March 1, 1929

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THE OKLAHOMA BANKER for March, 1929 About Banks and Bankers The Security State Bank, Comanche, Okla., for their thrift campaign used the slogan, "Think, Have Money." Cecil E. Harrow has been elected to the Board of Directors of the Columbia National Bank, Kansas City, Mo. A. B. Elias, Vice President of the Southwestern Bell Telephone Company, has been elected a director of the MerchantsLaclede National Bank, St. Louis, Mo. O. L. Bane, Vice President, First National Bank, Waynoka, Okla., advises the contract has been let for extensive remodeling of the interior of the bank. J. A. Salmon, who has been receiver of the First National Bank, Idabel, Okla., for several years, has resigned and will accept a similar position at Bixby, Okla. O. A. Gilbert of Cleveland, Okla., has been appointed by the State Bank Commissioner as liquidating agent of the Fidelity State Bank, Cleveland, Okla., which failed February 15. At a meeting of the officials of the Oklahoma State Bank, Ada, Okla., it was announced that John J. Fleet and Frank Fleet had been included as Directors of that financial institution. Depositors of the defunct First State Bank, Wilburton, Okla., have received a one-sixth dividend. This brought the total to date up to 50 per cent. The sale of the assets of the defunct Nowata National Bank, Nowata, Okla., by John H. Dykes, receiver, to Walter Burden of Nowata, has been disapproved by the Comptroller of the Currency at Washington, D. C. At a meeting of the Board of Directors of the Checotah State Bank, Checotah, Okla., Norman Strahl was elected Assistant Cashier. Mr. Strahl has been connected with this bank for several years in the capacity of bookkeeper. O. W. Jackson, Cashier, and connected with the First National Bank of Houston, Texas, for some 20 years, has accepted a position with the Guardian Trust Company of that city as Active Vice President. He assumed his new duties March 1. Arthur O. Holliday of Faxon, Okla., has acquired an interest in the American National Bank, Walters, Okla., and has been elected Vice President. Mr. Holliday assumes an active position in the bank but does not assume a place heretofore held by any officials of the bank. Mr. Holliday is the founder and President of the Faxon State Bank and will continue his connection with this institution. J. E. Moore, President, Capitol State Bank, has been elected head of the South Oklahoma City Commercial Club. Hiram Boulware Catlett, pioneer citizen, banker and business man of Weleetka, Okla_ died at his home in that city. The First National Bank, Elk City, Okla., will move to its temporary quarters April 1, while iss building is under construction. The Comptroller of the Currency has authorized the distribution of checks for the 10 per cent dividend to be paid by the defunct First National Bank of Collinsville, Okla. The Caddo National Bank, Caddo, Okla., announces that in the future it will be consolidated with the Atoka State Bank, which has assumed its liabilities and acquired its assets. Depositors of the wrecked "National Bank of Commerce in Shawnee," Shawnee, Okla., which closed its doors in April, 1924, received their final dividend check for 8 per cent recently. At a meeting of the Board of Directors of the Commercial National Bank, Durant, Okla., H. G. Wright was elected Assistant Cashier to succeed Dan Mason, who is moving to Caddo, Okla., to become Cashier of the First State Bank, newly organized. Another honor roll bank is the Bank of McAlester. This bank opened two years ago in May and has paid two 10 per cent dividends in that time, and has surplus and undivided profits a little over $1,000 more than their capital. This showing came from the net earnings. The First State Bank. Woodville, Okla. has financed ten 4-H Club boys within a radius of two miles of the bank with purebred registered heifers. The boys are to have two years in which to pay for the calves and in return will grow "cash" crops and feed crops, The First National Bank. Sand Springs, Okla, has surrendered its national charter and has taken out a state charter under the name of the First State Bank, with capital of $25,000 and surplus of $2.500. O. L Stewart is President, Matt White. Active Vice President, and H. E. Stewart is Cashier, T. G. Hinton, who has been in Paden. Okla., as Cashier of the First National Bank, has moved to Prague, Okla., and purchased the interests of C. P. Ellis, Cashier, Prague National Bank, and has been elected President, succeeding Mr. C. C. Bush, Sr., who is retiring as President of the bank, but will remain as Chairman of the Board. Other officers of the bank are: George T. Jepson, Vice President: C. C. Bush, Jr, Cashier, and J. E, Douglas of Shawnee is the new director.