First National Bank (Coalgate, OK)

Episode Information

Episode UID
1252901516
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
125290 national
Charter Number
12529
Start Date
April 17, 1926
Location
Coalgate, Oklahoma

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1eb99336f9946c96

Response Measures

None

Description

Some articles indicate a receivership in spring 1926 while a later article (Oct 1926) describes a run-averting 60-day contract; the sequence is ambiguous and more records would clarify.

Events (4)

1. April 18, 1924 Chartered
Source
historical_nic
2. April 17, 1926 Other
Newspaper Excerpt
H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation
Source
newspapers
3. April 17, 1926 Receivership
Newspaper Excerpt
H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation
Source
newspapers
4. October 16, 1926 Run
Cause
Local Banks
Cause Details
Rumors and withdrawals were sparked by the failure of the Atoka bank, prompting heavy demands on the Coalgate bank.
Measures
Directors had depositors sign sixty-day contracts to delay withdrawals and allow the bank to recover.
Newspaper Excerpt
Run Threatens Coalgate Bank ... saved by the timely action of the board ... depositors to leave their money in the bank for sixty days to permit the bank to recover.
Source
newspapers

Newspaper Articles (5)

Article from The Coalgate Record-Register, May 20, 1926

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Article Text

NOTICE OF SHERIFFS SALE (First publication in the RecordRegister, April 22nd. 1926. STATE OF OKLAHOMA COUNTY OF COAL IN THE DISTRICT COURT IN AND FOR SAID COUNTY AND STATE THE FEDERAL LAND BANK OF WICHITA. Wichita, Kansas, a corporation, Plaintiff, William D. Valentine and Resa Valentine, his wife; The Coal County National Farm Loan Association, of Coalgate, Oklahoma, a corporation; H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation; The Federal Reserve Bank of Dallas, Texas, corporation; and A. G. Gaylor and Mrs. A. G. Gaylor, his wife, defendants. No. 4078. NOTICE OF SHERIFF'S SALE TO WHOM IT MAY CONCERN: Notice is hereby given that pursuant to an order of sale issued and directed to me out of the above entitled court d cause, under date of the 17th day of April, 1926, in an action then and are pending wherein The Federal Land Bank of Wichita, Wichita. Kansas, a corporation is plaintiff and William D. Valentine and Rosa Valentine, his wife; the Coal County National Farm Loan Association, of Coalgate, Oklahoma, corporation; H. D. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation: The Federal Reserve Dailas, Texas, a corporation; A. G. Gaylor and Mrs. A. G. Gaylor, his wife. are defendants," being Case No. 4078, I will on the 22nd day of May, 1926, at 2 o'elock p. m. said date, offer for sale and sell at public auction to the highest and best bidder, for cash in hand, at the front door of the Court House in the City of Coalgate, in the Comty of Coal, and State of Oklahoma, the following described real estate, lying and situate in Coal County, Oklahoma, to-wit: Southwest Quarter (SW%) of Section Twenty-eight (28), Township One(1) North, Range Eleven (11) East of the Indian Base and Meridian, Containing One Hundred Sixty (100) aeres of land. more or less, according to the Government survey thereof; except One (1) aere in the Southwest corner of said Quarter Section conveyed to School District No. 25. of Coal County, Oklahoma, by Doed recorded in Book 68, page 246: said property is taken as the prop- crty of said defendants and will be sold to satisfy the judgment of said plaintiff, The Federal Land Bank of Wichita, Wichita, Kansas, against said defendants in the sum $1,527.57, with interest thereon at the rate of eight per cent per annum from the 13th day of October, 1925, together with attorney's fees in the sum of $125.00, also to satisfy the judgment of the said defendant and cross petitioner, The Federal Reserve Bank of Dallas, Texas, against its co-defendants, William D. Valentine and Rosa Valentine, his wife, in the sum of $3,000.00, with interest thereon at the rate of ten per cent per annum from the 1st day of 1924, together with attorney's fees in the summet $800.00, and for the costs in Case No. 3996 in the District Court of Coal County: and for the costs and accruing costs of this action. Fred Sherman, Sheriff of Coal County, Oklahoma. * By W. B. Clark, Under Sheriff. J. R. Flyan, D. D. Brunson, Attorneys for Plaintiff. 4-22 5t NOTICE OF SHERIFF'S SALE (Published in Record-Register April 22nd. 29th, May 6th, 13th, and 20th, 1926.) NOTICE OF SHERIFF'S SALE OF Notice is hereby given that in oursuance of an order of sale issued by the court clerk of Coal County, Oklahoma on the 19th day of April, 1926. in an action in the District Court of Coal County. Oklahoma wherein Oklahoma Farm Mortgage Company, a corporation, was plaintiff and Geo. Harrison, Lela Harrison, his wife, John Steed, Sagamore Oil Corporation, Floyd O. Howarth Oil & Gas Company, a corporation, H. F. Wileox Oil & Gas Company, a corporation, and J. A. Lewis were defendents, and directed to me. the undersigned sheriff of Coal County, Oklahoma, commanding me to advertise and sell without appraisement according to law and subject to a $2,500.00 first mortgage the following described property, to-wit: The West Half of the Northwest Quarter and the West Half of the Southeast Quarter of the Northwest Quarter of Section Seventeen (17), Township Two (2) North. Range Eight (8) East of the Indian Meridian, in Coal County, Oklahoma; to satisfy a judgment and decre: of foreclosure obtained and made in said court on the 13th day of October, 1925, as follows to-wit: In favor of plaintiff and against the defendants for $543.70, with interest thereon at 10% per annum from October 13, 1925, together with $150.00 attorneys' fee for plaintiff's attorneys and the costs of suit and costs accruing. will on, Monday, the 24th day of May, 1926, at the hour of ten o'clock A. M. of said day at the front door of the court house in the City of Coalgate in said County and State, offer for sale and sell to the highest bidder for cash and subject to said first mortgage the property above described or So much thereof as will satisfy said judgment with interest, attorneys' fees and costs. Fred Sherman, Witness my hand this 19th day of April 1926. Sheriff of Coal County, Oklahoma By W. B. Clark. Under Sheriff W. M. Rainey, and H. W. Harris. Attorneys for Plaintiff 4-22-5t filed herein by plaintiff on or before June 4th, 1926, or said petition will be taken as true and judgment rendered in said action against said defendants for the foreclosure of a certain mortgage upon the following described land, to-wit: Lot Five (5) in Block Fifty (50) Coalgate, Coal County, Oklahoma, said mortgage being given to secure the payment of one certain promissory note, executed by said defendants, Mrs. Josephine Leflore to said plaintiff, on the 19th day of December, 1923, upon which plaintiff claims there is now due the sum of $1,457.50 with interest thereon at the rate of ten per cent per annum from March 31, 1926, and $145.75 attorney's fee; and judgment will further be rendered adjudging that default has been made in said mortgage, that the plaintiff has a first and prior lien upon said premises for the amount due as aforesaid and ordering said premisès to be sold without appraisement and the proceeds applied to the payment of said judgement and costs of suit and forever barring and foreclosing said defendants from all right, title, estate, interest or equity of redemption, in and to said premises or any part thereof. In Witness Whereof, I have hereunto set my hand and affixed the seal of my office at Coalgate. this 19th day of April 1926. Harry Holmes, Court Clerk By Mittie Terry. Deputy. Jno. S, Dean and Wylte Snow Attorneys for Plaintiffs. 4-22-3t. 4-22 5t


Article from Saturday Morning Advertiser, October 16, 1926

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Article Text

Run Threatens Coalgate Bank The First National Bank of Coalgate saved by the timely action of the board of directors, at Coalgate Tuesday. from run, when final arrangements were made with the depositers to leave their money in the bank for sixty days to permit the bank to recover. Bank officials began calling in de. positors and had them to sign the sixty day contract, after explaining the situation to them. Examiner Hutt was called from Atoka where he was in charge of the defunct bank there. The bank examiner said that although the bank solvent and could meet any requirement of state law, it did not have enough cash on hand to survive a run at the present time. Officials of the bank issued statement in which they explained that enough cash will be on hand at the end of the contract period to pay off any who desire to close their accounts. It was the failure of the Atoka bank that gave rise to the rumors that started the run in Coalgate.


Article from The Coalgate Record-Register, December 16, 1926

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LEGAL NOTICES NOTICE OF SHERIFF'S SALE UNDER FORECLOSURE OF MORTGAGE NOTICE IS HEREBY GIVEN in pursuance of an Order of Sale issued out of the District Court, of Coal County, State of Oklahoha, on the 15th day of December, 1926, in an action numbered. 3835 wherein Henry W. Tate was plaintiff, and Bob Chiles, Ada E. Chiles, Fred Chiles, Mittie F. Chiles, Mary Burtis, Matlou Thompson, C. M. Cade and A. J. Fluke, as Receivers of the Conservative Loan and Trust Company, Tom Mitcham, C. C. Dyer, Coal County Cattle Loan Company, a corporation, Tradesman's National Bank of Oklahoma City, a corporation, and H. S. Thompson as Receiver of the First National Bank of Coalgate, Federal Reserve Bank of Dallas, Texas, Commerce Trust Company, a corporation, E. H. Wahl, Savings Loan and Trust Company, a corporation. Mark L. Hill, Ed Schmidt, and W. D. Snivelly, were defendants, directed to me the undersigned sheriff of Coal County, State of Oklahoma, commanding me to levy upon and sell, without appraisement, the following described property and premises, to-wit: The South Half of the Northwest Quarter, and the South Half of the Northwest Quarter of the Northwest Quarter, and the Northeast Quarter of the Northwest Quarter of the Northwest Quarter, and the West Half of the Northeast Quarter of the NorthWest Quarter of Section 32, and the Northeast Quarter of the Northeast Quarter of Section 30, Township 3 North, Range 10 East, in Coal County, Oklahoma. to satisfy a judgment and decree of foreclosure in favor of the plaintiff and against the said defendants, obtained and made in said court on the 28th day of May, 1926, for the sum of $2,712.01 and costs, with interest thereon from said date at the rate of 10 per cent per annum until paid, and all costs accruing. I will, therefore, on the 17th day of January, 1927, at the hour of 2:00 o'clock P. M., of said day, at the front door of the Court House in the City of Coalgate, in said County and State, offer for sale, and sell to the highest bidder for cash, the said property above described, or so much thereof as will satisfy the said judgment, with interest and costs. WITNESS MY HAND this 15th day of December, 1926. FRED SHERMAN, Sheriff Coal County. State of Oklahoma. By W. B. Clark, Under Sheriff. 12-16 5t. and all the right, title, interest, and oquity of redemption of said defendant in and to said premises, or any part thereof, as in case of sales of real estate on execution, without appraisement, subject to confirmation by said Court. Witness my hand this 15th day of December 1926. FRED SHERMAN, SHERIFF By W. B. Clark, Under Sheriff 12-16-5t


Article from Las Vegas Daily Optic, March 2, 1933

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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)


Article from The Hobart Democrat-Chief, March 2, 1933

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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