President disappeared and receiver appointed; assets advertised for sale in 1908.
Events (4)
1.October 27, 1903Run
Cause
Macro News
Cause Details
Contemporaneous reports attributed heavy withdrawals to a slump in Wall Street that prompted withdrawals
Measures
Directors applied to the court for appointment of a receiver; attempted to reassure depositors they expected to pay deposits within thirty days.
Newspaper Excerpt
The depositors surrounded the building until the decision of the stockholders to ask for a receiver was announced
Source
newspapers
same day
2.October 27, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and a receiver was sought; subsequent reports indicate president disappeared and safe had only $50, implying internal malfeasance/insolvency
Newspaper Excerpt
failed to open its doors for business this morning...officers and stockholders decided to apply...for the appointment of a receiver
Source
newspapers
+4 days
3.October 31, 1903Receivership
Newspaper Excerpt
An attempt was made today by the receiver, H. E. Foster, to get into the safe of the bank, but the timelock was set. ... Receiver Foster found but fifty dollars which was in silver.
Source
newspapers
+4.5 years
4.April 25, 1908Other
Newspaper Excerpt
I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
Source
newspapers
Newspaper Articles (20)
1.October 27, 1903The Saint Paul GlobeSaint Paul, MN
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Article Text
WAIFS OF THE WIRES. NEW YORK, Oct. 26.-The first snow of the season fell in New York, New England and Pennsylvania today. ST. LOUIS, Mo., Oct. 26.-The second annual national encampment of the Servvicemen of the Spanish War began here today and will conclude tomorrow. PERRYVILLE, Ky., Oct. 26.-Robbers ransacked the home of Robert Robinson, a wealthy farmer, near here last night and administered poison to Robinson and his wife. Mrs. Robinson will die, but her husband may recover. ST. LOUIS, Mo., Oct. 26.-The will of the late Archbishop John J. Kain was filed for probate today. It provides that all of the late archbishop's property, both of a personal and real character, shall be turned over to the diocese. ARDMORE, I. T., Oct. 26.-The bank of the Chickasaw Nation at Tishomingo, the designated depository of the Chickasaw Nation, closed its doors today. The capital stock was $50,000. A receiver will be asked for. It is stated that depositors will be paid within thirty days. TOPEKA, Kan., Oct. 26.-The police have been busy in Topeka in the past twenty-four hours. Sixty-five arrests have been made since Saturday. This includes burglars, drunkards and "jointists." The police expect to convict the proprietors of saloons which were raided law. Sunday under the anti-Sabbath tippling HONOLULU, Oct. 26.-The second and last missing boat of the French bark Constable de Richemont was picked up today by an interisland steamer. It contained the boatswain and seven of the crew of the lost vessel. All were alive, though in a starving condition, having been almost entirely without food since their separation from the other boat of survivors on Oct. 14. WASHINGTON, D. C., Oct. 26.-The United States supreme court today ordered a reargument in the case of the United States vs. the California and Oregon Land company, involving the land granted to the state of Oregon in 1864 to aid in the construction of a wagon road from Eugene City across the Cascade mountains to the eastern boundary of the state. The case has been argued twice in the supreme court.
2.October 28, 1903New-York TribuneNew York, NY
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Article Text
CHICKASAW BANK FAILS. The Slump in Wall Street Said to Have Caused the Closing. IBT TELEGRAPH TO THE TRIBUNE.) Guthrie, Okla., Oct. 27.-The Bank of Chickasaw Nation, at Tishomingo, capital $50,000. failed to open its doors for business this morning. The officers and stockholders decided to apply to Judge Townsend at Tishomingo for the appointment of a receiver. The depositors surrounded the building until the decision of the stockholders to ask for a Teceiver was announced The bank was the official depository of the Chickasaw Nation. and several Chickasaws were among the directors. Governor P. S. Mosley and Marshal "Ben" H. Colbert were also directors. The directors say they expect to be able to pay all deposits within the next thirty days. The slump in Wall Street, it is believed, caused the suspension of the bank.
TIME-LOCK WAS SET. I Sensational Developments Expected From Tishominge. Guthrie, O. T., Oct. 31.-A dispatch from Ardmore says sensational developments are expected within the next fortyeight hours in connection with the failure of the Bank of the Chickasaw Nation at Tishomingo, which closed its doors on Monday. Kirby Purdom, president of the institution. has been missing from town since Tuesday. An attempt was made today by the receiver, H. E. Foster, to get into the safe of the bank, but the timelock was set. The safe is supposed to contain quite an amount of money. It has developed that the bank received money last Saturday, but for some reason could not cash checks on that day against its deposits. Ardmore parties lost quite a sum of money, having made deposits Saturday. One of the directors of the bank, B. H. Colbert, is reported to have borrowed a large amount. Colbert is United States marshal of this district. Until Receiver Foster reports the extent of the failure cannot be ascertained, but it is known that it will be heavy. Some of the most prominent Chickasaw Indian officials were connected with the institution and are heavy loosers.
4.November 2, 1903The Daily ArdmoreiteArdmore, OK
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Article Text
H. E. Foster, receiver for the bank of the Chickasaw Nation. returned to Tishomingo this afternoon and will renew the attempt to open the bank's time-lock safe.
BUT FIFTY DOLLARS. It Is Supposed the President Took Funds With Him. Oklahoma City, O...T., Nov. 4.-Upon opening the safe of the bank of Chickasaw Nation at Tishominga, which closed its doors last week, receiver Foster found but fifty dollars which was in silver. It is supposed that the president, Kirby Purdom, whi disappeared at the time of the failure, took the funds with him. The bank was the official dépository of the Chickasaw nation and had a capital stock of $50,000, with large private deposits. Governor Moseley is one of Lile directors.
6.November 5, 1903The Indianapolis JournalIndianapolis, IN
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Article Text
Bank Safe Looted. OKLAHOMA CITY, O. T., Nov. 4.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president, Kirby Putidom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw nation and had a capital stock of $50,000, with large private deposits. Governor Moseley is one of the directors.
7.November 5, 1903The Saint Paul GlobeSaint Paul, MN
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Article Text
LEAVES BUT FIFTY DOLLARS IN SILVER President of Chickasaw Nation Bank Disappears With All Funds. OKLAHOMA CITY, Okla., Nov. 4.Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president, Kirby Putidom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw Nation and had a capital stock of $50,000, with large private deposits. Gov. Moseley is one of the directors of the bank.
8.November 5, 1903The Topeka State JournalTopeka, KS
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Article Text
Only $50 in Bank Safe. Oklahoma City, Ok., Nov. 5.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50 which was in silver. It is supposed that the president, Kirby Purdom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw nation and had a capital stock of $50,000 with large private deposits. Governor Moseley is one of the directors.
9.November 6, 1903Barton County DemocratGreat Bend, KS
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Article Text
Bank President Missing. Ardmore, I. T., Nov. 1.-Sensational developments are expected within the next 48 hours in connection with the failure of the bank of the Chickasha nation at Tishomingo, which closed its doors Monday. Kirby Purdom, the president of the institution, has been missing from town since Tuesday. An attempt was made by the receiver yesterday, H. E. Foster, to get into the safe of the bank, but the time lock was set. The safe is supposed to contain quite an amount of money.
Bank President Took the Funds. Oklahoma City, Okla., Nov. 5.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president. Kirby Putidom, who disappeared at the time of the failure, took the funds with him.
11.December 2, 1903The Guthrie Daily LeaderGuthrie, OK
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Article Text
BANK PRESIDENT INDICTED. A Reward of $1,000 Offered for His Apprehension. Ardmore, 1. T., Dec. 2.-It is reported here today that the Uni ed States grand jury has indicted Kirby Purdom the defaulting president of the bank of the Chickasaw nation, who left Tishomingo the day after the bank closed its doors. The direc ors of the institution have offered a reward of $1,000 for his apprehension. All efforts to locate him have proved futile, although a good description of Purdom together with his picture, have been sent broadcast I: was announced the day after the bank failed that deposi tors would be paid within thirty days but it is now believed that depositors will realize lit le, if anything. Re ceiver V. E. Foster and his assistants are still at work with the affairs of the defunct bank. The books were in such a tangled condition that they could gain but li tle from them, and it became necessary to secure the deposit books and certificates of deposi of the depositors for use in the work The receiver refuses to make any statement regarding the ins itution's affairs, and says nothing will be given out until he makes his report to the court, which he hopes to be able to make about December 10.
12.March 26, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
13.March 30, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, 24-1m Receiver.
14.March 31, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
15.April 1, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
16.April 2, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
17.April 19, 1908The Daily ArdmoreiteArdmore, OK
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Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
18.April 20, 1908The Daily ArdmoreiteArdmore, OK
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Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
19.April 20, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
20.April 21, 1908The Daily ArdmoreiteArdmore, OK
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Article Text
Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Bank of the Chickasaw Nation · Episode ID 1535267791246
