15534. First National Bank (Checotah, OK)

View Charter #5128 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5128
Charter Number
5128
Start Date
December 1, 1927
Location
Checotah, Oklahoma (35.470, -95.523)

Metadata

Model
gpt-5-mini
Short Digest
8a221102a1386a36

Response Measures

None

Receivership Details

Depositor recovery rate
77.1%
Date receivership started
1927-12-01
Date receivership terminated
1935-08-30
OCC cause of failure
Governance
Share of assets assessed as good
60.1%
Share of assets assessed as doubtful
26.2%
Share of assets assessed as worthless
13.7%

Description

The First National Bank of Checotah refused to open in late 1927 and was placed in receivership; subsequent articles describe receiver actions and sale of assets. No article describes a depositor run triggering the suspension — the bank 'closed by orders of the board of directors' and later a receiver (Harwood Keaton) is active. Dates: suspension reported Dec 1–2, 1927; receiver actions by July 1928 and asset-sale notice Feb 1929. One article (several OCR variants) says bank 'ceased business November 15, 1927' — primary contemporary report gives Dec 1, 1927 for closure; I use Dec 1927 for the suspension and July 1928 for the receivership.

Events (5)
1. June 23, 1898 Chartered
Source
historical_nic
2. December 1, 1927 Receivership
Source
historical_nic
3. December 1, 1927 Suspension
Cause Details
Closed by order of the board of directors; suspension was unexpected (no run or specific cause described).
Newspaper Excerpt
This bank closed by orders of the directors, announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected.
Source
newspapers
4. July 19, 1928 Receivership
Newspaper Excerpt
Harwood Keaton, receiver of the First National bank of Checotah, filed suit in the U. S. district court yesterday against J. Owen Price for $12,500, the par value of his stock in the defunct bank.
Source
newspapers
5. February 4, 1929 Other
Newspaper Excerpt
NOTICE OF SALE OF BANK BUILDING AND FIXTURES. ... HARWOOD KEATON Receiver of the First National Bank of Checotah, Oklahoma, a Corporation. By Green & Green, Attorneys for said Receiver.
Source
newspapers

Newspaper Articles (12)
1. December 1, 1927 The Morris News Morris, OK
Article from The Morris News, December 1, 1927

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Article Text

BANK AT CHECOTAH CLOSES ITS DOORS Checotah, Dec. First Nat. ional bank, oldest bank in Checotah, failed to open for business Thursday. "This bank closed by orders of the directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a capital of $50,000. J. L. Price was president and Jay Pierce was cashier. Price was reported Thursday to be in Muskogee. Pierce declined to comment on the suspension. Checotah has two other banks, a national bank and a state bank.

2. December 2, 1927 The Cushing Daily Citizen Cushing, OK
Article from The Cushing Daily Citizen, December 2, 1927

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Article Text

Bank At Checotah Closes Its Doors CHECOTAH, Dec. 2-The first National bank, oldest bank in Checotah, "This bank closed by orders of the board of directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a

3. July 19, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, July 19, 1928

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Article Text

CHECOTAH BANK RECEIVER SUES ON $12,500 STOCK Harwood Keaton, receiver of the First National bank of Checotah, filed suit in the U. S.distriet courtyesterday against J. Owen Price for $12,500, the par value of his stock in the defunct bank. Under the U. S. banking laws each stockholder of a national bank is held responsible the full amount of the stock he holds in the institution, and the receiver may make an Assessment of 100 cents on the the lollar on his stock. J. Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instuted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1, 1927, the date when the bank went into the hands of the re-

4. July 19, 1928 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, July 19, 1928

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Article Text

CHECOTAH BANK RECEIVER SUES ON $12,500 STOCK One Holder of Shares Is Asked to Pay At Par Value: Institution Long Closed Harwood Keaton, receiver of the First National bank of Checotah. filed sult in the U. S. district court yesterday against J. Owen ice for $12,800. the par value of hjs stock in the defunct bank Under the U. S. banking laws, each ockholder of a national bank is held responsible for the full amount of the stock he holds in the institution and the receiver may mak an assessment of 100 cents on the dollar on his stock Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instituted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1927, the date when the bank went into the hands of the receiver

5. August 15, 1928 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, August 15, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT Suit was today filed in federal court by Harwood Keaton. receiver for the First National bank of Checotah, against T. R. Pipkins and Maggie Pip kins. The petitions states that prior to failure December, 1927 the bank secured judgment for $2360.23 against Pipkins, This judgment could not be collected. the petition states, for the reason that Pipkins had transferred real estates to his wife. The relief asked for the bank is that the property transfer be declared void, to enable the bank to collect.

6. August 16, 1928 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, August 16, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT Suit was today filed in federal court by Harwood receiver for the First National bank of Checotah. against T. R. Pipkins and Maggie Pipkins. The petitions states that prior to failure December. 1927. the bank secured judgment for $2360.29 against

7. August 23, 1928 The Indian Journal Eufaula, OK
Article from The Indian Journal, August 23, 1928

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Article Text

EASTMAN RICHARDS SUES BANK RECEIVER Eastman Richards, wealthy McIntosh county Indian guardian son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunct First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for sale keeping, and have not been returned since the bank became insolvent. The Checotah bank ceased busi ness November 15, 1927, and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear. The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.

8. August 23, 1928 The Indian Journal Eufaula, OK
Article from The Indian Journal, August 23, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie Pipkins of Eufaula. The petitions states that prior to failure December 1927. the bank secured a judgment for $2360.29 against Pinkins. This indgment could not be col lected. the petition states. for the pason that Pipkins had transfer red real estates to his wife. The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-

9. August 23, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, August 23, 1928

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Article Text

EASTMAN RICHARDS SUES BANK RECEIVER Eastman Richards, wealthy MeIntosh county Indian guardian of son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunet First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for cale keeping, and have not been returned since the bank became insolvent. The Checotah bank ceased busi ness November 15, 1927. and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear. The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.

10. August 23, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, August 23, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie The petitions states that prior to failure December 1927, the bank secured a judgment for $2360.29 against Pinkins. This iudgment could not be col lected the petition states, for the 'ason that Pipkins had transfer red real estates to his wife The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-

11. February 7, 1929 McIntosh County Democrat Checotah, OK
Article from McIntosh County Democrat, February 7, 1929

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Article Text

NOTICE OF SALE OF BANK BUILDING AND FIXTURES. Notice is hereby given, that the undersigned Receiver The First Na. tional Bank of Checotah. Oklahoma, Corporation. has been authorized the Comptroller the Currency of the United States, upon first procuring an order Court directing the same, sell. and execute Receiver's or Quit Claim Deed to the real estate assets: and to sell. and execute Sale to the chattel assets of said bank, herein described for cash sum of not less than Six Thousand Dollars ($6,000.00) with the provision that the purchaser of said real estate will permit said receiver to retain sufficient office and vault space in said building. for his use, during the life of said receivership without charge Said real estate being described am follows: Lot Twenty-two (22) in Block' Sixty-eight (68) the City Checotah, McIntosh County, Okla homa, and being the real estate and banking building thereon belonging to said bank. Said chattel assets being described Fixtures in said bank Partitions building consisting Counters, and Telephone Booth And that said Receiver has filed in the District Court McIntosh County. Oklahoma, his petition praying for an order of said Court directing him sell said real estate assets and execute Receiver's or Quit Claim Deed thereto: and sell said chattel assets and the execute bill of sale thereto, terms, conditions and provisions hereinabove set out. And that said Court has set the 11th day of February, 1929, the hour 10 o'clock in the forenoon of said day as the date for hearing upon said petition, in the Court Room of the District Court of McIntosh County, Oklahoma, at Eufauat which time and place any and all persons interested are invited and requested to be present and submit fers for said property. if they 80 desire Dated at Checotah, McIntosh County Oklahoma, this 4th day of February, 1929 HARWOOD KEATON Receiver of the First National Bank of Checotah, Oklahoma, a Corporation. By Green & Green, Attorneys for said Receiver.

12. February 18, 1932 McIntosh County Democrat Checotah, OK
Article from McIntosh County Democrat, February 18, 1932

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Article Text

Instruments Filed At Court House The following instruments were filed in the county court this week Virgil R. Cass Mtg Co. to Harry C. Blanchard, Q. C. D. $1 SW NW. W2 NW SW 26..12..16; Lavena G. Coodey to Phoenix Bldg. and loan Mtg. $3350. east 70 feet lot 2, bk 18 Eufaula; Janeway Lauhon to F. L. Kay. Q. C- D. $1 1-2 int S2 NW SW NW NW SW, SW'NE SW 11..9..16; W. G. (Morhart to Bruce McKinley, rel of mtg, $150- pt of NW SW 35. 10 16; E. C. Stanard to J. L. Etchison rel of mtg $210; First Nat'l Bank. Checotah, to J. L. Etchison. release of mtg, $3373 S2 NE 27..11., 16; John W Henry to Alice A. Rum sey rel of mtg 1-500, SW SW sec 3 NW NW 10..9.15; Minnie Richard to F.A. Greene, lease E2 NW se Se 11..11..16; First Nat'l bank, receiver to state of Okla. easement, $40 W2 SW 15.12.15; Lincoln Nat'l Life Ins Co to Susan Van Tuyl. partial rel mtg $1000 E2 NE 0. Cur rin, receiver to State of Okla waiv. er, NE 19..12.16; J. Lobenstein to B Lobenstein, deed $1 E2 SW NW SW 20..11..17; Kansas City Title and Trust Co to H. W. Long. Q. C. D. $1 W2 SE 30..11..17; T C. Combs to Robert L. Milliken warranty deed, $1 SE NW 18..12.18; Anne M. Bahn.. sen to J. N. Holt, warranty deed, $1 W2 SE 17..12.16; Mary L. Baughman to Virginia McCluskey. W. D land 28..11..16; Nutteche Lewis to C. M. Beckett rel mtg $1319, E 70.feet lot 2 bk 18 Eufaula; Bessie Sullivan to H. M. Wood, mtg, $200 E2 NE 8. 9.15; William R. Prince to Frank W Prince- Q. C. D. $1 lot 2 SW NE N 10.71 A lot 1, 6..12.18; Sunny Byrd to D. E. Carter, Trust deed; Hit chita State bank to La Dona Pence W D $1 N2 SW 11..12.15; Hitchita State bank to Adam Pence W D $1 W2 W2 Se 6..11.15; Rezecca Simp.. son to Mary E. Pipkins, $416.25 NE SE N2 N2 SE SE 1..10..16; Raymond Day to Chester M. Lykins, warranty deed $1 NW NE 10..10..15; Gilmer Meriwetehr to Chester M. Lykin Q C. D $145 NW NE 10..10..15; H. F. Knebel to Edward L Knebel, assign of mtg. W2 SE. NE SW 19..11.14; Exchange Trust Co to Edward L. Knebel, assignment of mtg $1500, W2 NW SE NW