15537. Cherokee National Bank (Cherokee, OK)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
12049
Charter Number
12049
Start Date
March 1, 1933*
Location
Cherokee, Oklahoma (36.754, -98.357)

Metadata

Model
gpt-5-mini
Short Digest
f3bbf1c809823876

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-04
Date receivership terminated
1937-12-29
Share of assets assessed as good
59.8%
Share of assets assessed as doubtful
30.8%
Share of assets assessed as worthless
9.4%

Description

Articles describe the Cherokee National Bank being restricted/closed during the 1933 banking holiday/conservatorship and later being granted authority to resume operations (Nov 1933). A receiver (Geo. Aycock) is mentioned in early 1934 arranging dividends โ€” indicates the bank had been under conservatorship/receivership during this period. There is no clear description of a depositor run (heavy street withdrawals); closures appear tied to the March 1933 national banking holiday and examiner/receiver actions. Dates are OCR-corrupted in places; I corrected obvious OCR errors (e.g., Cherokee National) and inferred reopening around Nov 1933 from the Nov 21, 1933 article.

Events (5)

1. November 18, 1921 Chartered
Source
historical_nic
2. March 1, 1933* Receivership
Newspaper Excerpt
George Aycock, receiver for the two institutions ... is trying to get ready for dividend ... depositors of the closed Cherokee National ... should make immediate claim .
Source
newspapers
3. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Restricted/closed in the aftermath of the March 1933 national banking holiday; examiners/conservator actions and restrictions on withdrawals were imposed by banking authorities.
Newspaper Excerpt
Both banks have been restricted withdrawal of deposits since the national banking holiday was lifted.
Source
newspapers
4. October 4, 1933 Receivership
Source
historical_nic
5. November 1, 1933 Reopening
Newspaper Excerpt
Bank Soon Opens ... been granted authority to again start business ... the Nation[al] bank would open for operation before ... the first of November; examination has been made by the federal bank examiner and authority expected to be granted to resume operations .
Source
newspapers

Newspaper Articles (3)

Article from The Alva Review-Courier, May 26, 1933

Click image to open full size in new tab

Article Text

EXAMINERS NATIONAL CHEROKEE BANK AT that the treasury Indications taking steps to partment lieve the banking conditions in the of Cherokee were neighboring city week when Coggiven this bank examiner, and national gins, Oberwortmann, assistant the books aminer, began checking of the Cherokee National and the Farmers' National. have been restricted Both banks withdrawal of deposits since new the national banking holiday was lifted. bank examiner made The concerning what would statement done toward the be reopening banks unrestricted.


Article from The Alva Weekly Record, November 21, 1933

Click image to open full size in new tab

Article Text

Bank Soon Opens Examination to Be Made to Again Start Business of Institution president the Eason Oil This entire community will and long time associate of pany pleased to learn that greatly Doolin, his friendship for Farmers National bank of Cherothe county citizen, and how according to reliable happy present at an vices, been granted authority to affair honoring him. their banking Acock, federal bank George examination has made by the national banking known spoke partment. the honored guest. highly This bank, with all others Hadwiger, prominent piothe country, was placed talked he blazed trails ratorium the part March his friend, Doolin, and spoke of this Later, was year. highly his and honesty. under conservator Tells of Dealings Constant of the Cherokee National Toastmaster Ferguson bank being placed charge Hunter Marcum both the Farmers National declared he had "waited Cherokee National get Doolin About month ago, both banks He spoke about the dealwere placed his friend of long time, ings George Aycock receiver and that all he heard cock held the matter of home Tulsa from Doolin and his abeyance until the first of the short Ferguson vember, there being plan under grass country whereby the Nationwell known Woods countian bank would open for operation veteran usual before the then spoke about Doolin The great distance from Washand of the things he has ington caused negotiations and the feeling of accomplished rather slow. but the first of Carl Dunnington Doolin Speaks and R. Carpenter started Then came Doolin's address, Washington make personal which he reminiscensed his arrival tact with the and his clothing store through the efforts of Senator which was known as Deppen and Gore, personal contact Doolin: how he first started in poliwas made, placing the situation phase of life which has directly before the department. him high in this state, well The bank officials made the trip nationally. Henry Washington an automobile France and others started They coming home the first of George Crowell and others helped the week, examreach my first the ination can be had of the bank, office of register of deeds. When expected again be in operacame here, there unrestricted. road, one bank. two churches, and has been stated reliable Every time authority that the officials of the built around the institutions will gladly welcome held dance in celebraexamination the bank's dition and confident there will The well known Democrat be better showing this several things that happened time than previously and under Alva and this section during his which the approval the resumption operation was granted. (Continued on page


Article from The Cherokee Republican, February 9, 1934

Click image to open full size in new tab

Article Text

COOPERATION OF PEOPLE THE LOCAL BANKS Receiver Aycock Points Out Several Ways for Hastening Payments IS TRYING TO GET READY FOR DIVIDEND Substantial Payment on posits Would be Big Help At This Time People interested depositors borrowers closed Cherokee National or The Farmers National Banks, can be material in getting early dividend payment they give their immediate and complete cooperation, was pointed ou: this week by Geo. Aycock, receiver for the two institutions. my desire to pay dividend the earliest possible moment. Aycock said "One of our greatest hindrances in this plan the cooperation on the part of parties. The receiver explained that those who have deposits in the bank should not fail to make immediate claim. Failure to do so may loss of much time in share of the money to be paid "Those who are indebted to these banks should understand that was the depositors money that was loaned them when the note made. Depositors cannot be until the notes are Aycock declared. Where persons indebted the banks should make ments with other banking tions or federal loan agencies secure money with which to take notes in the close banks thus assist depositors in their money. The receiver pointed out again that substantial dividend payment this time would be of very terial help the entire and such payments can only with complete cooperation everyone concerned.