15555. First National Bank (Coalgate, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12529
Charter Number
12529
Start Date
April 17, 1926
Location
Coalgate, Oklahoma (34.538, -96.219)

Metadata

Model
gpt-5-mini
Short Digest
caacea2e4c120bb4

Response Measures

None

Description

Documents show H. S. Thompson listed as Receiver of the First National Bank of Coalgate in spring and late 1926 foreclosure notices (receiver in place by order dated 1926-04-17). That indicates the bank had been suspended/placed in receivership and assets were being sold. A separate article (Oct 16, 1926) reports a threatened run that was averted by a 60-day depositors' contract after rumors from failure of the Atoka bank; this appears to be a distinct liquidity scare but the legal record indicates the First National was under a receiver and its assets subject to foreclosure sales, consistent with a suspension/closure episode. I therefore classify the episode as a suspension that led to closure/receivership. Dates are taken from the court/order dates and newspaper publication dates.

Events (5)

1. April 18, 1924 Chartered
Source
historical_nic
2. April 17, 1926 Receivership
Newspaper Excerpt
H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation; ... pursuant to an order of sale issued ... under date of the 17th day of April, 1926, ... being Case No. 4078, I will on the 22nd day of May, 1926, ... offer for sale ... property ... taken as the property of said defendants ... H. D. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation: ... (Published in Record-Register April 22nd. 29th, May 6th, 13th, and 20th, 1926.)
Source
newspapers
3. May 22, 1926 Other
Newspaper Excerpt
Sheriff's sale ... will on the 22nd day of May, 1926, at 2 o'clock p. m. ... offer for sale and sell at public auction ... property ... said property is taken as the property of said defendants and will be sold to satisfy the judgment of said plaintiff ... and H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation.
Source
newspapers
4. October 12, 1926 Run
Cause
Local Banks
Cause Details
Rumors sparked by failure of the Atoka bank spread to Coalgate and threatened withdrawals.
Measures
Board obtained depositors' signatures on 60-day contracts to leave funds in bank; examiner called in to reassure depositors.
Newspaper Excerpt
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 depositors to leave their money in the bank for sixty days ... It was the failure of the Atoka bank that gave rise to the rumors that started the run in Coalgate.
Source
newspapers
5. December 15, 1926 Other
Newspaper Excerpt
Notice of Sheriff's Sale under foreclosure ... directed to me the undersigned sheriff ... and H. S. Thompson as Receiver of the First National Bank of Coalgate ... I will, therefore, on the 17th day of January, 1927, ... offer for sale, and sell to the highest bidder for cash, the said property above described ... WITNESS MY HAND this 15th day of December, 1926.
Source
newspapers

Newspaper Articles (3)

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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Article Text

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