15609. First National Bank (Grandfield, OK)

View Charter #10006 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10006
Charter Number
10006
Start Date
June 7, 1923
Location
Grandfield, Oklahoma (34.228, -98.685)

Metadata

Model
gpt-5-mini
Short Digest
c80ae01eef75b7ed

Response Measures

None

Receivership Details

Depositor recovery rate
23.0%
Date receivership started
1923-07-21
Date receivership terminated
1926-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
12.1%
Share of assets assessed as doubtful
37.9%
Share of assets assessed as worthless
50.0%

Description

Articles report the First National Bank of Grandfield was insolvent and a federal bank receiver took charge on June 7, 1923; later prosecution of officials for embezzlement is described. There is no mention of a depositor run prior to suspension—closure appears to be by receivership/government action.

Events (5)
1. May 3, 1911 Chartered
Source
historical_nic
2. June 7, 1923 Receivership
Newspaper Excerpt
a federal bank receiver took charge of the bank and its assets were sold (June 7, 1923)
Source
newspapers
3. June 7, 1923 Suspension
Cause
Government Action
Cause Details
Federal bank receiver took charge of the bank and its assets were sold due to insolvency
Newspaper Excerpt
on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold
Source
newspapers
4. July 21, 1923 Receivership
Source
historical_nic
5. May 29, 1925 Other
Newspaper Excerpt
selection of the jury for the trial of three officials of the First National bank in Grandfield, defunct institution ... On trial are O. E. Mapel, A. E. Rasmusson and Earl Lear ... indictment containing five counts, one of which is embezzlement.
Source
newspapers

Newspaper Articles (2)
1. May 29, 1925 The Frederick Leader Frederick, OK
Article from The Frederick Leader, May 29, 1925

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Article Text

JURY COMPLETED FOR TRIAL OF 3 GRANDFIELD MEN United Press. Guthrie, May 29-The selection of the jump=for the trial of three officials of the First National bank in Grandfield, defunct institution, which started Thursday in federal court here, was concluded today. The taking of testimony in the case began at two o'clock. On trial are O. E. Mapel, A. E. Rasmusson and Earl Lear, all, of whom were officials at the time of the failure of the bank. The three are all made defendants on an indietment containing five counts. one of which is embezzlement. Their cases are being tried together.

2. May 25, 1926 The Frederick Leader Frederick, OK
Article from The Frederick Leader, May 25, 1926

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Article Text

SUES TO RECOVER BIG BANK DEPOSIT Mrs. A. Baker has filed suit in et al., directors and officers of the First National Bank of Grandfield, for the recovery of $10,451.19, which she claims to have deposited in the bank March 15, 1923. Plaintiff alleges that the defendants knew that the bank was insolvent when the deposit was made, that they came to her and solicited her to place her money in the bank, and at that time represented the bank to be in a solvent and thriving condition. Mrs. Baker deposited $13,451.19 in the bank, but on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold, she was repaid $3,000, and she now asks judgment for the remainder, $10,451.19, with six per cent interest from June 7. 1923.