City National Bank of Hugo was closed by order of its board on May 27, 1925 for the protection of the depositors. Newspapers report heavy withdrawals and inability to liquidate old cotton loans as the underlying problem; articles explicitly state there was no apparent run. A receiver was appointed by the Comptroller on June 6, 1925, indicating permanent closure/receivership.
Events (4)
1.March 15, 1922Chartered
Source
historical_nic
2.May 27, 1925Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after heavy withdrawals and inability to liquidate old cotton loans; local business efforts to replenish cash failed.
Newspaper Excerpt
A notice on the door said the closing was by order of the board of directors.
Source
newspapers
3.June 5, 1925Receivership
Source
historical_nic
4.June 6, 1925Receivership
Newspaper Excerpt
Roy A. Cooper ... was appointed receiver for the City National bank of Hugo yesterday. The appointment was made by J. W. McIntosh, comptroller of currency.
Source
newspapers
Newspaper Articles (22)
1.May 27, 1925Brownsville HeraldBrownsville, TX
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LAST BANK IN HUGO IS CLOSED Oklahoma Town Excited as Third Institution Fails to Open (By The Associated Press.) HUGO, Okla., May 27.-The City National Bank, third and last bank in Hugo, closed its doors today. A notice on the door said the closing was "by order of the board of directors." The closing of the first two was attributed to inability to liquidate old cotton loans. City business men yesterday, forseeing the impending crisis, made a concerted effort to replenish the bank's cash, sending representatives quietly to surrounding towns in an attempt to obtain money. They were unable, it is understood, to complete any negotiations in that direction. Suppressed excitement gripped the city as the last bank closed, but there was no demonstration. It was indicated today that while there was no apparent "run" on the bank recently, many depositors had gone to nearby towns, principally Paris, Texas, and drawn on the local institution through banks in those cities. Checks totalling $9000 were cleared yesterday from these sources, directors indicated.
2.May 27, 1925St. Joseph News-PressSt. Joseph, MO
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CITY HAS NO BANKS
LAST INSTITUTION AT HUGO, OKLA., CLOSES DOORS.
Failure of Three Depositories Attrib- uted to Inability to Liquidate Old Cotton Loans-Vain Efforts Made to Replenish Cash.
City National Bank third and last bank Hugo, closed its doors today. notice the door said the was "by order of the board of directors The closing of the first two tributed to inability to liquidate old cotton loans. City business men. yesterday foreseecerted effort to replenish the bank's eash, sending representatives quietly to surrounding towns in an attempt to obThey were unable is derstood complete any negotiations that direction. was indicated today that while there had been no apparent "run" on the bank
3.May 27, 1925Henryetta Daily Free-LanceHenryetta, OK
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HUGO, May City National bank, third and last bank in Hugo, closed its doors today. notice door said the closing was der of the board of directors." The Hugo State bank and the Hugo tional bank were closed May City business men yesterday, foreseeing the impending crisis, made concerted effort replenish the bank's cash, sending representatives quietly to surrounding towns in attempt to obtain money. They were unable, understood, to complete negotiations in that direction. was indicated today that while there had been no apparent "run" on the bank recently, many depositors gone to nearby towns principally Paris, Texas, and drawn on the local institution through banks in those cities. Checks totalling $9,000 were clearyesterday from these sources and directors indicated their action in closing the bank was to this stop direct run" in order to protect maining The closing of the last remaining bank in Hugo created considerable suppressed excitement but there demonstration. statement from the directors of the bank expected. The failure of the Hugo National and the Hugo State attributed inability to liquidate old cotton loans. good season last year improved conditions but did not make possible to retire old loans enough save the banks. Hugo citizens cut off with only the cash they had in their pockets. caught optimism on the rebound and themto work for better days. Recovering from the shock of the last bank's collapse, business men soon predicting that the action would hasten plans for reopening the Hugo National, largest bank in the city These plans are well under way and the imperative need of banking facilities brought about by the City National's closing is regarded as ing them added impetus. Only two banks are today open Choctaw county, small state banks Fort. Towson and at Boswell. Both are located villages but several Hugo business men sent their today for cash. Plans for continuing the business of the city pending the solution of the banking problems are definite. Business was nearly prostrated after the City National closing became known almost all the money available in town being what citizens happened to have in cash. Storekeepstood on the sidewalks and everydiscussed the situation. virtual holiday was forced on the city. Nugent Dodds, attorney for the fice of comptroller of the currency at Washington, who here prosecuting case in federal court, declared that all his experience had never seen situation such as ists here. He declared that far he knows, Hugo the largest city the United States without bank. The population here is about 6,000. Deposits of the City National April last, the day of its most statement Its capital and surplus was given as and cash and cash reserves
4.May 27, 1925The M'Alester News-CapitalMcAlester, OK
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OTHERS WERE RECENTLY CLOSED of Largest Reorganization No Bank Being Rushed; Merchants Have Enough Run Business. Money to citizens. cut off the cash they had day with only closing of the their pockets by the caught optimism on and themselves rebound for better last of the City National city to close this three banks in he did for business month, open notice the door said closed by the board of had been rectors. The Hugo National and the State closed May Town is Optomistic. from the shock of the business men last bank's collapse, that the action predicting the would hasten plans largest bank Hugo already well city. These plans are the imperative banking facilities brought about the City Nation's closing regarded giving them added impetus two banks are open today county, small state banks Townson and at Boswell. Both are located villages, but several Hugo men sent there today continuing the business the city pending the soluthe problem are Business prostrated City National closing almost the money the town what cash. Storethe sidewalk and situation. the Dodds, attorney for the comptroler of the who here in federal court, declared his experience he had never seen situation such as exists He declared that far knows Hugo is the largest city the bank. here about 6,000. Deposits of the City National on April date of most statement, Its capital surplus was given resources and reserves City business men foreseeing the crises, made concerted effort to replenish the cash, sending quietly to surrounding towns in an to money. They unable. understood, to complete negotiations in that direction. Made an Indirect Run. was indicated today that there had been no bank many gone nearby towns, princiTex. and through banks Checks totalling $9,000 from and directors Indicated their action closing the bank this (Turn to Page
5.May 27, 1925The Waco Times-HeraldWaco, TX
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ANOTHER HUGO BANK CLOSES
Associated Press. HUGO, Okla., May 27.-The City National bank, third and last bank in Hugo, closed its doors today. A notice on the door said the closing was "by order of the board of directors." The closing of the first two was attributed to inability to liquidate old cotton loans. City businessmen yesterday, foreseeing the impending crisis, made concerted effort to replenish the bank's cash, sending representatives quietly to surrounding towns in an attempt to obtain money. They were unable, it is understood, to complete any negotiations in that direction. Suppressed excitement gripped the city as the last bank closed, but there was no demonstration. It was indicated today that while there had been no apparent "run" on the bank recently, many depositors had gone to nearby towns, principally Paris, Texas, and drawn on the local institution through banks in those cities. Checks totaling $9,000 were cleared yesterday from these sources, directors indicated.
6.May 28, 1925Daily SentinelRome, NY
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Business Hit Closing By Bank in Town of Only
Hugo, Okla., May town of 6,000 inhabitants today bank. sign on the door of without City National Bank informed the the yesterday that "for the protecpublic tion the depositors," the bank open. Business was standstill today only money pockand registers. Many persons attended baseball game yesterday, others played went fishing. their Lional Bank and the Hugo State closed May Both banks were unold loans. City Bank with capital and and came safely through the financial
Saturday depositors began from the City Na tional Bank, although there Officials of the bank asked for help available dollar leading every business men placed on deposit. neighboring cities additional funds brought little
7.May 28, 1925The Paducah Evening SunPaducah, KY
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BANKS CLOSE IN OKLAHOMA TOWN
Hugo Without Bank, Business Is at Standstill.
(Associated Press Leased Wire) HUGO, OKLA., May 28.-Hugo, a town of 6,000 inhabitants, today is without a bank. A sign on the door of the City National Bank informed the public yesterday that "for the protection of the depositors" the bank was not open. Business was at a standstill today. The only money available being in pockets and cash registers. Many persons attended a baseball game yesterday between two Sunday school teams, others played golf or went fishing. Three banks have closed their doors in Hugo this month. The Hugo National Bank and the Hugo State Bank closed May 6. Both banks were unable to liquidate old cotton loans. The City National Bank, with a capital and surplus of $110,000, requested its depositors to limit withdrawals and came safely through the financial emergency. Saturday depositors began to make heavy withdrawals from the City National Bank although there was no "run." Officials of the bank asked for help and every available dollar of leading business men was placed on deposit. Trips to neighboring cities to secure additional funds brought little aid. Tuesday night the board of directors met and decided to close the bank "for the protection of depositors." Plans are being discussed to merge the three Hugo banks, depositors of each bank to accept a loss of approximately 25 per cent of their deposits. The City National Bank in a statement issued April 6 reported deposits of $280,203.10, capital and surplus $110,000, the reserve $401,940.20 and cash on hand $62,568.94.
8.May 28, 1925Alton Evening TelegraphAlton, IL
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Last Bank in Town of 600 Closes Doors
By Associated Press. a town of 6000 inhabitants. today 18 without a bank. The City National Bank closed its doors westerday after n hard fight and R sign on the door informed the public that "for the protection of the depositors It was not open for business. Business was At n standstill today. businessmen heing left with only the money In their pockets and cash reg. On Saturday depositors began to withdraw from the City National Bank. Although there was no "run" on the bank. heavy withdrawals were made through banks in other towns. On Tuesday officials of the bank asked the business men to help save the bank. Every available dollar of leading business men WAR placed on deposit hu that night the board of di- rectors decided to close the doors of the bank "for the protection of the depositors."
Hugo business men now are dis. cussing plans to merge the three Hugo banks. depositors of each acept. ing loss of approximately 25 per cent of their deposits. Depression has given way to optimism and today business men jested over their altua. lion. One form was to try to cash a check of some business house and another 10 request change for n bill of large denomination.
9.May 28, 1925The TimesShreveport, LA
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Hugo, Okla., Business Comes to Dead Stop As City's Third and Last Bank Closes Doors
The Associated Press) Hugo day find out financial during the the the last the city The hard sign was for public Industry all kinds the virtually when business the money cash registe. their pockets which operate. Only two rating tutions Fort Towson and Hugo National bank and the Hugo unable old closed Ma) nearby town Soper National was closed the by the order of bank Possibility of merging the assets the three banks one institution being dislocal Under was propos bank should proportionate losses. Heavy withdrawals during the three were cause the City National bank's closing today by Leonard. president, in statement issued this afternoon. run the going cities issuing checks ClearTuesday alone amounted amount apcontinued operation the board did appearance dissipating their
10.May 28, 1925Times HeraldOlean, NY
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HUGO. Okla., May town of 6,000 without ban. sign today of the City National the door bank the public yesterthat the protection of day the depositors." the bank was not
Business was at standstill today. only money available in the pockets and cash Many persons attended baseball game yesterday. others played golf or went fishing. Three banks have closed their doors in Hugo this month.. The Hugo National bank and the Hugo State bank closed May Both banks were unable to quidate old cotton loans. The City National bank. with Ital and surplus of quested depositors, to limit withdrawals and caine safely through the financial emergenSaturday depositors began make heavy withdrawals from the City National bank. altho there was no Officials the bank asked for help and every available dolof leading business men was Loring citles to secure additional funds brought little aid.
11.May 28, 1925The Journal NewsHamilton, OH
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POCKET MONEY FOR FOLK OF THIS TOWN
Sole Bank In Hugo, Okla., Closes Doors To Protect Depositors
May Hugo, a town of 6,000 inhabitants, today is without bank. A sign on the door of the City National Bank, informed the public yesterday that for the protection of the depositers, the bank was not open. Business WHS at standstill today, the only money available being in pockets and eash registers. Many persons attended baseball game yesterday between two Sunday school teams, others played golf or went fishing. Three banks have closed their doors in Hugo this month The Huge National Bank and the Hugo State Bank closed May 6. Both banks were unable to liquidate old cotton loans. The City National Bank. with capital and surplus of $110,000 requested its depositors to limit withdrawals and came safely through the financial emergency. Saturday depositors began to make heavy withdrawals from the City National Bank, although there was no "run." Officials of the bank asked for help and every available dollar of leading business men was placed on deposit. Trips to neighboring clies to secure additional funds brought little aid. Tesday night the board of directors met and decided to close the bank "for the protection of deposi-
The City National Bank in statement issued April reported deposits of $380,203.1 capital and surplus $110,000. Whe reserve $401,and on hand
12.May 28, 1925The Portsmouth TimesPortsmouth, OH
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6,000 WITHOUT
HUGO, Hugo, town 6,000 day is without bank. sign on door of the City National Bank formed the public yesterday that for the protection the depositors the bank open. Business was at standstill today, the only money available being in pockcash registers. Many persons attended baseball game yesterday be. tween two Sunday school teams, others played golf or went fishing. Three banks have closed their doors in Hugo this month. The Hugo tional Bank the Hago State Bank closed May Both banks were unable liquidate old cotton The City National Bank, with capital and plus of $110,000, requested its depositors limit withdrawals CHRIC safely through the financial emergency. Saturday, depositors began to make heavy withdrawals from the City National Bank, although there was no
Officials of the bank asked for help and every available dollar of leading placed on deposit. business men was neighboring cities to secure Trips filtional funds brought little aid. Tuesday night the hoard of directors in to close the bank "for met and decided the protection of depositors. Plans being discussed to merge the three Hugo depositors to loss approximately accept 25 per cent their deposits National Bank in The City ment issued April reported deposits capital surplus of $110,000, the reserve 401,040.20. and cash on hand
13.May 28, 1925Times Record NewsWichita Falls, TX
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BANK IN HUGO, CLOSING, MAY MERGE 3
Oklahoma Town Finds Itself in Embarrassing Financial Position
HEAVY WITHDRAWALS
As Much as $9,000 Cleared In One Day by Uneasy Depositors
Okla., May Citizens of Hugo were attempting tonight find way out of the financial difficulties that resulted today the closing of the third and last bank in the city. The City National bank surrendered hard fight its obsed doors today the pubnot open for business. dustry kinds the city virtually stopped when business were left only the their cash registers and their pockets on which operate. Only banks are operating in Choctaw county. small state institutions Fort Towson and Boswell. Hugo National bank bank, unable to liquidate old cotton loans despite crop last closed May State the nearby Soper, the same directors the Hugo National. closed same the order Mothersead, bank Possibility of merging the assets of three Hugo banks large institution being discussed by business Under this proposed that depositors each bank should accept proportionlosses. Heavy during the last the National bank's cause closing today president, statement issued this afternoon. While there the bank, that depositors were going nearby and issuing checks on counts. Clearance such checks vesterday to approximately $9,000. The bank continued borrowed the board money. directors did sume the appearance of dissipating their assets.
14.May 28, 1925The Daily OklahomanOklahoma City, OK
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Weeds Will Choke Go Unless Aid Fields, Crops Unharvested, Comes; Planters Left and Crash High Dry by of the crops on farms Choctaw county, one heavy and counties of the state, will not be harvested this year. unless heroic measures taken finance following the failure Wednesday the bank in the city of Hugo, Waldo assistant state bank commissioner predicts. The City National bank of Hugo closed its doors morning the order the board directors. The Hugo National bank and Hugo bank closed the first time Oklahoma's history. that community persons has been entirely without facilities. Residents Hugo had any money not tied the defunct banks had no place keep but their hid persons their homes. Business houses kept their cash their vaults, while they made arrangements open checking accounts in banks at rant, Paris, Texas, or other
Not only depositors, but borrowers will be tightly pinched by the
Hugo men played two jokes Wednesday. One was to try to cash check of some business house; the other to quest change for bill of large Both requests brought laughter. closing of the Watkins pointed out. Farmers Choctaw county their cotton the ground and had made arrangements with Hugo banks to carry them picking time. Planters depended going to bank for advances of $25 growing have nothing but their
Their horses, cattle, chattels and land, they own all under mortgage to the banks now and cannot be used security for loans, the assistant commissioner plained.
With this situation before them, probably third the farmers Hugo district will be forced their lands weeds, lieved. Some of the less responsible ones has value since mortgaged than the amount the loan simleave other goods the receivers the county. Hugo merchants already are hard pressed many stockholders in the the skimpy buying to be expected during the few months will severe test on Hugo business houses, expected. Stockholders of the three doomed in almost every saw their entire fortunes melt away said. Most of these men Hugo men, and of them the disaster worth much derstood.
In spite of this, efforts will be made and reorganize least the M. Phillips, president of the defunct state bank in Oklahoma City aid Any reorganization old tutions start under heavy handi the opinion of the banking The failures caused by dead weight old cotton loans made back in the period inflation of and based on flated far better mode of relief; Watkins believed, would be the launching of
Every who person could get away Wednesday attended game between two teams in the Hugo Sunday school league; or played golf. Some took advantage of the "holiday" to go fishing. entirely bank Hugo by outside bank would have have capitalization least and preferably surplus start in order be safe, organizers would rock along for two years before expect profit. If such bank could started, lend money toward the making this only by obtaining year's crop waiver from the of the failed banks their prior claims the already mortgaged the farmers need The bankdepartment being to the best interests of the depositors the long Deposits the three failed banks composed aggregate Only two are left running Choctaw They small state Boswell and rush for withdrawals before the closing the City National bank, although depositors on their accounts through banks in cities. Large chose leave their deposits vaults in hope of carrying through the crisis.
15.June 6, 1925The Vinita Daily JournalVinita, OK
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Appoint Receiver For Hugo Bank
(By Associated Press) HUGO, June 6.-Roy A. Cooper, of Muskogee, receiver for the Hugo National bank, was appointed receivfor the City National bank of Hugo yesterday. The appointment was made by J. W. McIntosh, comptroller of currency. No announcemen thas been made concerning the re-organization although it is understood that definite plans is being formulated.
16.June 7, 1925The Ponca City NewsPonca City, OK
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HUGO NATIONAL BANK RECEIVER IS NAMED
Hugo, June Cooper receiver for the Muskogee, Hugo National bank, was appointed receiver for the City National bank of Hugo yesterday. made by Intosh, comptroller of the curBarker, national bank aminer, assets of the and Cooper will institution now take charge as soon as the invoice completed. has been made concerning the re-organization although it understood plans, that definite plan is being formulated.
17.March 19, 1927Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
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HUGE BANK'S RECEIVER SUES 31 STOCKHOLDERS
Roy A. Cooper Files Petition in Federal Court Here to Collect Liability Assessments Thirty-one persons were named as defendants in a petition filed in federal court here yesterday. Roy A. Cooper. as receiver of the City National bank of Hugo, was the party plaintiff and the more than scbre of respondents were stockhold ers in the defunct bank, the petition says. Petitic seeks to get judgment in the sum of assessments made against the stockholders of the bank after it closed its door in May, 1925.
18.October 21, 1927The Valliant TribuneValliant, OK
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Bank Receiver Winner Here When Court Sets Aside Property Sales
Hugo, Oct. Roy A. Cooper, receiver for the City National bank of Hugo, was winner in an action in district court here Wednesday when Judge George T. Arnett set aside the conveyance of extensive properties by Dr. Y.A. Howell, of Spencerville; appointed L. R. Blakney, of Hugo. as receiver for the properties, and ordered the same to be sold and the proceeds applied on indebtedness of Howell to the City National bank. The case was filed January [5f 1925, by the City National bank to set aside conveyances made by Howell on the grounds o fraud, after several execution, issued on judgments held by the bank had been attacked by alleged purchers of property levied upon. After Cooper's appointment as receiver for the City National bank he was directed by the comptroller of the currency to proceed with the case and a special officer of the department of justice was sent to Hugo to assist in gathering evidence. The trial was begun on September 30 and was concluded late in the afternoon of October 1. after an examination of a large number of witnesses, residents of Spencerville and vicinity.
19.February 2, 1928The Southeast OklahomanHugo, OK
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$442,651.91 Paid to Bank Depositors
A total of $442,651.91 has been paid to depositors of three defunct banks in Choctaw county so far, it was revealed by the quarterly statement of Roy Cooper, national bank receiver, issued here this week. Hugo National depositors have received 43 per cent; the City Nationbank of Hugo has paid 43 per cent, and the First National bank of Boswell 20 per cent. Detailed figures of his operations given by the receiver in the report to the comptroller of the cur-
20.February 3, 1928The Cushing Daily CitizenCushing, OK
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Forty per cent has been paid depositors of the Hugo National bank; 43 per cent to depositors of the City National bank of Hugo, and 20 per
21.February 4, 1928Drumright Weekly DerrickDrumright, OK
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Half Million Is Paid Choctaw Depositors
HUGO, Feb. 4.-A statement lividends paid depositors of three defunct banks of Choctaw county was made here in quarterly report issued by Roy A. Cooper, national bank receiver. Forty percent has been paid positors of the Hugo National bank 13 percent to depositors of the City National bank of Hugo, and 20 cent to depositors of the First National bank of Boswell. Total of dividends was fixed
22.February 23, 1928Pawhuska Journal-CapitalPawhuska, OK
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ROLLINS WINS IN (Con't from Page 1) other political honors should be sent to the democratic convention at Houston. Over fifteen hundred visitors were present in the city, it is estimated with 736 registering, and the estimated crowd at twice that many. There were over two hundred at the banquet last night. Visitors were loud in their praise of Pawhuska's hospitality, and many of them expressed the desire to return. This is the second convention of the organization that this city has received in five years, the previous one being held here in 1923. she shall not dance and that the agreement shall become void if she marries. The superintendent of schools in Kiowa County desires to place such a clause in the teachers contract, H. H. Porter, assistant state superintendent, wrote the Attorney General. The clause is as follows: "It is expressly agreed and understood that the party employed shall not attend any dance during the life of this contract. It is also agreed and understood that if the party hereby employed marries during the life of this contract, the contract becomes null and void." Whether Leap Year has anything to do with it, was not made plain but Lewis said that he intended to hold that prevention of marriage of school teacher is against public policy. He still is looking un law on the daneing clause.
Bank Receiver Dies HUGO Okla., Feb. 23 (P)-Roy A Cooper, 52, receiver for the Defunct Hugo National and City National banks here and the First National Bank of Boswell, Okla., was found dead today in his room in a local hotel.
Be up and doing, but mind whom you do.
