15796. State National Bank (Shawnee, OK)

View Charter #6416 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6416
Charter Number
6416
Start Date
July 20, 1928
Location
Shawnee, Oklahoma (35.327, -96.925)

Metadata

Model
gpt-5-mini
Short Digest
093ca2d1755c1f0f

Response Measures

None

Receivership Details

Depositor recovery rate
88.2%
Date receivership started
1934-04-09
Date receivership terminated
1940-10-04
Share of assets assessed as good
39.6%
Share of assets assessed as doubtful
59.4%
Share of assets assessed as worthless
1.0%

Description

Articles describe a small rumor-driven run in July 1928 that was contained (bank remained open). Later the State National closed (reported as closed in November — articles from Apr 1933 reference a prior November closing), efforts to reorganize/reopen were pursued in 1933, waivers signed by depositors, and a conservator/receiver handled liquidation. A new institution (American National) purchased acceptable assets and opened in Jan 1934; a receiver was formally appointed April 10, 1934. The precise November closing year is ambiguous in the April 21, 1933 article (it references closed November), so I set the suspension date to 1932-11-00 as the most consistent interpretation (closed the prior November to the April 1933 discussion).

Events (9)
1. September 11, 1902 Chartered
Source
historical_nic
2. July 20, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Article describes a rumor that the bank was in trouble; large depositors reassured others that the rumor was false and the run was contained by confidence in officials.
Random Run
Yes
Random Run Snippet
Rumor that bank had failed was false; depositors reassured
Measures
Bank officers and large depositors publicly reassured other depositors; confidence of officers prevented panic.
Newspaper Excerpt
Many banks have been wrecked with than was for the run on the State National at that time, and it was only the confidence the had in the which was public over period of that gained kept the run from officers of the bank
Source
newspapers
3. November 1, 1932* Suspension
Cause
Local Banks
Cause Details
Closure occurred in the context of a sinking chain of banks and the wider banking moratorium; depositors signed waivers per federal requirements while reorganization was sought (not described as a rumor-driven closure).
Newspaper Excerpt
State National closed November, sinking chain of banks. The reorganization committee ... Depositors of the State already have signed waivers on percent of their deposits, the amount specified by the federal government.
Source
newspapers
4. June 1, 1933* Other
Newspaper Excerpt
New Institution Is to Be Formed If State National Fails to Reopen ... organize bank take over the eligible assets of the Shawnee National ... the assets would be held and liquidated by the receiver. ... new bank could have been opened days. ... await issuance charter for bank, which has applied for, check up can made the State National bank whether or not the partment would permit to open. So with end view await (CONTINUED ON PAGE )
Source
newspapers
5. January 12, 1934 Other
Newspaper Excerpt
Business at No. East Main street was humming again Monday ... the American National Bank opened its doors for business the building formerly occupied by the State National Bank. The bank has purchased certain of the acceptable assets of the old State National Bank, and are paying through the conservator, Ross Johnson, 45 percent dividend on the unsecured deposits of that bank which closed at the time of the banking moratorium.
Source
newspapers
6. April 9, 1934 Receivership
Source
historical_nic
7. April 10, 1934 Receivership
Newspaper Excerpt
Johnson has received telegraphic notice of receiver of the State National bank of Shawnee, which has been under conservator since the banking holiday last year. Johnson took charge of the bank today. / ... appointed receiver for the State National bank of Shawnee, succeeding Ross Johnston conservator.
Source
newspapers
8. May 4, 1934 Other
Newspaper Excerpt
Roy F. Johnson, receiver for the defunct State National Bank of Shawnee filed against R. D. and Lottie Howell to collect damages of $4000 ... Johnson alleges that the bank for which he has been appointed receiver holds mortgage on the properties ... and that the Howells have taken and disposed of certain properties ... damaged his bank to the extent of $4000.
Source
newspapers
9. December 21, 1934 Other
Newspaper Excerpt
Announcement this week that the State National Bank would make another payment deposits ... Announcement of the payment per cent dividend to depositors on the original amount their deposits in the defunct State National ... Will Make Total To Date To Depositors of 70 Cents On Dollar ... It will take about three weeks for the amounts to be sent Washington and the checks to signed by the comptroller of the currency and returned, Johnson said.
Source
newspapers

Newspaper Articles (11)
1. July 20, 1928 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, July 20, 1928

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Article Text

CONFIDENCE IN BANK OFFICIALS SHOWN BY PATRONS TAKE OUT FUNDS Long Acquaintance Of Men In State National With People Of Vicinity Made Possible The Progress So Noticeable At Present the removal of the State Na. bank into puarters Saturtional mark of distinction will. be attributed the officers and directo of the organization in conductthat would justify the ing business put into effect expansion program by the bank It the long acquaintance of the directors and officials with of this vicinity that has the people possible the patronage of the in manner that causes it to after year and make progress advantage of the good will of take the to No confidence in bank can shown than by few banks been all country. Some kind ing over of that the State National bank to among few of depositors panic started and bank was for the business the next large crowd of persons to Large depositors got in other who assured them that the rumor was false, and the bank in good So great their confidence in those who have charge of the bank that no business

2. July 20, 1928 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, July 20, 1928

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Article Text

Byron Well Known WILLIAM BYRON Byron, cashier State National has with the institution since Prior that time he cashier of the State tion he several Byron of bankers in from of and ness large circle of known for his Besides being Byron a member of the board of directors. and handles the exchange department. man of the withdrew his and this confidence passed on the line the on the bank was confined to only a few accounts Many banks have been wrecked with than was for the run on the State National at that time, and it was only the confidence the had in the which was public over period of that gained kept the "run" from officers of the bank are: Willard chairman of the As the oldest in Johnston enjoys the of all his associates, and his management is judgment on high. He is the guiding hand behind the State National bank. Alhe has turned much of the active management over to other ficers. W. R. son of Willard Johnston, was elected president of the bank at the of last There is no one in who would be better qualified the position than Ross, as he reared in Shawnee, when through school later graduating from the University of Oklahoma. Ross is known to all of the younger generation as a football player and prominent in all school athletics. however. the older business men have begun to realize that he knows as much about banking as he does He is of the most popular ness men of Shawnee Dr. vice president of the bank was elected to the position in who has lived in approximately 20 connected with the banks here for he widely as civic booster for Joe F. active president of the entered the of the State National bank after took the old Union State and with every since. He is of the early settlers in Oklahoma, and wide experience in business Paul P. is another

3. April 21, 1933 Shawnee Times-Record Shawnee, OK
Article from Shawnee Times-Record, April 21, 1933

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Article Text

LOCAL BANKING SITUATION SOON CLEAR UP Proposal to Reorganize Shawnee National Is Being Studied COMMITTEE NAMED State National Awaiting Federal Orders After Filling Demands Pottawatomie county's banking had improved officials National awaiting word the comptroller of permit to leopen 65 percent basis. In the meantime, depositors of the Shawnee National meeting Wednesday night and named committee to reorganizati plan can be affected. Committee Named The Shawnce National closed November, sinking chain of banks. The reorganization ommittee composed of M. Neale, B. Hanimons, Ed Sittel and Roebuck. Fred Reily presided at He pointed out that since it would be impossible for depositors receive their full amounts thru liquidation, it might be better for the depositors and the city whole to take the losses on deposits in order to permit the bank reopen. Investigation of the condition of the bank at this time as well as letermining what steps would have to be taken to have it reopen will be the luties of the committee. Waivers Signed Depositors of the State already have signed waivers on percent of their deposits, the amount specified by the federal government. The bank has been -examined and no reports made as to any irregularities of any kind. Every demand has been and those who have been working hard to speed up reopenloss to know why the present delay. The State Bank at McLoud repened some time ago and during the last week, the Bank of Meekresumed normal business.

4. June 6, 1933 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, June 6, 1933

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Article Text

New Institution Is to Be Formed If State National Fails to Reopen that Shawnee would two banks the near future was Monday committhe National bank new bank would be take of the assets of the failed providing the bank not opened reports federal aminer are submitted. The fedbegan investigatthe bank tailed report be to the federal department. and Neale the depositors committee made public the following statement been working quietly but persistently approximately since we have been serve committee for the The chairman and George Emdepositors on proposition open Shawnee National bank. organize bank take over the eligible assets of the Shawnee National made trip to Washington and received all the data and which brought back report would be necessary organize and the bank could from the receiver the Shawnee Na. tional bank which the examiners would allow into the bank, and depositors would receive their share of the purchase price thereof. The assets would held liquidated the ceiver. This would made large amount the money available to the committee, after considerable negotiation, an agreement with bankers undoubted financial strength acceptable to the banking and willing put up the necessary capital and surplus for the bank. All arrangements completed, the for the capital for surplus vided and new bank could have been opened days. The committee meeting Saturday evening and discussed the proposition that made the assets of the State National bank determine could open. We have been advised all along that would be permitted to operate The department undoubtedly thinks, this from the we that two can meet all the mands of trade Charter Sought "Those in the new bank project to the best not to urge issuance charter for bank, which has applied for, check up can made the State National bank whether or not the partment would permit to open. So with end view await (CONTINUED ON PAGE

5. June 15, 1933 Greensburg Record-Herald Greensburg, KY
Article from Greensburg Record-Herald, June 15, 1933

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Article Text

L. M. VANCE TO DETERMINE IF BANK REOPENS The Shawnee Morning News, Shawnee, Okla., recently published the following story regarding L. M. Vance, national bank examiner, formerly of this city, being named to make final inspection of the State National Bank: L. M. Vance, national bank examiner of Illinois, was nanted by J. F. T. O'Connor, comptroller of the treasury, to make a complete new examination of the State National bank, the Shawnee bank reorganization committee was informed late Friday. Vance's report on the bank will be final and will determine whether the bank will be reopened or liquidated. The special examiner's new checkup will be made quickly and his report sent direct to the comptroller of the treasury, thus eliminating much waste of time necessary when the usual procedure is followed.

6. January 12, 1934 Shawnee Times-Record Shawnee, OK
Article from Shawnee Times-Record, January 12, 1934

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Article Text

BANK BUSINESS Dividend Payment Made Uninsured Depositors of State National BOWLBY IS CHIEF Other Officers are Ingram Guyton, Morey and Barnwell Business at No. East Main street was huming again Monday the Joyous news of bank in the city was spreading sunshine over the business trict, as the American National Bank opened its doors for business the building formerly oceupithe State National Bank. Visitors thronged in and out of the bedecked bank lobby all week congratulate of ficers who have been smiles mile broad while coming the callers. the new president, is friendliand one has the feeling that that humaness in the new bank supplanting the hard boiled titude usually attributed to banks and bankers. Mr. Bowlby and his officers have been encouraged over the accounts coming in and the increase in deposits. Small Accounts Welcomed "No account will be too large none too small for us to handle Mr. Bwlby declared. He pointed out that he was going to strive to make the service charge to customers as small as posible. feel that banks all over the country need to biuld up goodwill toword the building business and that excessive charge for service have the opposite effect. We are going to strive to give the best servic possible and keep the cost customers at minimum," said. The other officers Ingram, vice-president, Guy. ton, cashier and Grant Morey and Esta Barnwell, assistant cashiers. Willard Johnson is the chairman of the board of directors, other members being Mr. Bowlby, Mr. Ingram, Roscoe Arrington and Bryant, State Bank Dividends Paid The bank has purchased certain of the acceptable assets of the old State National Bank, and are paying through the conservator, Ross Johnson, 45 percent idend on the unsecured deposits of that bank which closed at the time of the banking moratorium. The cashing out of this dividend has been much slower than the officials of the new bank had expected and desired. suppose that since people know that it safe, they aren't in such hurry it," Mr. Bowlby said. Reget maining assets of the old bank, not by the new bank will be liquidated by Mr. Johnson and additional dividends will be paid. All deposts in the new bank up to $2,500 will be insured the provisions of the Federal Deposit Insurance corporation with no assessment to cover deposit surance. The new bank is member of the federal reserve system. The capital structure is $220,000, $100.000 in common stock; $100,000 in preferred and $20,000 plus.

7. April 10, 1934 The Tulsa Tribune Tulsa, OK
Article from The Tulsa Tribune, April 10, 1934

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NEW BANK RECEIVER SHAWNEE April F Johnson has received telegraphic notice of ceiver of the State National bank of Shawnee, which has been under conservator since the banking holiday last year. Johnson took charge of the bank today.

8. April 10, 1934 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, April 10, 1934

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NAME BANK RECEIVER SHAWNEE April F. Johnson, receiver for three banks of the closed Douglas chain, has been appointed receiver for the State Na. tienal bank of Shawnee, succeeding Ross Johnston conservator.

9. May 4, 1934 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, May 4, 1934

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SHAWNEE BANK RECEIVER SUES FOR $4000 DAMAGES A dispute over-the ownership of fixtures and properties in the defunct Holdenville Theater Co. entered federal court yesterday as Roy F. Johnson, receiver for the defunct State National Bank of Shawnee filed against R. D. and Lottie Howell to collect damages of $4000. Johnson alleges that the bank for which he has been appointed receiver holds mortgage on the properties of the Holdenville Theater Co. and that the Howells also held indebtedness against the picture show company. Johnson complains that the Howells have taken and disposed of certain properties in the Grand and Dixie theaters, and that they have damaged his bank to the extent of $4000.

10. December 21, 1934 Shawnee Times-Record Shawnee, OK
Article from Shawnee Times-Record, December 21, 1934

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Announcement this week that the State National Bank would make another payment deposits brings as much happiness the depositors in that bank Santa Claus will bring to Tuesday. The announcement makes us wish had lost money in the old bank. Our guess is depositors will get all their money eventually. And dame rumor has it something big is in store for the bank about the first of the year. Which is ali one can get from street talk. Sale of Christmas trees and decorations in Shawnee would indicate most homes here are ready for arrival of the bewhiskered gent from the cold bleak northland. Looking back over year conditions here are somewhat improved. Merchants report busines. better than in many years. The government's efforts in turning normal conditions taking effect here, believed About one more year of the magic recovery hypo will put the nation where was 10 years ago, financial experts say. Oil fans of Shawnee are wait ing for the Sauter well to decide how big an oil play this city will get in 1935. There is not muc. noise made at the present but are hoping it is the lull before the storm of oil. If Santa really wants to make big hit out northeast of Shawnee he can bring that section Wileox producer in Sauter well. That wouldn't be half bad. John Hickey probably wouldn care if the Sauter well came so big it would blow oil all ove his farm home. Hickey owns large portion of the land imme diately north of However old man Hardin, who owns most of the land in the Fitts oil field at Ada, raised ned for disturbing him in his old fashioned log cabin he has called home for 40 years, and refused cool million to vacate 10 acres there. Then we once heard of mai who was plenty angry over ruin ing new suit of clothes when gusher came in on his property in the Oklahoma City field. farmer near Wanette was peeved drilling crew for making much noise his cows didn't give the milk they were capable of. But can assure Santa if his program calls for big gusher in the Sauter well he won't lose any friendships in that vicinity. Santa has many things he do for Shawnee this year. The greatest thing we can ask is for happiness and contentment in the homes. Drive that bugaboo of fear and the big bad wolf out of existence. Everything else will come along alright. Mrs. Medlock of Lawton and Mrs. Ollie Mitchell of Mem phis, Texas, will arrive the last of this week for holiday visit with their brother and sister, Mr and Mrs. Roy Black. Mr. and Mrs. E. Nicholson and daughter, Moyna June, of Reno, will come Sunday to be the guests of their brother and sister, Mr. and Mrs. P. Hatchcock and Mr. Nicholson's father, George Nicholson, over ChristJoining the family party Tuesday will be Mr. and Mrs. Nicholson and daughters, Mary Lou and Dorothy Ann, of Wewoka.

11. December 21, 1934 Shawnee Times-Record Shawnee, OK
Article from Shawnee Times-Record, December 21, 1934

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TIMES RECEIVER BANK THINKS Announcement of 25 Cent Dividend Is Encouraging STATE NATIONAL PA1 Will Make Total To Date To Depositors of 70 Cents On Dollar Announcement of the payment per cent dividend to depositors on the original amount their deposits in the defunct State National coming within year of the paying of 15 per dividend, being heralded as compliment to the business judgment of the receiver. "It aim to values out of our assets and it purpose to get much money back to the depositor Ben Johnson, receiver said in commenting on the dividend. He believes that more will be paid to the depositors and he stated that there also will be dividends paid to the depositors of the former Shawnee National Bank for which he is receiver. It will take about three weeks for the amounts to be sent Washington and the checks to signed by the comptroller of the currency and returned, Johnson said. Johnson who through his cervership work has kept in close touch with business over the county believes that conditions much better and that people greatly watomie County is principally agricultural district and farmers should build their incomes around diversified farming, cows, hogs. poultry and sheep, is his opinion. He thinks that more emphasis should be given to sheep raising than is at the present, and that lands which have been taken out of cultivation because of lack of productive value should be plantin pasture grasses. Johnson sees as the chief agricultural problem of the next two or three years the replenishing of classes of livestock, depleted cause of the drouth. The best producers, Johnson recommends for dairy cattle sturdy white face and Durham mixture is his ideal in beef stock. Don't chase poor stock, but don't the other extreme and pay fabulous prices on which returns are almost impossible to make, vises. This is Johnson's first experience as bank receiver. He has been in the banking busines years.