15857. Exchange Bank (Wewoka, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 14, 1905
Location
Wewoka, Oklahoma (35.159, -96.493)

Metadata

Model
gpt-5-mini
Short Digest
60b67f6de41a3e68

Response Measures

None

Description

Articles report the Exchange Bank of Wewoka going into receivership (Mar 14, 1905) and later criminal indictments/arrest of the former president (Oct 24, 1905) for embezzlement. No run is described; the bank suspended and a receiver was appointed and the institution is described as defunct. OCR shows variant spellings of the president's name (Cutlip / Cutlipp); I use the forms as in the texts.

Events (3)
1. March 14, 1905 Receivership
Newspaper Excerpt
PETTY BANK FAILURE Exchange Bank of Wewoka ... has gone into the hands of a receiver on application of Mr. Bailey, vice president of the bank.
Source
newspapers
2. March 14, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Available cash $1,800 against $9,000 deposits; funds mostly loaned out; insolvency/financial failure leading to receiver appointment.
Newspaper Excerpt
The Exchange bank of Wewoka has gone into the hands of a receiver ... The available cash assets were $1,800 and the deposits $9,000.
Source
newspapers
3. October 24, 1905 Other
Newspaper Excerpt
T. B. Cutlipp, president of the defunct Exchange Bank at Wewoka, was arrested ... charged with embezzlement, larceny and making false entries in the books of the bank. There are nine indictments against Cutlipp.
Source
newspapers

Newspaper Articles (2)
1. March 14, 1905 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, March 14, 1905

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Article Text

PETTY BANK FAILURE Exchange Bank of Wewoka, With $9,000 Deposits,, Quits. Muscogee, 1. T., March 14-The Exchange bank of Wewoka has gone into the hands of a receiver on application of Mr. Bailey, vice president of the bank. The available cash assets were $1,800 and the deposits $9,000. The funds of the bank are mostly loaned on secured paper which is thought to be good. The exchange bank is a state institution, incorporated under the laws of the territory with a capital of $15.000. T. G. Cutlip was pres ident and Guy C. Cutlip, his son, cash er. It is believed that the depositors of the bank can be paid in full when the business of the concern is wound up and the outstanding paper is col lected.

2. October 24, 1905 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, October 24, 1905

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Article Text

A BANKER IS ARRESTED TERRITORY PRESIDENT OF DE FUNCT BANK AT wewoka Charged With Embezzlement, Larceny and Making False Entries in Books of Banks-Nine Indictments Against Him. Muskogee, I. T., Oct. 24.-T. B. Cutlipp, president of the defunct Exchange Bank at Wewoka, was arrested last night charged with embezzlement, larceny and making false entries in the books of the bank. It is understood that those indictments were returned by the grand jury shortly after the bank suspended but was never made public because Cutlipp had disappeared immediately after the bank failure, and the officers were not able to locate him. He was arrested yesterday afternoon and his bond placed at $5,000. This he has not been able to raise at last account but it is believed his friends will make it for him. There are nine indictments against Cutlipp.