15858. Farmers National Bank (Wewoka, OK)

View Charter #8052 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8052
Charter Number
8052
Start Date
July 23, 1932
Location
Wewoka, Oklahoma (35.159, -96.493)

Metadata

Model
gpt-5-mini
Short Digest
0a54045acb2bc116

Response Measures

None

Receivership Details

Depositor recovery rate
68.5%
Date receivership started
1932-07-22
Date receivership terminated
1939-11-09
Share of assets assessed as good
40.7%
Share of assets assessed as doubtful
54.3%
Share of assets assessed as worthless
5.1%

Description

The Farmers National Bank (Wewoka, OK) was closed by its board on or about July 23, 1932 after large shortages were discovered. A federal receiver (Ralph McClure, later Glen C. Leslie) was appointed (receiver named July 26, 1932). Four former officials were indicted and later convicted for embezzlement. The institution remained defunct under a receiver (dividends/distributions to depositors occurred in 1933), indicating permanent closure rather than a temporary suspension/reopening.

Events (6)
1. January 18, 1906 Chartered
Source
historical_nic
2. July 22, 1932 Receivership
Source
historical_nic
3. July 23, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Huge shortages discovered in the bank's assets; alleged embezzlement by four bank officers (Bunyard, Cozart, Barham, Thompson).
Newspaper Excerpt
The Farmers National was closed on order of its board of directors on July 23, after huge shortage was uncovered
Source
newspapers
4. July 26, 1932 Receivership
Newspaper Excerpt
Ralph McClure... was named receiver for the Farmers' National bank of this city...came here to take over the bank, having been named for the position by the comptroller of the currency.
Source
newspapers
5. December 15, 1932 Other
Newspaper Excerpt
Investigation of the criminal activities behind the closing of the Farmers National bank at Wewoka last July be continued...Four former officials in the bank already are under indictment on charges of embezzlement
Source
newspapers
6. June 27, 1933 Other
Newspaper Excerpt
Checks totalling $77,000 were ready for issuance to depositors of the funct Farmers National Bank today as the bank's receiver began paying a 22½ per cent dividend on the bank's certified deposits.
Source
newspapers

Newspaper Articles (12)
1. July 26, 1932 Shawnee Evening Star Shawnee, OK
Article from Shawnee Evening Star, July 26, 1932

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Seminole County News Briefs Ray Moore-Agent. Subscription, Stops and transfers taken at the post office news stand WRESTLING CARD SLATED SEMINOLE July 26 (Special)-Another of those increasingly popular wrestling cards which have supplanted professional boxing in Seminole will be staged at the Seminole Athletic stadium Wednesday evening. according to the announcement made today. 'Little Dutch" Heffner and Speedy Roberts will mix in the main event. They are light beatling on the "winner take all" plan, to finish. Curtis Turner and Bobbie Duggins tangle in the semi-windup of the ning, while Alabama Gilder and Tiget De Ling, the latter of Oklahoma City, wrestle the third "to finish" match on the card. Two other time limit bouts are promised by the promoters of the card. Wrestling has gained favor rapidly in Seminole and weekly cards are being staged here. BANK RECEIVER STARTS WORK WEWOKA, July 26 Ralph McClure, who was named receiver for the Farmers' National bank of this city, yesterday came here to take over the bank, having been named for the position by the comptroller of the currency, he came from similar job. that of receiver for the First National bank of Wanette With characteristic speed he started delving into the assets of the bank and said that within the week he hoped to have statement ready, giving many persons in this section the opinion that upon his findings will rest the future the institution. Although there has been no official statement made, authoritative reveal the information that many shortages have been made up and that the bank will be in position to reopen in the near future. While without a nominal spokesman. it seemed to be the opinion of the board that the shortages can be made up that is all that is necessary to return the old bank to its former position. Just what the receiver will require, however, it was impossible to learn. MRS. YOUNGER ARRESTED SEMINOLE July 26 Zella Younger, widow of Blackie Younger, killed in fight with officers time ago, and who had pleaded guilty of bootlegging in the federal court, was arrested by Seminole city officers last night and lodged in jail.

2. July 27, 1932 Morning Examiner Bartlesville, OK
Article from Morning Examiner, July 27, 1932

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RECEIVER IS NAMED WEWOKA, Okla., July 26. (P) Ralph McClure, former receiver for the First National bank at Wanette, was named receiver for the Farmers National bank here today by the comptroller of the currency. McClure said he would issue statement after determining the condition of the bank

3. December 15, 1932 Seminole County News Seminole, OK
Article from Seminole County News, December 15, 1932

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GRAND JURY TO CONTINUE PROBE COUNTY New Criminal Charges Due In Closing of Farmers National Bank at Wewoka Investigation of the criminal tivities behind the closing of the Farmers National bank at Wewoka last July be continued by federal grand jury which meets at Muskogee next Monday The County News learned Wednesday from an authoritative source the government plans to ask the grand jury to indiet several persons on new criminal charges in connection with the bank's failure Receiver In Charge The Farmers National was closed on order of its board of directors on July 23, after huge shortage was uncovered At present the institution is in the hands of federal receiver Four former officials in the bank already are under indictment on charges of embezzlement, making and "conspiracy to defraud national bank They Hugh Barham, Hap Thompson, W. Cozart, and W. M Bunyard. Barham, former cashier and Cozart former vice-president, were members of the board of rectors when the bank closed. Thomp son wa sa teller and Bunyard formerly was vice-president. Have Plead Guilty Indicted by the grand jury about the middle of November all four entered pleas of guilty to the charges when they were arraigned in federal court November 31 They were charged with obtaining $198,000 through fraudulent means, the grand jury report stated The four be taken before Federal Judge Robert L. Williams at Muskogee on January 23 for sentencing Face Other Charges Although each has pleaded guilty it is understood the court will duct brief hearing of the charges in order to determine the amount of punishment justifiable Two of the four face possible prosecution by Seminole county authrities in connection with short. ages in funds they handled guardians for Seminole Indians Bunyard was surcharged approxi(Continued On Page Four)

4. April 24, 1933 Shawnee Evening Star Shawnee, OK
Article from Shawnee Evening Star, April 24, 1933

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Bunyard, Barham, Cozart And Thompson Given Terms, Fined MUSKOGEE April Four officials the defunct Farmers National Wewoka, were months years LeavenRobert federal court here today, assessed fines from $250 ranging $600. Cozart, vice president, and vice ident the defunct bank, were givthe of and Hugh 29, because of his age, given five and $600. years old Indian, tellthe defunct bank, tenced months the Muskogee, fine Aldridge Cleared Bart Aldridge cleared of blame in failure the bank, all charges against him His father, Aldridge, prominent leader Wewoka and pioneer resident Seminole withdrew his guilty, nd entered guilty. Formal will passed him January Judge Delay on made the bank to property Aldridge making restitution. Before sentence Judge Willims distasteful to him, but that realized time the bezzlement were wrecking community placing the bank position Statement Contradicted Senator Nichols, attorney the bank told the that lost money the bank who Judge Williams said the court contradicted the Cozar Barham were sentenced with tences currently. will be paroled other when his sentence "Thompson Indian, and know easily Indian stray unscrupulous He young man he certainly guilty the Judge Williams marked passing sentence. Ages demanded by Judge before federal district showed Thompson The indictment The charged fund. Ellis Cooper. Harold deputy Virgil Hugh Bland, and others from the All custody of the held in kogee Farmers National bank closed the national bank examyear. After ceiver placed charge, grand jury the books made, indictments were turned against four former Aldridge and his son were indicted federal grand

5. April 27, 1933 The Konawa Leader Konawa, OK
Article from The Konawa Leader, April 27, 1933

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Bankers Sentenced To Prison Terms MUSKOGEE, April 24 Six citizens of Wewoka faced Federal Judge Robert L. today, all charged with embezzlement in connection with the failure of the Farmers National bank at Wewoka last July. Two of them, a pioneer citizen of Seminole county and his son, virtually were cleared of the criminal charges, although E. C. Aldrdge, known to thousands n ths secton of the country as "Gene" wll face Judge Williams again on January 24, 1934, when he is to be sentenced on a charge to which he entered plea of guilty today after he had withdrawn one of not guilty. The others will be away for varying terms. W. C. Bunyard and W. Cozart, 44 and 42 years old, respectively, will serve seven years in the federal penitentiary at Kan.; Hugh Barham, 29, will serve five years at the same prison, while H. Thompson will serve eight months in the jail at Muskogee. Bunyard, Cozart and Barham were fined $600 fined each and Thompson was $250. U. S. Attorney W. F. Rampendrich asked the court to dismiss the charges insofar as J. Bart Aldridge was concerned, stating that complete investigation on his own part and that of the bank's receiver had revealed a lack of criminal intention. Then the case of E. C. Aldridge, with Bart, came up. J. Harve Maxey, of Tulsa, former speaker of the house, rose and made short statement to the court, closing with the dismissal of the plea of "not guilty" and substitution of one of "guilJudge Williams asked Gene Aldridge to stand and approve the action of his attorney and then W. Rampendahl made this statement to the court. C. Aldridge has made restitution of all but about $31,000 or so of the money involved in these charges. He has $60,000 home in Wewoka and his son's home, too, has been turned over to secure the balance of the money in addition to other securities. No one will lose penny because of any act of C. Aldridge in connection with the failure of the bank. He has even assumed responsibility for some money, that he is not clearly at fault in." Judge Williams then said that to expedite the settlement between Aldridge and the receiver, he felt that the mater might well be set over until the first Monday in January, and later made it January 24, when he said he would pronounce sentence.

6. June 27, 1933 The Daily Times-Democrat Wewoka, OK
Article from The Daily Times-Democrat, June 27, 1933

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In Keeping Step By Ten cent cotton, dollar wheat, stocks and cent dividend claims of the Farmthe approved ers National bank make things look elike mighty bright this mornig. Ten cent cotton is the price farm have maintained they have to get order to make any money. teen months cotton futures were ago selling at nine and ten cents pound but before the got on the market crop the price had slid down to half that figure. With the cotton acreage duction campaign almost an assured success in the south, cotton will in all probability increase in price. The fly the ointment is the 12 13 million from last year. For the first time in three years wheat worth dollar bushel. Wheat doesn't anything in Seminole county big factor throughout the state. Hot, dry winds have helped to boost up the price of wheat. Again the big bugaboo heavy carry-over from last year. Just how much of the increase the price of stocks due to psychology and how much to increased values question that no one is quite capable of answering. At any rate the increase of prices music to the and money in the pockets. Today and tomorrow more than $100,000 which has been tied up the Farmers National bank for almost year will be released, most of it going to individuals and firms Wewoka. Just when there will be another dividend or how much will amount to remains unanswered. Many vacation will be taken, many an old bill paid, many new piece of merchandise bought with the hundred thousand which is being released. Its almost like new money. wish to emphasize here that all workers must re-register Wednesday and Thursday of this week. Not only must every man who expects to get work re-register this week but new lists from this and every county in the state must be in the governor's going to call for 100 cooperation and mile minute speed to meet the requirements There every indication that the number of men accepted for R. employment will be smaller than previously and every possibility that those accepted will be given more work. The oft-recurring rumor that Wall street bankers would like "get" Henry Ford has come out in the open in testimony given at Detroit yesterday. A Detroit banker told one man grand jury investigating the closing two national banks there that Wall street had its mind made to get the motor magnate. least once before Henry Ford has demonstrated he does not need Wall street money and again last spring he proved it. We are all coming to the realization that the strangle hold handful of New York bankers had on the industry of the country did none of us any good. In That's the sorry rent opinion of the special session of the state legislature hopelessly dering about for scheme to aid the tax situation. All are agreed that something needs to be done. compromise of some sort is badly needed. Surely the ligislature will not have met in special session without having done something constructive. Not many people know what the National Industrial Recovery act means. Judge Roberts has given the bill thorough study and sume of to the Chamber of Commerce yesterday noon. Yet even Judge Roberts does not claim to know exactly what the bill means. Among other things, puts premium trade associations. virtually inates the Sherman anti-trust act. abolishes the theory that competition the life of trade. The days of cut throat competition in the UnitStates are gone. It's the same old story. The same people who complained that Herbert Hoover didn't do enough now plaining that Franklin Roosevelt doing too much. You just can't please some people.

7. June 27, 1933 The Daily Times-Democrat Wewoka, OK
Article from The Daily Times-Democrat, June 27, 1933

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FARMERS NATIONAL BANK CHECKS ARE BEING DISTRIBUTED Asks That Those Holding Approved Them Checks. Checks totalling $77,000 were ready for issuance to depositors of the funct Farmers National Bank today as the bank's receiver began payinga 22½ per cent dividend on the bank's certified deposits. Several hundred of the 1270 checks were issued this afternoon depositors who called at the bank, but of the sheaf of vouchers was expected to be distributed tomorrow. The checks, drawn on the Liberty National Bank of Oklahoma City, and signed by the comptroller of currency Washington, were received here yesterday. Receiver Ralph McClure explained to the today that only small number of checks will mailed to depositors. The signing of receipt is necès the check can be issued the depositor. that reason," said McClure, many as possible to call the bank for their dividends. we were forced to mail receipts and the checks in another letter, that would mean cents postage on each McClure said would require eral days to issue all of the checks.

8. July 28, 1933 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, July 28, 1933

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Mass Meeting Thursday Night Prepares Merchants For Launching Of Program SEMINOLE, July 27 was by meeting all mittee earlier the day found this city for launching of the NRA code, word from Washington puts the code into effect. Wacker's, variety store with two in the city, was the first the increase pay the increase the number employes. Strauss manager the announced that five per July that additional sales people had been em- Dr. Harber, of the city and general the committees presided at both the afternoon and evening He urged the fullest cooperation the merchants and employers the response his expression faith Seminole's ability meet the met with instant response from every branch of the meeting there 42 the various adminisand practically every the city was the evening meeting. 40 week, wage $14 for "white employes and 40 cents an for mechanics, with certainty no decrease in working hours and no in the salaries this to employes were briefly the propositions put before employers labor Seminole at evening's meeting. tative budget which they are expected clossly their but today was announced that would be made in the tentative budget before submitted the county excise board for proval. Meanwhile, County Assessor John McClung to tlement the major oil on values those of last Thus far, the assessor found the oil willing with the county authorities none elected their case before the county excise board. Leslie Lewey was granted vorce from Beulah Lewey whom married in Mena, Ark., June 26, Superior Court Judge Cutlip Thursday. The mother lowed resume her maiden name, Belah Ross, custody child was assigned each the ents for six each year Lewey required pay $20 monthly for her support. Chase was the attorney for Lewey. BANK REPORT WEWOKA, July report the for the Farmers National for the ending June 30, that the condition the is improved. After paying dividend of about report shows that there hands the comptroller currency Washington about 000 time. The dividend paid percent the money posit the bank closed. suspended July 1932. statement shows that total in have accounted for by the receiver, Ralph BUDGET TO BE APPROVED WEWOKA, July board of county were expected to meet Friday to put their stamp approval on the budget for the fiscal It reported that several departments the county have been drastically In meantime, the office County John word that the companies and the county are rapidly reaching higher valuations the asked by the The settled the county assessor the Phillips Petroleum also company effected settlement without going to the county excise board. KONAWA CLUBS TO AID KONAWA, July Lions club the American Legion, this city's leading civic organizations, today were ready to put immediate operation new working wage scale suggested by the administration. Under the 10,000 mark in population, Konawa, nevertheless, will follow the larger erave the fullest with the administration the complying terms of the NRA.

9. February 24, 1934 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, February 24, 1934

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SUE RECEIVER Total Of $178,000 Paid To Save Farmers National Is Sought By Business Men SEMINOLE, Feb 23 (Special) filed afternoon superior court by Norvell, Davis, Patterson Dale Wolfe all of Wewoka, against the receiver of the Farmers National bank, Wewoka, Glen seeking which the petition states Wewoka placed in the bank in July, in an effort the bank was deposited with of bank the district petition makes public for the first the four citiof to save the bank and tells how they poured and money to protect the they the funds thus the that might paid the bank in the IUThe the states, was signed by the bank ex Reciting that the Farmers National Wewoka, was in 1904 as national bank, the petition states that on July 1932, was that of the bank had and stolen from the assets of the bank large that the funds and money the of approximately and that as the was made Davis, director the bank. called together andirector and Wolfe, depositors, to meet with Cog- All day Sunday 17, and continuously following morning men sought to work by which the bank could be kept open the assets and depositors saved and paid 100 per suggested the bank merged Security State bank, failed, and then the plaintiffs allege they were earnestly solicited by some of the direcof the bank some large and knowledge and Coggins place the bank to cover the and the bank in event the bank might be kept open. This and Norvell and Wolfe and Davis total of 000, the and the was Monday as The bank its ness of and Coggins the bank the and discov. the the shortages On July 21 Coggins closed the bank and has closed that time The plaintiffs declare they put into bank cash sufficient known and that Glen has in his all the assets any money of the bank, with the the plaintiffs paid the bank th Of the in the been paid to the and under the agreement the men covered the shortages their are titled to both unequitable unjust for the to both the money paid the plaintiffs the shortage and the money recovered repaid on the shortages, thus receive double payment. There has been filed and is pending the district court eastern filed the against the National Surety the fidelity bonds written on the four defaulting and the surety comhas answered the suit by saying that the bank lost nothing the money paid the four plaintiffs in this all short- In July, the four now are the to the of the currency on the shortages which been to or may be paid the the petition cites, the comptroller denied the Setting forth that their only adequate remedy at law be found in the courts the plaintiffs pray they may be to all rights and of the receiver of the bank to all money from the shortages, totaling some other relief the court may be able to give them under the law.

10. March 20, 1934 The Wewoka Times-Democrat Wewoka, OK
Article from The Wewoka Times-Democrat, March 20, 1934

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City Police See No Robbery When Bank Is Entered Attempts to enter the Farmers Merchants bank building early Tuesday morning was no mystery to the city police who dismissed the theory of attempted robbery late today with the opinion that "it must have been some drunk or someone." Discovery of the break-in was made early in the morning by the nightwatchman, officials working with Glenn Leslie receiver, reported. They said that nothing was missing, although entry was obtained into the building through rear south window. The screen had been pried loose and the glass in the rear door broken. Passersby saw the broken glass soon after bank receiver officials had been called shortly after 1:30 m. and some time later the police siren was sounded by city officers. traces of attempted robbery were found however. Citizens today who viewed the broken door and window expressed the belief that robbery attempt had been made by someone who seeing the name Farmers Nation al bank still on the building at tempted to stage robbery because they did not know it had been closed more than year ago,

11. March 24, 1934 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, March 24, 1934

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$178,000 SUIT IS FILED AGAINST BANK RECEIVER Wewokans, Officials of Defunct Institution, Claim They Put Up Personal Funds EMBEZZLEMENT CHARGED Sult to collect $178.000 which they allega was placed in the new defunct Farmer's National bank of Wewoka was instituted yesterday in federal court against Glen C. Leslie federal receiver for the failed institution. by terson and C. Wolf directors and principal stockholders of the instituall of The four stockholders allege that they placed their personal funds at the disposal of the bank in an effort to keep solvent after W Bunyard, L. W Cozart. Hugh Barnhart, and H. T. Thompson, officers of the bank had allegedly embezzled and The four accused officials, they said, deeded cer tain royalties as partial security for the amounts The four plaintiffs contend that since have been made from a surety company they are entitled to repayment and complain that the comptroller general of the United States has refused to honor their They seek $178,000 from the bank's receiver.

12. July 18, 1934 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, July 18, 1934

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WEWOKA BANK 'ANGELS' STILL FIGHT FOR $186,000 Four Wewoka men who say they ad. vanced of their personal funds to save the Farmers National bank of Wewoka from failing, in federal legal efforts to claims from being wiped their efforts the bank 1932. Wewokans are Davis, J. A. Patterson and Action taken today was in retaliation to move by Glen C. Leslie, bank's receiver, who seeks to dismiss the damage suit for $182,500 filed by the Norvell, Davis, Patterson and Wolfe answered Leslle by setting forth that they had the upon representations from federal banking officials. The plaintiffs asserted that the bank failed as result of stolen funds Four bank officials later sentenced to prison terms by Judge Robert L. WIIHams after entering pleas of guilt.