Afton Exchange Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 1, 1914*
Location: Afton, Oklahoma (36.694, -94.963)

Metadata

Model: gpt-5-mini
Short Digest: 62a7c3cd

Response Measures

None

Description

Article (1916-04-13) states the Farmers State Bank (organized Apr 12, 1914) 'took over the Afton Exchange bank, which was closed by the bank commissioner when the cashier, W. P. Phillips, absconded some $6,000 short.' This indicates the Afton Exchange Bank was closed by the commissioner due to an embezzlement/absconding by the cashier and was taken over by a new bank. Date of closure inferred as around the time the new bank was organized (circa 1914).

Events (1)

1. April 1, 1914* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier W. P. Phillips absconded, leaving the bank about $6,000 short; bank closed by the bank commissioner and taken over by a new institution.
Newspaper Excerpt: took over the Afton Exchange bank, which was closed by the bank commissioner when the cashier, W. P. Phillips, absconded some $6,000 short.
Source: newspapers

Newspaper Articles (1)

1. April 13, 1916 Tulsa Daily World Tulsa, OK

Article from Tulsa Daily World, April 13, 1916

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Article Text

AFTON BANK IS A HEALTHY INFANT Celebrates Second Birthday With Deposits at $100,000 Mark. Special to The World. AFTON, Okla., April 12.-The Farmers State bank of Afton is just two years old today and celebrated the day by stating that its deposits were now around the $100 000 mark. The last statement of the bank showed $96,000. The bank was organized here two years ago by George O. Shepherd and George M. Reeves, and took over the Afton Exchange bank. which was closed by the bank commissioner when the cashier, W. P. Phillips, absconded some $6,000 short. The bank at the time of the new bank assuming the deposits of the Afton Exchange bank started business with only $21,000 deposits. One year later the deposits had reached nearly $70,000. and now they are at the $100.000 mark. This is considered a mighty good record for a bank in an Oklahoma town that has had neither a boom by oil or mineral ore, and the bank has simply built the business up by good hard conservative work and business hustling. The present officers of the bank are: G O. Shepherd. president: W. P. Smalley and J. W. Mosely, vice-presidents and George M. Reeves cashier. Afton is a railroad town of over two thousand people at the junction of the Joplin, Kansas City and St. Louis lines of the Frisco railway system running into Oklahoma.