Atoka State Bank - Atoka, OK

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: March 1, 1927*
Location: Atoka, Oklahoma (34.386, -96.128)

Metadata

Model: gpt-5-mini
Short Digest: c3d7b23e

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Newspaper (1927-03-31) recounts Senator Memminger re-entered Atoka State Bank and shipped currency and assured depositors during cotton-price-related trouble, preventing a run and averting failure. No suspension or closure is reported. Exact date of the run is not given in the article; the story is recounted at his death.

Events (1)

1. March 1, 1927* Run

Cause: Local Shock
Cause Details: Collapse in cotton prices threatened local agriculture and many cotton loans, leading to runs on several area banks including Atoka State Bank.
Measures: Senator Memminger re-entered the bank, shipped in thousands of dollars in currency and publicly assured depositors they would be paid in full.
Newspaper Excerpt: He made arrangements to ship in thousands of dollars in currency to prevent failure in case of run ... with Memminger back in the institution and his word that every depositor would be paid full, the bank pulled through.
Source: newspapers

Newspaper Articles (1)

1. March 31, 1927 The Oklahoma News Oklahoma City, OK

Article from The Oklahoma News, March 31, 1927

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Article Text

PREVENTED RUN ON BANK Senator Memminger of Atoka To Be Buried Friday "The man who wouldn't let bank go down' was mourned Thursday by officials of the State Banking department at the capitol And the story of how Senator Memminger. 67, president of the Atoka State bank. had left retirement and came to the rescue or his during in to pull through was recited by M W. McKenzie, attorney for the State Banking Memminger died suddenly Wednesday at Atoka Senator Memminger had quit active work in the bank which he founded in 1906. after the close of the 10th Legislature when he had served his district as State Senator Banks in Danger When the cotton price farmers of Atoka-co and numerous banks collapsed and were in grave danger of failure be cause of cotton loans Runs were started on many. Senator Memminger left his retirement and re-entered the bank He made arrangements to ship in thousands of dollars in currency to prevent failure in case of run With Memminger back in the institution and his word that every depositor would be paid full. the bank pulled through the Funeral services will be probwhich the body will be shipped Wheeling. W. for burial To Oklahoma In 1901 Memminger formerly lived and coming to Oklahoma in In he established the Atoka State bank and served as its president until his death "The death of Senator Memminger is distinct loss the banking minger maintained one of the cleanest in the state and proven hibself to be efficient banker." At statehood Memminger was elected to the state Senate served two terms Later he elected again and served in ninth and 10th Legislatures in the Senate He was netive in farm orwork Acute Indigestion Death was due to acute indiges. tion. Until few moments before his death. he apparently was in best of He had gone to the office of Dr J. 5. Fulton and told the physician he was feeling slightly ill. Before the examination was completed. he was Memminger is survived by widow. son and daughter The of the bank and his daughter Martha lives also in Atoka plot. He was member of the Masonic lodge and trustee the Atoka son will conduct the funeral