First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6868
Charter Number: 6868
Start Date: July 1, 1931*
Location: Beggs, Oklahoma (35.743, -96.070)

Metadata

Model: gpt-5-mini
Short Digest: 863b451b

Response Measures

None

Receivership Details

Depositor recovery rate: 62.7%
Date receivership started: 1931-07-09
Date receivership terminated: 1936-12-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 49.2%
Share of assets assessed as doubtful: 40.5%
Share of assets assessed as worthless: 10.3%

Description

Article states the First National Bank of Beggs failed in July of this year and a receiver (J. G. Hughes) is handling liquidation and suing a director. No mention of a depositor run; evidence indicates failure with receiver assigned, so classified as suspension leading to closure.

Events (5)

1. July 6, 1903 Chartered

Source: historical_nic

2. July 1, 1931* Receivership

Newspaper Excerpt: J. G. Hughes, receiver for the defunct First National bank of Beggs ... filed suit ... director ... in the bank when it failed in July of this year and receiver's petition sets forth ... assessed the bank's directors and stockholders $25,000 to partially cover a deficit of $40,000
Source: newspapers

3. July 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed in July 1931 with a reported deficit of about $40,000; directors and stockholders assessed $25,000 to partially cover deficit.
Newspaper Excerpt: when it failed in July of this year
Source: newspapers

4. July 9, 1931 Receivership

Source: historical_nic

5. December 31, 1931 Other

Newspaper Excerpt: J. G. Hughes, receiver ... yesterday filed suit in United States district court here for $500 judgment against R. M. Clark ... director ... in the bank when it failed in July of this year
Source: newspapers

Newspaper Articles (1)

1. December 31, 1931 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK

Article from Muskogee Daily Phoenix and Times-Democrat, December 31, 1931

Click image to open full size in new tab

Article Text

FORMER BANK DIRECTOR IS SUED BY RECEIVER J. G. Hughes, receiver for the defunct First National bank of Beggs yesterday filed suit in United States district court here for $500 judg ment against R. M. Clark, also of Beggs and director and in the bank when it failed in July of this year. The action is brought under a federal law that stockholders are liable to the amount of their investment in capital stock in event the receiver finds suitable deficit when he attempts to liquidate assets. Clark is alleged to have owned $500 of capital stock in the bank The receiver's petition sets forth that he found It necessary to assess the bank's directors and stockholders $25,000 to partially cover a deficit of $40,000 and that Clark has refused to join others in meeting the de