17919. First National Bank (Broken Bow, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10424
Charter Number
10424
Start Date
October 22, 1926
Location
Broken Bow, Oklahoma (34.029, -94.739)

Metadata

Model
gpt-5-mini
Short Digest
e2ae5720

Response Measures

None

Receivership Details

Depositor recovery rate
24.1%
Date receivership started
1926-11-02
Date receivership terminated
1930-08-30
OCC cause of failure
Governance
Share of assets assessed as good
25.3%
Share of assets assessed as doubtful
72.4%
Share of assets assessed as worthless
2.2%

Description

The First National Bank of Broken Bow closed in October 1926 and a receiver was appointed in November 1926. Articles describe the bank as closed/insolvent and subsequent receiver actions (suits). No contemporaneous coverage of a depositor run is present; the bank was placed in receivership, implying permanent closure.

Events (4)

1. July 17, 1913 Chartered
Source
historical_nic
2. October 22, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent; officers arranged large mortgage/transactions just before it closed and deposits were withdrawn knowing insolvency; closure indicated insolvency rather than a rumor-driven run.
Newspaper Excerpt
The bank closed the next morning (after the night of October 21, 1926).
Source
newspapers
3. November 2, 1926 Receivership
Source
historical_nic
4. November 4, 1926 Receivership
Newspaper Excerpt
Earl J. Litteer ... has been appointed as receiver for the First National bank of Broken Bow. The appointments were made by the comptroller of the currency at Washington, D. C.
Source
newspapers

Newspaper Articles (7)

Article from The Ardmore Daily Press, November 4, 1926

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Article Text

LITTEER NAMED BANK RECEIVER Selected to Handle Affairs for Haworth and Broken Bow Failed. Earl J. Litteer, receiver of the State National bank of this city, has been appointed as receiver for the First National bank of Broken Bow and the First National bank of Haworth. Notification of his selection for these two positions was received yesterday. The appointments were made by the comptroller of the currency at Washington, D. C. Mr. Litteer will make arrangements to begin his new duties at once. He has been in Ardmore for the past three years settling the affairs of the State National bank which closed its doors in 1922.


Article from Muskogee Times-Democrat, December 10, 1926

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Article Text

BANK RECEIVER REQUESTS CANCELLING OF MORTGAGE Earl J. Litteer, receiver for the First National bank of Broken Bow, filed suit in United States district court today asking cancellation of real estate mortgage for $38,350 secured from the bank just before It closed. by the Texarkana National bank, of Texarkana, Texas. The complaint alleges that officers of the defendant bank insisted upon execution of the mortgage as security for four promissory about d'clock the night of October 21, 1926 The bank closed the next morning, and the plaintiff charges that the cabled by Dawes to the American minister to Norway to be read at the


Article from Muskogee Daily Phoenix and Times-Democrat, January 7, 1927

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Article Text

IDABEL BANK RECEIVER SEEKS $10,000 SUIT Three Defendants Charged With Attempt to Evade Stockholders' Liability Assessment 50 SHARES ARE INVOLVED Seeking to collect $10,000 in judgments on stockholders' liability assessments, Jacob A. Salmon, receiver for the First National bank of Idabel. filed suit in federal court here yesterday against John C. Head, C. Head and H. C. Morris. The suit charges that 50 shares of stock in the Idabel bank were purchased by John C. Head, but that the stock was issued to C. Head and Morris, alleged insolvents, in an attempt to evade liability assessments levied by the comptroller of currency after the bank closed. John C. Head also was named defendant in similar suit filed yesterday by the receiver for the First National bank of Broken Bow against him and M. A. Morgan. Judgment for $500 is sought.


Article from Muskogee Times-Democrat, February 5, 1927

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Article Text

BANK RECEIVER FILES SUITS ON STOCKHOLDERS Charging manipulation of bank stock avoid payment of ers' liability Earl teer. receiver for the First National bank of Broken Bow filed suit for $500 against Morgan and Drew Wasson in federal court here today. The Broken Bow receiver also filed suit against Mrs. Davis for $1020 Mrs. Davis, the is relative of former director the Broken Bow bank. On the date the bank closed. charged she withdrew $1000 deposit from the bank. knowing that it was insolvent. and she since has refused to repay the amount to the receiver


Article from The Broken Bow News, February 10, 1927

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Article Text

BANK RECEIVER FILES SUITS ON STOCKHOLDERS Charging manipulation of bank stock to avoid payment of stockholders' liability assessments, Earl J. Litteer, receiver for the First National bank of Broken Bow, filed suit for $500 against C. V. Morgan and Drew Wasson in federal court here today. The Broken Bow receiver also filed suit against Mrs. N. E. Davis for $1020. Mrs. Davis, the petition states, is a relative of a former director in the Broken Bow bank. On the date the bank closed, it is charged, she withdrew a $1000 deposit from the bank, knowing that it was insolvent, and she since has refused to repay the amount to the Muskogee Times-Democrat, Saturday, February 1927.


Article from Abilene Reporter-News, March 15, 1927

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Article Text

Bank Receiver Files Suit In Federal Court Suit for $1,000 filed yesterday in the Federal Court by Earl Litteer, receiver for the First National bank of Broken Bow, Oklahoma, against Mrs. Frances. The bank closed Its doors in October, 1926 and Mrs. Frances owned ten shares of the bank stock, teh petition sets out The suit collect an assessment on the stock.


Article from The Broken Bow News, September 15, 1927

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Article Text

BANK RECEIVER AND WIFE ARE INJURED Mr. and Mrs. J. A. Salmon were painfully but not seriously injured last Friday afternoon about five o'clock. They were returning from Hugo when they met a car, which was on the wrong side of the road, and the two cars collided. Mrs. Salmon's hip was badly brusied but no bones broken and Mr. Salmon's head was cut which required several stitches. Their son, Eugene, who was with them, was not injured. Mrs. Salmon is still in the Paris Sanitarium. We hope she will soon Mr. Salmon is receiver of the First National bank of Broken Bow, and is well-known here. The Salmons make their home in Idabel.