17922. First National Bank (Buffalo, OK)

View Charter #8896 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8896
Charter Number
8896
Start Date
December 13, 1924
Location
Buffalo, Oklahoma (36.836, -99.630)

Metadata

Model
gpt-5-mini
Short Digest
229a613c

Response Measures

None

Receivership Details

Depositor recovery rate
15.0%
Date receivership started
1924-12-27
Date receivership terminated
1928-10-31
OCC cause of failure
Governance
Share of assets assessed as good
25.2%
Share of assets assessed as doubtful
47.1%
Share of assets assessed as worthless
27.7%

Description

The First National Bank of Buffalo suspended on December 13, 1924 and a receiver (C. O. Nelson) was appointed; subsequent articles discuss the receiver's sale of assets and statements through 1926, with no indication the bank reopened. Causes cited include insolvency from loan losses tied to a poor wheat crop and inadequate assets to support liabilities.

Events (4)
1. September 28, 1907 Chartered
Source
historical_nic
2. December 13, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed for insolvency — large bills receivable, unsecured liabilities and loan losses exacerbated by a poor wheat crop (low collections).
Newspaper Excerpt
the First National Bank of Buffalo. as of the date of its suspension, Dec. 13. 1924
Source
newspapers
3. December 27, 1924 Receivership
Source
historical_nic
4. January 22, 1925 Receivership
Newspaper Excerpt
D. G. Gardner of Henrietta came Monday and is here opening the receiver's books. It will take him a week or ten days.
Source
newspapers

Newspaper Articles (9)
1. January 22, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, January 22, 1925

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Article Text

Request Sent to Comptroller The committee in charge sent to the Comptroller of Currency at Washington, D. C., last Friday, detailed report of the plan they are working on to re-organize the bank, enclosing a list of 142 subscribers for stock. The committee consider it a good report and are hoping for report within the next week. The committee asked permisto inspect the notes held by the First National Bank, pended. D. G. Gardner of Henrietta came Monday and is here opening the receiver's books. It will take him a week or ten days.

2. January 22, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, January 22, 1925

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Loofbourrows and Brinks Change Wade H. Loofbourrow last week purchased of C. O. Nelson. receiver of the First National Bank, suspended, the E. B. Brink bungalow in the northwest part of town. Mr. Loofbourrow traded his residence property on the corner of Twelfth and Williams Streets to E. B. Brink. The two families moved into their new properties Monday,

3. January 22, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, January 22, 1925

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J. W. Appleton Buys Brink Farm J. W. Appleton has purchased of C. O. Nelson, receiver of the First National Bank, suspended, the E. B. Brink 160 acres just southwest of Buffalo. This gives Mr. Appleton all of section 13. across the road south of Buffalo

4. February 5, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, February 5, 1925

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Article Text

FIRST NATIONAL BANK MAY NOT OPEN SOON Committee Appointed to Go Over Assets Recommends to Not Purchase Under Contemplated Plan. The committee appointed January 13 by the depositors to look over the notes and other assets of the First National Bank, suspended, and report whether or not in their opinion the bank could be profitably reopened, received the authority and made the examination Monday. While the committee does not believe that re-organization possible at this time, some of them say that there is a possibility that some plan might be worked out to purchase the assets, provided the liabilities are reduced sufficiently after harvest. This would dépend entirely upon the outcome of this year's wheat crop and the payment of the loans. The committee's report follows: We. the committee selected to examine the assets of the defunct First National Bank, after so doing, beg to report that in our opinion the condition of same does not warrant a continuation of the plan contemplated for reorganization at this time. J. T. McDERMOTT O. E. MOORE. A. V. ROBERTS. W. W. WHALEN, O. W. TEMPLE.

5. March 5, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, March 5, 1925

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Article Text

DISTRICT COURT PROCEEDINGS V. B. Browne Plead Guilty and Was Sentenced to Two Years In Penitentiary. Judge A. G. Sutton is holding the March term of District Court this week, and it is expected to continue until the first of next week. V. B. Browne, cashier of the May State Bank, guilty, Monday, on one of the charges against him and was sentenced to two years in the State penitentiary. Sheriff G. W. Hurley will take him to McAlester the last of the week. Other proceedings of the week follow: State of Oklahoma vs. Wm. Dawdy, obstructing justice. cases.) Dismissed on motion of County Attorney for want of sufficient evidence to convict. State of Oklahoma vs. George family. Kinser, incest. cases.) Defendpresent, waives reading of formation and formal arraignment and files demurrer to indictments and demurrers overruled and excepted to, waives time to plead and enters plea of not guilty. State of Oklahoma vs. V. D. Browne, loaning money to corporation in which defendant is an officer. Defendant present and personally withdraws plea of not guilty and personally enters plea of guilty. Judgment and sentence of two years in State penitentiary imposed by Court to begin at date day. of reception. State of Oklahoma vs. Browne, violation of banking laws, continued for this sitting of Court by agreement. place. Bonnie L. Scott vs. Richard E. Scott, divorce. Decree of divorce granted plaintiff. W. A. Casey vs. Alice Casey, divorce. Decree granted plaintiff and former name restored to defendant. Minnequa Coal Co. vs. Laverne Farmers Exchange, recovery of money. Motion to dismiss overruled and excepted to. Geo. R. Simpson vs. Bayard E. Williams, al, suit on note. Permission given to make Receiver of First National Bank of Buffalo party defendant. Kansas City Life Insurance Co. or vs. Miles V. Watkins, recovery of money. Sale confirmed. Mortgage Co. vs. Geo. Reynolds, et al, foreclosure of real estate mortgage. Sale confirmed. State of Oklahoma, ex rel. vs. Texannie Handley, cancellation of certificate of purchase. Motion to re-instate case overruled and excepted to. J. W. Berryman vs. L. Dees, et al, suit for an accounting of property. .confirmed. J. Buck Alexander, et al, foreclosure of real estate mortgage. Sale confirmed. Great Southern Life Insurance Co. vs. C. R. Cool, et al, foreclosure of real estate mortgage. Sale confirmed. First National Bank, Wood ward, vs. Price Covalt, et al, suit on note. Judgment by default as per journal entry. American Life Insurance Co. vs. John T. Smith, et al, foreclosure of real estate mortgage. Sale confirmed. Aetna Life Insurance Co. Orren L. Richardson, et al, foreclosure of real estate mortgage. Sale confirmed. Susan C. Shuyler Earnest A. Shuyler, et al, partition suit. Motion to quash service confessed,alias summons ordered sued. American Life Insurance Co. vs. Corra R. Cool, foreclosure of real estate mortgage. Sale confirmed. Bank of Woodward vs. Cooper, suit note. Permission given defendant to file and set off instanter. Renfrew Investment Co. vs. Francis M. Nossaman, et al, foreclosure of real estate mortgage. Sale confirmed and writ of assistance ordered issued. (Continued on Fourth Page)

6. October 8, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, October 8, 1925

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WANT ADS shoe, nearly new. It's at the Journal. HEMSTITCHING and picoting. -Mrs. Myrtle Baird. 19tf FOR SALE-Baby walker. Inquire at Buffalo Drug and Jewelry Store. DOGS FOR SALE-Setters and pointers, young stock.-L. A. Welden, Gilman City, Mo. 3416 LOOK-Strawberry plants, $2.00 per 1000, pick 'em up yourself; I'll dig 'em.-N. C. Austin. 331f LOST-White face yearling steer or heifer, branded diamond on right hip.-Roy Chism, Buffalo. FOR SALE-Several good rebuilt separators, sold right, several different kinds. Buffalo Pro duce Company. FOR SALE-Heating stove, W th oil burner. Will sell separate ly or together. Price right.Buffalo Drug and Jewelry Store WANTED-Five or six good dairy cows, just fresh, giving good flow of milk Jerseys pre ferred. Warnaca's Dajry, Buf falo. 33tf HEMSTITCHING and picoting 10c a yard, thread furnished Out of town orders a specialty. Bratcher's Variety Store, Selman Oklahoma. 12tf IF INTERESTED in good suite of office rooms, best location in town, suitable for doctor, lawyer. etc., answer care of Harper County Journal, Box No. 123. 34ff FOR SALE-Sunbeam cabinet heating store, used one season This is a $125 stove, and is first class for school house, hall or large dwelling; price $75.-Tem ple Dept. Store. 34t2 HAVE FORD. late model. to trade for First National Bank Receiver's Certificate at 10c on the dollar. If interested answer stating amount, care Harper County Journal, Box No. 321. 34tf FOR SALE-400 White Face Panhandle cows, in lots from 50 head up; price $38; or if sold all to one man will contract next year's calf crop back at $25.-Hal Cooper, Supply, Okla. phone 23. 3412 WANTED-Fat hogs and cattle I will put them on the Wichita market with little shrink and at the top dollar.-Ted Mullen, gen eral hauling, phone 15 on 8: or ders taken at the Peoples Auto Supply Co. 15tf FOR California oil burn er for large size heater, with about 50 or 60 feet of pipe valves, barrel and barrel stand complete for $22.50. This is the burner used in the Democrat of fice and was burned only one win ter. We have another burner the same size and make and de not need this one.-Journal Of fice. FOR RENT-240 acres, north half of southeast quarter see tion 31 and west half of south east quarter and south half of southwest quarter section 32 Twp. 27, range 22. 170 acres pas ture, 70 tillage. Water in pas ture. Will lease this land for on: dollar per acre. Allow $140 for fencing, reserving right to sell land or lease for oil. W. L Reese, 408 Sedgwick Building Wichita, Kansas. 33t3*

7. October 29, 1925 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, October 29, 1925

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NOTICE OF SHERIFF'S SALE; FORECLOSURE Notice is hereby given, that in pursuance an order of sale out of the District Court of Harper County, on the 28th day of October. 1925. in an action wherein M R. Smeltzer incompetent, by his Smeltzer, was and Perry M Baird, Myrtle Baird, First National Bank of Buffalo, Okla. corporation. Carl O Nelson, as Receiver of the First National Bank of Buffalo, Okla., cor poration W McIntosh Comptrol of of the United States America. G. M Baird. the unknown cessors, trustees and assigns of the Bank of Buffalo dissolved corporation, defendant me the undersigned Sheriff of Harper levy upon, advertise and sell according to law. without appraisement the fol lowing described lands and tenements, to-wit: The S½ of the NW%. the NW% th SW 14 the of the SW Sec. 12 and the SE% of the NEW Harper County, Oklahoma, to satisfy judgment and decree in of said plaintiff and against said defendants obtained and made in said Court on the 18th day of April, 1925. for the sum of $2184 and the further sum of $230 98 attorney fees and the costs said action togeth er with interest thereon at cent per annum from April 18th. 1925. and costs and further judgment rendered in Court in favor of said plaintiff and against said Baird day of June, 1925: will on the 30th day of Novem ber. 1925. the hour of two o'clock m of said day at the front door the Court House of said County in the Town Buffalo said County and State sale and sell to the highest bidder for cash, the said property above described or so much thereof will satisfy said judgment, attor ney fees and Witness my hand this 28th day October 1925. HURLEY Sheriff of Harper County, Okla D. P. Parker and B. Willett, Attorneys for Plaintiff

8. February 11, 1926 The Harper County Journal Buffalo, OK
Article from The Harper County Journal, February 11, 1926

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Article Text

FIRST NATIONAL BANK RECEIVER'S STATEMENT C. Nelson Makes First Authorized Report of Bank's Condition at Closing and Now. The Comptroller of Currency has instructed C. O. Nelson, ceiver of the First National Bank. to post statements showing the condition of the bank when it closed on December 13. 1924, and on December 31, 1925. and hereafter at the close of each quarter. Heretofore it has been the policy of the department to not divulge any information relative to the condition at the time the bank closes, nor at any later dates. This change will be welcomed by depositors and other creditors of suspended financial institutions. Following is the statement of condition of the First National Bank of Buffalo. as of the date of its suspension, Dec. 13. 1924: ASSETS receivable $264,004.05 Cash on hand 1,797.55 other than bills receivable and cash on hand $311,078.15 LIABILITIES Liabilities unsecured $182,990.79 Deposits secured by pledge gregating $2,661.76 2,614.56 Rediscounts secured by pledge assets the bank gregating 138,977.19 $324,582.54 Summary of all assets coming into the hands of the receiver: ASSETS Bills receivable $264,044.05 Cash on hand 1,797.55 Assets other than bills reand cash on hand 45,236.55 Additional assets acquired... 49,250.50 Stock 25,000.00 Total of coming inthe hands of the ceiver $385,328.65 Condition of trust December 1925, the date of last report to Comptroller of Currency: REMAINING ASSETS UNCOLLECTED $193,478.50 Assets other than bills ceivable 26,819.33 Additional assets acquired 11,322.84 Stock assessment 23,500.00 Total assets uncollected $255,120.67 LIABILITIES Total claims proven on secured liabilities $129,003.78 Total unproven unsecured claims 34,196.57 Total rediscounts unpaid 98,674.03 Total additional liabilities proven 3,918.75 Total of all liabilities $265,793.13 Dividends paid during last quarter None Dividends paid prior thereto. None Cash on hand 23,491.03 From the above statements it can be seen that the collections for the year were approximately and this was during year when only about half crop was raised in the county 213 cars of wheat being shipped from Buffalo instead of three hundred cars to six hundred cars as in other years. Mr. Nelson says he will be glad to explain the different items in these statements to anyone concerned who does not thòroughly understand them.

9. February 17, 1928 The M'Alester News-Capital McAlester, OK
Article from The M'Alester News-Capital, February 17, 1928

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COUNTY NOT LIABLE FOR FUND IF BANK SUSPENDED OKLAHOMA CITY (AP) county treasurer Harper county performed his duty sending state auditor and the county cannot be held liable for which the state failed receive because of bank failure, Edwin Dabney, said today an opinion today treasurer December 1924, the county treasurer issued check to the state treasurer for tax check accepted by the endorsed: him and banks the First National bank of Buffalo and The Buffalo bank failed the The state treasurer asked the draft not dishonored the failure of the bank and the county was not ble for the sum.