17930. First National Bank (Checotah, OK)

View Charter #5128 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5128
Charter Number
5128
Start Date
December 1, 1927
Location
Checotah, Oklahoma (35.470, -95.523)

Metadata

Model
gpt-5-mini
Short Digest
2fb4bf57

Response Measures

None

Receivership Details

Depositor recovery rate
77.1%
Date receivership started
1927-12-01
Date receivership terminated
1935-08-30
OCC cause of failure
Governance
Share of assets assessed as good
60.1%
Share of assets assessed as doubtful
26.2%
Share of assets assessed as worthless
13.7%

Description

Articles report the First National Bank of Checotah closed by order of its directors (Dec. 1–2, 1927) and subsequently went into receivership. No article describes a depositor run; multiple later items show a receiver (Harwood Keaton) pursuing suits and selling assets, indicating permanent closure. Some OCR dates vary: one article says the bank ceased business Nov. 15, 1927; contemporaneous press reports give Dec. 1–2, 1927. I use Dec 1, 1927 as the suspension/receivership date per newspaper text referencing that date.

Events (5)
1. June 23, 1898 Chartered
Source
historical_nic
2. December 1, 1927 Receivership
Source
historical_nic
3. December 1, 1927 Receivership
Newspaper Excerpt
interest at the rate of 6 percent from December 1, 1927, the date when the bank went into the hands of the receiver; Harwood Keaton, receiver of the First National bank of Checotah,... filed suit ... (1928-07-19 article).
Source
newspapers
4. December 1, 1927 Suspension
Cause Details
Closed by order of the board of directors; no run or specific adverse cause reported in articles.
Newspaper Excerpt
This bank closed by orders of the directors, announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected.
Source
newspapers
5. July 19, 1928 Other
Newspaper Excerpt
Harwood Keaton, receiver of the First National bank of Checotah, filed suit in the U. S. district court yesterday against J. Owen Price for $12,500, the par value of his stock in the defunct bank (receiver's suits and asset actions after failure).
Source
newspapers

Newspaper Articles (13)
1. December 1, 1927 The Morris News Morris, OK
Article from The Morris News, December 1, 1927

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Article Text

BANK AT CHECOTAH CLOSES ITS DOORS Checotah, Dec. First Nat. ional bank, oldest bank in Checotah, failed to open for business Thursday. "This bank closed by orders of the directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a capital of $50,000. J. L. Price was president and Jay Pierce was cashier. Price was reported Thursday to be in Muskogee. Pierce declined to comment on the suspension. Checotah has two other banks, a national bank and a state bank.

2. December 2, 1927 The Cushing Daily Citizen Cushing, OK
Article from The Cushing Daily Citizen, December 2, 1927

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Article Text

Bank At Checotah Closes Its Doors CHECOTAH, Dec. 2-The first National bank, oldest bank in Checotah, "This bank closed by orders of the board of directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a

3. July 19, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, July 19, 1928

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Article Text

CHECOTAH BANK RECEIVER SUES ON $12,500 STOCK Harwood Keaton, receiver of the First National bank of Checotah, filed suit in the U. S.distriet courtyesterday against J. Owen Price for $12,500, the par value of his stock in the defunct bank. Under the U. S. banking laws each stockholder of a national bank is held responsible the full amount of the stock he holds in the institution, and the receiver may make an Assessment of 100 cents on the the lollar on his stock. J. Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instuted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1, 1927, the date when the bank went into the hands of the re-

4. July 19, 1928 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, July 19, 1928

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Article Text

CHECOTAH BANK RECEIVER SUES ON $12,500 STOCK One Holder of Shares Is Asked to Pay At Par Value: Institution Long Closed Harwood Keaton, receiver of the First National bank of Checotah. filed sult in the U. S. district court yesterday against J. Owen ice for $12,800. the par value of hjs stock in the defunct bank Under the U. S. banking laws, each ockholder of a national bank is held responsible for the full amount of the stock he holds in the institution and the receiver may mak an assessment of 100 cents on the dollar on his stock Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instituted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1927, the date when the bank went into the hands of the receiver

5. August 15, 1928 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, August 15, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT Suit was today filed in federal court by Harwood Keaton. receiver for the First National bank of Checotah, against T. R. Pipkins and Maggie Pip kins. The petitions states that prior to failure December, 1927 the bank secured judgment for $2360.23 against Pipkins, This judgment could not be collected. the petition states, for the reason that Pipkins had transferred real estates to his wife. The relief asked for the bank is that the property transfer be declared void, to enable the bank to collect.

6. August 16, 1928 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, August 16, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT Suit was today filed in federal court by Harwood receiver for the First National bank of Checotah. against T. R. Pipkins and Maggie Pipkins. The petitions states that prior to failure December. 1927. the bank secured judgment for $2360.29 against

7. August 23, 1928 The Indian Journal Eufaula, OK
Article from The Indian Journal, August 23, 1928

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Article Text

EASTMAN RICHARDS SUES BANK RECEIVER Eastman Richards, wealthy McIntosh county Indian guardian son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunct First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for sale keeping, and have not been returned since the bank became insolvent. The Checotah bank ceased busi ness November 15, 1927, and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear. The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.

8. August 23, 1928 The Indian Journal Eufaula, OK
Article from The Indian Journal, August 23, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie Pipkins of Eufaula. The petitions states that prior to failure December 1927. the bank secured a judgment for $2360.29 against Pinkins. This indgment could not be col lected. the petition states. for the pason that Pipkins had transfer red real estates to his wife. The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-

9. August 23, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, August 23, 1928

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Article Text

EASTMAN RICHARDS SUES BANK RECEIVER Eastman Richards, wealthy MeIntosh county Indian guardian of son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunet First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for cale keeping, and have not been returned since the bank became insolvent. The Checotah bank ceased busi ness November 15, 1927. and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear. The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.

10. August 23, 1928 The Eufaula Indian Journal Eufaula, OK
Article from The Eufaula Indian Journal, August 23, 1928

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Article Text

CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie The petitions states that prior to failure December 1927, the bank secured a judgment for $2360.29 against Pinkins. This iudgment could not be col lected the petition states, for the 'ason that Pipkins had transfer red real estates to his wife The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-

11. February 7, 1929 McIntosh County Democrat Checotah, OK
Article from McIntosh County Democrat, February 7, 1929

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Article Text

NOTICE OF SALE OF BANK BUILDING AND FIXTURES. Notice is hereby given, that the undersigned Receiver The First Na. tional Bank of Checotah. Oklahoma, Corporation. has been authorized the Comptroller the Currency of the United States, upon first procuring an order Court directing the same, sell. and execute Receiver's or Quit Claim Deed to the real estate assets: and to sell. and execute Sale to the chattel assets of said bank, herein described for cash sum of not less than Six Thousand Dollars ($6,000.00) with the provision that the purchaser of said real estate will permit said receiver to retain sufficient office and vault space in said building. for his use, during the life of said receivership without charge Said real estate being described am follows: Lot Twenty-two (22) in Block' Sixty-eight (68) the City Checotah, McIntosh County, Okla homa, and being the real estate and banking building thereon belonging to said bank. Said chattel assets being described Fixtures in said bank Partitions building consisting Counters, and Telephone Booth And that said Receiver has filed in the District Court McIntosh County. Oklahoma, his petition praying for an order of said Court directing him sell said real estate assets and execute Receiver's or Quit Claim Deed thereto: and sell said chattel assets and the execute bill of sale thereto, terms, conditions and provisions hereinabove set out. And that said Court has set the 11th day of February, 1929, the hour 10 o'clock in the forenoon of said day as the date for hearing upon said petition, in the Court Room of the District Court of McIntosh County, Oklahoma, at Eufauat which time and place any and all persons interested are invited and requested to be present and submit fers for said property. if they 80 desire Dated at Checotah, McIntosh County Oklahoma, this 4th day of February, 1929 HARWOOD KEATON Receiver of the First National Bank of Checotah, Oklahoma, a Corporation. By Green & Green, Attorneys for said Receiver.

12. January 3, 1930 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, January 3, 1930

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Article Text

RICHARDS SUES AND ALSO SUED On Opposite Sides of Two Cases With Receiver for Checotah Closed Bank In federal court next Monday, Eastman Richards, oil-wealthy Creek and owner of Richardsville, Okla., will pear against Harwood Keaton, the First National bank ChecoTwo weeks later, Keaton will appear against Richards. These two cases in which the plainin one appears as the defendant in the other are the only ones on record. it was said today at the federal court clerk's office. Prior to the blosing of the bank liberty bonds deposit safety were issued Jr. When went to the bank to his bonds, he found the safety box empty certificate of deposit. He charges that the converted the bonds into cash for own Was It Oil Land? Eastman suing the bank receiver for $2900. or this amount. $2800 the original value of the bonds, while the the premium commanded by the instruments 1927. In the second Keaton is suing for $2000 due on note made out to the in exchange piece of land. Richards agreed to pay for the land in three, $2000 The now contends that the description the property "oil land" inaccurate, and that the first note was void bethe cashier had no title to the land. The case of the "United States Tommie will be heard in federal court Monday with the wife and son of the deceased Creek freedman defendants. The allotment of land involved the case is said to be worth Claims Rich Allotment The property originally to Tommie under the of Sam lowing the allotment, Johnson sentenced the penitentiary on conviction of murder. Pardoned by the governor, Johnson lived for several years in Kentucky, but eventually returned to the office of the Indian where he claimed to be the Sam Ford. This claim denied by federal court opinion, which Ford's allotment, and re-allotted the land Jessie This opinion was handed down in 1911. for heirs of Tommie Johnis bringing action the of the court set aside of

13. May 21, 1930 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, May 21, 1930

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Article Text

BANK RECEIVER FILES SUIT FOR REMOVAL OF BUILDING Suit to re love a two-story frame building from bank property was filed in federal district court here today by Harwood Keaton, receiver of the First National bank, Checotah. Defendants named, alleged to claim possession of the property by virtue of an old 99-year lease, are Irma McCulloch and Mrs. Newt McCulloch The petition says that the defend ants now operate candy store in the building adjacent to the bank and that no record of a lease they claim to have can be found. The court is petitioned to allow the receiver dismantle the structure and build another that would be easier to rent and to order the present occupants to evacuate.