17934. Farmers National Bank (Cherokee, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9884
Charter Number
9884
Start Date
March 1, 1933
Location
Cherokee, Oklahoma (36.754, -98.357)

Metadata

Model
gpt-5-mini
Short Digest
ca3a6c6f

Response Measures

None

Receivership Details

Date receivership started
1933-10-05
Date receivership terminated
1934-09-03
Share of assets assessed as good
100.0%

Description

The bank was placed under the March 1, 1933 moratorium (national banking holiday) and did not reopen; later was operated by a conservator and a receiver was appointed (Oct 5, 1933). Receiver paid depositors in full by Sept 1934. OCR errors in articles corrected (e.g., 'moratorium', dates). No run is described in the articles; suspension appears due to government-imposed moratorium/holiday and subsequent conservatorship/receivership.

Events (9)

1. November 3, 1910 Chartered
Source
historical_nic
2. March 1, 1933 Suspension
Cause
Government Action
Cause Details
Placed under the national moratorium/banking holiday declared March 1, 1933; bank did not reopen afterward.
Newspaper Excerpt
suspended which was March 1, 1933. After the moratorium was declared, March 1, 1933, this bank did not reopen
Source
newspapers
3. October 5, 1933 Other
Newspaper Excerpt
operated under a conservator until October 5, at which time George L. Aycock was appointed receiver.
Source
newspapers
4. October 5, 1933 Receivership
Source
historical_nic
5. October 5, 1933 Receivership
Newspaper Excerpt
October 5, at which time George L. Aycock was appointed receiver.
Source
newspapers
6. February 1, 1934* Other
Newspaper Excerpt
Receiver Aycock Points Out Several Ways for Hastening Payments ... people interested depositors borrowers closed Cherokee National or The Farmers National Banks ... trying to get ready for dividend
Source
newspapers
7. September 3, 1934 Restored To Solvency
Source
historical_nic
8. September 8, 1934 Other
Newspaper Excerpt
George L. Aycock, receiver of the Farmers National bank, Cherokee, this week returned to its former officials cash in sufficient amount to pay all the depositors in full with interest thereon ...
Source
newspapers
9. September 6, 1935 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)

Article from The Alva Review-Courier, May 26, 1933

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Article Text

EXAMINERS NATIONAL CHEROKEE BANK AT that the treasury Indications taking steps to partment lieve the banking conditions in the of Cherokee were neighboring city week when Coggiven this bank examiner, and national gins, Oberwortmann, assistant the books aminer, began checking of the Cherokee National and the Farmers' National. have been restricted Both banks withdrawal of deposits since new the national banking holiday was lifted. bank examiner made The concerning what would statement done toward the be reopening banks unrestricted.


Article from The Alva Weekly Record, November 21, 1933

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Article Text

Bank Soon Opens Examination to Be Made to Again Start Business of Institution president the Eason Oil This entire community will and long time associate of pany pleased to learn that greatly Doolin, his friendship for Farmers National bank of Cherothe county citizen, and how according to reliable happy present at an vices, been granted authority to affair honoring him. their banking Acock, federal bank George examination has made by the national banking known spoke partment. the honored guest. highly This bank, with all others Hadwiger, prominent piothe country, was placed talked he blazed trails ratorium the part March his friend, Doolin, and spoke of this Later, was year. highly his and honesty. under conservator Tells of Dealings Constant of the Cherokee National Toastmaster Ferguson bank being placed charge Hunter Marcum both the Farmers National declared he had "waited Cherokee National get Doolin About month ago, both banks He spoke about the dealwere placed his friend of long time, ings George Aycock receiver and that all he heard cock held the matter of home Tulsa from Doolin and his abeyance until the first of the short Ferguson vember, there being plan under grass country whereby the Nationwell known Woods countian bank would open for operation veteran usual before the then spoke about Doolin The great distance from Washand of the things he has ington caused negotiations and the feeling of accomplished rather slow. but the first of Carl Dunnington Doolin Speaks and R. Carpenter started Then came Doolin's address, Washington make personal which he reminiscensed his arrival tact with the and his clothing store through the efforts of Senator which was known as Deppen and Gore, personal contact Doolin: how he first started in poliwas made, placing the situation phase of life which has directly before the department. him high in this state, well The bank officials made the trip nationally. Henry Washington an automobile France and others started They coming home the first of George Crowell and others helped the week, examreach my first the ination can be had of the bank, office of register of deeds. When expected again be in operacame here, there unrestricted. road, one bank. two churches, and has been stated reliable Every time authority that the officials of the built around the institutions will gladly welcome held dance in celebraexamination the bank's dition and confident there will The well known Democrat be better showing this several things that happened time than previously and under Alva and this section during his which the approval the resumption operation was granted. (Continued on page


Article from The Cherokee Republican, February 9, 1934

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Article Text

COOPERATION OF PEOPLE THE LOCAL BANKS Receiver Aycock Points Out Several Ways for Hastening Payments IS TRYING TO GET READY FOR DIVIDEND Substantial Payment on posits Would be Big Help At This Time People interested depositors borrowers closed Cherokee National or The Farmers National Banks, can be material in getting early dividend payment they give their immediate and complete cooperation, was pointed ou: this week by Geo. Aycock, receiver for the two institutions. my desire to pay dividend the earliest possible moment. Aycock said "One of our greatest hindrances in this plan the cooperation on the part of parties. The receiver explained that those who have deposits in the bank should not fail to make immediate claim. Failure to do so may loss of much time in share of the money to be paid "Those who are indebted to these banks should understand that was the depositors money that was loaned them when the note made. Depositors cannot be until the notes are Aycock declared. Where persons indebted the banks should make ments with other banking tions or federal loan agencies secure money with which to take notes in the close banks thus assist depositors in their money. The receiver pointed out again that substantial dividend payment this time would be of very terial help the entire and such payments can only with complete cooperation everyone concerned.


Article from Cherokee Messenger, April 10, 1934

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Article Text

Will Renew Efforts to Place Business in Hands of Former Officials DEPOSITORS ARE SAID Officers To Make Trip to Washington, As Soon As Waivers Secured battle to re-open the FarmNational Bank has been long bitter struggle on the part of directors and offiHaving failed in their formefforts re-open the institution, new and different attack made, beginning last week. Securing waivers from depositors who have money tied-up in the closed bank are being secured. The waivers provide that the depositor waives all to title and ership in the money on deposit and requests that the matter of liquidating the bank turned back former officials. understood that depositors assigned about $20.0 the frozen money in days of effort last week When the waivers have been cured officers will again visit the comptroller of currency in Washington. D. with the request that they be allowed to proceed with the liquidation. According Pete Stein, president of bank. number of benefits will accrue in the event the request Depositors will receive just much money under the waiver system under the present and stockholdbe relieved of the liability under the law. There remote possibility that some plan re-opening the closed bank be worked Stein made clear that officers the bank have fault whatever find with the bank's ceiver. Mr. are attempting institute plan which will of benefit people in the Farmers National Bank and aged to know that our former positors have not lost faith in and are doing all they possibly can to help our plan along.'


Article from The Daily Oklahoman, September 9, 1934

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Article Text

Cherokee Bank's Depositors Paid CHEROKEE. Sept. 8.-(Special.)George L. Aycock, receiver of the Farmers National bank. Cherokee. this week returned to its former officials cash in sufficient amount to pay all the depositors in full with interest thereon at the rate of 6 percent from the date the bank was suspended which was March 1, 1933. The TCmaining assets of the bank were turned back to the stockholders for further liquidation. After the moratorium was declared. March 1. 1933, this bank did not reopen, but was operated under A conservator until October 5, at which time George L. Aycock was appointed receiver.