17943. Fidelity State Bank (Cleveland, OK)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 14, 1929
Location
Cleveland, Oklahoma (36.310, -96.464)

Metadata

Model
gpt-5-mini
Short Digest
f6dc4aae

Response Measures

Full suspension, Books examined

Other: Liquidating agent appointed; First National designated depository of closed bank.

Description

Newspaper accounts report heavy withdrawals on the Thursday/Friday before the bank failed to open and the state bank commissioner/examiner took charge (closure date given as February 15, 1929 in The Oklahoma Banker). Rumors had undermined confidence. Liquidating agent appointed in March 1929. OCR corrections: dates inferred from article metadata; 'failed February 15' taken from Article 2; Article 1 says 'failed to open last Saturday' (published Feb 21) consistent with mid-February closure.

Events (3)
1. February 14, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors had been rife for several months and 'seriously undermined confidence', prompting heavy withdrawals on the days before closure.
Measures
Bank officers decided to place the institution in the hands of the state banking department to protect remaining depositors and prevent a general run; First National Bank designated as depository for city funds.
Newspaper Excerpt
following heavy withdrawals of deposits on Thursday and Friday
Source
newspapers
2. February 15, 1929 Suspension
Cause
Government Action
Cause Details
State bank examiner/commissioner took charge and closed the bank (placed in hands of state banking department) following heavy withdrawals and depleted cash; official examination began immediately.
Newspaper Excerpt
The Fidelity State Bank of Cleveland failed to open its doors for business last Saturday. ... the bank was closed and in the hands of the state bank commissioner.
Source
newspapers
3. March 1, 1929 Receivership
Newspaper Excerpt
O. A. Gilbert of Cleveland, Okla., has been appointed by the State Bank Commissioner as liquidating agent of the Fidelity State Bank, Cleveland, Okla., which failed February 15.
Source
newspapers

Newspaper Articles (3)
1. February 21, 1929 The Cleveland American Cleveland, OK
Article from The Cleveland American, February 21, 1929

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Article Text

FIDELITY STATE BANK CLOSED BY OFFICIAL Institution Fails to Open Doors Last Saturday: State Bank Examiner In Charge The Fidelity State Bank of Cleveland failed to open its doors for business last Saturday morning. Instead, brief announcement on the front door apprised the depositors and general public of the fact that the bank was closed and in the hands of the state bank commissioner. On Sunday, R. Caudle, state bank examiner. was in charge and had started complete check-up of the affairs of the institution, task that expected to finished today (Thursday). Just whether the examiner with make public statement the clusion of the examination canno: stated. The bank was closed by the G. Poplin, who, following heavy withdrawals of deposits on Thursday and Friday, reached the decision to place the institution in the hands of the state banking department and thus protect the remaining depositors by preventing general run on the bank. Rumors rife for the past severa, months had seriously undermined con fidence in the bank. Officers and stockholders of the bank are Martin. president: Gertrude Martin, vice president: G. Poplin, cashier, and Hawkins, stockholder and director. That frozen assets were to blame for the closing the bank. as stated in the daily press, was denied by Mr. Poplin in statement to an AmeriWednesday. Mr. Poplin intimated that he would issue formal statement of the matter within the next few days. City Funds Safe The bank was capitalized at $25.000 and at the time of closing had deposits of $225,000 and loans of $84, 000. Of the deposits, including funds of the city of Cleveland in the amount of approximately $54,000 are protected by bonds. Municipal road and Liberty bonds had been put up secure the city deposit. There approximately in cash in the vault at the time of closing. The First National Bank has been designated by the state bank commissioner the depository of the closed bank. and the funds of the Fidelity State have been carefully counted, checked and deposited in the First National. The Fidelity State had anproximately 700 depositors Appointment of the liquidating agent had not been definitely decided Wednesday. The bank organized in 1912 with Martir as president and Thatcher as cashier. the latter retiring from the bank in 1925. Original home of the institution was destroyed by fire in 1920, to be replaced few months later by the present handsome, foreproof structure

2. March 1, 1929 The Oklahoma Banker Oklahoma City, OK
Article from The Oklahoma Banker, March 1, 1929

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Article Text

THE OKLAHOMA BANKER for March, 1929 About Banks and Bankers The Security State Bank, Comanche, Okla., for their thrift campaign used the slogan, "Think, Have Money." Cecil E. Harrow has been elected to the Board of Directors of the Columbia National Bank, Kansas City, Mo. A. B. Elias, Vice President of the Southwestern Bell Telephone Company, has been elected a director of the MerchantsLaclede National Bank, St. Louis, Mo. O. L. Bane, Vice President, First National Bank, Waynoka, Okla., advises the contract has been let for extensive remodeling of the interior of the bank. J. A. Salmon, who has been receiver of the First National Bank, Idabel, Okla., for several years, has resigned and will accept a similar position at Bixby, Okla. O. A. Gilbert of Cleveland, Okla., has been appointed by the State Bank Commissioner as liquidating agent of the Fidelity State Bank, Cleveland, Okla., which failed February 15. At a meeting of the officials of the Oklahoma State Bank, Ada, Okla., it was announced that John J. Fleet and Frank Fleet had been included as Directors of that financial institution. Depositors of the defunct First State Bank, Wilburton, Okla., have received a one-sixth dividend. This brought the total to date up to 50 per cent. The sale of the assets of the defunct Nowata National Bank, Nowata, Okla., by John H. Dykes, receiver, to Walter Burden of Nowata, has been disapproved by the Comptroller of the Currency at Washington, D. C. At a meeting of the Board of Directors of the Checotah State Bank, Checotah, Okla., Norman Strahl was elected Assistant Cashier. Mr. Strahl has been connected with this bank for several years in the capacity of bookkeeper. O. W. Jackson, Cashier, and connected with the First National Bank of Houston, Texas, for some 20 years, has accepted a position with the Guardian Trust Company of that city as Active Vice President. He assumed his new duties March 1. Arthur O. Holliday of Faxon, Okla., has acquired an interest in the American National Bank, Walters, Okla., and has been elected Vice President. Mr. Holliday assumes an active position in the bank but does not assume a place heretofore held by any officials of the bank. Mr. Holliday is the founder and President of the Faxon State Bank and will continue his connection with this institution. J. E. Moore, President, Capitol State Bank, has been elected head of the South Oklahoma City Commercial Club. Hiram Boulware Catlett, pioneer citizen, banker and business man of Weleetka, Okla_ died at his home in that city. The First National Bank, Elk City, Okla., will move to its temporary quarters April 1, while iss building is under construction. The Comptroller of the Currency has authorized the distribution of checks for the 10 per cent dividend to be paid by the defunct First National Bank of Collinsville, Okla. The Caddo National Bank, Caddo, Okla., announces that in the future it will be consolidated with the Atoka State Bank, which has assumed its liabilities and acquired its assets. Depositors of the wrecked "National Bank of Commerce in Shawnee," Shawnee, Okla., which closed its doors in April, 1924, received their final dividend check for 8 per cent recently. At a meeting of the Board of Directors of the Commercial National Bank, Durant, Okla., H. G. Wright was elected Assistant Cashier to succeed Dan Mason, who is moving to Caddo, Okla., to become Cashier of the First State Bank, newly organized. Another honor roll bank is the Bank of McAlester. This bank opened two years ago in May and has paid two 10 per cent dividends in that time, and has surplus and undivided profits a little over $1,000 more than their capital. This showing came from the net earnings. The First State Bank. Woodville, Okla. has financed ten 4-H Club boys within a radius of two miles of the bank with purebred registered heifers. The boys are to have two years in which to pay for the calves and in return will grow "cash" crops and feed crops, The First National Bank. Sand Springs, Okla, has surrendered its national charter and has taken out a state charter under the name of the First State Bank, with capital of $25,000 and surplus of $2.500. O. L Stewart is President, Matt White. Active Vice President, and H. E. Stewart is Cashier, T. G. Hinton, who has been in Paden. Okla., as Cashier of the First National Bank, has moved to Prague, Okla., and purchased the interests of C. P. Ellis, Cashier, Prague National Bank, and has been elected President, succeeding Mr. C. C. Bush, Sr., who is retiring as President of the bank, but will remain as Chairman of the Board. Other officers of the bank are: George T. Jepson, Vice President: C. C. Bush, Jr, Cashier, and J. E, Douglas of Shawnee is the new director.

3. June 15, 1929 Harlow's Weekly Oklahoma City, OK
Article from Harlow's Weekly, June 15, 1929

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Article Text

NATIONAL Bankers About Ban NATIONAL MEETING TInstitute of convention of the American Banking was held at Tulsa this week, with enrolled delegates numbering more than 1,700, from all states of the Union. Eight special trains brought the visitors to Oklahoma The program included addresses and discussions of many topics relating to banking, by leading men in those departments. Harry H. Rogers, president of the Exchange National Bank of Tulsa, and C. C. Roberts, vice-president of the American-First Trust Company of Oklahoma City, were Oklahoma representatives on the program. The latter spoke on "Advantages and Hazards of Investment Trust Securities," or "How to Invest $100,000." Ex Senator T. P. Gore addressed the convention on Farm Relief. Many entertainments were provided for the visitors, including a trip through the Burbank oil fields, the Sinclair refinery, and a visit to Pawnee Bill's ranch, where they were tendered a buffalo barbecue. BANK SURVEY THE strong ently criticism which Senator W. B. made of the operations of the Federal Reserve system, has been denied by some Now it is announced that the Senator has employed Dr. Ray B. Westerfield, professor of political economy at Yale University, to investigate the condition of country banks in Oklahoma. The Senator expects to have this data at hand by the time Congress convenes in December. Mr. Pine believes that much of the farm distress is due to inequitable credits. Dr. Westerfield has been on the faculty of Yale since 1913, and is recognized as one of the most eminent economists in the United States. He served in 1924 and '25 as chief of the bureau of tistical methods of the Babson Service, and statistics of the Treasury Department. Roger W. Babson engaged him to revise the stahe has done research work for the National City Bank of New York. BANK CLOSED THE Bank of Commerce at Tonkawa failed to open for business on Thursday of last week. There had been something of a run on the bank the previous day, and fearing that conditions would become worse, the directors decided on closing. Their statement said: Because of depletion. of cash and sight exchange and because of anticipated withdrawals from said bank and the low price of farm products which are the principal securities we deem it advisable to close the Bank of Commerce and notify the Bank Commission as the best interest to our depositors. It was stated that the bank would pay off without loss to depositors, with necessary time given to collect its notes. It has been reported that the bank will be reorganized, but no definite announcement has been made as yet. FAILED BANKS PAY DIVIDEND of 25 percent has been anA nounced for depositors of the failed First National Bank of Bixby, which closed its doors February 18. The Fidelity State Bank of Cleveland which also failed in February, has just made a payment of 15 percent, and another payment is expected soon. The liquidating agent stated that the bank will pay a high percentage of its liabilities.