17947. Bank of Commerce (Coalgate, OK)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 4, 1927
Location
Coalgate, Oklahoma (34.538, -96.219)

Metadata

Model
gpt-5-mini
Short Digest
8a02e9e1

Response Measures

None

Description

The Bank of Commerce of Coalgate suspended operations in early February 1927 as a precautionary measure amid nervousness following a run on the parent/trust bank in McAlester. The coverage describes the suspension as precautionary and not due to unsound condition; later reporting expresses hope for reorganization or orderly liquidation. No explicit evidence of a local, large depositor run on the Coalgate bank is given, and no definitive statement of permanent closure or reopening appears in the provided articles. I classify this as a suspension with an implied successful resolution (suspension_reopening) because the suspension was explicitly precautionary and articles express optimism about reorganization rather than failure.

Events (1)
1. February 4, 1927 Suspension
Cause
Local Banks
Cause Details
Precautionary suspension due to nervousness and runs on the parent/trust bank in McAlester; banks related to the parent bank closed to avoid runs.
Newspaper Excerpt
The Bank of Commerce of Coalgate, state bank suspended last Friday morning at the same time the suspension of banks took place here in McAlester. The act of closing there was taken as a precaution to avoid run, on account of nervousness on the part of depositors, and not because of bad condition of the bank.
Source
newspapers

Newspaper Articles (2)
1. February 5, 1927 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, February 5, 1927

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Article Text

5 OKLAHOMA BANKS CLOSE DOORS IN DAY Run on Parent Bank in McAlester Causes Crashes. By Associated Press. OK., February bank tonight were en route to Southeaste to take five that closed their doors day as the result run the Trust parent depository Besides Trust pany the are Bank of North the Wa panucka State Bank, the Coalg Bank of Commerce and the Bank of Pittsburgh Frozen due to depression the run Waldo assistant bank He reserve funds the other four were on deposit with the trust Total deposits of more than 000 were by the when the state call was ber An incipient started the First of when some became alarmed the closing of the other banks All called for their money and confidence was further restored

2. February 10, 1927 McAlester Democrat McAlester, OK
Article from McAlester Democrat, February 10, 1927

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Article Text

Coalgate Bank In Suspension Also The Bank of Commerce of Coalgate, state bank suspended last Friday morning at the same time the suspension of banks took place here in McAlester The act of closing there was taken as a precaution to avoid run, on account of nervousness on the part of depositors, and not because of bad condition of the bank. The same unfortunate scare that caused the original in this county kept gathering force until the other banks related to the parent-bank here decided to close doors for the time being. The Bank of Commerce, at its close of business, December 30, showed the following principal items less expense $2,155; deposits, $127,900 cashier's checks, $7,541 warrants sold, $9,000: notes, redis counted $27,400. Assets: Loans and discounts, $78, 600; stocks, bonds, $97,000; furniture and fixtures $5,150 ther real estate, $5,338; due from banks, $3,100; checks and other cash items, $875; exchange, $1,500; bills of ex change, $600: cash in bank, $9,657 "So far as known the local management of Bank of has been very conservative and is blameless," says the Coalgate Courier. Berry McAlester. of this city, was president of he bank Grant Omstead, vice-president; E. E. Wilson, formerly of Kiowa, cashier, and L. A. Conner, assistant cashier. Wilson was forms erly state bank examiner Citizens of Coalgate are highly hopeful of the situation there and in the future reorganization or practically complete liquidation of the bank. All that is required, it is stated, is time to carry the processes out orderly SUBSCRIBE FOR THE GUARDIAN