City National Bank - Coalgate, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11676
Charter Number: 11676
Start Date: June 25, 1927
Location: Coalgate, Oklahoma (34.538, -96.219)

Metadata

Model: gpt-5-mini
Short Digest: 39eea946

Response Measures

None

Receivership Details

Depositor recovery rate: 7.8%
Date receivership started: 1923-11-08
Date receivership terminated: 1930-01-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 37.4%
Share of assets assessed as doubtful: 36.0%
Share of assets assessed as worthless: 26.6%

Description

Articles (1927–1928) consistently refer to a receiver for the City National Bank of Coalgate and suits by the receiver to collect notes and judgments. No newspaper text in the provided excerpts describes a depositor run; the bank appears to have failed and been placed in receivership prior to June 25, 1927. The actual suspension date is not given in the excerpts, but the presence of a receiver indicates permanent closure/receivership, so classification is suspension_closure.

Events (5)

1. April 9, 1920 Chartered

Source: historical_nic

2. November 8, 1923 Receivership

Source: historical_nic

3. June 25, 1927 Receivership

Newspaper Excerpt: A. receiver of the City National bank, of Coalgate, this morning filed suit in federal court ... Harris alleges that the loan was effected April 13, 1920.
Source: newspapers

4. October 20, 1928 Receivership

Newspaper Excerpt: R. H. Alexander, receiver for the Lehigh National bank, and for the City National bank of Coalgate, filed three actions today in federal court for recovery on notes that the defunct banks are aleged to hold.
Source: newspapers

5. November 1, 1928 Receivership

Newspaper Excerpt: Receiver for the City National Bank of Coalgate brought suit ... the receiver won the case ... Mr. R. H. Alexander has collected the judgment in full.
Source: newspapers

Newspaper Articles (3)

1. June 25, 1927 Muskogee Times-Democrat Muskogee, OK

Article from Muskogee Times-Democrat, June 25, 1927

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Article Text

COALGATE BANK RECEIVER SUES AUTOMOBILE DEALER A. receiver of the City National bank, of Coalgate, this morning filed suit in federal court against Dan Farrimond, of the Farrimond Bulek company. of Coalgate, for the collection of $1200 note. Harris alleges that the loan was effected April 13, 1920. and that with Farrimond now owes total

2. October 20, 1928 Muskogee Times-Democrat Muskogee, OK

Article from Muskogee Times-Democrat, October 20, 1928

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Article Text

BANK RECEIVER FILES ON NOTES IN S. COURT R. H. Alexander. receiver for the Lehigh National bank, and for the City National bank of Coalgate, filed three actions today in federal court for recovery on notes that the defunct banks are aleged to hold. Whitlock, of Sulphur, was sued for $151.85, claime) to be due the Lehigh bank. An action against W. B. Hall and Leila Hall, both of Coal county, for $227.23. and against M. Oxly for $569.08 was filed on behalf of the Coalgate bank.

3. November 1, 1928 The Coalgate Courier Coalgate, OK

Article from The Coalgate Courier, November 1, 1928

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Article Text

RECEIVER WINS LAW SUIT Several months ago the Receiver for the City National Bank of Coalgate brought suit in the Federal Court in Western District of Oklahoma against the First National Bank of Oklahoma City on 20 shares of the capital stock in said bank; the receiver won the case and defendant appealed to the U. S. Criminal Court of Appeals in St. Louis and just recently the case was again decided in favor of the Receiver and against the First National Bank of Oklahoma City. Mr. R. H. Alexander has collected the judgment in full, which was for $2455.00 and he is delighted over his victory. Judge O. T. Ralls W. the attorney for the receiver ar he is proud of the victory. James, the two-year and sixmonth-old son of Mr. and Mrs. Magnus McDougal, who died the result of burns received in a burning barn at Phillips last Thursday, was buried in Lehigh cemetery Friday, Rev. M. H. Knox conducting the funeral services.