17951. First National Bank (Coalgate, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5647
Charter Number
5647
Start Date
April 17, 1926
Location
Coalgate, Oklahoma (34.538, -96.219)

Metadata

Model
gpt-5-mini
Short Digest
247ba3be

Response Measures

None

Receivership Details

Depositor recovery rate
10.8%
Date receivership started
1924-02-27
Date receivership terminated
1933-03-14
OCC cause of failure
Economic conditions
Share of assets assessed as good
47.8%
Share of assets assessed as doubtful
35.6%
Share of assets assessed as worthless
16.6%

Description

Legal notices from April–December 1926 identify H. S. Thompson as Receiver of the First National Bank of Coalgate, indicating the bank was placed in receivership (suspended/closed). A separate October 16, 1926 newspaper article reports a run threat that was averted by getting depositors to sign 60-day contracts; however the presence of a receiver in earlier legal filings (order dated April 17, 1926) and later foreclosure/receivership references indicate the bank was under receivership and subject to closure actions. I classify the episode as suspension_closure (suspension leading to permanent closure/receivership).

Events (5)

1. December 20, 1900 Chartered
Source
historical_nic
2. February 27, 1924 Receivership
Source
historical_nic
3. April 17, 1926 Suspension
Cause
Government Action
Cause Details
Receiver (H. S. Thompson) is named in court filings and sheriff's sale notices, indicating bank placed in receivership/closed by regulatory/legal action.
Newspaper Excerpt
order of sale issued and directed to me out of the above entitled court d cause, under date of the 17th day of April, 1926... H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation
Source
newspapers
4. October 16, 1926 Run
Cause
Local Banks
Cause Details
Rumors stemming from failure of the Atoka bank prompted heavy withdrawals/attempted run in Coalgate.
Measures
Directors had depositors sign 60-day contracts (60-day hold) to keep funds in bank and permit recovery.
Newspaper Excerpt
Run Threatens Coalgate Bank... The First National Bank of Coalgate saved by the timely action of the board of directors... Bank officials began calling in depositors and had them to sign the sixty day contract... It was the failure of the Atoka bank that gave rise to the rumors that started the run in Coalgate.
Source
newspapers
5. December 15, 1926 Receivership
Newspaper Excerpt
NOTICE IS HEREBY GIVEN... in an action numbered... directed to me the undersigned sheriff... and A. J. Fluke, as Receivers of the Conservative Loan and Trust Company, Tom Mitcham... and H. S. Thompson as Receiver of the First National Bank of Coalgate... I will, therefore, on the 17th day of January, 1927... offer for sale and sell to the highest bidder for cash, the said property above described, or so much thereof as will satisfy the said judgment, with interest and costs. WITNESS MY HAND this 15th day of December, 1926. FRED SHERMAN, Sheriff Coal County, State of Oklahoma. By W. B. Clark, Under Sheriff 12-16-5t
Source
newspapers

Newspaper Articles (3)

Article from The Coalgate Record-Register, May 20, 1926

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Article Text

NOTICE OF SHERIFFS SALE (First publication in the RecordRegister, April 22nd. 1926. STATE OF OKLAHOMA COUNTY OF COAL IN THE DISTRICT COURT IN AND FOR SAID COUNTY AND STATE THE FEDERAL LAND BANK OF WICHITA. Wichita, Kansas, a corporation, Plaintiff, William D. Valentine and Resa Valentine, his wife; The Coal County National Farm Loan Association, of Coalgate, Oklahoma, a corporation; H. S. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation; The Federal Reserve Bank of Dallas, Texas, corporation; and A. G. Gaylor and Mrs. A. G. Gaylor, his wife, defendants. No. 4078. NOTICE OF SHERIFF'S SALE TO WHOM IT MAY CONCERN: Notice is hereby given that pursuant to an order of sale issued and directed to me out of the above entitled court d cause, under date of the 17th day of April, 1926, in an action then and are pending wherein The Federal Land Bank of Wichita, Wichita. Kansas, a corporation is plaintiff and William D. Valentine and Rosa Valentine, his wife; the Coal County National Farm Loan Association, of Coalgate, Oklahoma, corporation; H. D. Thompson, Receiver of The First National Bank of Coalgate, Oklahoma, a corporation: The Federal Reserve Dailas, Texas, a corporation; A. G. Gaylor and Mrs. A. G. Gaylor, his wife. are defendants," being Case No. 4078, I will on the 22nd day of May, 1926, at 2 o'elock p. m. said date, offer for sale and sell at public auction to the highest and best bidder, for cash in hand, at the front door of the Court House in the City of Coalgate, in the Comty of Coal, and State of Oklahoma, the following described real estate, lying and situate in Coal County, Oklahoma, to-wit: Southwest Quarter (SW%) of Section Twenty-eight (28), Township One(1) North, Range Eleven (11) East of the Indian Base and Meridian, Containing One Hundred Sixty (100) aeres of land. more or less, according to the Government survey thereof; except One (1) aere in the Southwest corner of said Quarter Section conveyed to School District No. 25. of Coal County, Oklahoma, by Doed recorded in Book 68, page 246: said property is taken as the prop- crty of said defendants and will be sold to satisfy the judgment of said plaintiff, The Federal Land Bank of Wichita, Wichita, Kansas, against said defendants in the sum $1,527.57, with interest thereon at the rate of eight per cent per annum from the 13th day of October, 1925, together with attorney's fees in the sum of $125.00, also to satisfy the judgment of the said defendant and cross petitioner, The Federal Reserve Bank of Dallas, Texas, against its co-defendants, William D. Valentine and Rosa Valentine, his wife, in the sum of $3,000.00, with interest thereon at the rate of ten per cent per annum from the 1st day of 1924, together with attorney's fees in the summet $800.00, and for the costs in Case No. 3996 in the District Court of Coal County: and for the costs and accruing costs of this action. Fred Sherman, Sheriff of Coal County, Oklahoma. * By W. B. Clark, Under Sheriff. J. R. Flyan, D. D. Brunson, Attorneys for Plaintiff. 4-22 5t NOTICE OF SHERIFF'S SALE (Published in Record-Register April 22nd. 29th, May 6th, 13th, and 20th, 1926.) NOTICE OF SHERIFF'S SALE OF Notice is hereby given that in oursuance of an order of sale issued by the court clerk of Coal County, Oklahoma on the 19th day of April, 1926. in an action in the District Court of Coal County. Oklahoma wherein Oklahoma Farm Mortgage Company, a corporation, was plaintiff and Geo. Harrison, Lela Harrison, his wife, John Steed, Sagamore Oil Corporation, Floyd O. Howarth Oil & Gas Company, a corporation, H. F. Wileox Oil & Gas Company, a corporation, and J. A. Lewis were defendents, and directed to me. the undersigned sheriff of Coal County, Oklahoma, commanding me to advertise and sell without appraisement according to law and subject to a $2,500.00 first mortgage the following described property, to-wit: The West Half of the Northwest Quarter and the West Half of the Southeast Quarter of the Northwest Quarter of Section Seventeen (17), Township Two (2) North. Range Eight (8) East of the Indian Meridian, in Coal County, Oklahoma; to satisfy a judgment and decre: of foreclosure obtained and made in said court on the 13th day of October, 1925, as follows to-wit: In favor of plaintiff and against the defendants for $543.70, with interest thereon at 10% per annum from October 13, 1925, together with $150.00 attorneys' fee for plaintiff's attorneys and the costs of suit and costs accruing. will on, Monday, the 24th day of May, 1926, at the hour of ten o'clock A. M. of said day at the front door of the court house in the City of Coalgate in said County and State, offer for sale and sell to the highest bidder for cash and subject to said first mortgage the property above described or So much thereof as will satisfy said judgment with interest, attorneys' fees and costs. Fred Sherman, Witness my hand this 19th day of April 1926. Sheriff of Coal County, Oklahoma By W. B. Clark. Under Sheriff W. M. Rainey, and H. W. Harris. Attorneys for Plaintiff 4-22-5t filed herein by plaintiff on or before June 4th, 1926, or said petition will be taken as true and judgment rendered in said action against said defendants for the foreclosure of a certain mortgage upon the following described land, to-wit: Lot Five (5) in Block Fifty (50) Coalgate, Coal County, Oklahoma, said mortgage being given to secure the payment of one certain promissory note, executed by said defendants, Mrs. Josephine Leflore to said plaintiff, on the 19th day of December, 1923, upon which plaintiff claims there is now due the sum of $1,457.50 with interest thereon at the rate of ten per cent per annum from March 31, 1926, and $145.75 attorney's fee; and judgment will further be rendered adjudging that default has been made in said mortgage, that the plaintiff has a first and prior lien upon said premises for the amount due as aforesaid and ordering said premisès to be sold without appraisement and the proceeds applied to the payment of said judgement and costs of suit and forever barring and foreclosing said defendants from all right, title, estate, interest or equity of redemption, in and to said premises or any part thereof. In Witness Whereof, I have hereunto set my hand and affixed the seal of my office at Coalgate. this 19th day of April 1926. Harry Holmes, Court Clerk By Mittie Terry. Deputy. Jno. S, Dean and Wylte Snow Attorneys for Plaintiffs. 4-22-3t. 4-22 5t


Article from Saturday Morning Advertiser, October 16, 1926

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Article Text

Run Threatens Coalgate Bank The First National Bank of Coalgate saved by the timely action of the board of directors, at Coalgate Tuesday. from run, when final arrangements were made with the depositers to leave their money in the bank for sixty days to permit the bank to recover. Bank officials began calling in de. positors and had them to sign the sixty day contract, after explaining the situation to them. Examiner Hutt was called from Atoka where he was in charge of the defunct bank there. The bank examiner said that although the bank solvent and could meet any requirement of state law, it did not have enough cash on hand to survive a run at the present time. Officials of the bank issued statement in which they explained that enough cash will be on hand at the end of the contract period to pay off any who desire to close their accounts. It was the failure of the Atoka bank that gave rise to the rumors that started the run in Coalgate.


Article from The Coalgate Record-Register, December 16, 1926

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Article Text

LEGAL NOTICES NOTICE OF SHERIFF'S SALE UNDER FORECLOSURE OF MORTGAGE NOTICE IS HEREBY GIVEN in pursuance of an Order of Sale issued out of the District Court, of Coal County, State of Oklahoha, on the 15th day of December, 1926, in an action numbered. 3835 wherein Henry W. Tate was plaintiff, and Bob Chiles, Ada E. Chiles, Fred Chiles, Mittie F. Chiles, Mary Burtis, Matlou Thompson, C. M. Cade and A. J. Fluke, as Receivers of the Conservative Loan and Trust Company, Tom Mitcham, C. C. Dyer, Coal County Cattle Loan Company, a corporation, Tradesman's National Bank of Oklahoma City, a corporation, and H. S. Thompson as Receiver of the First National Bank of Coalgate, Federal Reserve Bank of Dallas, Texas, Commerce Trust Company, a corporation, E. H. Wahl, Savings Loan and Trust Company, a corporation. Mark L. Hill, Ed Schmidt, and W. D. Snivelly, were defendants, directed to me the undersigned sheriff of Coal County, State of Oklahoma, commanding me to levy upon and sell, without appraisement, the following described property and premises, to-wit: The South Half of the Northwest Quarter, and the South Half of the Northwest Quarter of the Northwest Quarter, and the Northeast Quarter of the Northwest Quarter of the Northwest Quarter, and the West Half of the Northeast Quarter of the NorthWest Quarter of Section 32, and the Northeast Quarter of the Northeast Quarter of Section 30, Township 3 North, Range 10 East, in Coal County, Oklahoma. to satisfy a judgment and decree of foreclosure in favor of the plaintiff and against the said defendants, obtained and made in said court on the 28th day of May, 1926, for the sum of $2,712.01 and costs, with interest thereon from said date at the rate of 10 per cent per annum until paid, and all costs accruing. I will, therefore, on the 17th day of January, 1927, at the hour of 2:00 o'clock P. M., of said day, at the front door of the Court House in the City of Coalgate, in said County and State, offer for sale, and sell to the highest bidder for cash, the said property above described, or so much thereof as will satisfy the said judgment, with interest and costs. WITNESS MY HAND this 15th day of December, 1926. FRED SHERMAN, Sheriff Coal County. State of Oklahoma. By W. B. Clark, Under Sheriff. 12-16 5t. and all the right, title, interest, and oquity of redemption of said defendant in and to said premises, or any part thereof, as in case of sales of real estate on execution, without appraisement, subject to confirmation by said Court. Witness my hand this 15th day of December 1926. FRED SHERMAN, SHERIFF By W. B. Clark, Under Sheriff 12-16-5t