17971. Commercial Bank (El Reno, OK)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 1, 1922*
Location
El Reno, Oklahoma (35.532, -97.955)

Metadata

Model
gpt-5-mini
Short Digest
4d2bebc3

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension

Other: Bank later went into liquidation (receivership) after guaranty fund insolvency and alleged improper bond dealings.

Description

Newspapers report a malicious rumor in early February 1922 that threatened a run which citizens and other institutions helped avert initially. However the Commercial Bank of El Reno later failed and went into liquidation (failure date reported as February 28, 1922) amid allegations about bond dealings. Sequence = run → suspension/failure/receivership, so classified as run_suspension_closure. 'Commercial Bank' has no 'National' designation; likely a state-chartered bank.

Events (3)

1. February 1, 1922* Run
Cause
Rumor Or Misinformation
Cause Details
A 'malicious rumor' circulated about the bank's financial status and threatened a run; local businessmen and the press urged calm and citizens pledged support.
Measures
Local business leaders pledged moral and financial support; other institutions turned the flow of money into the bank's tills; the local paper issued extra editions urging calm.
Newspaper Excerpt
CITIZENS SAVED EL RENO BANK AS RUN THREATENED ... saved it from impending disaster resultant of the circulation of a malicious rumor relative to its financial status.
Source
newspapers
2. February 28, 1922 Receivership
Newspaper Excerpt
C. G. Shull, state commissioner, as receiver for the defunct Depositors Guaranty fund ... depositors in the Commercial bank of El Reno, which failed February 28, 1922, are planning to organize to intervene in the district court liquidation suit which resulted in Shull's appointment as receiver of the guaranty fund.
Source
newspapers
3. February 28, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank later entered liquidation/failure amid allegations of improper dealings in school bonds and disputed certificates of deposit; the bank was described as 'now liquidating' in May 1922 articles.
Newspaper Excerpt
depositors in the Commercial bank of El Reno, which failed February 28, 1922, are planning to organize...
Source
newspapers

Newspaper Articles (4)

Article from The Daily Ardmoreite, February 7, 1922

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Article Text

CITIZENS SAVED EL RENO BANK AS RUN THREATENED Other Institutions Turned Flow of Money Into Tills and Newspaper Issued Extra Editions. The real worth of civic co-operation with public institutions was demonstrated at a most crucial period during the latter part of last week, when the citizens of El Reno pledged their moral and financial support to the Commercial Bank of that city and saved it from impending disaster resultant of the circulation of a malicious rumor relative to its financial status. Frank Ketch, of Ardmore, administrator of the Hamon estate, and who is stockholder in the Commercial bank returned from El Reno Sunday, after spending several days there during which the trouble was brewing, and aiding to a great extent in overcoming To the El a and the Reno, states difficulty. Mr. Ketch pays citizenry fitting tribute of that their action in supporting the bank at the time the run was threatened is worthy of nation wide attention, for it should serve as a criterion for other communities to follow when their banking institutions are threatened--a condition which, he states, incidentally threatens the standing of the town in which the bank is located as well as the county, and always results in losses to thousands whereas common sense diplomacy such as was followed out at El Reno could avert all difficulties. Run Threat Wednesday First intimation of the threatened run on the bank was rumored on the streets of El Reno last Wednesday night. Immediately the business men of the town became active, and urged everyone to remain calm. The El Reno Daily Democrat co-operated in most able manner, and published the sentiments of the leading men of the city, explaining the erroneous impression being created by the malicious rumor and imploring the populace to "stand by the Commercial Bank and every bank in the city and the crisis will be averted." In addition to its regular edition, the Democrat issued two "extras" on the


Article from The Chickasha Daily Express, May 17, 1922

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Article Text

ASK GRAND JURY QUERY ON BONDS OF RENO SCHOOL Petition Being Circulated for Investigation Into Disposition: Special Request is Probe Trading of Securities. OIL COMPANY FIGURES IN DEAL, REPORTS SAY Endorsement of Dennis Appears on Certificates for $25,000 is Charge; New c. D. is Cause Suit for Recovery $2,900. (By The United Press.) El Refto, May 17.-Petitions were circulated here today asking a grand jury investigation into the disposition of $214,000 El Reno school bonds. This action by citizens here came as a result of an announcement by the board of education that it would decline to pay interest on the bonds. The Mechanics and Metals National bank of New York, the Oklahoma Fiscal Agency will present its statement tomorrow for one year's j interest on the $97,000 school bonds now in possession of the state school land commission. "The board of education will reI sist payment of principal and interest of the entire school bond is f a sue of $214,000," counsel for the board announced. a The grand jury will be requested I to particularly investigate the transE actions through which the Commercial Bank "of El Reno, now liquidatS a ing, is said to have traded $214,000 f in the school bonds for $250,000 bonds in the Old Colony Petroleum 0 a company, now in the receivers' hands. I I The difference between the face value of the school bonds and those A of the oil company, it is alleged was a paid by the Commercial Bank in certificates of deposit as a commist sion. p The endorsement of former Bank Commissioner Fred Dennis appears d on such certificates for $25,000 now W in the defunct bank. Suit has been filed by W. G. Shepperd, Afton banker, to recover on another C.D. for $2,900 which Shepperd alleged Dennis sold to him. Dennis is a fugitive from justice.


Article from The Ponca City News, April 23, 1930

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Article Text

NEW TYPE OF CLAIMS ON BANK FACES SHULL Oklahoma City, April 23.-(P) Facing the probability of a new type of claim, C. G. Shull, state commissioner, as receiver for the defunct Depositors Guaranty fund today, viewed the prospect of having to stretch $363,678 in cash and liberty bonds and $1,500,000 "frozen" assets to pay $6,900,000 indebtedness. The possibility developed when it was learned that depositors in the Commercial bank of E1 Reno, which failed February 28, 1922, are planning to organize to intervene in the district court liquidation suit which resulted in Shull's appointment as receiver of the guaranty fund.


Article from The Perry Daily Journal and the Perry Republican and the Noble County Sentinel, April 23, 1930

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Article Text

Bank Needs More In Guaranty Funds OKLAHOMA CITY, Apr. the probability of new claim, Shull, state bank commissioner, receiver for the defunct depositer guaranty fund, day viewed the prospect of having stretch $363,678 in cash and bonds and assets to pay indebtedness. The possibility developed when learned that depositors in the commercial bank El Reno which failed 1922, plannng organize intervene in the district court suit which sulted Shull's appointment ceiver the guarantee fund. The El Reno bank one which failed after the guarantee fund was declared insolvent October, 1921, before the guarantee fund laws was repealed March, 1923.