Bank of Enid - Enid, OK

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: February 1, 1908*
Location: Enid, Oklahoma (36.396, -97.878)

Metadata

Model: gpt-5-mini
Short Digest: cc69b7ca

Response Measures

None

Other: Directors decided to surrender national charter and convert to state bank to take advantage of deposit guarantee law.

Description

Article (Oct 29, 1908) describes a February (1908) episode in which an unauthorized newspaper statement triggered immediate withdrawals ($15,000) and the bank gave up its national charter (converted to state) but did not suspend or close. Classified as a run only driven by misinformation.

Events (1)

1. February 1, 1908* Run

Cause: Rumor Or Misinformation
Cause Details: An unauthorized Enid newspaper published a statement (without authority) about the Enid National's charter status, prompting depositors to withdraw $15,000 the same day.
Random Run: Yes
Random Run Snippet: Paper published false statement 'Enid National would remain a national bank'.
Measures: Management decided to give up the national charter and convert to a state bank to take advantage of deposit guarantee law.
Newspaper Excerpt: An Enid paper published the next morning without authority a statement that the Enid National would remain a national bank and before noon depositors had withdrawn fifteen thousand dollars from our bank.
Source: newspapers

Newspaper Articles (1)

1. October 29, 1908 The Butler Weekly Times Butler, MO

Article from The Butler Weekly Times, October 29, 1908

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Article Text

About Bank Deposit Guarantee. O. J. Fleming, president of the Bank of Enid, at Enid, Oklahoma, is one of Bryan's most enthuslastic supporters. Mr. Fleming was asked about the new Oklahoma law guaranteeing bank deposits and was enthuslastic in his endorseinent of the plan. "We were running a national bank at Enid," said Mr. Fleming, " "The Enid National,' when the word came that the government would not per. mit national banks In Oklahoma to take advantage of the new state law guaranteeing deposits. We had Intended to take adval tage of the law and pay the same taxes AS the state banks. An Enid paper published the nex. morning without anthority 11 statemer that the Enid National would remain a national bank and before noon depositors had withdrawn fiften thousand dollars from our bank. A meeting of the duree tore was beld that alternoon and We decided to vive up our charter as 11. national bank This We did us soon as possible "This WHR 1981 February. At that time we had $390,000 deposits. On August first we had $800,000 depos its more than doubling the amount under the operation of the new law. I am very much in favor of the law and no practical banker can be oth erwise when watching the operation in Oklahoma. The national banks have lost deposits and the state banks have stendily gained, and we have found nothing but good results from the law."