First National Bank - Grandfield, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10006
Charter Number: 10006
Start Date: June 7, 1923
Location: Grandfield, Oklahoma (34.228, -98.685)

Metadata

Model: gpt-5-mini
Short Digest: e94e4f6f

Response Measures

None

Receivership Details

Depositor recovery rate: 23.0%
Date receivership started: 1923-07-21
Date receivership terminated: 1926-03-31
OCC cause of failure: Economic conditions
Share of assets assessed as good: 12.1%
Share of assets assessed as doubtful: 37.9%
Share of assets assessed as worthless: 50.0%

Description

Articles report the First National Bank of Grandfield became defunct and a federal bank receiver took charge June 7, 1923; later criminal indictments against officials for embezzlement. No mention of a depositor run prior to suspension.

Events (5)

1. May 3, 1911 Chartered

Source: historical_nic

2. June 7, 1923 Receivership

Newspaper Excerpt: on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold, she was repaid $3,000, and she now asks judgment for the remainder, $10,451.19, with six per cent interest from June 7. 1923.
Source: newspapers

3. June 7, 1923 Suspension

Cause: Government Action
Cause Details: A federal bank receiver took charge of the bank and its assets were sold on June 7, 1923.
Newspaper Excerpt: on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold
Source: newspapers

4. July 21, 1923 Receivership

Source: historical_nic

5. May 29, 1925 Other

Newspaper Excerpt: trial of three officials of the First National bank in Grandfield, defunct institution... On trial are O. E. Mapel, A. E. Rasmusson and Earl Lear ... indictment containing five counts, one of which is embezzlement.
Source: newspapers

Newspaper Articles (2)

1. May 29, 1925 The Frederick Leader Frederick, OK

Article from The Frederick Leader, May 29, 1925

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Article Text

JURY COMPLETED FOR TRIAL OF 3 GRANDFIELD MEN United Press. Guthrie, May 29-The selection of the jump=for the trial of three officials of the First National bank in Grandfield, defunct institution, which started Thursday in federal court here, was concluded today. The taking of testimony in the case began at two o'clock. On trial are O. E. Mapel, A. E. Rasmusson and Earl Lear, all, of whom were officials at the time of the failure of the bank. The three are all made defendants on an indietment containing five counts. one of which is embezzlement. Their cases are being tried together.

2. May 25, 1926 The Frederick Leader Frederick, OK

Article from The Frederick Leader, May 25, 1926

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Article Text

SUES TO RECOVER BIG BANK DEPOSIT Mrs. A. Baker has filed suit in et al., directors and officers of the First National Bank of Grandfield, for the recovery of $10,451.19, which she claims to have deposited in the bank March 15, 1923. Plaintiff alleges that the defendants knew that the bank was insolvent when the deposit was made, that they came to her and solicited her to place her money in the bank, and at that time represented the bank to be in a solvent and thriving condition. Mrs. Baker deposited $13,451.19 in the bank, but on June 7, 1923, when a federal bank receiver took charge of the bank and its assets were sold, she was repaid $3,000, and she now asks judgment for the remainder, $10,451.19, with six per cent interest from June 7. 1923.