18039. First National Bank (Henryetta, OK)

View Charter #6867 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6867
Charter Number
6867
Start Date
July 20, 1923
Location
Henryetta, Oklahoma (35.440, -95.982)

Metadata

Model
gpt-5-mini
Short Digest
ebcf3fed

Response Measures

None

Receivership Details

Depositor recovery rate
30.9%
Date receivership started
1923-07-31
Date receivership terminated
1927-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
40.8%
Share of assets assessed as worthless
15.9%

Description

The First National Bank of Henryetta was closed by order of the national bank examiner on July 20, 1923 and remained defunct thereafter; articles describe receivership activity and sale of assets in 1925-1927. A new Peoples National Bank opened in 1925 but that is a different, successor institution. No run on the bank is described; closure was by government action and resulted in permanent failure with receivers appointed.

Events (8)
1. July 3, 1903 Chartered
Source
historical_nic
2. July 20, 1923 Suspension
Cause
Government Action
Cause Details
Closed by order of the national bank examiner on July 20, 1923.
Newspaper Excerpt
the defunct First National bank. which closed its doors by orders of the national bank examiner, July 20. 1923.
Source
newspapers
3. July 31, 1923 Receivership
Source
historical_nic
4. January 28, 1925 Other
Newspaper Excerpt
the new Peoples National bank will open its doors for business Wednesday 28 ... Arising phoenix like from the ashes of the defunct First National bank, which closed its doors ... July 20. 1923 . . . Nine-tenths of the actual claim holders against the defunct bank ... become stockholders in the new institution . . . The Peoples National bank will begin business Wednesday, January 28, capital stock $100,000 ... (Okmulgee Daily Times, 1925-01-25).
Source
newspapers
5. June 23, 1925 Other
Newspaper Excerpt
Wise and Mr. Wilson deeded that property to the federal bank department to indemnify the depositors of the failed bank ... was deeded by Jonas Hulse, receiver for the First National bank. (Henryetta Daily Free-Lance, 1925-06-23)
Source
newspapers
6. May 11, 1926 Other
Newspaper Excerpt
Irving Page, receiver for the banks was authorized today to sell the few remaining assets in any manner he may see fit. The banks are the First National banks of Henryetta and Schulter and the Miners' National of Henryetta. (Muskogee Daily Phoenix and Times-Democrat, 1926-05-12; dateline May 11).
Source
newspapers
7. November 1, 1926* Receivership
Newspaper Excerpt
Keaton was appointed receiver late 1926 ... (Tulsa World / Shawnee News-Star reporting state supreme court decision continuing Harwood Keaton as receiver, Sept. 20-21, 1927).
Source
newspapers
8. September 20, 1927 Receivership
Newspaper Excerpt
a decision which in effect continues Harwood Keaton as receiver of the trust established for administration of the assets of the failed First National bank of Henryetta, was handed down today by the state supreme court. (Tulsa World, 1927-09-21)
Source
newspapers

Newspaper Articles (8)
1. January 25, 1925 Okmulgee Daily Times Okmulgee, OK
Article from Okmulgee Daily Times, January 25, 1925

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Article Text

HENRYETTA BANK SITE OF OLD Many Depositors in Defunct Institution Stockholders in Venture. HENRYETTA. Okla., Jan Arising phoenix like from the ashes of the defunct First National bank. which closed its doors by orders of the national bank examiner, July 20. 1923. the new Peoples National bank will open its doors for business Wednesday 28, according to the statement of James Cameron, president. and one of the largest depositors of the defunct Institution. The serial number of the new bank will be 12,629. The closing of the First National bank, the oldest financial institution of the city, was disastrous blow to more than three thousand accounts, and brought stagnation to the business interests generally, yet the was confident suspension was only that the bank would and when certain accounts were reopen realized upon. This confidence maintained and though badly hampered in finances, and the business inthe depositors terests generally had accepted the situation and were taking more cheerful mood when the Miners National bank suspended Saturday, December 15, thus dealing second blow that put the remaining banks to the acid test. and sending thousands of dollars that would otherwise found circulation into postal savings, bureau drawers, cubby holes and hiding places. However, the two remaining banks met every demand, and although general depression of business hovered these two banks showover the city, gradual increase in their, deposits which were greatly augmented by the reopening of the coal mines in the late summer and also the returns from the largest cotby and other crops in decade. all this time Mr James During Cameron and Joseph Hillman, two heaviest depositors in the deof the funct First National bank. assisted by cher depositors worked with build new bank the receiver the of the old. Nineupon wreck tenths of the actual claim holders against the defunct bank, embracing more than 700 of the larger depositors, become stockholders in the new institution. The Peoples National bank will begin business Wednesday, January 28, capital stock $100,000 and surplus of $25,000. The officers James Cameron. president; Joseph Hillman, vice president: active vice president. and cashier. Cameron and Hillman came to Henryetta together 20 years ago and assisted in the opening and exploitation of the vast coal deposits were opened and exploited. K. Wilder native Aurora, III., while Mr Calvert's former home was in Kas.

2. June 23, 1925 Henryetta Daily Free-Lance Henryetta, OK
Article from Henryetta Daily Free-Lance, June 23, 1925

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Article Text

Paid Bank For Building Today. LARGEST DEAL FOR YEAR The Deal Means Much To the People of Henryetta. The biggest real estate deal of the consummated this forenoon year when Punskey Fields bought the three building at the corner of Fifth story and Main streets, for flat $50,000. The price paid is low. The appraised value of the building said to $80,000, but the price today only $50,000. This deal has been pending since September, 1923. The building was erected by Wilson and Wise, and mained their property until the ment the closing of the First National bank. On that Friday night, when was deteremined to close the bank by the bank examiner in consultation with the board of directors, Wise and Mr. Wilson deeded that property to the federal bank department to indemnify the depositors of the failed bank far as its value would extend. From that time forward has remained the property of the and was today deedgovernment, Barney Fields by Jonas Hulse, receiver for the First National bank. Mr. Fields Indian whose young He property part used in this transacmoney and it was therefore necessary have the check countersigned Indian Agent Wallen at Muskogee. Heiney Boggs Punskey Fields drove over to Muskogee yesterday for this In fact Mr. Boggs explains that and Fields visited Washington last on the same year consent of the Indian department invest the restricted funds in this manner. Mr. Fields easily the richest Henryetta, and already in the millionaire class. He not spoiled wealth, nor has he fallen into the ways frequently seen in such only years old, but the wisdom of mature He has other investments Henryetta real estate, and has an terest business here. He lives in beautiful home West Moore street. Speaking his general attitude, be interest to note that may taken over the rearing and education of orphan Indian boys who only distantly related to him. Fields has received but small amount of schooling, himself. He speaks English plainly, but not modern sense educated However, the use he is making of money and would shame the record of many others fortunes have grown up rapfrom He has 24 producing in section 24-11-11, southwest Henryetta, and the income from these wells alone considerable item. Punskey, or Barney Fields, high class man, and destinyoung be one our most useful izens well man of unusual wealth. The building mentioned in this deal the occupied by the Henryetta Furniture company, corner Fifth and Main streets.

3. October 22, 1925 Hennessey Clipper Hennessey, OK
Article from Hennessey Clipper, October 22, 1925

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Article Text

resent splendid home of the Enid was wild country where but law was Every man trouble These were the days when men Bill Tilghman, now de earried commission as deputy S. Marshal He had long been in service the A well its palmiest days. No better law commission. It was time when gangs of had found safe in the Strip. Dae instance ill show the temper the settlers in lealing with such men. Dick Yeager, famous outlaw of his day ounded cornfield near the Skel where he was down Being ser ously wounded he was taken pri oner Enid and lodged in the old frame jail on the west side of the square, where saw and talked with him few days before his death His from souvenir of the times by the Farmer and Merchants National Bank of Hen Okla The into the Cherokee Strip has passed into history This onee creat Indian highway settled in time, become the richest and most progressive part of Oklahoma fine good towns, and gushing oil wells. (Clipper) First Printed in Clipper, Oct. 8, '25 5t In the District Court in and for Kingfisher County, State of Oklahoma. Hulda plaintiff, No. Walter R. Wilson, Mary M. Wilson, W Burroughs and Crystal Burroughs, and Re reiver for the First Nation al Bank of NOTICE OF SHEIFF SALE OF LAND UNDER FORECLOSURE Notice is hereby given that pursu ant to an order of Sale issued out of the District Court of Kingfisher Coun ty, Oklahoma, on the 30th day of September, 1925. in an action wherein Hulda Meinholtz was Plaintiff and Walter R. ilson and Mary M. Will son and W Burroughs and Crystal Burroughs and the Receiver for the First National Bank of Henryetta the undersigned Sheriff of Kingfisher County Oklahoma, and commanding me to levy upon, with out appraisement. and sell the follow described real estate situated in Kingfisher County, to-wit: The Northwest quarter of Section twelve (12), township seventeen (17), North of Range six (6). West of the Indian Meridian For the purpose of satisfying indgment and decree of favor of the said Plaintiff and against the Walter R. Wilson and and Crystal Burroughs the sum of three hundred seventy seven and 03 100 ($3377.93) Dollars, with at the rate of per cent from the 28th day of March. 1925. and this action taxed at sum of Two Hundred Fifty $250.00) Doll attorney fees for the Plain fif attorney, provided in the judg of the Court will therefore, on the 9th day of November, 1925, at the hour of Two o'elock M. of said day, at the North ront door of the Court House in the city of Kingfisher, County of Kingfisher and State of Oklahoma, of for sale and sell to the highest bidder for cash, the above described real estate, for the purpose of satis fying said judgment, interest, costs and accruing costs and attorney fees RS provided in said judgment of the 2636 Court, made and entered in said case, on the 28th day of March 1925 Witness my hand this 2nd of October 1925 A. BLOCK Sheriff of Kingfisher County, State of Oklahoma GEORGE L. BOWMAN, Attorney for Plaintiff. Clipper) First Published in Hennessey Clipper 24 1925 NOTICE TO CREDITORS You are hereby commanded to take notice that the Hennessey State Bank, ty, was closed September 1925, by order of the Bank Commissioner of the of Oklahoma, who immediately took charge and is proceeding to wind its affairs as provided for by law. In accordance with the provisions of Section 3, Senate Bill 149, Session Laws of 1924, all depositors and credit tors of the above named bank are here be notified that they must file proof of their claim with the liquidating agent of anid bank at the office of said liquidating agent in the Hennessey State Bank building in Hennessey. within six (6) months from forever barred. Given under my hand and seal this, the 22nd day of September, 1925. O. B. MOTHERSEAD. Banking Commissioner. By J. D. KIVLEHEN Liquidating Agent.

4. May 12, 1926 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, May 12, 1926

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Article Text

TO SELL BANK ASSETS Receiver of Three Okmulgee County Institutions Authorized to Clean Up Affairs By The Associated Press OKMULGEE May 11 Final steps will be taken at once under authorization of the comptroller of the federal currency and the Okmulgee district court, to sell the remaining assets of three national banks which falled in the south end of Okmulgee county four years ago. Irving Page, receiver for the banks was authorized today to sell the few remaining assets in any manner he may see fit. either at private or public sales. The banks are the First National banks of Henryetta and Schulter and the Miners' National of Henryetta.

5. December 14, 1926 Henryetta Daily Free-Lance Henryetta, OK
Article from Henryetta Daily Free-Lance, December 14, 1926

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Article Text

Bank Takes Over L. C. Hill Estate All personal and real property of the estate of Lyman C. Hill, insurance man killed recently in an automobile crash, yesterday was taken from the hands of his administrator and turned over to Harwood Keaton, receiver for the defunct First No tional bank. Mr. Keaton told the county court that the defunct bank holds three notes, secured by a mortgage, against Mr. Hill's estate. These constitute first liens all property, the bank receiver said, and the administrator was ordered to turn over to him all the property. The estate was not large enough to satisfy even the three small notes held by the now defunct bank. Twenty per cent reduction on Fall and Winter Coats- Keller's. 55-tfx

6. September 20, 1927 The Ada Evening News Ada, OK
Article from The Ada Evening News, September 20, 1927

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Article Text

Bank Receiver Is Retained by Court Order at Henryetta OKLAHOMA Sept. decision, which in effect continues Harwood Keaten as receiver the trust established for the assets of the failed First National bank. of was handdown today by the state supreme court. The court made permanent writ of prohibition restraining the Okmulgee county district court from vacating order by which it pointed Keaten receiver during the pendency of litigation instituted by of the Peoples National bank of Henryetta.

7. September 21, 1927 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, September 21, 1927

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Article Text

REMAINS BANK RECEIVER OKLAHOMA CITY. Sept. decision which in effect continued Harwood Keaton established for ceiver the administration of the assets the First National Bank of Henryfailed handed down today by the State Supreme Court. The court made permanent writ prohibition restraining the Okmulgee County district from vacating an order by which it pointed during the pendency of instituted by stockholders of the People's National Bank Henryetta. of the National After 1923, was bank of the deorganized the was positors, the contribution ganized. Through in the dividends solvent to the extent of perpercent cash worth of assets in failed were was for percent dividend the who had been of the subscribers. The brought by Otis White and cash who the of an interest in the trust estate and the appointment of Keaton was appointed receiver late 1926. and the order was set January of this year, other took the in the Okmulgee district court.

8. September 21, 1927 Tulsa World Tulsa, OK
Article from Tulsa World, September 21, 1927

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Article Text

KEATON TO REMAIN AS BANK RECEIVER Supreme Court Continues His Administration of Assets CITY, Sept. 20 (A. decision which in effect continues Harwood Keaton as eeiver of the trust established for administration of the assets of the failed First National bank of Henryetta, was handed down today by the state supreme court. The court made permanent writ of prohibition restraining the Okmulgee county district court from vacating an order by which it appointed Keaton receiver dur. 10g the pendency of litigation in. stituted by of the People's National bank of Henry- After failure of the First National bank in July, 1933. a trusteeship was organized by a majority of the depositors, and the new bank was organized. Through the contribution of dividends from deposits in the insolvent bank to the extent of 8 per cent and 43 per cent cash subscriptions, $138,000 worth of assets in the failed bank were purchased. per cent dividend was declared for the stockholders who had been depositors to the exclusion of the cash subscribers. The receivership action was brought by Otis White and other cash subscribers, who sought the establish ment of an interest in the trust estate and the appointment of a reKeaton was appointed receiver late in 1926, and the order was set aside in January of this year, when another judge took the bench in the Okmulgee county district court.