18062. First State Bank (Kiefer, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 14, 1909
Location
Kiefer, Oklahoma (35.945, -96.065)

Metadata

Model
gpt-5-mini
Short Digest
80c850c5

Response Measures

None

Description

Article (Guthrie Daily Leader, 1909-12-14) reports State Bank Commissioner A. M. Young taking the First State Bank of Kiefer into his charge because $30,000 of its funds were on deposit in a suspended Farmers National Bank of Tulsa. Later summary reports (Dec 31 / Jan 1910) list the First State Bank of Kiefer among two banks that failed in 1909, both without loss to depositors. No explicit run is described in the articles; the action is a state suspension/placing into charge because of correspondent failure, and the bank is reported as a failure (closure) in year-end accounts.

Events (2)
1. December 14, 1909 Suspension
Cause
Correspondent
Cause Details
Approximately $30,000 of the bank's reserve was on deposit in the Farmers National Bank of Tulsa, which was suspended/failed, prompting the state commissioner to take the Kiefer bank into his charge.
Newspaper Excerpt
Bank Commissioner A. M. Young who today posted a notice by wire from Tulsa that the bank was in his charge and that a representative of the state banking board would arrive from Guthrie with ample funds to pay off all depositors when the bank opened for business tomorrow morning
Source
newspapers
2. December 31, 1909 Receivership
Newspaper Excerpt
Two banks have failed, the Columbia Bank & Trust company and the First State bank of Kiefer, both without loss to depositors, however.
Source
newspapers

Newspaper Articles (5)
1. December 14, 1909 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, December 14, 1909

Click image to open full size in new tab

Article Text

INTERESTED IN CONCERN Large Amount of His Personal Paper Said to Be Chief Source of Embarrassment to the fact that $30,000 of its reserve and its Owing $40,000 $6,000 with of was on deposit the and Merchants which failed of Farmers surplus Tulsa, yesterday National Bank bank and the hands of National the is now in the is Examiner Keifer now in Bryan, hands State Bank of State of Bank Commissioner A. M. Young who today posted a notice by wire from Tulsa that the bank was in his charge and that a representative of the state banking board would arrive from Guthrie with ample funds to pay off all depositors when the bank opened for busines tomorrow morning Governor Haskell and Bank Commissioner Young both stated today that the bank was in an excellent condition and that as soon as the failed National bank delivers to the Ketter bank the $30,000 which it had on de posit there subject to check the lat ter bank would be turned over again to its officers. The only reason for the state taking charge of the bank said the governor. this morning, is due the fact that $30,000 of its funds were on deposit in a National bank which might financially embarass the bank. According to statements made by Bank Commissioner Young to the gov ernor over the telephone from Tulsa this morning the Keifer bank had last on HANG In cash $11,000 of its and $6,000 surplus. were the reserve idual night deposits $78,000 The and indiv approximately $96,000 carried a cent and is be most assets The 50 bank were per reserve declared of to bank ala condition as any state by Bank in in as the good Commissioner stock Young. The bank has a capital of $10,000. The school land commission had $1. deposit in the bank which is a $5,000 bond the Commerce and given secured 400 on by by indemnity Bank City. Trust company of Kansas Guaranty Fund Ample Haskett and State Treas Menefee stated condition of the urer that Governor the this deposits morning provide guarantee fund was ample to cash for the take care of all Keifer State sufficient able to bank state the and deposits anoth to he en bank or two in the state that size. The First State bank of Kelfer is a reorganization of the Oil Exchange bank of that place which took place in January 1908 E.F. Blaise, who is president of the netimet Farmers and Merchants National bank of Tulsa also the president of the Kelfer C. N. Weickizer is T. .I Sullivan. is dent, bank. was cashier cashier vice presi The and Sullivan is assistant is composed of E. T.J. directorate E.L. N. Weickizer, Sullivan, F. E. Blais L Sullivan and H. F. Ardoe. The Oil Exchange bank was organ ized prior to statehood under the Ar kansas banking laws. According to Governor Haskell, the bank showed by its report to commissioner at on November 16 of Keifer the business bank the deposits last close that it had $77,000 in individual The report also showed the bank's to fal liabilities to be $73,000. with as sets of $96,000. Acording to Governor Haskell the 44 bank has never showed less than per cent cash reserve within the past year. Banking Board Takes Action Following the action taken by the bank commissioner the state banking board. in special session here today, passed the following resolutions: "Whereas, State Bank Commission reports to this board that of the Na bank, of Tulsa, may tional the er Young suspension Farmers embarass State bank of fact that said to the the First Farmers the Keifer, form Nation due is indebted in of balance due said Kelfer in the sum bank al a bank bank of the First same of State over bethousand dollars, about three times of said First State stock ing thirty bank Farmers the of capital Keifor, and that unless said Na tional bank is albe to immediately pay the amount it owes said First State to bank of Keifer. that such failure said pay will doubtless embarass First State bank of Keifer: Resolved. Therefore, that said A M. Young. state bank commissioner. the exercise of his discretion. may of said First to and in case he take of in Keifer, charge is State said unable bank First secure the amount due State bank of Keifer from said suspended Farmers National bank, in pursuance of law said state bank commissioner. Young. may proceed to

2. December 31, 1909 The Vinita Daily Chieftain Vinita, OK
Article from The Vinita Daily Chieftain, December 31, 1909

Click image to open full size in new tab

Article Text

PROSPEROUS YEAR FORSTATE BANKERS ONE HUNDRED TWENTY-FOUR NEW BANKS ORGANIZED. TOTAL CAPITAL $11,000,000 Fifty-Two Converted From Nationals While But Two Surrendered Charters. Guthrie, Okla., Dec. 31.-The year 1909, as seen through the office of Bank Commissioner A. M. Young has been a highly prosperous one for this state. New banks have been organized under the regulations of his department, which, of course, means under the bank guaranty law, to the number of 124, of which seventy-two were new banks entirely and fifty-two "converted" banks, or banks which surrendered their national charter to get the benefits of the state guaranty law. The total increase in capital stock of state banks during the year has been $3,048,500; divided into capital paid in of new state banks, $1,360,500; capital stock of "conversions," $1,358,500; authorized increases in capital stock, $329,500. Thirty-one state banks have increased their capital stock during the year to one that has decreased. Fourteen state banks have voluntarily liquidated or had charters which expired and were not renewed. Two banks have failed, the Columbia Bank & Trust company and the First State bank of Kiefer, both without loss to depositors, however. Two state banks have nationalized, one at Oklahoma City and one at Enid both recently; while fifty-two national banks have converted to: state institutions, seven of these since the failure of the Columbia Bank & Trust company. There are 671 state banks; with a total capital stock of approximately $11,000,000; a surplus of approximatély another million; undivided profits of approximately $1,750,000-making a total of $13,750,000 invested in state banks of Oklahoma. These banks are now carrying individual deposits of more than $50,000,000, and this aggregate is growing at the rate of about $2,000,000 per month. The total assets or resources of state banks now go over the $70,000,000 mark, which is an increase for the year of approximately $22,000,000. During the year individual deposits increased approximately $18,0000,000, the last exact figures showing an increase from $35,160,713, Feb. 5, 1909, to $49,775,433 Nov. 16, 1909. What to anyone familiar with finance is equally as complimentary to Oklahoma state bankers as the rapid increase in banks and deposits is the fact that the average reserve held by the state banks has steadily grown until it has reached the unprecedented percentage of 49.1. This high percentage of reserve held is probably unsurpassed in the United States and is the plainest proof that the bank guaranty law instead of encouraging dissolute banking methods, has made Oklahoma state banks the strongest in the nation, even without the guaranty law. It has been this high reserve that has kept Oklahoma 4 banks steady, even though the 1907 panic, and which has to a great extent caused the also unprecedented record of over 600 banks and $50,000,4 000 deposits with only two failures within year and no loss whatever to

3. January 7, 1910 The Boise Citizen Boise, ID
Article from The Boise Citizen, January 7, 1910

Click image to open full size in new tab

Article Text

BANK GUARANTY LAW SUCCESS The Citizen is practically the only paper in Idaho that gives the people the facts regarding the workings of the bank guaranty law in Oklahoma, and we are pleased to present the following report taken from a recent issue of the Oklahoman, the leading paper of that state: The year 1909, as seen through the office of Bank Commissioner A. M. Young, has been a highly prosperous one for this state. New banks have been organized under the regulations of his department, which of course, means under the bank guaranty law, to the number of 124, of which seventy-two were new banks entirely and fifty-two "converted" banks, or banks which surrendered their national charter to get the benefits of the state guaranty law. The total increase in capital stock of state banks during the year has been $3,048,500; divided into capital paid in of new state banks, $1,360,500; capital stock of "conversions," $1,358,500; authorized increases in capital stock, $329,500. Thirty-one state banks have increased their capital stock during the year to one that has decreased. Fourteen state banks have voluntarily liquidated or had charter which expired and were not renewed. Two banks have failed the Columbia Bank & Trust Company and the First State bank of Kiefer, both without loss to depositors, however. Two state banks have nationalized, one at Oklahoma City and one at Enid, both recently while fifty-two national banks have converted to state institutions, seven since the failure of the Columbia Bank & Trust Company. There are 671 state banks; with a total capital stock of approximately $11,000,000; a surplus of approximately another million undivided profits of approximately $1,750,000-making a total of $13,750,000 invested in state banks of Oklahoma. These banks are now carrying individual deposits of more than $50,000,000, and this aggregate is growing at the rate of about $2,000,000 per month. The total assets or resources of state banks now go over the $70,000,000 mark, which is an increase for the year of approximately $22,000,000. During the year individual deposits increased approximately $18,000,000, the last exact figures showing an increase from $35,160,713, Feb. 5, 1909, to $49,775,433 Nov. 16, 1909. What to anyone familiar. with finance is equally as complimentary to the Oklahoma state bankers as the rapid increase in banks and deposits, is the fact that the average reserve held by the state banks has steadily grown until it has reached the unprecedented percentage of 49.7. This high percentage of reserve held is probably unsurpassed in the United States and is the plainest proof that the bank guaranty law instead of encouraging dissolute banking methods, has made Oklahoma state banks the strongest in the nation, even wtihout the guaranty law. It has been this high reserve that has kept Oklahoma banks steady, even through the 1907 panic, and which has to a great extent caused the also unprecendented record of over 600 banks and $50,000,000 deposits with only two failures within a year and no loss whatever to the depositors.

4. January 7, 1910 The Weekly Chieftain Vinita, OK
Article from The Weekly Chieftain, January 7, 1910

Click image to open full size in new tab

Article Text

PROSPEROUS YEAR FORSTATE BANKERS ONE HUNDRED TWENTY-FOUR IEW BANKS ORGANIZED. TOTAL CAPITAL $11,000,000 Fifty-Two Converted From Nationals While But Two Surrendered Charters. Guthrie, Okla., Dec. 31.-The year 1909, as seen through the office of Bank Commissioner A. M. Young has been a highly prosperous one for this state. New banks have been organized under the regulations of his department, which, of course, means under the bank guaranty law, to the number of 124, of which seventy-two were new banks entirely and fifty-two "converted" banks, or banks which surrendered their national charter to get the benefits of the state guaranty law. The total increase in capital stock of state banks during the year has been $3,048,500; divided into capital paid in of new state banks, $1,360,500; capital stock of "conversions," $1,358,500; authorized increases in capital stock, $229,500. Thirty-one state banks have increased their capital stock during the year to one that has decreased. Fourteen state banks have voluntarily liquidated or had charters which expired and were not renewed. Two banks have failed, the Columbia Bank & Trust company and the First State bank of Kiefer, both without loss to depositors, however. Two state banks have nationalized, one at Oklahoma City and one at Enid both recently; while fifty-two national banks have converted to state institutions, seven of these since the failure of the Columbia Bank & Trust company. There are 671 state banks; with a total capital stock of approximately $11,000,000; a surplus of Approximately another million; undivided profits of approximately $1,750,000-making a total of $13,750,000 invested in state banks of Oklahoma. These banks are now carrying individual deposits of more than $50,000,000, and this aggregate is growing at the rate of about $2,000,000 per month. The total assets or resources of state banks now go over the $70,000,000 mark, which is an increase for the year of approximately $22,000,000. During the year individual deposits increased approximately $18,0000,000, the last exact figures showing an increase from $35,160,713, Feb. 5, 1909, to $49,775,433 Nov. 16, 1909. What to anyone familiar with finance is equally as complimentary to the Oklahoma state bankers as the rapid increase in banks and deposits is the fact that the average reserve held by the state banks has steadily grown until it has reached the unprecedented percentage of 49.1. This high percentage of reserve held is probably unsurpassed in the United States and is the plainest proof that the bank guaranty law instead of encouraging dissolute banking methods, has made Oklahoma state banks the strongest in the nation, even without the guaranty law. It has been this high reserve that has kept Oklahoma banks steady, even though the 1907 panic, and which has to a great extent caused the also unprecedented record of over 600 banks and $50,000, 000 deposits with only two failures witnin a year and no loss whatever to the depositors.

5. January 10, 1910 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, January 10, 1910

Click image to open full size in new tab

Article Text

NEW BANKS ORGANIZED TO THE NUMBER OF 124 Total Increase in Capital Stock Was Over Three Million Dollars As seen by A. M. Young, state bank commissioner, 1909 was a highly prosperous one for Oklahoma. Among his figures are the following: New banks have been 0 ganized under the regulation of his department under the bank guaranty law to the number of 124. of which 72 were new banks entirely and 52 which surrendered their National charter. The total increase of capital stock of state banks during the yea has been $3,048,500; divided into capital raid in of new state banks. $1,360,500; aut crized increase in capital stock $329,500. Thirty-one state banks have increased their capital stock during the year. One has decreased. Fourteen state banks have voluntarily liquid ted or had charters which expired and were not renewed. Two banks have fai'ed, the Co. lumbia Bank and Trust company and the First State bank of Kiefer. Two banks have nationalized. one at Oklahoma City and one at Enid. both recently. while fifty-two National banks have converted to state institutions. There were 671 state banks with a total canital stock of approximately $11.000.000. a surplus of approximately $1,000,000. undivided profits of approximate'v $1,750,000. making a total of $12,750.000 invested in state banks in Oklahoma. These banks are now car ying individual deposits of more than $50.000,000. The total assets or resources of state banks now go over the $70,000.000 mark which is an increase in the year of approximately $22,000,000. During the year individual deposits increased approximately $18,000,000. the last exact figures showing an inc ease from $35.160.713 February 5. 1909 to $14,775.433 November 16, 1909. The average reserve held by the state banks has steadily grown until it has reached the percentage of 49.7. The average percentage of reserve he'd is probably unsu passed in the United States. It has been this high reserve that has kept Oklahoma banks steady, and which, to a great extent, has caused the unprecedented record of over 600 banks and $50.000,000 deposits, with only two failures within he year. Bank Commissioner's Labors. "The figures above given, in to tals, are large to the average man. and wou'd be even la ger if he resolved them into their individual ums. looking at each separate bank and its accounts separate' accordno to the banking department. "This is. however. what the bank commissioner is called upon daily to 10. Each separate bank is to him problem to be studied. The organzation of every new bank requires careful consideration from the bank commissioner. Not only must be study the location where it is desired to put a new bank. with a view to Preventing too much competition vith good business banking but he must consider the adequacy of cap'tal stock proposed. the preliminary beginnings of the new bank, and the character and personnel of the men proposed 10 run it. Then after the bank is organized it is kept under he most careful consideration, and subjected to regu'ar examination by expert bank examiners. Even new ets of books are sometimes made or banks, and often inexperienced cokkeepers are instructed as to their luties. "In the bank commissioner's office S kept a record of every bank in the state. its office and its organization.