18083. First National Bank (Lenapah, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11436
Charter Number
11436
Start Date
March 23, 1923
Location
Lenapah, Oklahoma (36.851, -95.636)

Metadata

Model
gpt-5-mini
Short Digest
8d286396

Response Measures

None

Receivership Details

Depositor recovery rate
35.0%
Date receivership started
1923-12-14
Date receivership terminated
1926-08-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
28.2%
Share of assets assessed as doubtful
56.5%
Share of assets assessed as worthless
15.2%

Description

The First National Bank of Lenapah suspended business on March 23, 1923 and was placed in receivership (articles refer to a receiver and receiver actions through 1925-1926). No article describes a depositor run; coverage describes suspension, receivership, dividends paid by receiver, suits against stockholders, and an embezzlement case involving an assistant receiver. Therefore this is a suspension leading to closure with receivership.

Events (6)

1. August 25, 1919 Chartered
Source
historical_nic
2. March 23, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and subsequently placed in receivership; articles do not describe a depositor run. Closure appears due to insolvency/financial failure of the bank (receiver appointed later).
Newspaper Excerpt
The bank suspended business March 23. 1923.
Source
newspapers
3. December 14, 1923 Receivership
Source
historical_nic
4. June 11, 1925 Other
Newspaper Excerpt
Twentyfour stockholders in the defunct First National bank of Lenapah will face juries ... The receiver asks ... that they pay double liability on the amount of stock they held when the bank closed its doors several months ago. (Okmulgee Daily Times, 1925-06-12).
Source
newspapers
5. March 26, 1926 Other
Newspaper Excerpt
R. H. McElwain, defaulting assistant receiver of the First National bank of Lenapah, was brought back to Tulsa by federal officers ... charged with embezzlement of money from an officer of the United States - National Bank Receiver John H. Dykes. (Nowata Daily Star, 1926-03-26).
Source
newspapers
6. * Receivership
Newspaper Excerpt
John H. Dykes, receiver of the Farmers National Bank of this city, First National Bank of Lenapah, Okla., and the Nowata National Bank of Nowata, Okla., ... Mr. Dykes this morning received draft ... the affairs of the First National bank of Lenapah are handled from the Nowata National bank at Nowata. The bank suspended business March 23, 1923. Mr. Dykes succeeded the former receiver on July 1, 1925, and paid the first dividend of 20 per cent on December 20, 1925. (Nowata Daily Star, 1926-04-12).
Source
newspapers

Newspaper Articles (7)

Article from Okmulgee Daily Times, June 12, 1925

Click image to open full size in new tab

Article Text

STOCKHOLDERS SUED FOR DOUBLE LIABILITY TULSA. Okla., June 11.-Twentyfour stockholders in the defunct First National bank of Lenapah will face juries in the United States district court in Tulsa, beginning Monday, in answer to suits filed against them by J. Houston, receiver of the Lenapah bank. The receiver asks in his suits against the stockholders that they pay double liability on the amount of stock they held when the bank closed its doors several months ago. The actions are all civil. Lenapah is north of Nowata in Nowata county.


Article from Morning Examiner, June 12, 1925

Click image to open full size in new tab

Article Text

SUE BANK STOCKHOLDERS TULSA, June stockholders in the defunct First National bank of Lenapah will face juries in the United States district court in Tulsa, beginning Monday, in answer suits filed against them Houston the Lenapah bank. The receivers asks in his suits against the stockholders that they double liabilities on the pay amount stock they held when the bank closed doors several ago. The actions are all civil. Lenapah north of Nowata Nowata county.


Article from Henryetta Daily Free-Lance, June 14, 1925

Click image to open full size in new tab

Article Text

SEQUOYAH, June four stockholders the defunct First National bank of Lenapah, will face juries in the United States district court Tulsa, beginning Monday, to suits filed against them Houston, receiver of the Lenapah bank. The receiver in his suits against the stockholders that they pay double liability on the amount stock they held when the bank closed its doors several months The ago. tions all civil. Lenapah north Nowata in Nowata county.


Article from Nowata Daily Star, January 1, 1926

Click image to open full size in new tab

Article Text

DYKES IS RECEIVER OF SAPULPA BANK John H. Dykes, receiver of the Farmers National Bank of this city, First National Bank of Lenapah. Okla.. and the Nowata National Bank of Nowata, Okla., last night received telegraphic advice from the comptroller of the currency in Washington that he has been comof the First National Bank of Sapulpa. Okla., to succeed the present receiver. Frank Wasson, resigned. Sapulpa institution was closed in July, 1923. was one and one-half million dorlar concern. and has paid total dividends of 20 per cent to date. The first of this week Mr, Dykes began paying off to the depositors of the Farmers National Bank in this city dividend of 10 per cent, bringing the to date up to 100 per cent. The bank suspended in March, 1924. Mr. Dykes says he hopes to be able to realize sufficient from the remaining assets to pay the depositors per cent interest on their money from the time they were out it. This the only national bank receivership in the Tenth Federal Reserve district which has ever paid out 100 cents on the dollar. With the goal Dykes has set for himself he bids fair to beat the best record for the whole United States in the matter of paying out insolvent national banks. E. L. Burton and Carl V. Rice are local attorneys for the receiver here. With added duties making total of four banks now on his hands, and with stretch of territory 150 miles long to cover each week, Mr. Dykes' duties will assume more of the executive and directional part of the administration of all these banks affairs, each bank being in charge of an James H. Smith, Parsons young man who was employed in the Farmers National Bank here at its suspension, is Mr. Dykes chief assistant covering all banks in charge of all detail work and the books. "Jimmie" Smith, although 19 of age has become an expert in his line and his services are frequently sought by new to install and set up receivers' books. Dykes and Smith left this morning for Sapulpa to take charge.Parsons, Kan., Republican. Another trouble with the world is that too many people are worrying over their lack of dollars and not enough are worrying over their lack of sense.


Article from Nowata Daily Star, March 26, 1926

Click image to open full size in new tab

Article Text

M'ELWAINE NOW IN TULSA JAIL R. H. McElwain, defaulting assistant receiver of the First National bank of Lenapah. was brought back to Tulsa by federal officers Wednesa day to stand trial in the United States district court for embezzlement of money from an officer of the United States-National Bank Receiver John H. Dykes. Mr. Dykes and Paul Drake were in Tulsa Thursday and called to see the prisoner at the county jail, where he is being held in default of $5,000 bond. McElwaine has already signed a confession and says he will plead guilty to the indictment and throw himself upon the mercy of the court for leniency. The maximum sentence is five years imprisonment in the federal penitentiary and $5,000 fine or both, in the discretion of the court. Mr. Dykes this morning received draft from the Independence Indemnity company of Philadelphia for $1,341.36, the total amount for which the company had McElwain bonded to Mr. Dykes. SAY YOU SAW IT IN THE STAR


Article from The Parsons Daily Sun, March 31, 1926

Click image to open full size in new tab

Article Text

McELWAIN NOW READY TO MAKE PLEA OF GUILTY R. H. McElwain is in jail at Tulsa charged with embezzlement of money fromean officer of the United States. According to John H. Dykes, national bank receiver and the officer from whom the money was taken. took $5,000 from the First National bank of Lenapab. Ok., where he was in charge of the liquidation of the closed bank. The default was discovered December 18, three days after MeElwain is alleged to have left Tulsa in company of a woman not his wife. An indictment was returned in the federal court Feb. 10 and on the 16th federal officers arrested McElwain in Spokane: He was returned to Tulsa and the woman was released. Mr. Dykes said McElwain did excellent work in making collections and that in addition to his regular salary he drew $30 month from the government because of injuries received in the World war Mr. Dykes was in Tulsa Thursday to consult with his former first assistant and reports he found him penitent That he told Dykes he did not know why he 'ook the money and was anxious to make restitution He has signed written confession and has declared he will plead guilty McElwain has wife and three children in Parsons They are being taken care of with funds obtained from the Community Chest story in a recent issue of the Nowata. Ok. Star follows: "R. H. McElwain. defaulting assistant receiver of the First National Bank of Lenapah was brought back to Tulsa by federal officers Wednesday to stand trial in the United States district court for embezzlement of money from an officer of the United StatesJohn H. Dykes. national bank receiver. Mr. Dykes and Paul Drake were in Tulsa Thursday and called to see the prisoner at the county jail where he 18 being beld in default of $5 000 bond MeElwain has already signed a confession and says he will plead guilty to the indictment and throw himself upon the mercy of A 30-hour air mail service between Los Angeles and New York will be begun in April by Western Air Express, Inc., which proposes to operate its planes faster than those of the government. A plane carrying 1,000 pounds at the rate of 145 miles an hour is being prepared for Pilot Fred Kelly, shown above, to make the first trip.


Article from Nowata Daily Star, April 12, 1926

Click image to open full size in new tab

Article Text

PAPERS ARE WATER The carrier of the Tulsa Tribune was water-bound Saturday and was unable to reach Nowata with his papers. Both the Saturday and Sunday editions of the paper will be delivered this according to R. L. Stone, circulator of the Tribune, who was in the city this morning. RETURNS FROM HOSPITAL Miss Helen Wilkinson has returned from Kansas City, where she has been for several weeks recovering from an operation. Miss Helen underwent major operation and for a time her was doubtful. Her friends will be glad to know that she has sufficiently recovered to be able to return to her home. en, after which refreshments will be served. This will be one of the big events of the year and all Elks are urged to attend. Visiting Elks are also welcome. FARMS INCREASE. The total number of farms in this state was increased 5,230 in 1925 over the number in 1920, according to the figures released for publication by th/ department of commerce at Washington. The report shows that in 1920 Oklahoma had 191,988 farms, while in 1925, the figures jumped to 197,218. In 1925 the number of farms reporting tractors was 10,039, as compared with 5,786 in 1920. The number of tractors reported in the state for 1925 was 10,950, as compared with 6,210 in 1920. In 1925 the total number of farms reporting radio outfits was 2,707. WHITMAN MADE CAPTAIN To "Jack" Elmer Whitman, of Mr. and Mrs. L. E. Whitman, formerly of Nowata was given the honor of the captaincy of the Delta Psi Omega basketball team. This team came out on top in the interfraternity basketball league of Oklahoma City University. Jack has taken prominent part in athletics. He played quarterback on the football team. was a member of Delta Psi basketball team. and is going out for the track and tennis teams this spring. Whitman is prominent member of Delta Psi fraternity, and Sophomore in the College of Arts and Science. BEN EDWARDS PASSES AWAY Benjamin R. Eawards, age 63. passed away at his home, one mile north of Oglesby, Sunday morning at 4:30 o'clock. He had been ill for some time. Mr. Edwards is survived by his wife, Mrs. Willa Edyards, and two Ethel and Marie, one sister, Mrs. King of Ramona, brothers, Frank, of Fort Scott. Kan., and James, of Cleveland, Okla He was member of Sunset Lodge No. 57. A. F. & A. M., and his Masonic lodge had charge of the services at the grave. The funeral services were held from the home this afternoon at 3 o'clock, W. E. Barr officiating. under the direction of R. W. Benjamin. Interment was made in the Oglesby time of the capture, Allen attempted to "shoot it out" with the officers and was wounded. being shot in the leg. In the gang captured at the time was Frank Brumley, who was wanted for the murder of Paul MeCarty, an Oklahoma City attorney. Brumley late received a life sentence for the crime. TO SUE BERENTZ ESTATE. Laura Ford, who was sent to the insane ward of the state penitentiary after her acquittal on charges of murdering Calvin W. Berentz, on the grounds of insanity, is planning a suit agaist the estate of Berentz, according to a story appearing in the Independence Reporter Saturday, in which C. D. Ise, administrator of the Berentz estate, is quoted as authority. Mr. Ise has been notified that Miss Ford expects to file suit or claim and says that $6,000 in a Coffeyville bank will be involved in the suit. It is not known whether Miss Ford has been released from custody. However, it is known the board of administration has found she is sane.Coffyeville News. F. M. WEBBER PASSES AWAY F. M. Webber. age 84, prominent citizen of Coodys Bluff, died at the home of his son, Lem Webber, at Coodys Bluff Sunday morning at 6:15 The body was brought to the Benjamin Funeral Home, where it will be held pending funeral arrangements. Deceased was a Civil war soldier, serving under General Wheeler. He moved to the Coodys Bluff community about three years ago from Haskell. He was memher of the Baptist church, having joined that church forty years ago. Surviving are five daughters and three sons, Mrs. Truitt, of Los Angeles, Mrs. A. M. Rice, Springfield, Mo., Mrs. Dollie Adams. Muskogee, Mrs. G. W. Wilhoit, Morris, Miss May Webber. Spokane, Wash. Geo. Webber, Apperson, Lem Webber, Coodys Bluff. and Richard Webber, Childers. ANOTHER DIVIDEND. John H. Dykes, receiver of the First National bank of Lenapah, Okla., this announced the receipt of the checks from Washington for a second dividend of ten per cent to all creditors of the defunct This brings a total paid of 30 per cent. The bank suspended business March 23. 1923. Mr. Dykes succeeded the former receiver on July 1, 1925, and paid the first dividend of 20 per cent on December 20. 1925. As the affairs of the First National bank of Lenapah are handled from the Nowata National bank at Nowaoa, the checks will be available at the Nowata bank for creditors who call for them. Each creditor must present his Receiver's Certificate for endorsement by the receiver when calling for dividend checks, else mail the Receiver's Certificate to the Nowata National bank and dividend check will be mailed. tion than it has been for several years, stated Mr. Sanders, and in few more years this fund will probably show on the right side of the ledger. MANY GET ZINNIA SEED The Crimson Red Zinnia seed, given free by the Nowata Chamber of Commerce, is being called for by the citizens of Nowata, forty-three packages having been given out today. The seed is at the Star office, and those who wish to secure package can be accommodated by calling at this office. The Chamber Commerce will offer three prizes for the best beds of flowers grown from this secd. The prizes are $7.50, $5.00 and $2.50.