18109. First National Bank (Muldrow, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9975
Charter Number
9975
Start Date
October 24, 1927
Location
Muldrow, Oklahoma (35.406, -94.599)

Metadata

Model
gpt-5-mini
Short Digest
929e3e8d

Response Measures

None

Receivership Details

Depositor recovery rate
55.5%
Date receivership started
1927-10-24
Date receivership terminated
1929-10-31
OCC cause of failure
Governance
Share of assets assessed as good
29.6%
Share of assets assessed as doubtful
37.3%
Share of assets assessed as worthless
33.1%

Description

The First National Bank of Muldrow was closed by federal bank examiners on October 24, 1927 (suspension by government examiners) and subsequently placed in receivership (receiver Irving Page). No contemporaneous article describes a depositor run on this specific bank, so this is classified as a suspension followed by permanent closure/receivership.

Events (4)

1. March 29, 1911 Chartered
Source
historical_nic
2. October 24, 1927 Receivership
Source
historical_nic
3. October 24, 1927 Suspension
Cause
Government Action
Cause Details
Closed by federal bank examiners on October 24, 1927 per contemporary reporting.
Newspaper Excerpt
The First National bank of Sallisaw and the First National bank of Muldrow were both closed Monday by federal bank examiners.
Source
newspapers
4. June 8, 1928 Receivership
Newspaper Excerpt
Irving Page, eastern Oklahoma bank receiver of Sallisaw... Page is receiver for the First National bank in Muldrow.
Source
newspapers

Newspaper Articles (3)

Article from The Tulsa Tribune, October 27, 1927

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Article Text

LOOKING OVER OKLAHOMA Labor Omnia Vincit HENRY COUPLE MARRIED 50 YEARS Oct. 27. Married 71. observed their golden wedding anniversary The here Tuesday quietly couple were married October 1877 at have the succeeded in staying out of debt all time and will be glad to live long as the Lord Mr said Clift When they came to Henryetta years as much as brick had been laid in the town. MAKE RECORD RUN TO GET FUNDS FOR BANK SALLISAW Oct. -When the First National bank of Sallisaw and the First National bank of Muldrow were both closed Monday by federal bank examiners. officers of the American National bank of Sallisaw dispatched Walter Hampton, motor dealer, and Ira Holder to Fort Smith to secure extra cash to withstand an expected run on the bank. The two men made the trip to Fort Smith and back of 54 miles, in minutes. and in this time must be included eight minutes spent in bank at Fort Smith. That is, the men rode faster than mile and minute But the money was not needed. No one withdrew dime PIONEER REFINERY TO BE SOLD AT AUCTION GUTHRIE Oct. Want to buy refinery? The Pioneer refinery mile north of Guthrie. will be sold at suction to the highest bidder November Frank Rinehart. chairman of the board of county commistoday The county secured the plant. which represents an of when delinquent taxes were not paid. ADA INTERESTED IN TULSA WEWOKA ROAD ADA. Oct. 27-Ada is watching with Interest being made on a new railway from Tulsa to Wewoka S. Hynds. secretary of the chamber of who accompanied the Tulsa Educational Special train: Ed Gwyn. O. E. Parker and W D.1 Little. members of the board of directors. have been working with interested men in Seminole and Wewoka. Hynds has been at work for several seeking to make Ada stop on the road. Orwig Wewoka, of the new railway company is optimistic that the commerc commission will grant the request for the new road DR. CLAXTON IN MUSKOGEE TODAY MUSKOGEE Oct. 27 Dr. Philander Claxton superintendent Tulsa schools and for eleven years United States commissioner of education, will deliver three addresses in Muskogee today. He will address the Men's Bible class of the Episcopal church. the Rotary club and the patrons of West High school. In company with C. K. Reiff. superintendent of schools, he will visit various city schools here. BANK FAILURE LEADS TO HUGOAN'S BANKRUPTCY HUGO. Oct 27.-To the failure of the Hugo National bank in May, 1925. is partly ascribed the bank ruptcy W. Webb, well known Hugo citizen and property owner. who filed petition in bankruptcy in federal court Muskogee listing liabilities at $359,793 and assets Liabilities consist principally of mortgages held by various banks and to which bank official, he affixed his signature. OKEMAH JUDGE IS HONORED BY BAR Oct 27. District Judge John L. Norman has been honored by the Oklahoma bar in being named secretary of the newly formed association of Oklahoma district and superior court judges Judge John B. Ogden of Ardmore is president and Judge Tom G. Chambers of Oklahoma City, vice president. WHAT THE CHURCHES SHOULD -WILLIAMS OKMULGEE Oct. What we need the money and the work of the churches, not for propaganda to bring congress to make more laws and more offenses, but to put men into office who will enforce the laws we already have," said federal Judge Robert Williams as he held federal The judge is former of Oklahoma. Continuing he said have sold many bottle of morphine for 50 cents back in the days when was not crime to do so, and am sorry for men who go to the penitentiary for the same things no


Article from The Democrat-American, January 6, 1928

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Article Text

CITY BANK FAILS TO OPEN FOR BUSINESS FRIDAY Sallisaw is a bankless town. The town went bankless when the American National Bank failed to open its doors for business Friday morning. This was the second bank failure Sallisaw has experienced during the past three months and the third to occur in the county during the year. In 1926 Sallisaw had three banks all with a national charter and under the supervision of the Federal Reserve. The Citizens National Bank suspended operation December 31, 1926, when they were taken over by the American National Bank; The First National Bank in Sallisaw and The First National Bank of Muldrow failed October 24, 1927 and sixty days later the American National Bank closed. The failure of the three banks during 1927 was due primarily to poor crop conditions. The county ginned only 3000 bales of cotton, as compared to its normal crop of 30,000. The banks, farmers and merchants were doubly hit during the year when the Arkansas river, the Illinois river and all creeks went out of their banks and covered thousands of acres of rich farming land in the worst flood in the past 100 years. This was followed by the ravishing of the boll weevil on the cotton crop. The failure of the American National came as a distinct surprise to everyone in Sallisaw and surrounding territory, as this bank was owned and operated by home people and it was thought the institution was free from any bad paper, as the institution was organized in 1923. The American National was given a charter in 1924, prior to that time it operated for several months under the name of Security State Bank and as the successor of Sallisaw Bank and Trust company, which failed during 1923. The personnel of the failed bank are: J. Perry Wheeler, president; Charley S. Hampton, vice president; Thomas J. Delaney, cashier. The board of directors are: R. Kobel, lumber dealer; H. C. Winter, merchant and property owner; C. Q. Cherry, merchant and property owner; J. Perry Wheeler, ginner; C. E. Riggs, retired business man; Dr. T F. Harmon, dentist, Charley S. Hampton, Mrs. J. C. Woll, milliner, and I. H. Nakdimen of Fort Smith capitalist. The bank was in charge of Charley S. Hampton, who was president of the First National Bank at Stilwell, before coming to Sallisaw to take charge of the Security State Bank. Hampton was assistant cashier of the Merchants National Bank here many vears ago.


Article from Muskogee Daily Phoenix and Times-Democrat, June 8, 1928

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Article Text

Irving Page Returns Home Bank Receiver, Who Was Injured When Train Struck Car, Able to Be Around Irving Page, eastern Oklahoma bank receiver of Sallisaw. who was injured several days ago when a freight train struck his car. has been returned home from a Fort Smith hospital. Page is receiver for the First Na. tional bank in Muldrow. He has made Sallisaw his home since November.