b8a828ffFull suspension, Books examined
Other: Bank placed in hands of State Banking Department for reorganization; clearinghouse offered help which was declined.
Click image to open full size in new tab
BANK SUSPENDS. Oklahoma City, Okla., March 8.The Wilkin Hale State bank, the only state bank in the city, closed its doors today with an announcement that its affairs had been placed in the hands of the state banking department for reorganizaton.
Click image to open full size in new tab
WilkinHaleBank Fails Oklahoma City, March 8-The Wilkin-Hale bank of this city was closed to business today. The bank is in the hands of Bank Commissioner Waleott. Attempt at reorganization has been begun. Officers of the closed bank are J.L. Wilkin, president : John M. Hale and W. C. Ernest, vicepresidents : R 11. Wilkin, cashier, and Luther Jones and Patrick Roben, assistant cashiers. No other city banks are affected, it is declared. Treasurer Leocraft said $200,000 in state funds were deposited in the bank. Rumors St. rted Run The following statement was given out: Rumors concerning the bank's condition started a slow hnt decided run on the bank which has extended over the last three weeks resulting in the necessity of closing the doors. The bank had thought to nationalize but failing in this was 1111able to withstand the strain. First application for a national charter was made last November "All state, city and county funds, aggregating $245,000. are secured by Liberty bonds. We hope to be able to reorganize the bank but should we fail we are confident that the depositors will get their money as a result of limidation procedure. Clearing House Offered Help That help had been tendered the bank last Saturday by the Oklahoma City Clearing House association, but declined, was the announcement made by Dan W. Hogan. president of the association The statement, passed upon by the association. declared that closing of the Wilkin-Hale bank "does not in any way involve any other institution in this city, and it is paradoxical that it should occur at a time when the combined statements of all the other clearing house banks show the strongest reserve in the history of the institution." The statement added that the embarrassment of the Wilkin-Hale bank is an "isolated case not related to present conditions." The last state bank statement showed deposits of $2,204,627.70 in the Wilkin-Hale bank and loans and discounts of $1.570,073.69. Resources and liabilities were each given as $2,728,759.09
Click image to open full size in new tab
OKLAHOMA CITY BANK SHUT. Run on State Institution Kept Up Three Weeks. OKLAHOMA CITY, Okla., March 8.The Wilkin Hale State Bank, the only State bank here, closed to-day. being placed in the hands of the State Banking Department for reorganization. Roy Walcott, Acting State Bank Commissioner, said that a quiet run of three weeks had necessitated suspension. The bank, capitalized at $200,000, had deposits of $2,204,627.70, with loans and discounts of $1,710,073.67. Resources and liabilities were each listed as $2,728,759.09.
Click image to open full size in new tab
LARGEST BANK IN OKLAHOMA FAILS Bank With 4000 Depositors and $1,666,476 Closes its Doors. Oklahoma City, March 8.-Following a quiet run which officials say has been in progress for more than two weeks, the Wilkin-Hale State bank here failed to open its doors Wednesday morning. The bank was one of the oldest in the city and the largest state bank in Oklahoma. The bank was capitalized at $200,000. Its deposits totaled $1,666,476.10 and it had approximately 4,000 depositors. Administration of the bank's affairs has been assumed by the state banking department pending reorpanization which officials of the bank hope may be effected shortly. A statement issued by Roy Walcott, state bank commissioner, declared the immediate cause of the failure of the bank was the steady withdrawal of deposits, "which it seems were due to persistent street rumots and gossip pertaining to the bank's solvency." The statement added that "owing to the general financial depression the bank was unable to collect its notes as fast as the withdrawal. of deposits occurred."
Click image to open full size in new tab
# HOW BANK SLANDER WORKS. The story of the number of perfectly good banks that have been ruined by somebody starting an idle and baseless rumor is endless. The Wilkin-Hale bank at Oklahoma City is the latest victim. About ninety days ago somebody started a rumor about the bank's condtiion. As a matter of fact that bank at that time was as sound as any in the state. But a rumor grew to gossip and a slow but steady run was started on the bank. Of course this broke the bank. It can and will break any bank. That's why a reward of $1,000 is offered for the conviction of any person who starts such rumors. If banks kept enough money on hand all the time to pay off all the depositors there could be no banks. There would be no need for them. You could keep all your money yourself just as well, if that were the case. Banks lend money deposited with them. That is the only way they can run. Naturally the loans do not mature on any one day and they cannot be collected until they are due. Depositors start a run on a bank and they draw money out faster than the bank can collect in loans. That breaks the bank. But it is the depositor's fault, not the bank. - Muskogee Times-Democrat,
Click image to open full size in new tab
REBOLD IS MADE DEFENDANT AGAIN Bank Commissioner Sues Okmulgee Banker for $20,000; Says Note Not Paid: Defendant Indicted With Governor. (By The United Press.) Oklahoma City, June 9.-John H. Rebold, Okmulgee banker who is under indictment for alleged frauds in connection with the failure of the Bank of Commerce of Okmulgee, was made defendant in another suit filed against him in district court here by Bank Commissioner Wolcott for the Wilkin-Hale State Bank. The suit is for $20,000, it being alleged that Rebold borrowed this amount from the Wilkin-Hale State Bank in 1920 and that it has been long past due but none of the principal or the interest has been paid. Rebold gave a mortgage on certain Oklahoma City property belonging to him as security on the note and Wolcott asks that a receiver by appointed to take charge of this property and that Rebold be restrained from disposing of it.