Guaranty State Bank - Okmulgee, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 3, 1921
Location: Okmulgee, Oklahoma (35.623, -95.961)

Metadata

Model: gpt-5-mini
Short Digest: 41a4f3b5

Response Measures

None

Description

Article describes the Guaranty State Bank as insolvent after a Feb 27, 1920 examination and states it was merged with the Bank of Commerce on January 3, 1921. There is no description of a depositor run; the bank appears to have closed/been merged permanently and officials were indicted for allowing it to continue while insolvent.

Events (1)

1. January 3, 1921 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank found insolvent after an examination on 1920-02-27; continued to operate while insolvent and later merged with Bank of Commerce (closure).
Newspaper Excerpt: the Guaranty State Bank which was merged with the Bank of Commerce here on January 3, 1921.
Source: newspapers

Newspaper Articles (1)

1. March 22, 1922 The Daily Ardmoreite Ardmore, OK

Article from The Daily Ardmoreite, March 22, 1922

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Article Text

OFFICIALS AT OKMULGEE TO ANSWER CHARGE Fred Dennis, Named Jointly With Robertson Report to Have Disappeared. $25,000 BRIBE TO LET BANK OPERATE State Funds Placed in Firm in Order to Permit it to Run Though Insolvent. OKMULGEE, Okla.-A joint indictment charging Governor J. B. A. Robertson of Oklahoma and Fred G. former state with a to the permit missioner Dennis, Guaranty accepting State banking Bank bribe com- here to continue business after it had been found insolvent, was returned by the state district court grand jury Tuesday, it was learned Wednesday by the Associated Press. Sherifi Frank Sowers, of Okmulgee county, now has a warrant for Governor Robertson's arrest but said he expected to hear from the executive some time during the day and that he did not intend to serve the warrant immediately. Later, word was received here by a confidential source that Governor Robertson would be here "on the first train." Dennis is Missing. Dennis disappeared from Oklahoma City soon after resigning from office. So far as is known, local authorities have no clue as to his present where. abouts. He IS charged in another in. dietment with failing to close the Guaranty State Bank after it had been found insolvent. The joint indictment charged that 1 State be insolvent by the found Guaranty to Bank affairs Dennis had after been Feb. an examination of its on 27. 1920, and that Governor Robertson and Denis. having been under the law to determine the solvency or insolvency of the bank, did "unlawfully. corruptly, knowingly. wilfully and feloniously" acept $25,0000 as a bribe or reward from John H. Rebold, under an agreement that $150,000 state funds would be deposited in the insolvent bank and that the bank would be allowed to continue to do business while in a state of insolvency. This money, the indictment charged, was paid in a cashier's check, which was later cashed by Governor Rob. ertson and Dennis, Bank President Arrested. S Later J. Ray Brown, president of the defunct Bank of Commerce, was arrested on eight indictments, four of which charged accepting deposits in an insolvent bank, three charged embezzlement and one charging that he made a false report as to the r condition of the bank. He made bond and was released. in d A. J. Peters, former vice president of the Guaranty State Bank and now president of the American National Bank here was arrested on an indict1 ment alleging that he had removed I abstracts and papers of the Guaranty State Bank and released on bond. 's L. H. D. Cooke, a former director 0 of the State Bank was the next to be w arrested He was charged with bore rowing money from the bank while 1. serving it DS an officer. of t OKMULGEE. Okla.-John P. Cook. prominent local oil man and John H. well known oil and number were arrested e returned 1. operator. on Rebold, indictments after by Wednesday the district court grand jury an inis vestigation into bank failures in the county d Cook was president of the Guaranty e State Bank which was merged with k the Bank of Commerce here on Janu. 1. ary 3. 1921. and Rebold was vice president. rt t. Eight separate warrants were serv r ed on Rebold, charging accepting de n posits in an insolvent bank in four d cases. bribing an officer, accepting se bribes. perjury. and unlawfully bor. y rowing money fram a bank while an active officer of the institution. He immediately perfected bonds totalling $15,000 for his release pending trial. Cook was arrested under five warrants charging accepting deposts n an insolvent bank in four cases and bribing an officer. He was released under bonds amounting to $6,000. John W. Hammond, president or a local wholesale grocery concern and formerly a director in the Guaranty State Bank later was arrested on a charge of unlawfully borrowing money while an active and managing officer 's in a bank. He was allowed bond of $1,000.