Guaranty State Bank - Okmulgee, OK

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 11a7b767

Response Measures

None

Description

Article (Nov 27, 1922) discusses the failure/insolvency of the Guaranty State Bank and an alleged bribe to guarantee state deposits to keep it operating. No explicit mention of a depositor run; the bank is described as failed/insolvent and tied to legal proceedings. Classified as a suspension/closure (failure) due to bank-specific adverse information (insolvency).

Events (2)

1. * Receivership

Newspaper Excerpt: the failure of the institution in question ... charged with knowing of the insolvency of the institution in question, was overruled by Special District Judge ... the indictment against Fred Dennis, state bank commissioner at the time of the failure of the institution in question, was legal
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent; action (guaranteeing state deposits) alleged to prop up operations prior to failure.
Newspaper Excerpt: guaranteeing a deposit of $150,000 of state funds in the Guaranty State Bank, Okmulgee, to enable it to continue operations ... charged with knowing of the insolvency of the institution
Source: newspapers

Newspaper Articles (1)

1. November 27, 1922 The Chickasha Daily Express Chickasha, OK

Article from The Chickasha Daily Express, November 27, 1922

Click image to open full size in new tab

Article Text

ROBERTSUN SETS HEAVY ARTILLERY IN BRIBERY CASE Accused Governor Brings Array of Talent at Ada Hearing: Judge Stuart Argues Motion on Demurrer. SWITCH TACTICS FROM MOTION TO QUASH BILL Hepburn Taken by Surprise: Ques. tion of Law Basis of Demurrer Argument: Says Charged Entirely Misplaced. (By The United Prem.) Ada, Okla, Nov. 27.-Demurrer to the indictment against Governor J. B. A. Robertson, charged with accepting a $25,000 bribe in connection wit hthe failure of the Bank of Commerce, Okmulgee, was overruled by Special District Judge Thomas A. Edwards shortly after 1:30 today. Attorneys for the governor will now present their motion to quash the indictment. This motion was on file today, being withdrawn when the demurrer was present. The demurrer was based on a question of law, Judge Stuart argued. The governor can't be charged with doing or not doing a thing not within his function as governor, Judge Stuart said. Robertson is charged with accepting a $25,000 bribe which was split three ways and with guaranteeing a deposit of $150,000 of state funds in the Guaranty State Bank, Okmulgee, to enable it to continue operations, Judge Stuart explained, Governor Robertson is charged with knowing of the insolvency of the institution, the judge said. Whether the bank was solvent or insolvent, it was sole business of the state bank commissioner and not that of Governor Robertson and whether or not state funds should be deposited in an institution was the sole business of the-state treasurer, and not of the governor, Judge Stuart argued. Stuart admitted the charge and indictment against Fred Dennis, state bank commissioner at the time of the failure of the institution in question, was legal, but "you can't indict a public official for accepting a bribe to do or not to do something not within his function of office," he declared. "It is the invocation of the court in the to look face the to see indictment if the county squarely attorney has not strained his bow and broken his string to the validity of this was given That bill," the Judge alleged Stuart bribe continued. in the form of a cashier's check, but without description of the check, was mentioned by Judge Stuart. puerile "This is as primitive made and in a pleading as was ever an indictment," Stuart declared. County Attorney James P. Hep. the was burn, case Okmulgee against county, the governor prosecuting visibly surprised by action of the defense in withdrawing the motion to quash, and presenting a demurrer to the indictment, and virtually made no argument. "In a few words before the court, Hepburn referred to Judge Stuart as "senator." To this name Stuart objected, saying "I wish the county attorney would not call me by the name 'senator' as I do not like to go under false colors." "Did the gentleman not run for senator at one time?" Hepburn questioned. "I did not," Stuart declared. "You seem to have the wrong facts in that connection like you have your law."