18157. First National Bank (Oktaha, OK)

View Charter #10015 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10015
Charter Number
10015
Start Date
May 25, 1926
Location
Oktaha, Oklahoma (35.576, -95.475)

Metadata

Model
gpt-5-mini
Short Digest
cfb000f2

Response Measures

Full suspension

Other: Receiver actions (lawsuits, asset sales) followed suspension.

Receivership Details

Depositor recovery rate
67.5%
Date receivership started
1926-05-26
Date receivership terminated
1929-09-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
49.0%
Share of assets assessed as doubtful
27.9%
Share of assets assessed as worthless
23.2%

Description

The First National Bank of Oktaha closed by action of its board and a federal receiver was appointed (Comptroller named L. R. Kershaw). Articles report deposits fell sharply (from ~$100,000 in January to $22,000 at closing), indicating heavy withdrawals preceding the suspension; assets frozen and loans tied to maturing crops are cited as causes. The bank did not reopen and entered receivership with subsequent liquidation actions and suits.

Events (8)
1. May 18, 1911 Chartered
Source
historical_nic
2. May 25, 1926 Receivership
Newspaper Excerpt
L. R. Kershaw, receiver for the Muskogee-Security National Bank ... was appointed receiver of the First National Bank of Oktaha by J. W. MeIntosh, comptroller of the cur-
Source
newspapers
3. May 25, 1926 Run
Cause
Local Shock
Cause Details
Dwindling deposits and frozen assets; many loans dependent on crops now maturing led to withdrawal of deposits.
Newspaper Excerpt
It is known that the bank's deposits fell from about $100,000 in January of this year to $22,000 at the time the doors were closed.
Source
newspapers
4. May 25, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board closed the bank due to dwindling deposits and frozen assets; liabilities about $100,000 and deposits had fallen to $22,000.
Newspaper Excerpt
The First National Bank of Oktaha ... closed its doors Tuesday morning by of the board of directors. Dwindling deposits and frozen assets are declared to have caused the closing.
Source
newspapers
5. May 26, 1926 Receivership
Source
historical_nic
6. October 9, 1926 Other
Newspaper Excerpt
L. R. Kershaw, receiver ... filed six suits for sums amounting to a total of $16,574 ... In the suit against R. S. Williams, who was holder of 113 shares of stock in the First National bank of Oktaha. The suit was for $11,300.
Source
newspapers
7. November 19, 1926 Other
Newspaper Excerpt
Kershaw also resigned as receiver for the First National bank of Oktaha, near here, and Page succeeded him in that capacity.
Source
newspapers
8. January 4, 1927 Other
Newspaper Excerpt
Bank receiver to sell livestock, tools, autos ... that livestock other farm property held by the Oktaha receivership would be sold at auction ...
Source
newspapers

Newspaper Articles (4)
1. May 27, 1926 McIntosh County Democrat Checotah, OK
Article from McIntosh County Democrat, May 27, 1926

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Article Text

OKTAHA BANK SUSPENDED. First National Bank of Oktaha Closses Doors Tuesday The First National Bank of Ok. taha, with liabilities totalling approximately $100,000, closed its doors Tuesday morning by of the board of directors. Dwindling deposits and frozen assets are declared to have caused the closing. It is known that the bank's deposits fell from about $100,000 in January of this year to $22,000 at the time the doors were closed. Of. ficials say, that. under a receivership, the bank will probably-yield. 50 per cent on all deposits. Many of the institutions loans are dependent upon crops now maturing. The First National bank was the only depository in Oktaha. It has been established many years, having been nationalized four years ago. R Williams is president of the bank; his wife is cashier. T. C. Thompson and J. R. Reinhart complete the board of directors. L. R. Kershaw, receiver for the Muskogee-Security National Bank of Muskogee yesterday was appointed receiver of the First National Bank of Oktaha by J. W. MeIntosh, comptroller of the cur-

2. October 9, 1926 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, October 9, 1926

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Article Text

BANK RECEIVER FILES 6 SUITS Largest Amounts Sought for Defunct Oktaha Bank L. R. Kershaw, receiver for federal banks in this district, filed six suits for sums amounting to a total of $16,574 in connection with his work in liquidating the funds of the Muskogee-Security National bank and the First National bank of Oktaha in fedcal coudt here today. Mike McBride of Muskogee was made defendant in sult for $500 as assessment on five shares of stock. Charles Olentine and J. H. Childers were sued to collect a note for $2.W: O. Olentine was sued on a note for $1,500 minus the first payment of $188.85. The first payment was practically wiped out by the amount of the attorney fee ($150), which is allowed in the federal court. These cases were all in connection with the defunct Security Na/sonal bank The largest amount in the six suits filed today was sought in the suit against R. S. Williams, who was holder of 113 shares of stock in the First National bank of Oktaha. The suit was for $11,300. Flora Williams and Ethel Williams were named in separate suits for $500 each as holder of five shares of stock in the Oktaha bank.

3. November 19, 1926 Miami News-Record Miami, OK
Article from Miami News-Record, November 19, 1926

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Article Text

INJURIES FATAL TO COMMERCE MINER Edward Nichols Dies Few Hours After Accident at Rainbow Property. PICHER, Nov. 19.-Edward Nichols, 40 years old, of Commerce, died at a local hospital about 7:45 o'clock last night as the result of injuries received at the Rainbow mine yesterday afternoon. Nichols was employed as a shoveler and was struck by a falling slab. Nichols is survived by his wife and several children. No funeral arrangements have been made. The funeral will be under direction of the Hal Mitchelson Undertaking company of Commerce. FAUX PAS Young Knut-I say, waiter, never bring me steak like that again! Waiter-Why not, sir Young Knut-It simply isn't done, old thing!-London Opinion. BANK RECEIVER RESIGNS MUSKOGEE, Nov. 19.-(AP)R. Kershaw today announced he had resigned as receiver for the defunct Muskogee-Security National bank here. Irving Page, campaign manager for Senator J. W. Harreld, has been named to succeed him. Kershaw also resigned as receiver for the First National bank of Oktaha, near here, and Page succeeded him in that capacity. MORE CATTLE EXPORTS Cattle exported from Canada in the first nine months of the present year amounted to 99,742 head, as compared with 94,950 head in the same period of 1925. OH, HELLO THERE! Jones- I've dodged my income tax for five years. Do you pay yours New Acquaintance- have to. I'm the income tax collector.- Passing Show, London. English is being taught *Yer the radio in Japan. Recently the in structor, in a lecture on politeness, said the best way to learn such expressions was to bump into English speaking persons in the street, then bow smilingly and remark "I beg your pardon.'

4. January 4, 1927 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, January 4, 1927

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Article Text

BANK RECEIVER TO SELL LIVESTOCK, TOOLS, AUTOS was made here this afternoon by T. R. Kershaw, receiver for the National bank and the First National bank Oktaha, that livestock other farm property held by the Oktaha receivership would be sold at auction on the R. Biggs farm east Wainwright next Tuesday, DecemThe sale will begin at 10 o'clock Tuesday morning. Oktaha bank includes 125 horses and property ons, 25 of many impleemnts, several tractors and four