First National Bank - Picher, OK

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 11194
Charter Number: 11194
Start Date: November 15, 1919
Location: Picher, Oklahoma (36.987, -94.831)

Metadata

Model: gpt-5-mini
Short Digest: 0208977b

Response Measures

Capital injected, Full suspension, Books examined

Other: Stockholder assessments were levied; reorganization pending under examiner's control.

Description

Articles report two recent heavy runs that sharply reduced deposits, followed by the bank closing its doors and the bank examiner taking charge. It's unclear from these articles whether the bank ultimately reopened or was permanently closed, so I classify as run_suspension_unsure. OCR typos corrected (e.g., 'onyl' -> 'only').

Events (5)

1. June 18, 1918 Chartered

Source: historical_nic

2. November 15, 1919 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Following recent heavy withdrawals and a local factional fight undermining confidence, the bank closed and placed affairs in hands of the examiner.
Newspaper Excerpt: The First National Bank of Picher ... closed its doors at 10 o'clock this morning to await the bank examiner.
Source: newspapers

3. November 17, 1919 Other

Newspaper Excerpt: With Bank Examiner Stephen L. Newn in charge at the First National bank which closed its doors Saturday morning ... 'By resolution of the board of directors the bank has placed in the hands of the examiner pending a reorganization of its affairs.'
Source: newspapers

4. August 20, 1920 Voluntary Liquidation

Source: historical_nic

5. * Run

Cause Details: Local business faction fight in mining town provoked two heavy runs; rivalry among town business groups undermined confidence.
Measures: None noted specifically in response to the runs in the articles; later directors placed bank in hands of examiner.
Newspaper Excerpt: One official admitted today that only a few weeks ago a run was made on the bank which sent its deposits down from $700,000 to less than $200,000.
Source: newspapers

Newspaper Articles (2)

1. November 16, 1919 The Morning Tulsa Daily World Tulsa, OK

Article from The Morning Tulsa Daily World, November 16, 1919

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Article Text

PICHER BANK QUITS BUSINESS SUDDENLY Powerful Business Faction in Mining Town Said to Be Responsible. TWO RUNS MADE RECENTLY Short Time Ago an Attempt Was Made to Assassinate the Cashier. Special to The World. MIAMI, Nov. 15.-The First National Bank of Picher, a nearby mining town, closed its doors at 10 o'clock this morning to await the bank examiner. Less than a dozen persons gathered about the bank all day. Bank officials refused to say what caused the bank to close an hour after it had opened for business. Behind the closing. however, is a fight between two business factions of the town which was responsible for two heavy runs on the First National recently. One official admitted today that only a few weeks ago a run was made on the bank hich sent its deposits down from $700,000 to less than $200,000. The bank is located on Second and Congel avenue, and several attempts have been made by business men on Main street to located a bank there, and the closing of the bank today was said to be the outcome of a squabble between the two rival groups. The bank was capitalized for $100,000. It was the onyl bank in Picher. B. L. Connell is president and C. W. Rogers, vice president: W. B. Bunham is cashier. Until recently C. W. Rogers was cashier. He disposed of his share only recently to Bunham after an attempt had been made to assassinate him while he was sitting in his home in Baxter Springs, Kan.

2. November 18, 1919 The Morning Tulsa Daily World Tulsa, OK

Article from The Morning Tulsa Daily World, November 18, 1919

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Article Text

STOCKHOLDERS MAY RUN PICHER BANK Examiner Takes Charge: Depositors sull Wondering What They Will Get. Special to The World. PICHER, Nov. 17.-With Bank Examiner Stephen L. Newn in charge at the First National bank which closed its doors Saturday morning, it was hinted that the bank may open Tuesday. No definite statement from the dio rectors was fortatoming, however, and depositors were-will in a quandary. "By resolution of the board of directors the bank has placed in the hands of the examiner pending a reorganization of its affairs." read a notice posted on the front door today. The stockholders are said to be liable for double the amount of their capital stock and have faced two assessments lately. The first for 18 per cent which was paid in and the second for 48 per cent, which would yet leave an assessment of 36 per cent possible against stockholders in the protection of the depositors. Lloyd A. Danil, attorney. who with the firm of Bennett & Wilson, of Miami, has been representing the bank in collection matters, expressed the belief that much of the paper held by the bank which was considered of small value by the bank examiner, would be collected and that the depositors would not suffer any loss.