18167. Bank of Pittsburg (Pittsburg, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 5, 1927
Location
Pittsburg, Oklahoma (34.713, -95.850)

Metadata

Model
gpt-5-mini
Short Digest
25700bdc

Response Measures

None

Description

Multiple articles report state bank examiners taking charge of five banks (including the Bank of Pittsburg) after a run on the McAlester Trust Company. The Bank of Pittsburg was closed/suspended by examiners and no reopening is reported — classified as suspension leading to closure. Cause attributed to runs on a parent/other local bank (McAlester Trust Co.) that froze reserve deposits.

Events (1)
1. February 5, 1927 Suspension
Cause
Local Banks
Cause Details
Run on the McAlester Trust Company froze reserve funds that other banks (including Bank of Pittsburg) had deposited with the trust, forcing suspension and state examiners to take charge.
Newspaper Excerpt
Five banks ... were under the supervision of State bank examiners as a result of a run yesterday on the McAlester Trust Co.... Banks affected ... the Bank of Pittsburgh.
Source
newspapers

Newspaper Articles (4)
1. February 4, 1927 The Mercury Manhattan, KS
Article from The Mercury, February 4, 1927

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Article Text

FIFTH OKLA. BANK Crash McAlester Trust Co. Causes Failure of Pittsburgh Institution Oklahoma Okla., Feb. City, fifth bank southeastern Oklahoma as result failure this morning of the the McAlester Trust company was today the office of the nounced at state bank commissioner. the The Bank of Pittsburgh institution close. Like the fifth small banks involved, its other deposit with the serve funds were had McAlester Trust company, deposits at last year. Wadley's Husband Here. Betty Pleasant memories were revived the Mercury Wednesday visit from Guthning by Kansas City, traveling agent for the Southern Pafreight railroad, and the man who took Betty Wadley, former of the former student, away from Manwife. The Guthries now are bery hapover their first baby, old boy. Miss Martha master of science of the college year zoology, has been appointed the school.

2. February 5, 1927 Evening Star Washington, DC
Article from Evening Star, February 5, 1927

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Article Text

OKLAHOMA BANKS UNDER SUPERVISION Examiners in Charge of Five, Due to Run on Parent Institution. By the Associated Press. McALESTER, Okla., February 5.Five banks serving the Oklahoma coal field territory, with deposits estimated at $2,500,000, today were under the supervision of State bank examiners as a result of a run yesterday on the McAlester Trust Co., the parent institution. Waldo Watkins, assistant bank examiner. attributed the closing of the trust company to frozen assets caused by a slump in cotton prices. This, he said, tied up the reserve funds of the other institutions, forcing a suspension of business. Banks affected besides the parent institution, are the Bank of North McAlester, the Wapanucka State Bank, the Coalgate Bank of Commerce and the Bank of Pittsburgh. Although depositors began to draw money from the First National Bank of McAlester, most of the withdrawals stopped when the bank met all demands and customers then started to redeposit funds. A new double violet, with excep-tionally large petals, has been named after Princess Mary of England.

3. February 5, 1927 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, February 5, 1927

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Article Text

5 OKLAHOMA BANKS CLOSE DOORS IN DAY Run on Parent Bank in McAlester Causes Crashes. By Associated Press. OK., February bank tonight were en route to Southeaste to take five that closed their doors day as the result run the Trust parent depository Besides Trust pany the are Bank of North the Wa panucka State Bank, the Coalg Bank of Commerce and the Bank of Pittsburgh Frozen due to depression the run Waldo assistant bank He reserve funds the other four were on deposit with the trust Total deposits of more than 000 were by the when the state call was ber An incipient started the First of when some became alarmed the closing of the other banks All called for their money and confidence was further restored

4. February 5, 1927 Abilene Reporter-News Abilene, TX
Article from Abilene Reporter-News, February 5, 1927

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Article Text

FIVE BANKS IN FAIL OPEN Failures Follow Heavy Run Made On Trust Company Associated Press Five state bank examiners tonight were enroute to Southeastern Oklahoma to take charge of the five banking that closed today the result of on the McAlester Trust Company, parent depository. The other institutions the Bank of North Wapanucka State Bank, the Coalgate Bank of and the Bank of Pittsburgh. Frozen assets due to depression in prices caused run the McAlester Trust Company, Waldo Watkins, assistant bank said. He explained reserve funds of the other banks were deposit the trust company. Total deposits of more than were shown by the banks when the state call was issued December 31. The state had deposits in nearly all of the failed institutions, but Colonel R. Sneed, state treasurer, said tonight that will lose nothing.