18181. American National Bank (Sallisaw, OK)

View Charter #12555 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12555
Charter Number: 12555
Start Date: December 30, 1927
Location: Sallisaw, Oklahoma (35.460, -94.787)

Metadata

Model: gpt-5-mini
Short Digest: d6ae3e22

Response Measures

None

Receivership Details

Depositor recovery rate: 68.7%
Date receivership started: 1927-12-30
Date receivership terminated: 1931-05-09
OCC cause of failure: Economic conditions
Share of assets assessed as good: 62.6%
Share of assets assessed as doubtful: 29.7%
Share of assets assessed as worthless: 7.7%

Description

The American National Bank of Sallisaw failed to open its doors (closed by order of the board) reported in papers dated Jan 3, 1928; contemporaneous accounts state the closing was due to prolonged bad conditions and a disastrously small 1927 cotton crop (local agricultural shock). A later court filing (Sept 1929) references a receiver, indicating permanent closure and receivership. No credible evidence of a depositor run caused the closing; a Fort Smith report of a run was explicitly called false by the bank president.

Events (4)

1. June 24, 1924 Chartered

Source: historical_nic

2. December 30, 1927 Receivership

Source: historical_nic

3. December 30, 1927 Suspension

Cause: Local Shock
Cause Details: Prolonged poor agricultural conditions and the smallest cotton crop in county history in 1927 (severe crop/flood and boll weevil losses) weakened bank; directors closed bank by order of board.
Newspaper Excerpt: Sallisaw experienced her second bank failure during the past three months when the American National Bank failed to open its doors for business Friday morning. ... The report in a Fort Smith newspaper that a run on the bank was made by the depositors was false, according to J. Perry Wheeler, president of the closed bank.
Source: newspapers

4. September 20, 1929 Receivership

Newspaper Excerpt: MAUDE DAVID THE AMERICAN NATIONAL BANK ... National American Receiver Bank Defendants (court filing).
Source: newspapers

Newspaper Articles (16)

1. October 27, 1927 The Tulsa Tribune Tulsa, OK

Article from The Tulsa Tribune, October 27, 1927

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LOOKING OVER OKLAHOMA Labor Omnia Vincit HENRY COUPLE MARRIED 50 YEARS Oct. 27. Married 71. observed their golden wedding anniversary The here Tuesday quietly couple were married October 1877 at have the succeeded in staying out of debt all time and will be glad to live long as the Lord Mr said Clift When they came to Henryetta years as much as brick had been laid in the town. MAKE RECORD RUN TO GET FUNDS FOR BANK SALLISAW Oct. -When the First National bank of Sallisaw and the First National bank of Muldrow were both closed Monday by federal bank examiners. officers of the American National bank of Sallisaw dispatched Walter Hampton, motor dealer, and Ira Holder to Fort Smith to secure extra cash to withstand an expected run on the bank. The two men made the trip to Fort Smith and back of 54 miles, in minutes. and in this time must be included eight minutes spent in bank at Fort Smith. That is, the men rode faster than mile and minute But the money was not needed. No one withdrew dime PIONEER REFINERY TO BE SOLD AT AUCTION GUTHRIE Oct. Want to buy refinery? The Pioneer refinery mile north of Guthrie. will be sold at suction to the highest bidder November Frank Rinehart. chairman of the board of county commistoday The county secured the plant. which represents an of when delinquent taxes were not paid. ADA INTERESTED IN TULSA WEWOKA ROAD ADA. Oct. 27-Ada is watching with Interest being made on a new railway from Tulsa to Wewoka S. Hynds. secretary of the chamber of who accompanied the Tulsa Educational Special train: Ed Gwyn. O. E. Parker and W D.1 Little. members of the board of directors. have been working with interested men in Seminole and Wewoka. Hynds has been at work for several seeking to make Ada stop on the road. Orwig Wewoka, of the new railway company is optimistic that the commerc commission will grant the request for the new road DR. CLAXTON IN MUSKOGEE TODAY MUSKOGEE Oct. 27 Dr. Philander Claxton superintendent Tulsa schools and for eleven years United States commissioner of education, will deliver three addresses in Muskogee today. He will address the Men's Bible class of the Episcopal church. the Rotary club and the patrons of West High school. In company with C. K. Reiff. superintendent of schools, he will visit various city schools here. BANK FAILURE LEADS TO HUGOAN'S BANKRUPTCY HUGO. Oct 27.-To the failure of the Hugo National bank in May, 1925. is partly ascribed the bank ruptcy W. Webb, well known Hugo citizen and property owner. who filed petition in bankruptcy in federal court Muskogee listing liabilities at $359,793 and assets Liabilities consist principally of mortgages held by various banks and to which bank official, he affixed his signature. OKEMAH JUDGE IS HONORED BY BAR Oct 27. District Judge John L. Norman has been honored by the Oklahoma bar in being named secretary of the newly formed association of Oklahoma district and superior court judges Judge John B. Ogden of Ardmore is president and Judge Tom G. Chambers of Oklahoma City, vice president. WHAT THE CHURCHES SHOULD -WILLIAMS OKMULGEE Oct. What we need the money and the work of the churches, not for propaganda to bring congress to make more laws and more offenses, but to put men into office who will enforce the laws we already have," said federal Judge Robert Williams as he held federal The judge is former of Oklahoma. Continuing he said have sold many bottle of morphine for 50 cents back in the days when was not crime to do so, and am sorry for men who go to the penitentiary for the same things no

2. December 30, 1927 Cherryvale Republican Cherryvale, KS

Article from Cherryvale Republican, December 30, 1927

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OKLA., IS Two Banks Have Failed in Three Months Sallisaw experienced its ond bank failure within months when the American Nationbank closed its doors. The left the city without bank. The suspension also with only two banks, both Vian. The American National approximately in Its last statement showed assets and surplus of

3. December 30, 1927 Henryetta Daily Free-Lance Henryetta, OK

Article from Henryetta Daily Free-Lance, December 30, 1927

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SECOND BANK IS SUSPENDED Dec. Sallisaw day three months, when the American National The The suspension county only The American National approximately $250,000 Its last showed and of

4. December 31, 1927 The Houston Post Houston, TX

Article from The Houston Post, December 31, 1927

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Town Without Bank After Third Failure SALLISAW, Okla., Dec. ity woolens in popular two and three-butSallisaw Friday experienced its bank failure within three months ton styles. A good color assortment as when the American National bank well as a good range of-sizes to choose closed its The failure left the without from. The also left the county with only two banks, both at Vian. The National carried statement showed $400,000 assets and surplus of $5000.

5. December 31, 1927 Times Record News Wichita Falls, TX

Article from Times Record News, December 31, 1927

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Last Remaining Bank Closed at Sallisaw ond bank failure within months when the American Na. tional closed its doors. The failure The left the with only two banks, both at Vian

6. January 3, 1928 The Democrat-American Sallisaw, OK

Article from The Democrat-American, January 3, 1928

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Charter for New Bank Approved His Politics May Not Be Democratic But He Has Suffered Four Defeats By "ES" Opdyke There was a little kicking man, His name was Simon Slick: He owned a mule with dreamy eye Oh: how that mule could kick However children. this is not the mule we are going to tell you about in today's short story. Our subject, is just plain "honery red mule, and his name is "Catamity," and if rumor be correct he comes by it honestly. Calamity has seen the winter shows of twelve years, and has done his part in producing Sequoyah countys cot ton output, but if Calamity could talk we imagine him saying, "I just no ways can keep outen bad luck." Calamity is not a "kicking mule" otherwise he could justly out kick some of our people who lost money in recent bank failures, for Calamity has been through four of them. Unlike other collateral with has from time to time been turned to the Federal Reserve Bank. Calamity has never been given a trip to K. C. but is being held in a mule lot in his old home town. His experience with "high finance began when the Sallisaw Bank and Trust company went to the wall, getting himself "out of hock' by reason of his good looks and pulling ability, be soon became an asset of the Citizens National, only to be taken over little later on by the First National Barely had he again attained his freedom from the Federal authorities of the latter institution, than he strayed over to the American National where Charlie Hampton became his temporary Godfather, and he was again booked, to experience the "torment of the damned." We understand that a meeting of the various stockholders of the banks to be, will join in a resolution, that from now on Calamity is too be barred from becoming connected in any way shape or form with the responsibilities of our financial institutions In as much as Calamity seems to be more or less of a Jonah to our banks we suggest that a provision be made barring his name from any future banks to be, for he is only 12 years old and unless someone ties him to a railroad track. he is good for two or three more unpleasant experiences

7. January 3, 1928 The Democrat-American Sallisaw, OK

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AMERICAN NATIONAL FAILS, LEAVES SALLISAW A BANKLESS TOWN bank failure during the past three months when the American National Bank failed to open its doors for business Friday morning E. F. Allen, national bank examiner, who was in charge of the First National Bank in Sallisaw, when it failed latter part of October is in charge of the American National. Mr. Allen came to Sallisaw Thursday morning. A notice was posted on the door Friday morning. to the effect that the institution was closed by order of the board of directors. J. Perry Wheeler is president of the bank; C. S. Hampton, active officer in charge is vice-president and Tom J. Delaney, cashier. The board of directors are R. Kobel, C. Q. Cherry, J. Perry Wheeler, C. E. Riggs, H. C. Winter and C. S. Hampton. The American National Bank was organized in 1924. as the successor of Security State Bank, which had been organized as the successor of Sallisaw Bank and Trust Company, which closed its doors in 1923. The depositors of Sallisaw Bank and Trust Company were paid seventy-five cents on the dollar after the reorganization took effect. The American National Bank was the only operating bank in Sallisaw, the First National Bank in Sallisaw oldest bank in the county failed October 22. The institution that was closed Friday morning took over the Citizens National Bank January 1, 1927, and the depositors of that institution were paid 100 percent on the dollar. No reason was given in the statement of the closing of the bank but citizens generally understood that bad conditions over a period of the last seven years and the smallest cotton crop in history of the county during 1927 and the causes of the closing. The report in a Fort Smith newspaper that a run on the bank was made by the depositors was false, according to J. Perry Wheeler, president of the closed bank. No plans for the reopening of the bank has been announced, but according to reliable information the directors and stock holders of the institutions will make every effort to reopen the bank and save the depositors. With any kind of a crop during 1927 would have put the bank in The county ginned less than 3500 bales of while the normal crop here is around 30,000 bales. The county, city and board of ed ucation monies are secured accord ing to Mr. Wheeler The last statement of the bank was issued on October 29. 1927 The resources are shown as follows: Loans and discounts. $204.261.57; overdrafts unsecured $1. 362.30: United States government securities, $83,161.78; other bonds, stocks and securities, $58,146.51: banking house an dfixtures. $11,050; real estate beside banking house, $12,280.49; lawful reserve with federal reserve banks, $23,226.59; cash in vault and amount due from national banks, $26,794.28; checks on other banks, $675.41; miscellaneous cash items, $119.91; other assets, $2,406. Total of all Liabilities: Capital stock paid in, $30,000; certified checks outoutstanding, $6,638.98; individual deposits subject to check, $137,095.18: certificates of deposit due in less than 30 days, $6,903.38; state, county or other municipal deposits secured by pledge of assets of this bank or surety bond, $80,099.01; savings deposits $60,250.95; state county or other municipal deposits secured by pledge of assets of this bank or surety bond, $25.140. Total agreements to repurchase United States government securities sold $5,219.07; bills payable, $26,261.63; notes and bills rediscounted, $45,859.14. Total deposits, $309,588.42. Total liabilities, $423,534.84. Ben Martin, student at the Oklahoma A. and M. college at Stillwater returned Monday to resume his studies. Mr. Martin and Mrs. Martin spent the holidays in Sallisaw guest of Mr. Martin's mother, Mrs. James A. Taylor, and Mr. Taylor in Spiro guests of Mrs. Martin's relatives. Gould Moore and Cas A. Carr of Sequoyah Publishing Company, motored to Vian, where they went on a "financial" mission. They returned home reporting a splendid and successful trip in each and every way.

8. January 3, 1928 The Democrat-American Sallisaw, OK

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Three Editorials BANK FAILURES Sallisaw has once more passed thru the unpleasant experience of bank failure. and naturally there can be many opinions heard pro and con not only as to the future outlook but of riticism of members of the failed in stitutions in their conduct of the bus The way we look at it is that the very last tool our town needs in this emergency a hammer. We. as well as the majority of our townsmen, have been losers, and have been handicapped in conducting our business but we are willing to, and have been doing all within our power to bring some order out of the present chase, and obtain for our town and our people the accommodations necessary to our business life Speaking more particularly of the American National Bank, we cannot help but believe that the closing of its doors at this time was more or less premature and might have been avoided if proper steps had been tak. en, but be that as it may. we all know that this bank was owned, managed and backed by the members of the old Sallisaw Bank, and Trust Company, which failed two years ago, and they "came back. opened a new bank and showed their ability to pull out of a tight place Last year when the Citi zens bank found it necessary to liquidate, rather than see our town suffer loss which seemed certain unless something was done, the American National people took over the "Citizens" and carried their liabilities preventing a loss to the depositors of that bank. We do not know the intentions of the American stock holders. but know ing them as We do, we shall not be surprised should they announce the opening of a brand new, bigger and better bank for the accommodation of our town. and their determination to pay out and to surmount adversity in the past goes far in recommending them to our citizenship in any venture they may undertake. Sallisaw should have a bank, and we hope that we may soon. but unless we as a whole patronize it, we cannot expect to avail ourselves of these very necessary adjuncts to any up to date town

9. January 6, 1928 The Muldrow Sun Muldrow, OK

Article from The Muldrow Sun, January 6, 1928

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AMERICAN NATIONAL FAILS, LEAVES SALLISAW A BANKLESS TOWN (From Sallisaw American) Sallisaw experienced her second bank failure during the past three months when the American National Bank failed to open its doors for business Friday morning. E. national bank examiner, who charge of the First National Sallisaw, when failed latter October is in charge of the American National. Mr. Allen came Sallisaw Thursday morning. A notice was posted on the door Friday morning, to the effect that the institution was closed by order of the board of directors. J. Perry Wheeler is president of the bank; C. Hampton, active officer in charge is vice-president and Tom J. Delaney, cashier. The board of directors are R. Kobel, C. Cherry, J. Perry Wheeler, C. E. Riggs, H. C. Winter and C. S. Hampton. The American National Bank was organized in 1924, as the successor of Security State Bank, which had been organized as the successor of Sallisaw Bank and Trust Company, which closed its doors in 1923. The depositors of Sallisaw Bank and Trust Company were paid cents on the dollar after the reorganization took effect. The American National Bank was the only operating bank in Sallisaw, the First National Bank in Sallisaw oldest bank in the county failed October 22. The institution that was closed Friday morning took over the Citizens National Bank January 1927, and the depositors of that institution were paid 100 percent on the dollar. No reason was given in the statement of the closing of the bank but citizens generally understood that bad conditions over period of the last seven years and the smallest cotton in history of the county during 1927 and the causes of the closing. The report in Fort Smith newspaper that run on the bank was false, according to Perry Wheeler, president of the closed bank. No plans for the reopening of the bank has been announced, but according to reliable information the directors and holders of the institutions will make every effort to reopen the bank and save the depositors. With any kind of crop during 1927 would have put the bank in sound financial condition, it is said. The county ginned less than 3500 bales of cotton, while the normal crop here is around 30,000 bales. The county, city and board of education monies are secured according to Mr. Wheeler. The last statement of the bank was issued on October 29, 1927. The resources are shown as follows: Loans and discounts, $204,- 261.57; overdrafts unsecured, $1,362.30; United States government securities, $83,151.78; other bonds, stocks and securities, $58,146.51; banking house an dfixtures, $11,050; real estate beside banking house, $12,280.49; lawful reserve with federal reserve banks, $28,226.59; cash in vault and amount due from national banks, $26,794.28; checks on other banks, $675.41; miscellaneous cash items, $119.91; other assets, $2,406. Total of all $423,534.84. reseryes, Liabilities: Capital stock paid' in, $30,000; certified checks outstanding, cashier checks outstanding, $6,638.98; individual deposits subject to check, $137,certificates of deposit due in less than 30 days, $6,903.38; state, county or other municipal deposits secured by pledge of assets of this bank or surety bond, $80,099.01; savings deposits $60,250.95; state county or other municipal deposits secured by pledge of assets of this bank or surety bond, $25.140. Total agreements to repurchase United States government securities sold $5,219.07; bills payable, $26,261.63; notes and bills rediscounted, $45,859.14. Total deposits, $309,588.42. Total liabilities, $423,534.84.

10. January 6, 1928 The Muldrow Sun Muldrow, OK

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MAY NOT BE DEMOCRAT BUT HE SUFFERED DEFEATS (From Sallisaw American) By "ES" Opdyke There was little kicking man, His name was Simon Slick; He owned mule with dreamy eye Oh! how that mule could kick However children, this is not the mule we are going to tell you about in today's short story. Our subject, just plain "honery" red mule, and his name is "Calamity," and if rumor be correct he comes by it honestly. Calamity has seen the winter snows of twelve years, and has done his part in producing Sequoyah countys cotton output, but if Calamity could talk we imagine him saying, just no ways can keep outen bad luck." Calamity is not "kicking mule" otherwise he could justly out kick some of our people who lost money in recent bank failures, for Calamity has been through four of them. Unlike other collateral which has from time to time been turned to the Federal Reserve Bank, Calamity has never been given trip to K. C. but is being held in a mule lot in his old home town. His experience with "high finance" began when the Sallisaw Bank and Trust company went to the wall, getting himself "out of hock" by reason of his good looks and pulling ability, he soon became an asset of the Citizens National, only to be taken over little later on by the First National. Barely had he again attained his freedom from the Federal authorities of the latter institution, than he strayed over to the American National where Charlie Hampton became his temporary Godfather, and he was again booked, to experience the "torment of the damned." We understand that a meeting or the various stockholders of the banks to be, will join in a resolution, that from becoming connected in any way shape or form with the responsibilities of our financial institutions. In as much as Calamity seems to be more or less of a Jonah to our banks, we suggest that a provision be made barring his name from any future banks to be, for he is only 12 and unless someone ties him railroad track, he is good for to a or three more unpleasant experiences

11. January 6, 1928 The Muldrow Sun Muldrow, OK

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AMERICAN NATIONAL FAILS, LEAVES SALLISAW BANKLESS TOWN (From Sallisaw American) Sallisaw experienced her second bank failure during the past three months when the American National Bank failed to its doors for open business Friday morning. E. Allen, national bank examiner, who charge of the First National Sallisaw, when failed latter October is in charge of the American National. Mr. Allen came Sallisaw Thursday morning. A notice was posted on the door Friday morning, to the effect that the institution was closed by order of the board of directors. J. Perry Wheeler is president of the bank; C. Hampton, active officer in charge is vice-president and Tom J. Delaney, cashier. The board of directors are R. Kobel, Cherry, J. Perry Wheeler, E. Riggs, H. C. Winter and S. Hampton. The American National Bank was organized in 1924, as the successor of Security State Bank, which had been organized as the successor of Sallisaw Bank and Trust Company, which closed its doors in 1923. The depositors of Sallisaw Bank and Trust Company were paid sevcents on the dollar after the reorganization took effect. The American National Bank was the only operating bank in Sallisaw, the First National Bank in Sallisaw oldest bank in the county failed October 22. The institution that was closed Friday morning took over the CitiNational Bank January 1927, and the depositors of that institution were paid 100 on the percent No reason was given in the stateof the closing of the bank but citizens generally understood that bad conditions over period of the last seven years and the smallest cotton crop in history of the county during 1927 and the causes of the closing. The report in Fort Smith newspaper that run on the bank was made by the depositors was false, according to J. Perry Wheeler, president of the closed bank. No plans for the reopening of the bank has been announced, but according to reliable information the directors and stock holders of the institutions will make every effort to reopen the bank and save the depositors. With any kind of crop during 1927 would have put the bank in sound financial condition, it is said. The county ginned less than 3500 bales of cotton, while the normal crop here is around 30,000 bales. The county, city and board of education monies are secured according to Mr. Wheeler. The last statement of the bank was issued on October 29, 1927. The resources are shown as follows: Loans and discounts, $204,- 261.57; overdrafts unsecured, $1,362.30; United States government securities, $83,151.78; other bonds, stocks and securities, $58,146.51; banking house an dfixtures, $11,050; real estate beside banking house, $12,280.49; lawful reserve with federal reserve banks, $23,226.59; cash in vault and amount due from national banks, $26,794.28; checks on other banks, $675.41; miscellaneous cash items, $119.91; other assets, $2,406. Total of all reserves, $423,534.84. Liabilities: Capital stock paid in, $30,000; certified checks outstanding, $67.50; cashier checks outstanding, $6,638.98; individual deposits subject to check, $137,certificates of deposit due in less than 30 days, $6,903.38; state, county or other municipal deposits secured by pledge of assets of this bank or surety bond, $80,099.01; savings deposits $60,250.95; state county or other municipal deposits secured by pledge of assets of this bank or surety bond, $25.140. Total agreements to repurchase United States government securities sold $5,219.07; bills payable, $26,261.63; notes and bills rediscounted, $45,859.14. Total deposits, $309,588.42. Total liabilities, $423,534.84.

12. January 6, 1928 The Muldrow Sun Muldrow, OK

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HE MAY NOT BE A DEMOCRAT BUT HE SUFFERED DEFEATS (From Sallisaw American) By "ES" Opdyke There was little kicking man, His name Simon Slick; He owned mule with dreamy eye Oh! how that mule could kick However children, this is not the mule we are going to tell you about in today's short story. Our subject, is just plain "honery" red mule, and his name is "Calamity," and if rumor be correct he comes by it honestly. Calamity has seen the winter snows of twelve years, and has done his part in producing Sequoyah countys cotton output, but if Calamity could talk we imagine him saying, just no ways can keep outen bad luck." Calamity is not "kicking mule" otherwise he could justly out kick some of our people who lost money in recent bank failures, for Calamity has been through four of them. Unlike other collateral which has from time to time been turned to the Federal Reserve Bank, Calamity has never been given a trip to K. C. but is being held in a mule lot in his old home town. His experience with "high finance" began when the Sallisaw Bank and Trust company went to the wall, getting himself "out of hock" by reason of his good looks and pulling ability, he soon became an asset of the Citizens National, only to be taken over little later on by the First National. Barely had he again attained his freedom from the Federal authorities of the latter institution, than he strayed over the American Nationwhere Charlie Hampton became his temporary Godfather, and he was again booked, to experience the "torment of the damned." We understand that a meeting or the various stockholders of the banks will in resolution, that to be, join from becoming connected in any way shape or form with the responsibilities of our financial institutions. In as much as Calamity seems to be more or less of Jonah to our banks, we suggest that provision be made barring his name from any future banks to be, for he is only 12 years old and unless someone ties him to a railroad track, he is good for two or three more unpleasant experiences

13. January 6, 1928 The Democrat-American Sallisaw, OK

Article from The Democrat-American, January 6, 1928

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NAKDIMAN, FORT SMITH CAPITALIST MAY OPEN NAT'L BANKIIHERE Sallisaw may have a national bank Petitions have been circulated in and around Sallisaw trade territory since the failure of American National Bank addressed to the Comptroller of the Currency at Washington, asking that a charter be granted here for a national bank with $25,000 capital and surplus of $5,000. The petitions stated that I. H. Nakdimen, prominent banker and capitalist of Fort Smith was behind the move. In a telephone conversation with Mr. Nakdimen Thursday at noon The Democrat was informed by the Fort Smith banker that he had received hundreds of requests, both personal and by mail, asking him to open a bank here. "At the present time I am undecided just what steps I may take," Nakdimen said, "but just as soon as all the petitions and requests are filed on my desk, then I will consider the matter and give my decision." Nakdimen is a former Sallisaw banker. He began his banking career in this section of Oklahoma and after he left Sallisaw he went to Fort Smith and organized The City National Bank, which today is one of the strongest banking institutions in the entire southwest. Nakdimen was a director in the failed American National Bank. If the organization of a new national bank here is put over it is said that D. S. Coleman, formerly in charge of the First National Bank in Vian will be in charge of the institution. Mr. Coleman is well known in the western part of the county. Since he severed his connection with the Vian bank he went to Fort Smith as a vice president of the City National Bank, but later went to Plainview, Texas, and entered the banking game. According to our informant there are three petitions now in circulation securing signers for the proposed national bank ,and these petitions at this time represent more than 1000 bank patrons.

14. January 6, 1928 The Democrat-American Sallisaw, OK

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CITY BANK FAILS TO OPEN FOR BUSINESS FRIDAY Sallisaw is a bankless town. The town went bankless when the American National Bank failed to open its doors for business Friday morning. This was the second bank failure Sallisaw has experienced during the past three months and the third to occur in the county during the year. In 1926 Sallisaw had three banks all with a national charter and under the supervision of the Federal Reserve. The Citizens National Bank suspended operation December 31, 1926, when they were taken over by the American National Bank; The First National Bank in Sallisaw and The First National Bank of Muldrow failed October 24, 1927 and sixty days later the American National Bank closed. The failure of the three banks during 1927 was due primarily to poor crop conditions. The county ginned only 3000 bales of cotton, as compared to its normal crop of 30,000. The banks, farmers and merchants were doubly hit during the year when the Arkansas river, the Illinois river and all creeks went out of their banks and covered thousands of acres of rich farming land in the worst flood in the past 100 years. This was followed by the ravishing of the boll weevil on the cotton crop. The failure of the American National came as a distinct surprise to everyone in Sallisaw and surrounding territory, as this bank was owned and operated by home people and it was thought the institution was free from any bad paper, as the institution was organized in 1923. The American National was given a charter in 1924, prior to that time it operated for several months under the name of Security State Bank and as the successor of Sallisaw Bank and Trust company, which failed during 1923. The personnel of the failed bank are: J. Perry Wheeler, president; Charley S. Hampton, vice president; Thomas J. Delaney, cashier. The board of directors are: R. Kobel, lumber dealer; H. C. Winter, merchant and property owner; C. Q. Cherry, merchant and property owner; J. Perry Wheeler, ginner; C. E. Riggs, retired business man; Dr. T F. Harmon, dentist, Charley S. Hampton, Mrs. J. C. Woll, milliner, and I. H. Nakdimen of Fort Smith capitalist. The bank was in charge of Charley S. Hampton, who was president of the First National Bank at Stilwell, before coming to Sallisaw to take charge of the Security State Bank. Hampton was assistant cashier of the Merchants National Bank here many vears ago.

15. August 31, 1928 The Democrat-American Sallisaw, OK

Article from The Democrat-American, August 31, 1928

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NOTICE OF SHERIFF'S SALE Notice is hereby given in puran order of sale issuer out suance the District Court of Sequoyah State of Oklahoma, the County, 1st of August, in day action then pending said court, an wherein M. H. Fitch plaintiff and Sallisaw Bank and Trust Company, corporation, the State of Oklahoma Ex. Rel. B. Mothersed, Bank missioner Harmon, R. Kobel and Cherry as Trustees for the depositors of the Sallisaw Bank Trust Company, corporation. American National Bank of Sallisaw, corporation, Waddell Investment Company, corporation, The Peoples Trust the Company, Liberty National Bank of Kansas City, Beachy and Williams, were the defendants, directing me, the undersigned, Sherof Sequoyah County, State of Oklahoma, to advertise and sell in bulk entirety and not in separate tracts parcels without appraiseor ment or valuation the following scribed real estate, situated quoyah County. State of Oklahoma, to-wit: The northeast quarter of the northeast quarter of section and the northeast of the northeast quarter of the northeast quarter and three acres in the northB. east corner of the southeast quarter of the northeast quarter the of section four northeast quarter (4) township 11 north and range 25 east, and the sotuheast quarter of the southeast quarter the of section 33, southeast quarter north and range township containing in all east, more or less. arces To satisfy judgment and decree of foreclosure in favor of plaintiff against the defendants for B. satisfaction of the sum of $1,672.00 thereon at the rate of with interest ten percent per annum, from the 25th 1928 until paid day of January further of $150.00 and the sum fees and $4.50 as costs attorney's supplemental and the of of this action and all costs cruing costs. satisfy judgment in favor Also to National Bank subof the Liberty of plaintiff for the ject to judgment of of with satisfiction of the snm thereon at 18 percent from interest November, 1922; the sum the 9th day with interest at the rate of the 10th day of percent from the sum of 1923, and the rate 18 20 with interest the 26th day of Seppercent from 1925 and the sum tember, with interest at the rate the 29th day of Seppercent from 1926, until paid. tember, also to satisfy judgment And subject to the favor of Grant, and of the judgment of plaintiff Bank defendant, Liberty for the satisfaction Kansas City, $90.00 with percent the sum of Decemfrom the first day terest of $90.00 with ber the sum the of ten percent per terest at rate of Decemfro mthe first day annum of $90.00 with ber, 1925 and the sum the rate of ten percent per interest at 1st dap of Decemfrom the annum. ber, 1926. 4th day of Tuesday, the will on 1928, the hour at September the front door o'cock M. at ten Court House in the the County Sequoyah County, City of Sallisaw, offer sale and State of Oklahoma, and best for cash to the highest sell bulk an entirebidder therefor ,in as in separate tracts or and not lands and tenements cels, the for the before particularly interof said judgments. fee as costs and attorney' est, quired and directed in said order of sale. WHEREOF, have IN WITNESS this the 1st set hand on hereunto my 1928. day of August JOHNSTON, JOHN of Sequoyah County, Sheriff State of BY JAS. Deputy. Frye and Frye, for Attorneys Aug. North half of southeast quarter of section, township eleven north, range east of said judgment will further order sale of said real estate without appraisement and will order the application the proceeds of said sale to the satisfaction of said mortgage and judgment, attorney's fee and costs, and will foreclose and bar all your right, title and interest and said premises, and such other relief as may equitable the premises, proper and for the appointment of receiv- RAYMOND P. DRAKE, Court Sequoyah County and JOHNSON. for plaintiff. Aug. Sept Forty of constant use is the years best proof of the effectiveness of White's Cream Vermifuge for expelling worms in children or adults. Price, 35c. Sold by Ivey's Drug Store, Sallisaw

16. September 20, 1929 The Democrat-American Sallisaw, OK

Article from The Democrat-American, September 20, 1929

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OF SEDISTRICT COURT IN THE COUNTY, STATE OF OKLAHOMA TRUST COMPANY, EXCHANGE Tulsa, Oklahoma corporation. Plaintiff MAUDE DAVID THE AMERICAN NATIONAL BANK IRVING PAGE, SALLISAW. National American Receiver Bank Defendants No. 5801.