First National Bank - Sapulpa, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5951
Charter Number: 5951
Start Date: March 1, 1924*
Location: Sapulpa, Oklahoma (35.999, -96.114)

Metadata

Model: gpt-5-mini
Short Digest: 0431cbca

Response Measures

None

Receivership Details

Depositor recovery rate: 24.9%
Date receivership started: 1923-07-30
Date receivership terminated: 1932-11-19
OCC cause of failure: Economic conditions
Share of assets assessed as good: 21.5%
Share of assets assessed as doubtful: 55.4%
Share of assets assessed as worthless: 23.1%

Description

No newspaper article describes a depositor run. The bank suspended/closed in the mid-1920s and a receiver was appointed; litigation alleges fraudulent/excessive loans and misappropriation. The receiver later 'opened' the bank for liquidation under his control (1927) but the institution remained a defunct/receiver-controlled national bank. OCR contained minor date inconsistencies (some items say closed July 1923, others that it suspended March 1924); I used the March 1924 suspension reference from the Jan 1, 1926 article and recorded receiver actions from 1925–1927.

Events (6)

1. August 28, 1901 Chartered

Source: historical_nic

2. July 30, 1923 Receivership

Source: historical_nic

3. March 1, 1924* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank stopped payments/suspended amid allegations of excessive loans and later suits alleging fraudulent misappropriation of funds by officers and directors; insolvency of the institution noted in reports of the receiver and press coverage of closure/insolvency issues.
Newspaper Excerpt: The bank suspended in March, 1924.
Source: newspapers

4. May 21, 1925 Receivership

Newspaper Excerpt: Receiver for First National of Sapulpa Claims Funds Misused; Receiver ... filed in federal court suit for accounting ... The bank closed its doors early in 1924. (May 21, 1925 article referencing receiver actions.)
Source: newspapers

5. January 1, 1926 Other

Newspaper Excerpt: John H. Dykes ... received telegraphic advice from the comptroller of the currency ... to succeed the present receiver, Frank Wasson, resigned. Sapulpa institution was closed in July, 1923. (Jan 1, 1926 article noting change of receiver.)
Source: newspapers

6. January 27, 1927 Other

Newspaper Excerpt: The bank is now open under the direction of John H. Dykes, the receiver, who ... will endeavor to liquidate the bank in speedy manner and make as little loss to the depositors as possible.
Source: newspapers

Newspaper Articles (7)

1. May 21, 1925 Drumright Weekly Derrick Drumright, OK

Article from Drumright Weekly Derrick, May 21, 1925

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Article Text

FRAUD CHARGES IN BANK SUITS Receiver for First National of Sapulpa Claims Funds Misused TULSA May 21.-Charging "fraudulent misappropriotion" of certain funds of the defuner First National celver of the bank Wednesday after noon filed in federal court suit for accounting from the former of fleers and directors of the bank for the sum of $195,518.90 growing out of loans made in five different cases. The bank closed its doors early in 1924. The suit is brought against F. B. Reed. former president of the bank: F. McGee former cashier. J. A Boyd. Sam Dreyfus A. H. Stone, J. W. Adams, W. Miller and Rose G. Creegan as executrix of the estate of In the first charge of the petition is alleged that the blank loaned M. B. Downs a total of $111,442.89 on a series of notes from June 30, 1922 to June 18. 1925 and alleges that MeGee. Reed Creegan. Adams and Boyd personally interested in the var ous enterprises for which Downs IS charged with having borrowed the money The second charge is that the bank loaned money to B C Burnett and B. Burnett for the use of the GenPetroleum company, Ross Investment company and Nash Creek Motor company. The total amount of loans in this charge is $17,400. The third charge is that the defesdants fraudulently misappropriat ed the bank's funds by making loans to J. M. Bryan and M. E. Bryan for the use of Electric Amusement park and that Reed and McGee were per sonally interested in the park adventure. Th amount alleged to have been loand for the benefit of th park

2. August 13, 1925 The County Democrat-News Sapulpa, OK

Article from The County Democrat-News, August 13, 1925

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Article Text

Notice hereby given, that the guardians of the following estates have rendered and presented for settlement, their final accounts and reports of their administration such guardians and their petitions distribution of said estate and for their discharge as such guardians; that Friday, the 28th day August, 1925, at 10 m., the forenoon, of said day, at county court room in the city of Sapulpa, Creek County, Oklahoma, has been duly appointed the court for the settlement said accounts and for hearing said petitions, which time and place, any person interested in any one of said petitions final accounts may appear and file his exceptions in writing to accounts and contest the same. The following the estates in which the final accounts will be heard at said time and place: Smith, guardian of the estate of Sam Ispocogee, minor: McCallum, guardestate Gertie May Barber, minor; guardian of the estate Louis Hawkins, minor; Kuykendall, guardian of the estate of Leon Moody, minor: and H. guardian of the estate of Anderson Bigpond, minor. In testimony whereof, have here. unto set my hand and affixed the seal said court. this 6th day of August, 1925. (SEAL) THOS. County Judge. Published County Aug. 13. 20, Sept. In the United States District Court for the Eastern District of Oklahoma. Clark Wasson, Receiver of the First National Bank of Sapulpa. OklaPlaintiff, Mrs. Ora Thompson, Thompson and Harry G. Stein, Defendants. Equity No. 3185. Notice is hereby given that pursuance of judgment entered on November 8th, 1924, in the United States District Court for the Eastern District Oklahoma, action wherein Clark Wasson, Receiver of the First National Bank of Sapulpa, Oklahoma, was plaintiff, and Mrs. Ora Thompson, Thompson and Harry G. Stein, were defendants, the undersigned SpecMaster, to levy upon and sell, without appraisement, the following described property, situated in Creek county, Oklahoma, to-wit: The South 21.7 feet of Lot and the North 78.3 feet of Lot Block 40, City of Sapulpa, satisfy judgment and decree foreclosure in favor of said plaintiff against said defendant, Ora Thompson, for the sum of and interest thereon at per cent annum from December 31st, 1920, until together with all costs, including attorney's fees and costs accrued: that the 15th day of September, 1925, the hour o'clock noon, the north door of the courthouse, Creek county, in the City of Sapulpa, offer for sale and at public auction to the highest bidder cash, the said property above described, or much thereof will satisfy said judgment. Witness my hand this 12th day of 1925. G. GRANT. Special

3. January 1, 1926 Nowata Daily Star Nowata, OK

Article from Nowata Daily Star, January 1, 1926

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Article Text

DYKES IS RECEIVER OF SAPULPA BANK John H. Dykes, receiver of the Farmers National Bank of this city, First National Bank of Lenapah. Okla.. and the Nowata National Bank of Nowata, Okla., last night received telegraphic advice from the comptroller of the currency in Washington that he has been comof the First National Bank of Sapulpa. Okla., to succeed the present receiver. Frank Wasson, resigned. Sapulpa institution was closed in July, 1923. was one and one-half million dorlar concern. and has paid total dividends of 20 per cent to date. The first of this week Mr, Dykes began paying off to the depositors of the Farmers National Bank in this city dividend of 10 per cent, bringing the to date up to 100 per cent. The bank suspended in March, 1924. Mr. Dykes says he hopes to be able to realize sufficient from the remaining assets to pay the depositors per cent interest on their money from the time they were out it. This the only national bank receivership in the Tenth Federal Reserve district which has ever paid out 100 cents on the dollar. With the goal Dykes has set for himself he bids fair to beat the best record for the whole United States in the matter of paying out insolvent national banks. E. L. Burton and Carl V. Rice are local attorneys for the receiver here. With added duties making total of four banks now on his hands, and with stretch of territory 150 miles long to cover each week, Mr. Dykes' duties will assume more of the executive and directional part of the administration of all these banks affairs, each bank being in charge of an James H. Smith, Parsons young man who was employed in the Farmers National Bank here at its suspension, is Mr. Dykes chief assistant covering all banks in charge of all detail work and the books. "Jimmie" Smith, although 19 of age has become an expert in his line and his services are frequently sought by new to install and set up receivers' books. Dykes and Smith left this morning for Sapulpa to take charge.Parsons, Kan., Republican. Another trouble with the world is that too many people are worrying over their lack of dollars and not enough are worrying over their lack of sense.

4. January 27, 1927 The Collinsville News Collinsville, OK

Article from The Collinsville News, January 27, 1927

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Article Text

RECEIVER OPENS FIRST NATIONAL CONSOLIDATED WITH OTHER INSOLVENT BANKS DYKES IS IN CHARGE Liquidated Parsons, Kan., Bank 100 Per Cent Plus 6 Per Cent Interest There has been considerable quandary since the closing of the First National Bank concerning its re-opening The bank is now open under the direction of John H. Dykes, the receiver, who with his assistants consisting of J. H. Smith, L. E. Bredine, E. F. Bollinger and Miss Kathryn Klotzbach, will endeavor to liquidate the bank in speedy manner and make as little loss to the depositors as possible. Mr. Dykes is also ceiver for the Nowata National Bank, the First National Bank of Sapulpa, and the First National Bank of Barnsdall. He is national bank receiver by profession. This is the sixth insolvent national bank that he has liquidated, the first bank being the Farmers National bank at Parsons, Kansas, which he liquidated 100 per cent to the creditors plus 6 per cent interest on their money. Mr. Dykes will make his headquarters in Collinsville and handle all the banks from this point. The Comptroller of Currency in the interest of economy consolidates failed banks under one receiver as in this instance,, and the receiver is paid a flat salary per year to handle as many as he can. Mr. Dykes states that the creditors of the First National are fortunate in this respect as his salary is just the same now with four banks as it was with three before he was placto ed in charge of the local institution. All debtors are urged to call for an interview with Mr. Dykes at once. Those having property left in safekeeping should call for the same immediately as the receiver will not be responsible for it. All depositors may call at the bank and obtain their cancelled checks and statements and prove up their claims. Mr. Dykes appears to be very congenial person but under the condition it makes it necessary for him to be a bit "hard boiled" if the case necessitates. He has the power of both federal and state courts to enforce the collection of debts due the bank. He appears to want to be fair with those having notes with the bank and would like to have them call and Total make arrangements to take care of their paper at once. The News gets the impression that he expects to be fair with those who wish to be fair Deposits with the bank. pledge Collinsville is getting the reputation of having the coolest headed people possible. They have not beDeposits come excited about the losing of any of the industries and there was no great excitement apparent when the last calamity hit the town, although some of the business firms have been compelled to postpone payments to their wholesale houses on this ac849.10 count. However, that is the only thing they could do for any demonTotal strations of violence to any one would not get their money for them any sooner. ter is good as well as vocalist, having played saxaphone and bass in the local bands while merely boy. In fact he started in the boys band organized by the News editor the year the war took all the older band men into the service and boys were all that were left to make up a band. This band was very popular at the Confederate Veterans reunion held at Tulsa that year, and at which time Collinsville was well advertised by her bands. The News is surely glad to see these young musicians making good at their work It only proves that many of our young people at the present time are wasting opportunity by not taking up something useful in their spare time.

5. May 4, 1927 Sapulpa Herald Sapulpa, OK

Article from Sapulpa Herald, May 4, 1927

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Article Text

BANK RECEIVER SENDS LETTER letter has just been The following Sylvia Alexander received by Mrs. Receiver of the from John National which First ply letter behalf of the deposknow when they Hors requesting to final settlement of might expect the bank's Dear Madam to letter of April am replying your from the 5th have just You know in addi hospital probably tion to this bank that also First National Bank the First National Bank the Collinsville, and the Nowata National headquarters for all trusts my being Collinsville, okla Since the first April am not attempting make any further col the assets of the First loctions Bank of Sapulpa have National gotten every dollar out absolutely which believe possible

6. July 31, 1927 Tulsa World Tulsa, OK

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SAPULPA BANK CASE UP Receiver for First National Is Sueing Directors. Hearing in the suit brought by the receiver of First National bank of Sapulpa against former directors and filed in federal court May 20, 1925, has been set for Monday before John B. Meserve, special master apopinted by Judge In preparing for the hearing, a large number ponderous ledgers and other bank records from the First National bank of Sapulpa were brought to the federal build. ing yesterday and stored away in locked chambers. According to the petition the bank receiver is asking judgment against the former bank directors for making excessive loans. Robert B. Keenan is attorney for the bank receiver. WILL APPROVE CONTRACTS OKLAHOMA CITY, July 30 (A. P.)-Edwin Dabney. attorney eral, today announced that he would not withhold approval of highway contracts awarded Thurs day by the state highway commission. Dabney said the law TO. quired the attorney general to ap. prove the contracts as to form. not as to legality. The question of legality of the contracts is now pending in the state supreme court.

7. April 2, 1928 Sapulpa Herald Sapulpa, OK

Article from Sapulpa Herald, April 2, 1928

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Article Text

BANK RECEIVER MAKES REPORT JOHN H. DYKES DECLARES CON. DITION DEFUNCT INSTITTION The quarterly repor: of the condition of the defunct First NationBank of this city, the first quarter the present year. was made public this morning statefrom John H. Dykes. receiver. The shows that the receiver has now $26,588.76 cash hand this time. The total dividends paid amount 20%. which Other items the report are follows: assets the date of the banks 1923. bills cash on hand other assets $279,624.74: additional assets acquired March 31 of this year stock $100,000.00, making tal $1,210,716.48 assets bank closed. Assets The assets, the this date. are listed as lows: bills receivable other assets $13,804.29; additional assets acquired stock ass. $58,000; making total of Liabilities the presen: date are: total claims proved on unsecured abilities $546.265; total unproved unsecured claims $35,848.89: total cured liabilities outstanding unpaid, total liabilities total of