First National Bank - Schulter, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10967
Charter Number: 10967
Start Date: December 1, 1925*
Location: Schulter, Oklahoma (35.515, -95.957)

Metadata

Model: gpt-5-mini
Short Digest: 58579173

Response Measures

None

Receivership Details

Depositor recovery rate: 31.0%
Date receivership started: 1923-12-21
Date receivership terminated: 1926-08-31
OCC cause of failure: Fraud
Share of assets assessed as good: 43.2%
Share of assets assessed as doubtful: 27.6%
Share of assets assessed as worthless: 29.3%

Description

Articles report the First National Bank of Schulter closed its doors on Dec. 15, 1925 and was placed in liquidation with a receiver handling asset sales. OCR dates vary (one article says 1923); evidence points to a December 15 closure and subsequent receivership/liquidation. No run is described in the articles.

Events (5)

1. March 30, 1917 Chartered

Source: historical_nic

2. December 21, 1923 Receivership

Source: historical_nic

3. December 1, 1925* Receivership

Newspaper Excerpt: Irving Page, receiver for the bank under the national banking laws, said ... he had exhausted every resource in attempting to liquidate assets of the bank. Page was appointed receiver for the failed bank ... and had asked the district court for an order permitting him sell the accounts which are uncollectable at this time.
Source: newspapers

4. December 15, 1925 Suspension

Cause Details: Article simply states the bank 'closed its doors' on Dec. 15, 1925; no run or specific trigger described in the provided texts.
Newspaper Excerpt: The bank closed its doors Dec. 15, 1925.
Source: newspapers

5. April 3, 1926 Other

Newspaper Excerpt: Receiver Applies to District Court for Order to Liquidate Accounts ... Page asked for ... permission to sell the final assets and now uncollectable paper either a public or private sale.
Source: newspapers

Newspaper Articles (3)

1. December 9, 1925 Muskogee Daily News Muskogee, OK

Article from Muskogee Daily News, December 9, 1925

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Article Text

BONDSMEN BRING SUIT Judgement for $9,258.82 is asked for in a suit filed in federal court Tuesday by the United States Fidelity and Guaranty company of Baltimore, against J. W. Kincaid, of Schulter, et al. According to the petition the defendants agreed to indemnify the concern against all damage suits, etc., that might be incurred against the First National Bank of Schulter. The bank closed its doors Dec. 15, 1925. The guaranty company was then forced to pay bonds totaling $9,258.82 the petition states.

2. April 3, 1926 Okmulgee Daily Times Okmulgee, OK

Article from Okmulgee Daily Times, April 3, 1926

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Article Text

ASSETS TO BE SOLD FOR SCHULTER BANK Receiver Applies to District Court for Order to Liquidate Accounts The failure of the First National bank of Schulter on December 15. 1923. soon closed incident. far as the United States and the of the currency are concerned. Irving Page of Henryetta. receiver for the bank under the national bankIng laws. said yesterday he had ex hausted every resource in attempting to liquidate assets of the bank. and had asked the district court for an order permitting him sell the accounts which are uncollectable at this time Free Hand Asked In his petition. filed before Judge James Hepburn yesterday Page asked for an in compliance with instructions from the federal comptroller permitting Page to sell the final assets and now uncollectable paper either a public or private sale, in one transaction or separately. as he may desire, at his office, Fifth and Main streets, Henryetta. Page was appointed receiver for the failed bank when James H. Ger. nert, the original liquidating agent appointed ten days after the bank failed, resigned his post. Others Can't Pay. Since that time, Page said, he has made investigations of the ability of debtors to pay the bank, has settled thousands of dollars worth of debts. and is confident at this time through his and personal interviews, that the remaining debtors cannot now pay "There not enough now being lected to pay expenses of liquida tion and administration of the bank's affairs. have waged vigorous and aggressive campaign to clean up the accounts. Having arrived at the conclusion that can collect no more have been given the comptroller's permission to sell the remaining sets' at either public or private Some of the accounts will collectable later," Mr. Page told the

3. May 12, 1926 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK

Article from Muskogee Daily Phoenix and Times-Democrat, May 12, 1926

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Article Text

TO SELL BANK ASSETS Receiver of Three Okmulgee County Institutions Authorized to Clean Up Affairs By The Associated Press OKMULGEE May 11 Final steps will be taken at once under authorization of the comptroller of the federal currency and the Okmulgee district court, to sell the remaining assets of three national banks which falled in the south end of Okmulgee county four years ago. Irving Page, receiver for the banks was authorized today to sell the few remaining assets in any manner he may see fit. either at private or public sales. The banks are the First National banks of Henryetta and Schulter and the Miners' National of Henryetta.