18209. Choctaw Commercial Bank (Spiro, OK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 4, 1913
Location
Spiro, Oklahoma (35.241, -94.620)

Metadata

Model
gpt-5-mini
Short Digest
63e68a58

Response Measures

None

Description

The Choctaw Commercial Bank suspended (failed) in early February 1913 (noted as Feb 4). A new company immediately opened as the State Bank of Spiro to take over the business (article dated Feb 10/11). Arrests and charges of misappropriation and admitting deposits while insolvent indicate bank-specific insolvency; the original Choctaw Commercial Bank is described as defunct, so the original institution effectively closed permanently and was replaced by a new bank. No run is described in the articles.

Events (3)

1. February 4, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent; officials charged with misappropriating funds and accepting deposits while knowing the institution was insolvent; bank closed with about $100,000 on deposit.
Newspaper Excerpt
C. W. Yeager, former cashier of the Choctaw Commercial bank which failed at Spiro, Okla., February 4, last, was fined...
Source
newspapers
2. February 10, 1913 Other
Newspaper Excerpt
The defunct Choctaw Commercial bank of Spiro, Okla., which suspended business last week, opened Monday under the name of the State Bank of Spiro. A new company was formed to take over the Choctaw's business.
Source
newspapers
3. February 11, 1913 Other
Newspaper Excerpt
Winnie McCann, president; E. J. Hickman, vice president; C. W. Yeater, cashier, and E. J. Fannin, former president of the Choctaw Commercial bank of Spiro, Okla., which closed its door last week were arrested at Spiro today charged with having misappropriated the funds of the bank and with accepting deposits when they knew the institution to be insolvent.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Ardmoreite, February 11, 1913

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Article Text

New Bank at Spiro. Fort Smith, Ark., Feb. 10.-The defunct Choctaw Commercial bank of Spiro, Okla., which suspended business last week, opened Monday under the name of the State Bank of Spiro. A new company was formed to take over the Choctaw's business. Associated with the concern are John C. Gardner, vice president and secretary of the Arkansas Trust company of this city, and W. L. Seaman, a Fort Smith lumber man.


Article from The Birmingham Age-Herald, February 12, 1913

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Article Text

Bank Officials Arrested Fort Smith, Ark., February 11.-Winnie McCann, president; E. J. `Hickman, vice persident; C. W. Yaeter, cashier, and E. J. Fannin, former president of the Choctaw Commercial bank of Spiro, Okla., which closed its door last week were arrested at Spiro today charged with having misappropriated the funds of the bank and with accepting deposits when they knew the institution to be insolvent. They were released under bonds of $4000. The bank had about $100,000 on deposit when it suspended.


Article from The Liberal Democrat, November 28, 1913

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Article Text

Two banks of Fairview have combined deposits of $180,000. Cotton receipts at Ada recently passed the 8,000-bale mark. A Carmen produce house already has shipped 1,000 dressed turkeys this season. Combined deposits of three Holdenville banks now total more than $325,000. Juanita Oketche-show-now, 15 years of age, was married to Clyde Allen at Tecumseh recently. The interurban from Oklahoma City to Norman is now running on a regular hourly schedule. The Pioneer Telephone and Telegraph company will spend $38,000 on the improvement of its McAlester exchange. Amos Ewing, W. D. Williamson and Dooley Williamson of Guthrie are planning to join Carranza's army in Mexico. The Oklahoma towns, Clinton, Miami and Claremore, are seeking free mail delivery from the postoffice department. A $10,000 fire loss occurred at Red Rock from unknown origin when an entire block of business houses was wiped out. The total amount of money now on deposit in the two Fairland banks, according to recent sworn statements, is $92,378.04. The docket of the Logan county district court shows that since the last term there has been forty-five cases filed with the clerk. The largest crowd that ever assembled in that part of the state was at the Bryan county fair. There were 10,000 paid admissions. For the second time in twelve months the same business block in Big Heart was destroyed by fire. The loss is approximately $25,000. The third trial of John Tremont, Italian shoemaker of Chickasha, charged with the murder of Sherman Woodward of that city, is now on in the district court at Lawton. The case of William McBrine, former warrant clerk in the office of the state auditor, and accused of embezzlement of state funds, will not be tried until the December term of the Logan county district court. Hobart will be represented at the White House wedding only by a brand of flour which took first place at the International Dry Farming congress. The flour was used in making the 500-pound wedding cake. Two new candidates for congress from the new seventh district have offered themselves to be sacrificed on the altar of patriotism. One is Jarrett Todd of Mangum, former county judge of Greer county, and a confederate veteran. The other is T. M. Robinson, a lawyer of Altus. John Pellow, manager of the Messmore Bros. quarry at Granite, has received an order for a carload of Oklahoma fine granite which is to go into the construction of several buildings in Indiana. It is to be shipped to a polishing company at Mt. Airy which has heretofore been using Missouri stone. The annual convention of the United States Good Roads Association in 1915 will meet at Tulsa. The Farmers' Mutual Insurance association of Garfield county, with headquarters at Enid, is the first of the farmers' mutuals organized under the 1913 act, to qualify. Temporarily insane, Mrs. W. J. McCollom, aged 50 years, died at her home four miles southwest of Lone Wolf as the result of drinking carbolic acid with suicidal intent. George C. Priestly of Bartlesville, progressive national committeeman for Oklahoma, has made a volunteer gift of $1,000 to Henry Kendall college. President Frederick W. Hawley of Kendall also received a gift of $1,000 to the college from a friend of the institution in the east. Pleading guilty to a charge of accepting deposits when he knew the bank was insolvent, C. W. Yeager, former cashier of the Choctaw Commercial bank which failed at Spiro, Okla., February 4, last, was fined $500 and costs in the district court at Poteau. The cotton baled in Oklahoma county up to November first from the 1913 crop was somewhat greater in quantity than that baled last year up to the same date. The number of bales this year was 6,515, while last year up to ---