First State Bank - Wagoner, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 21, 1922
Location: Wagoner, Oklahoma (35.960, -95.369)

Metadata

Model: gpt-5-mini
Short Digest: e220c523

Response Measures

None

Description

The bank suspended/failed on Dec 21, 1922 and is described as defunct. In May 1926 a 15% dividend payment from receivers/disposition of assets began. No run is mentioned.

Events (3)

1. December 21, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failure/suspension on Dec. 21, 1922; suspended with about $250,000 deposits (insolvency/closure).
Newspaper Excerpt: the failure of the institution, Dec. 21, 1922. The bank suspended with approximately $250,000 deposits.
Source: newspapers

2. May 20, 1926 Other

Newspaper Excerpt: Jeo H. Ford cheered several hundred depositors of the defunct First State bank today when he began paying a 15 per cent dividend out of the bank's resources, the first declared since the failure of the institution, Dec. 21, 1922.
Source: newspapers

3. May 20, 1926 Receivership

Newspaper Excerpt: Payment of a dividend has been held up as a result of the suit of bonding companies ... Ford is protecting the claims of bonding companies in this instance by reserving 15 per cent of the bank's available funds
Source: newspapers

Newspaper Articles (1)

1. May 27, 1926 Coweta Times-Star Coweta, OK

Article from Coweta Times-Star, May 27, 1926

Click image to open full size in new tab

Article Text

DEFUNCT BANK IN INITIAL PAYMENT Wagoner, May 20.-Jeo H. Ford cheered several hundred depositors of the defunct First State bank today when he began paying a 15 per cent dividend out of the bank's resources, the first declared since the failure of the institution, Dec. 21, 1922. The bank suspended with approximately $250,000 deposits. It carried approximately $1000,000 of public funds which were secured. Payment of a dividend has been held up as a result of the suit of bonding companies that have asked the courts to decide if the bonding companies are permitted to share in the payments of defunct banks. Ford IS protecting the claims of bonding compaies in this instance by reserving 15 per cent of the bank's available fuds to be appyied to the bonding companies' claims in the event courts uphold their contentions. The bonding companies paid $68,000 on the public funds. The rest is secured by collateral the bank personally provided.