Exchange Bank - Wewoka, OK

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 14, 1905
Location: Wewoka, Oklahoma (35.159, -96.493)

Metadata

Model: gpt-5-mini
Short Digest: 060c0a83

Response Measures

None

Description

Exchange Bank of Wewoka (a state institution) suspended and went into receivership on 1905-03-14. Later reporting (Oct 1905) documents indictments/arrest of the bank's president for embezzlement and false entries, indicating bank-specific malfeasance tied to the failure. No run is described in the articles.

Events (3)

1. March 14, 1905 Receivership

Newspaper Excerpt: The Exchange bank of Wewoka has gone into the hands of a receiver on application of Mr. Bailey, vice president of the bank.
Source: newspapers

2. March 14, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank went into receivership with limited available cash; later reporting indicates alleged embezzlement/false entries by president contributing to failure.
Newspaper Excerpt: PETTY BANK FAILURE Exchange Bank of Wewoka, With $9,000 Deposits,, Quits. Muscogee, 1. T., March 14-The Exchange bank of Wewoka has gone into the hands of a receiver on application of Mr. Bailey, vice president of the bank.
Source: newspapers

3. October 24, 1905 Other

Newspaper Excerpt: T. B. Cutlipp, president of the defunct Exchange Bank at Wewoka, was arrested last night charged with embezzlement, larceny and making false entries in the books of the bank. ... There are nine indictments against Cutlipp.
Source: newspapers

Newspaper Articles (2)

1. March 14, 1905 The Guthrie Daily Leader Guthrie, OK

Article from The Guthrie Daily Leader, March 14, 1905

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Article Text

PETTY BANK FAILURE Exchange Bank of Wewoka, With $9,000 Deposits,, Quits. Muscogee, 1. T., March 14-The Exchange bank of Wewoka has gone into the hands of a receiver on application of Mr. Bailey, vice president of the bank. The available cash assets were $1,800 and the deposits $9,000. The funds of the bank are mostly loaned on secured paper which is thought to be good. The exchange bank is a state institution, incorporated under the laws of the territory with a capital of $15.000. T. G. Cutlip was pres ident and Guy C. Cutlip, his son, cash er. It is believed that the depositors of the bank can be paid in full when the business of the concern is wound up and the outstanding paper is col lected.

2. October 24, 1905 The Daily Ardmoreite Ardmore, OK

Article from The Daily Ardmoreite, October 24, 1905

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Article Text

A BANKER IS ARRESTED TERRITORY PRESIDENT OF DE FUNCT BANK AT wewoka Charged With Embezzlement, Larceny and Making False Entries in Books of Banks-Nine Indictments Against Him. Muskogee, I. T., Oct. 24.-T. B. Cutlipp, president of the defunct Exchange Bank at Wewoka, was arrested last night charged with embezzlement, larceny and making false entries in the books of the bank. It is understood that those indictments were returned by the grand jury shortly after the bank suspended but was never made public because Cutlipp had disappeared immediately after the bank failure, and the officers were not able to locate him. He was arrested yesterday afternoon and his bond placed at $5,000. This he has not been able to raise at last account but it is believed his friends will make it for him. There are nine indictments against Cutlipp.