First State Bank - Wilburton, OK

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: February 17, 1928
Location: Wilburton, Oklahoma (34.919, -95.309)

Metadata

Model: gpt-5-mini
Short Digest: ecf0afb3

Response Measures

None

Description

The article (dated 1928-02-17) reports the First State Bank of Wilburton closed its doors with a notice posted; officials indicated early reopening likely. The closure is attributed to frozen/uncollectible assets tied to the failure of the Latimer County (Latimer National) bank and heavy losses from a mine disaster. No explicit depositor run is described.

Events (1)

1. February 17, 1928 Suspension

Cause: Local Banks
Cause Details: Frozen and uncollectible assets arising from the failure of the Latimer County (Latimer National) bank and heavy losses from a mine disaster led to inability to meet liabilities; examiner closed the bank pending resolution and possible reopening.
Newspaper Excerpt: the First State bank Wilburton which closed its doors ... found notice posted upon front ... the closing of the bank ... Indications Are That Early Reopening May Be Made
Source: newspapers

Newspaper Articles (1)

1. February 17, 1928 The M'Alester News-Capital McAlester, OK

Article from The M'Alester News-Capital, February 17, 1928

Click image to open full size in new tab

Article Text

BANK ORDER OF Indications Are That Early Reopening May Be Made As Financial Condition Suffered Only Old Loss. that the First State bank Wilwhich closed its doors will be to reopen soon, expressed today officials after Morexaminer for the banking who was in charge the institution-s affairs. meeting directors and stockholders the failed Latimer National who uncollected now held by the to held onight Morris effort reach an agreement for the reopenthe bank that closed Officials said that present assets the First State bank with liabilities only The bank's they arose from their inability collect on and assumed after the closing the Latimer County tional Included the group of officials the County National paper sumed by the First State bank James McConnell. owner of the 111fated mine which nearly were lost in an Mr lost heavily from the disaster. (AP) First State bank of Wilburton, this banking institution. today. banking enroute take The bank completed its day's business usual Thursday and first of its cessation from when depositors the building this morning and found notice posted upon front Countess, mayor of burton, said informed reliable that about worth of paper which by the bank for number been demanded by state bank Thomas stockholder the bank. statement the regarding closing of the (P) for the today affairs of First State which to have closed this said Morris expected report the department during Alexander hands of the state bank commissioners of the state of Oknotice posted First bank and was signed for Schull, bank sistant state examiner He the frozen assets. The closing of the bank decided and surprise residents the only banking institution in the town. Morris said that he had ment the bank. Street rumors that would closed few days. of Lutie is presithe Frazier Kirkpatrick of Wilburton cashier assistant cashThese with Craig of and Thomas of Wilburton, compose the board of directors. assets of the bank are given and the liabilities at