18276. First National Bank (Woodward, OK)

View Charter #5575 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5575
Charter Number
5575
Start Date
January 18, 1932
Location
Woodward, Oklahoma (36.434, -99.390)

Metadata

Model
gpt-5-mini
Short Digest
723a4a77

Response Measures

Full suspension, Books examined

Other: Receiver actions, lawsuits to recover securities and eventual dividend payments to proven depositors noted.

Receivership Details

Depositor recovery rate
53.5%
Date receivership started
1932-01-21
Date receivership terminated
1938-02-28
Share of assets assessed as good
48.1%
Share of assets assessed as doubtful
47.9%
Share of assets assessed as worthless
3.9%

Description

Multiple contemporaneous articles (Jan 18–22, 1932) report an early-morning run caused by rumors that depleted cash; directors closed the bank under state law and turned affairs over to the state/national examiner. A receiver (Sidney/ Sydney W. Haynes/Haynes) was appointed and the bank was later declared insolvent and liquidated (receiver lawsuits, asset sales, and dividend distributions). OCR variants of the receiver's given name (Sidney/Sydney) appear in sources; I use Sidney W. Haynes as reported in several items.

Events (5)
1. September 12, 1900 Chartered
Source
historical_nic
2. January 18, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Early-morning rumors prompted depositors to withdraw cash, rapidly depleting the bank's cash on hand.
Measures
Directors closed the bank around 11 a.m.; official notice given to state banking department and bank examiner called in.
Newspaper Excerpt
Rumors are blamed for the early morning run when depositor after depositor appeared to withdraw their accounts in cash.
Source
newspapers
3. January 18, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure/suspension ordered by directors under state banking law after cash on hand was exhausted due to withdrawals prompted by rumors.
Newspaper Excerpt
The First National Bank of Woodward... closed its doors this morning... The bank was closed at 11 o'clock in accordance with the state banking law when all available cash on hand had been given out.
Source
newspapers
4. January 21, 1932 Receivership
Source
historical_nic
5. January 22, 1932 Receivership
Newspaper Excerpt
Sydney W. Hayes has [been] appointed receiver for the First National Bank which closed its doors Monday morning. He was expected to arrive here this afternoon to assume charge of the local institution. (Jan. 22, 1932).
Source
newspapers

Newspaper Articles (14)
1. January 18, 1932 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, January 18, 1932

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Article Text

FIRST NATIONAL Reorganization Talked: Bank Examiner Will Take Charge The First National Bank of Woodward, western Oklahoma's oldest nancial institution, closed its doors this morning. Rumors are blamed for the early morning "run" when depositor after depositor appeared to withdraw their accounts in cash. The bank was closed at 11 o'clock in accordance with the state banking law when all available cash on hand had been given out Official notice given shortly after to the state bank examining partment to assume charge. Although an official statement was not forthcoming from the president any of the directors is considerable talk of reorganization. Exact condition of the bank could not be learned pending the arrival of the examiner who is now in full charge of the institution.

2. January 21, 1932 The Vici Beacon Vici, OK
Article from The Vici Beacon, January 21, 1932

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Article Text

FIRST BANK OF WOODWARD CLOSED The First National Bank at Woodward was forced to close its doors last Monday morning about 11 o'clock. Rumors were supposed to he responsible for an early morning run on the bank and they were forced to close the bank doors when all the actual cash in the bank had given out. The closing was voluntary and in accordance with the state law. Affairs were turned over to the state banking department. It is thought, however, that the bank will be reorganized, as this leaves Woodward with only one bank the Bank of Woodward.

3. January 22, 1932 Woodward News-Bulletin Woodward, OK
Article from Woodward News-Bulletin, January 22, 1932

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Article Text

FIRST NATIONAL BANK OF WOODWARD CLOSED ON MONDAY MORNING Within two hours after opening for business Monday morning, the First National Bank of Woodward was closed by order of the board of directors. This action was taken, according to L. L. Stine, president, because of the fact that many uneasy depositors were making "run" on the bank for their money and the cash on hand was being rapidly depleted. Mr. Stine stated that when tional bank runs below a certain reserve of cash on hand the law compels it to close its doors, and while the First National had not gone below that reserve, closing action was taken to protect as many depositors as possible. J. S. Becker, national bank examiner is now in charge of the bank and he, with the bank officials, is busily engaged in checking up the resources and liabilities. The First National Bank of Wood ward was one of the oldest financial institutions in Western Oklahoma and according to its statement of December 31, 1931, had total resources and liabilities of No statemene could be secured from the officers other than that they believed the bank to be solvent and there was after re-organizatioù.

4. January 22, 1932 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, January 22, 1932

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Article Text

SYDNEY W. HAYES BANK RECEIVER Due To Arrive Today To Take Charge Of First National Sydney W. Hayes has appointed receiver for the First National Bank which closed its doors Monday morning. He was-expected to arrive here this afternoon to assume charge of the local institution. He is at Billings at present.

5. January 23, 1932 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, January 23, 1932

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Article Text

NAME BANK RECEIVER Jan. Hayes been appointed for the First National bank of Woodward its Monday following run. Plans for re-organization are under

6. March 31, 1932 Tulsa World Tulsa, OK
Article from Tulsa World, March 31, 1932

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Article Text

PETITION IS FILED BY BANK RECEIVER OKLAHOMA CITY, March 30 (A) Sidney W receiver for the First National bank of Woodward, declared insolvent last month. filed petition for orders of sale and authority to institute action to recover bonds and with face value of more than $338,000 in federal court here today He listed securities and bonds amounting to more than $262,000 which he alleged had been delivered to certain persons wrongfully by officials of the bank prior to its clos-

7. July 7, 1932 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, July 7, 1932

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Article Text

WYBRANT RULES ON MANY CASES First National Bank Receiver Suing For Recovery Of Stock District court records show the following cases were heard by Judge O. C. Wybrant in a one day session here Tuesday: Garfield Building and Loan association vs. Lillie B. Spurlock, foreclosure, on motion for order to make correction in discription: Sidney W. Haynes, receiver, vs. L. L. Stine, recovery on bank stock, motion to quash service overruled, 20 days to answer. Sidney W. Haynes, receiver, vs. H. H. Stallings, recovery on bank stock, judgment for plaintiff; Sidney W. Haynes vs. Bertha O. Stine, suit on note, motion overruled, 20 days to answer; Sidney W. Haynes vs. Bertha O. Stine, recovery on bank stock, motion to quash service overruled, 20 days to answer. J. O. Selman, et al, vs. Dick Cooper, et ux, suit on note, motion to vacate judgment overruled, exception taken, notice appeal to supreme court given; supersedets bond of $2,000 to be filed and approved within 30 days. Ross Price vs. Fisher Construction Co., suit for damages, motion to quash summons sustained, leave given plaintiff to amend petition within 10 days; alias summons directed to issue. G. M. Backus VS. R. P. McDowl, recovery on account, garnishee ordered to pay money into court; Federal Savings and Loan, vs. George Stricker, jr., foreclosure, judgment for plaintiff; Federal Savings and Loan vs. Effie Boltres, foreclosure minority of Robert, Roy and Catherine Boltres suggested, C. R. Alexander appointed guardian adlitum for three minors, 10 days to plead. Aetna Building and Loan vs. A. N. Holloway, foreclosure, judgment for plaintiff and cross petitioner as per (Continued On Page 4)

8. September 14, 1932 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, September 14, 1932

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Article Text

Bank Receivers Case Against City Heard C. W. Herod, municipal counselor for the city of Woodward, returned last night from Oklahoma City after appearing with his associate counsel before the U. S. district court of the western district of Oklahoma in the matter of the two cases filed by Sidney W. Hayes, receiver of the First National Bank, recover collateral securities deposited by the bank with the city treasurer to secure city money deposited in the bank. After hearing the oral arguments, the court requested each side to brief the case on the demurrers presented for further considration before ruling.

9. November 16, 1932 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, November 16, 1932

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Article Text

DOCKET FOR FEDERAL COURT HEAVY Quinlan Youth Winner of National Farm Title BANK RECEIVER HAS TWO CASES: VAUGHT COMING Session Will Open Jan. 12th: All Kinds Of Cases Listed Federal term of court for the western district will open here Jan. 12. 1933. Judge Edgar S. Vaught and Theodore Filson plan to arrive about Jan. 5. however. to do a little anail hunting before taking ID their court work. On the criminal docket are cases dealing with liquor, counterfeiting. automobile theft use of the mails to defraud and disbarment of atterneys. Defendants in the criminal cases are Ivan D. Foresman, Joel Robertson, Arlington Guy Jamison, Corn Allen, D. W. Buckner, Marshall Chadwell, Albert Schlecter, Clifford Carrithers, Floyd J. Thomas, James A. Alexander, Thomas Sledge, Fred Smith, Larkin A. Prestridge. Sydney Zuckerman, Grover Johnson. Dave Johnson, Jim Walton, Sid Walton, Robert K. Smith, Joe Kasiah, Chester Powers, Peter Jantz, Joe A. Wedel, Frank Berry, Albert E. Cromwell. Cliff Naifeh, Lester Hiatt, Harvey M. (Ted) Farrow and Robert E. Lee. Law cases on the docket are: Southern Surety Co., VS Town of Buffalo; Preslev R. Oller VS A.T. and S. F. Railway Co.; Sidney Havnes, receiver for First National Bank of Woodward, VS G. M. Bradbury: Sidney Haynes vs City of Woodward: Fidelity National Bank and Trust Co., of Kansas City VS Henry C. Hitch: Blanch M. Mathews vs A.T. and S F. Railway Co.: R. F. Leedy, administrator, VS A.T. and S F.: Stella Smith vs Frank Smith (disclosure of propertv). Equity cases: Allis Chalmers Mortgage Co. vs M. F. Goranflo; Cora Arcelia Chase Hendricks vs Gertrude Patterson: Gus Hada vs George W. Cromwell.

10. November 18, 1932 Woodward News-Bulletin Woodward, OK
Article from Woodward News-Bulletin, November 18, 1932

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Article Text

BANK RECEIVER HAS TWO CASES; VAUGHT COMING Session Will Open Jan. 12th; All Kinds Of Cases Listed Federal term of court for the western district will open here Jan. 12, 1933. Judge Edgar S. Vaught and Theodore Filson plan to arrive about Jan. 5, however. to do a little quail hunting before taking up their court work. On the criminal docket are cases dealing with liquor, counterfeiting. automobile theft. use of the mails to defraud and disbarment of attorneys. Defendants in the criminal cases are Ivan D. Foresman, Joel Robertson, Arlington Guy Jamison, Cora Allen, D. W. Buckner, Marshall Chadwell, Albert Schleeter, Clifford Carrithers, Floyd J. Thomas, James A. Alexander, Thomas Sledge, Fred Smith, Larkin A. Prestridge, Sydney Zuckerman, Grover Johnson, Dave Johnson, Jim Walton, Sid Walton, Robert K. Smith, Joe Kasiah, Chester Powers, Peter Jantz, Joe A. Wedel, Frank Berry, Albert E. Cromwell, Cliff Naifeh, Lester Hiatt, Harvey M. (Ted) Farrow and Robert E. Lee. Law cases on the docket are: Southern Surety Co., VS Town of Buffalo; Presley R. Oller vs T. and S. F. Railway Co.; Sidney Haynes, receiver for First National Bank of Woodward, vs G. M. Bradbury; Sidney Haynes vs City of Woodward; Fidelity National Bank and Trust Co., of Kansas City VS Henry C. Ffitch: Blanch M. Mathews vs A.T. and S.F. Railway Co.; R. F. Leedy, administrator, VS A.T. and S.F.; Stella Smith VS Frank Smith (disclosure of property). Equity cases: Allis Chalmers Mortgage Co. vs M. F. Goranflo; Cora Arcelia Chase Hendricks vs Gertrude Patterson; Gus George W. Cromwell.

11. May 2, 1933 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, May 2, 1933

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Article Text

WYBRANT GRANTS DIVORCE TO TWO Bank Receiver Given Order To Dispose or Some Of Assets Two divorco decrees were granted by Judge O. C. Wybrant when he was here yesterday for motion day in district court. Earl Green was given a divorce from Mrs. Johnnie Green and given custody of their minor child. Mrs. Esther Blue obtained a decree from Howard Blue Civil matters passed were Employers Building and Loan company vs. Claude Love, et al, foreclosure, J. M. Figley appointed receiver: Percy Greer, et ux, VS. Bank of Woodward, cancellation of deed, case set for trial May 10; State Life Insurance company vs. Ralph S. Maggard, foreclosure, sale confirmed. State Life Insurance company vs. Noble J. Munsell, foreclosure, sale confirmed; Maud E. Williams, executrix, vs. J. E. Hardy, foreclosure, trial set for May 8; Sidnev W. Haynes, receiver for the First National Bank, was granted an order for disposing of some of the assets.

12. July 13, 1933 The Sharon News Sharon, OK
Article from The Sharon News, July 13, 1933

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Article Text

Sale of Real Estate No. 6315 STATE OF OKLAHOMA County of Woodward IN THE DISTRICT COURT First National Bank and Trust Company, a corporation, Plaintiff, Bertha 0. Stine, L. L. Stine, and Sidney W. Haynes, Receiver of the First National Bank of Woodward, Oklahoma, Defendants. Notice is hereby given that in pursuance of an order of sale issued out of the District Court of Woodward County, Oklahoma, on the 20th day of June, 1933, in an action therein pending wherein the First National Bank and Trust Company, a corporation; plaintiff, and Bertha O. Stine, L. Stine, and Sidney W. Haynes, Receiver of the First National Bank, Woodward, Oklahoma, defendants, directed to me the undersigned sheriff of Woodward County, commanding me to levy upon and sell without appraisement, the following described real estate, to-wit: The Southwest quarter of Section twenty-four (24), Township twenty-three (23), North of Range twenty-one (21), W I. M., in Woodward County Oklahoma, to satisfy a judgment and decree of foreclosure in favor of said plaintiff and against said defendants Bertha O. Stine and L. L. Stine, the sum of $2,060.00 with interest at 6% from date until paid, $200.00 attorneys fees, costs and accruing costs, said judgment bearing date October 3, 1932. I will on Tuesday, the 25th day of July, A. D. 1933, at the hour of 10:00 o'clock A. M. of said day, at the front door of the court house in the City of Woodward, Woodward County, Oklahoma, offer for sale and sell to the highest bidder for cash the property above described or SO much thereof as will satisfy said judgment. IN WITNESS WHEREOF, I have hereunto set my hand at Woodward, Oklahoma, this, the 20th day of June, A. D., 1933. WM. BLEVINS, Sheriff Woodward County, Okla. Howard W. Patton, Attorney for Plaintiff. (Published in the Sharon News June 22, 29, July 6, 13, 20.)

13. July 25, 1933 Woodward Daily Press Woodward, OK
Article from Woodward Daily Press, July 25, 1933

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Article Text

Defunct First National Is Paying Its First Dividend Sidney W. Haynes, receiver for the First National Bank, announced today that first dividend of six per cent, payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks. Payment of approximately 700 checks will be started in the morning. The bank was closed 18 months ago.

14. February 20, 1934 The Alva Review-Courier Alva, OK
Article from The Alva Review-Courier, February 20, 1934

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WOODWARD BANK VERDICT Treasurers Gain New Hope Monday decision in favor of the city of Woodward by Judge Edgar Vaught in federal court Monday heartened city, county and school district treasurers here today Judge Vaught Monday upheld the right of bank pledge its assets against municipal deposits, ruling that receivers for the First Nationbank Woodward could not cover approximately $160,000 curities as surety against put up Woodward city deposits. Thousands Involved The decision was returned in two In first Sidney cases. Haynes, receiver for the bank which failed in January, 1932. sought return in securities which originally had been placed surewith the United States Fidelity and Guaranty company and later Woodward city offiturned over to cials. In the second case, Haynes sought United States bonds and $28,000 Woodward Liberty municipal bonds, pledged against the city's deposit Decision in October Inasmuch as this is the first ruling of this nature since the court denied the right of an Illinois national bank to pledge local treasurers garded the ruling significant. They believe that the ruling by Judge Vaught gives an indication the attitude the circuit court appeals will have when considers the appeals from the rulJudge Vaught in the First ing of National bank receiver suit here. expected next Octodecision is ber.