First National Bank - Center, TX

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5971
Charter Number: 5971
Start Date: November 24, 1924
Location: Center, Texas (31.794, -94.180)

Metadata

Model: gpt-5-mini
Short Digest: 32bd0dd2

Response Measures

None

Receivership Details

Depositor recovery rate: 70.6%
Date receivership started: 1924-12-03
Date receivership terminated: 1930-02-24
OCC cause of failure: Fraud
Share of assets assessed as good: 58.3%
Share of assets assessed as doubtful: 24.6%
Share of assets assessed as worthless: 17.2%

Description

The bank was closed by bank examiners on 1924-11-24 and a receiver (F. W. Lensing) was appointed; property sold in 1926 to pay creditors. No run is described in the articles; sequence indicates suspension followed by receivership and permanent closure.

Events (5)

1. September 20, 1901 Chartered

Source: historical_nic

2. November 24, 1924 Receivership

Newspaper Excerpt: The receiver of the bank, Mr. F. W. Lensing, is making plans to vacate not later than February 1, 1927. This money will be applied to the fund to be distributed to the creditors of the bank.
Source: newspapers

3. November 24, 1924 Suspension

Cause: Government Action
Cause Details: Closed by bank examiners on November 24, 1924.
Newspaper Excerpt: This bank was closed Nov. 24, 1924, by bank examiners.
Source: newspapers

4. December 3, 1924 Receivership

Source: historical_nic

5. November 12, 1926 Other

Newspaper Excerpt: Title to the First National bank building was passed Tuesday to O. H. Polley, T. O. Davis and W. I. Davis... The property... brought $12,000.25. This money will be applied to the fund to be distributed to the creditors of the bank. The receiver of the bank is making plans vacate not later than February 1, 1927.
Source: newspapers

Newspaper Articles (3)

1. November 13, 1926 The Times Shreveport, LA

Article from The Times, November 13, 1926

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Article Text

BANK BUILDING SOLD; SOCIETY ELECTS OFFICERS Center, Texas, Nov. 12 (Special).The Woman's Missionary society elected the following officers for the ensuing year: President, Mrs. F. L. Runnels; vice president, Mrs. E. A Boulware: superintendent of league, Mrs. J. F. Kidd; superintendent of young people, Mrs. Harry Burns: superintendent of juniors, Mrs. M. Sanders: superintendent of baby division, Mrs. T. O. Davis; superintendent of mission study, Mrs. D. McKnight: superintendent of Bible study, Mrs. W. G. Carnahan; publicity superintendent, Mrs. Armstrong; superintendent of social service, Mrs. W. A. Bridges: assistant of the Sunday school, Mrs. B. Sanders: recording secretary, Miss Malica Menefee; corresponding secretary, Mrs. Guy Crowser; treasurer, Mrs. Hugh agent Missionary tendent of supplies, Mrs. E. N. Runnels; superintendent local work, Mrs. John Lynch. Title to the First National bank building was passed Tuesday to O. H. Polley, T. O. Davis and W. I. Davis. The transfer of the property to the purchasers was approved by the comptroller of the currency. and the order of sale issued by the district court. The purchasers were high bidders recently advertised sale. The property, two-story corner building, brought $12,000.25. This money will be applied to the fund to be distributed to the creditors of the bank. The receiver of the bank is making plans vacate not later than February 1, 1927. C.P. Scurlock, county agent, is directing campaign to have every farmer in Shelby county to own least one one brood and 25 chickens. The campaign is tak-

2. November 15, 1926 The Shreveport Journal Shreveport, LA

Article from The Shreveport Journal, November 15, 1926

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Article Text

Center, Texas, Bank Building Is Sold CENTER, Texas, Nov. 15.-Title to the First National Bank build ing was passed this week to O. H. Polley, W 1. Davis and T. O, Davis. The transfer of the property to the purchasers was approved by the comptroller of currency and the order of sale issued by the district court The purchasers were high bidders at a recently advertised sale. The property, a two-story corner building. brought $12,001. 25 This money will be applied to the fund to be distributed to the creditors of the bank. The receiver of the bank, Mr. F. W. Lensing, is making plans to vacate not later than February 1, 1927 This bank was closed Nov. 24, 1924, by bank examiners.

3. November 16, 1928 The Houston Post Houston, TX

Article from The Houston Post, November 16, 1928

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Article Text

PROPERTY SALE WILL BENEFIT BANK CREDITORS CENTER, Texas, Nov. 15.-Title to the First National bank building was acquired last week by H. Pol. ley, and Davis. The transfer of the property to the purchasers was the comptrolor of and the of sale issued the district court. The pur chasers were high bidders at recently advertised sale. The property. two-story corner building. brought $12,001 This will up. plied to the fund to be distributed to the creditors of the bank. The receiver of the bank. F. W Lensing, is making vacate not later than February 1. 1927. This bank was closed November 24. 1924, by bank examiners. DELEGATES ELECTED. BRYAN, Texas, Nov. 15.-Delegates have been elected from the Baptist churches of Bryan to the State Baptist in San Autonio November 17-20, as follows: First Baptist, Rev. and Mrs. Day. Mrs. John Moore, Mrs. Park and Rev. Pipkin College Avenue, Rev. and Mrs. Roy S. Mrs. R. W. Persons and Mrs. T. Nelson.