21162. Groesbeck National Bank (Groesbeck, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4269
Charter Number
4269
Start Date
August 20, 1903
Location
Groesbeck, Texas (31.524, -96.534)

Metadata

Model
gpt-5-mini
Short Digest
995f9c5f

Response Measures

None

Receivership Details

Depositor recovery rate
55.0%
Date receivership started
1903-08-22
Date receivership terminated
1905-08-15
OCC cause of failure
Excessive lending
Share of assets assessed as good
45.5%
Share of assets assessed as doubtful
41.6%
Share of assets assessed as worthless
12.8%

Description

Bank was closed by cashier on Aug 20, 1903 at direction of president after failure of Citizens' National Bank (Beaumont). National bank examiner first receiver, then permanent receiver appointed; assets show deficiency. No mention of depositor run in the articles.

Events (4)

1. March 22, 1890 Chartered
Source
historical_nic
2. August 20, 1903 Suspension
Cause
Correspondent
Cause Details
Closed as a result of the failure of the Citizens' National Bank of Beaumont and large excessive loans to R. (Rod) Oliver, president of both associations; closing ordered by president following Beaumont failure.
Newspaper Excerpt
the Groesbeck National bank of Groesbeck, Texas, was closed by the cashier on the 20th instant, by direction of the president of the bank, as a result of the failure of the Citizens' National Bank of Beaumont, Texas.
Source
newspapers
3. August 22, 1903 Receivership
Source
historical_nic
4. September 22, 1903 Receivership
Newspaper Excerpt
The Comptroller of the Currency has appointed Thomas M. Thornton ... as permanent receiver of the Groesbeck National Bank, of Groesbeck, Tex., to succeed National Bank Examiner J. W. Hertford ... the change to take effect as soon as the assets of the bank can be listed and transferred.
Source
newspapers

Newspaper Articles (13)

Article from Alexandria Gazette, August 22, 1903

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Article Text

The majority, however, have only the 39 cents. FROM WASHINGTON. [Correspondence of the Alexandria Gazette.] Washington, D. C., August 22. Further confirmation of the fact that the Colombian Congress objected rather to the form than to the substance of the Panama canal treaty, and that it is still endeavoring to perfect an arrangement that will be acceptable to the United States while at the same time preserving the rights and dignity of Colombia, is conveyed in a dispatch from Foreign Minister Rico received by Mr. Herran today. It is dated Aug. 16th and is couched in most cordial terms. It says that the Colombian government is very anxious to bring about a satisfactory arrangement for the completion of the canal by the United States and is doing all it can to that end. It is learned that there were three reasons assigned by the Colombian government for that disapproval: (1) that Colombian sovereignty over the canal zone was impaired; (2) that there was no previous understanding on thepart of the Panama Canal Company with the Colombian government as to the sale of its property, and (3) that the injudicious action of the American Minister, Mr. Beaupre, in presenting dispatches asserting that no amendments of any kind would be accepted by the United States, contributed to the result. The local bookbinders' union, through President Robert D. Barrett and Secretary James A. Stockman, today issued a lengthly statement treating in detail with the case of W. A. Miller, the assistant foreman in the government printing office, who was expelled from the union, dismissed from the service on that account by Public Printer Palmer, and reinstated by order of President Roosevelt. Miller's personal character is bitterly attacked. The charge is made that he was twice before dismissed from the government service, once for deceiving the Public Printer by the claim that he had served his apprenticeship the second time for making one of the young women in the service believe that he was a single man. They further charge that Miller was first married in 1871 and that he married a second time before he had been divorced from his first wife. Cruel treatment of his first wife is also alleged. A large part of the statement is devoted to a discussion of Miller's conduct in office. He is denounced as incompetent and the assertion is made that he resorted to many mis-statements in placing reports on the work in his office to members of Congress and others. In a general way the statement reiterates the various charges previously made public by the union. The Comptroller of the Currency announced today that the Groesbeeck National Bank of Groesbeeck, Texas, was closed by the cashier on the 20th instant by direction of the president of the bank, as a result of the failure of the Citizens' National Bank of Beaumont, Texas. National Bank Examiner J. W. Hertford, has been appointed receiver. The failure of this bank is due to the same causes which led to the closing of the Citizens' NationalBank-large excessive loans to R. Oliver, who was president of both associations, and to enterprises in which he was interested. It is said that President Roosevelt will soon appoint a commissioner to investigate the scandals in connection with the sale of Indian lands. It is reported here that no agreement on a financial measure acceptable to the republican leaders of both houses of Congress has been reached, and as a result the President has entirely abandoned his intention of urging any specific financial legislation on Congress, as he would have done in his message when the special session assembles, had such an agreement been reached.


Article from The Birmingham Age-Herald, August 22, 1903

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Article Text

ANOTHER BANK CLOSED. Suspension Comes as Result of Failure at Beaumont. Dallas, Tex., August 21.-A special to the News from Groesbeck, Tex., says: The Groesbeck National bank was closed yesterday at the request of Rod Oliver, president. Mr. Oliver is president of the defunct Citizens' bank at Beaumont, and the closing of the bank here was in obedience to a telegram from him. There is no uneasiness or excitement as the bank is regarded as perfectly solvent and it is generally believed will resume business in a few days.


Article from The Washington Times, August 22, 1903

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ANOTHER TEXAS BANK CLOSES ITS DOORS Result of Failure of Citizens' National, of Beaumont. The Comptroller of the Currency announced today that the Groesbeck National Bank, of Groesbeck, Texas, was closed by the cashier on the 20th instant, by direction of the president of the bank, as a result of the failure of the Citizens' National Bank, of Beaumont, Texas. National Bank Eminer J. W. Hertford has been appointed receiver. The failure of this bank is due to the same causes which led to the closing of the Citizens' National Bank-large excessive loans to R. Oliver, who was president of both associations, and to enterprises in which he was interested.


Article from The Montgomery Advertiser, August 23, 1903

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Article Text

EXCESSIVE LOANS TO OLIVER. This Was Cause o Supp nsion of Groesbeck Bank Comptroller Washington, Aug. a telegram of the Currency today tional Bank stating that the Groe of Groesbeck, Texas osed by the cashier on the 20th by direction as a result of the president of ens National of the failure of t S. National Bank of Beaumon ford has been Bank Examiner J. appointed receiver The failure of t is said to be ich led to the due to the same ational Bank, closing of the ( large excessive 1 od Oliver, who sociations and was president ( e was interestto enterprises 17 ed. The resou liabilities of the bank, as show last report of ller of the Curcondition to tr as follows: Rerency June 9, sources, loans iscounts $173,321; secure circulation United States $12,500; real est ⑆ due from banks sh and cash items and bankers, : $4,678; total Liabilities, capital und and undivided stock, $50,000; tion $12,500; due to profits, $21,429 banks and be 3,351; individual ded bills rediscounted posits $84,376; 45; total $233,902. and bills pay


Article from The Atlanta Constitution, August 24, 1903

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Article Text

Closed by the Comptroller. Washington, August 22.-The comptroller of the currency today received a telegram stating that the Groesbeck national bank, of Groesbeck. Tex., was closed by the cashier on the 20th instant by direction of the president of the bank as a result of the failure of the Citizens' national bank. of Beaumont. Tex. National Bank Examiner J. W. Hertford has been appointed receiver. The failure of this bank is said to be due to the same causes which led to the closing of the Citizens' national bank-large excessive loans to Rod Oliver. who was president of both associations. and to enterprises in which he was interested. The resources and liabilities of the bank as shown by the last report of condition to the comptroller of the currency, June 9, 1903, were as follows: Resources: Loans and discounts $173.321; United States bonds to secure circulation $12,500; real estate $6,300; due from banks and bankers $37,102: cash and cash items $4.678; total $233,902. Liabilities: Capital stock $50,000; surplus fund and undivided profits $21,429: circulation $12,500: due to banks and bankers $3,351: individual deposits $84,376; notes and bills rediscounted and bills payable $62,245; total $233,902.


Article from Evening Star, September 3, 1903

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Article Text

Groesbeck, Tex., Bank's Condition. The controller of the currency has received a report from the receiver of the Groesbeck National Bank of Groesbeck, Texas. which shows the total liabilities of the bank to be $165,150.41. and the estimated value of the assets to be $144,694.40, showing a deficiency of $20,465.01. The receiver reports that if there is any change in his estimate of value of assets, he feels safe in stating that it will be favorable to the bank.


Article from The Montgomery Advertiser, September 4, 1903

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Article Text

Deficit of $20,465. Washington, Sept. 3.-The Comptroller of the Currency has received a report from the receiver of the Groesbeck National Bank of Groesbeck, Texas, giving the total liabilities of the bank at $165,159, and the estimated value of the assets at $144,694, showing a deficiency of $20,465. The receiver reports that if there is any change in his estimate of value of assets he feels safe in stating that it will be favorable to the bank.


Article from Bryan Morning Eagle, September 5, 1903

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Article Text

Condition of a Texas Bank. Washington, Sept. 4.-The comptroller of the currency has received a report from the receiver of the Groesbeck National bank of Groesbeck, Tex., giving the total liabilities of the bank at $165,159 and the estimated value of the assets at $144,694. showing a deficiency of $20,465. The receiver reports that if there is any change In his estimate of value of assets he feels safe in stating that it will be favorable to the bank.


Article from The Washington Times, September 22, 1903

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BANK RECEIVER APPOINTED. The Comptroller of the Currency has appointed Thomas M. Thornton, of Datlas, Tex., as permanent receiver of the Groesbeeck National Bank, of Groesbeck, Tex., to succeed National Bank Examiner J. W. Hertford, the change to take effect as soon as the assets of the bank can be listed and transferred.


Article from Alexandria Gazette, September 22, 1903

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nave Congressmen day go by without taking favoraction. The Colombian governhas, however, through Minister anticipating the failure of this suggested to the United States continuation of negotiations looking adoption of another convention. reply has yet been made by the States to this proposition. So action by the United States is conthe matter is now entirely in the of the President. The Spooner gives him a "reasonable time" in to conclu le a satisfactory treaty Colombia for the construction of Panama canal. The President is, of the personal judgeas to what cona reasonal time in this instance. already being urged to take the that it has now expired and that hould drop Panama, adopt the alof the Spooner bill and proto negotiate for the Nicaragua From information that reached shington, however, it is not believed he will do this. The President is that the Panama route is the for the United States, and he is orted in this view by experts whom consulted. Consequently he will abandon efforts to secure that canal so long as there is a chance of control of it within a reasonable morning session of the executive of the American Federation of was devoted principally to a hearthe differences between the metal and the machinists. The metal made application to the AmerFederation of Labor that the charthe machinists be revoked, as they exceeded their authority by passing affecting the metal workers' trade. council heard both sides of the quesand the metal workers agreed to draw their application and a meetof the two trades will be held in the of reaching an amicable agreement. trouble between the Pittsburg and the metal workers of that was also heard by the council and irrangement for a meeting of repreatives of the two factions to adjust differences has been made. Neither Miller case nor the Westinghouse has yet been reached. he annual report of Major General R. Chaffee, commanding the milidepartment of the east, has been by the War Department. making any recommendations special interest General Chaffee a detailed account of the work and elopment of his command during the 117 deaths occurred in the deof the east during the last It is urgently recommended that permanent rifle range be secured vicinity of Washington, D. C., the use of troops stationed near that and for the department, national international competitions. he Comptroller of the Currency has Mr. Thomas M. Thornton, of Tex., as permanent receiver of Groesbeck National Bank of GroesTex., to succeed National Bank miner J. W. Hertford, the change effect as soon as the assets of the can be listed and transferred. Mr. is a son of the late Gen. W. Thornton, who fifty years ago resided lexandria. Census Bureau today issued a on the quantity of cotton ginned the growth of 1903 up to and inAugust 31, 1903. It shows only 2,176 ginneries were in operaand they ginned 17,587 commercial Of these 16,991 were square and round bales of the Sea Island crop. he readvertisement of the bids for years' supplies for the money order of the Post Office Department effect a saving of $9,000 over the of the supplies under the last conThe bids are $51,000 less than recently thrown out. They have received been he War Department today anthe dismissal from the military of Cadet Charles M. Parr, of and Emmet C. Wilson, of on the ground of "deficiency of George E. Bowden, of Norfolk, a of the Republican National unittee, was in the city yesterday on to Ohio to participate in the paign, having been requested to make speeches in behalf of the republiticket of that State. Mr. Bowden is effective speaker, and represented the Virginia, district two terms in


Article from Arizona Republican, September 23, 1903

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RECEIVER FOR TEXAS BANK. Washington, D. C., Sept. 22.-The comptroller of the currency has appointed Thomas A. Thornton of Dallas, Texas, permanent receiver of the Groesbeck National bank of Groesbeck, Texas.


Article from The Montgomery Advertiser, September 23, 1903

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Thornton Made Receiver. Washington, Sept. 22.-The - Controller of the Currency has appointed Thomas M. Thornton, of Dallas. Texas, permanent receiver of the Groesbeck National Bank of Groesbeck, Texas, to succeed National Bank Examiner J. W. Hertford, the change to take effect as soon as the assets of the bank can be listed and transacted.


Article from Bryan Morning Eagle, September 24, 1903

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Dallas Man Appointed. Washington, Sept. 23.-The controller of the currency has appointed Thomas H. Thornton of Dallas, Tex., permanent receiver of the Groesbeck National bank of Groesbeck, Tex.. to succeed National Bank Examiner J. W. Hertford, the change to take effect as soon as the assets of the bank can be listed and transferred.