First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7645
Charter Number: 7645
Start Date: July 1, 1909
Location: Savoy, Texas (33.599, -96.367)

Metadata

Model: gpt-5-mini
Short Digest: 480ea405

Response Measures

None

Receivership Details

Depositor recovery rate: 56.0%
Date receivership started: 1909-06-30
Date receivership terminated: 1912-05-18
OCC cause of failure: Fraud
Share of assets assessed as good: 34.1%
Share of assets assessed as doubtful: 34.3%
Share of assets assessed as worthless: 31.5%

Description

Article (Palestine Daily Herald, 1909-07-15) reports embezzlement charged against banker E.T. Cook; the First National Bank of Savoy was closed ~two weeks before July 14, 1909 and the bank examiner placed in charge as receiver to wind up its affairs. No run is mentioned; closure appears permanent with receiver appointed.

Events (4)

1. March 16, 1905 Chartered

Source: historical_nic

2. June 30, 1909 Receivership

Source: historical_nic

3. July 1, 1909 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure followed discovery/allegation of embezzlement of $8,707 by banker E. T. Cook (complaint sworn July 14, 1909, alleged offense Oct 20, 1908).
Newspaper Excerpt: The Savoy bank was closed two weeks ago, and Bank Examiner Logan was placed in charge as receiver to wind up its affairs.
Source: newspapers

4. July 14, 1909 Receivership

Newspaper Excerpt: Bank Examiner Logan was placed in charge as receiver to wind up its affairs.
Source: newspapers

Newspaper Articles (1)

1. July 15, 1909 Palestine Daily Herald Palestine, TX

Article from Palestine Daily Herald, July 15, 1909

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Article Text

EMBEZZLEMENT IS CHARGED Against Banker Cook of Savoy, Texas. Three Arrests Result. Paris, Texas, July 14.-J. M. Logan, bank examiner, appeared be fore United States Commissioner J. S. Stone today and swore out a complaint against E. T. Cook, charging embezzlement of $8,707 from the First National Bank of Savoy. The offense was alleged to have been committed October 20, 1908. Complaints were also sworn out against J. B. King of Archer City, Texas, and R. H. Cook of Mill Creek, Okla., charging them with inciting and abetting in the alleged embezzlement. The defendants, E. T. Cook and J. B. King, appeared before Commissioner Stone after the complaints were sworn out, accompanied by M. McMahon, an attorney of Bonham, and the bonds were placed at $4,000 each, which they executed. R. H. Cook also entered appearance through his attorney, and his bond was placed at the same amount. The Savoy bank was closed two weeks ago, and Bank Examiner Logan was placed in charge as receiver to wind up its affairs.