First National Bank - Sipe Springs, TX

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11525
Charter Number: 11525
Start Date: April 12, 1925
Location: Sipe Springs, Texas (32.091, -98.784)

Metadata

Model: gpt-5-mini
Short Digest: d2faf2e3

Response Measures

None

Receivership Details

Depositor recovery rate: 18.1%
Date receivership started: 1921-04-18
Date receivership terminated: 1928-10-03
OCC cause of failure: Losses
Share of assets assessed as good: 20.8%
Share of assets assessed as doubtful: 60.6%
Share of assets assessed as worthless: 18.6%

Description

Article reports that E. C. Aiken was the receiver of the First National Bank at Sipe Springs and was sentenced for embezzlement. This indicates the bank had been placed in receivership (i.e., closed) and did not resume normal operations in this report. No run is mentioned.

Events (3)

1. November 28, 1919 Chartered

Source: historical_nic

2. April 18, 1921 Receivership

Source: historical_nic

3. April 12, 1925 Receivership

Newspaper Excerpt: E. C. Aiken, formerly receiver of the First National bank at Sipe Springs ... sentenced ... for embezzlement of $3000 bank funds.
Source: newspapers

Newspaper Articles (1)

1. April 12, 1925 The Austin American Austin, TX

Article from The Austin American, April 12, 1925

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Article Text

ONE YEAR SENTENCE FOR BANK RECEIVER Associated Press Dispatch FORT WORTH. April E. C. Aiken, formerly receiver of the First National bank at Sipe Springs Saturday sentenced by Judge Wilson in federal to serve year day in the tentiary Leavenworth for embezzlement of $3000 bank funds. Aiken was indicted recently and on March 30 entered plea of not guilty to the charges, and his trial for Tuesday When it was called be withdrew his original plea and plea of guilty, under which he was sentenced.