gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5f48038a49739179
Response Measures
Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Date receivership started
1924-06-24
OCC cause of failure
Losses
Description
Bank closed voluntarily by directors after rumors; later reopened with receiver involvement and stockholder sacrifice.
Events (8)
1.September 2, 1902Chartered
Source
historical_nic
2.June 9, 1924Run
Cause
Rumor Or Misinformation
Cause Details
Threatened run driven by rumors the bank was negotiating a merger.
Measures
Directors closed the bank voluntarily to head off withdrawals; placed in charge of bank examiner shortly after.
Newspaper Excerpt
A threatened run on the bank following rumors that the institution was negotiating a merger was given by officials as the cause for closing.
Source
newspapers
3.June 9, 1924Suspension
Cause
Rumor Or Misinformation
Cause Details
Board ordered a voluntary closing in response to threatened run sparked by merger rumors.
Newspaper Excerpt
The City National bank closed its doors today upon order of its board of directors.
Source
newspapers
4.June 24, 1924Receivership
Source
historical_nic
5.July 8, 1924Receivership
Newspaper Excerpt
was immediately placed in charge of the bank examiner of the Tenth federal reserve district. ... C. D. Jensen, who has been receiver for the City National bank here for the past two months ... departed Sept. 8 (two months service).
Source
newspapers
6.July 8, 1924Reopening
Newspaper Excerpt
Frank Craig... announced the bank would re-open within a short time without any loss to depositors. ... was immediately placed in charge of the bank examiner of the Tenth federal reserve district. No irregularities were discovered and plans are practically completed ... for the re-opening of the institution.
Source
newspapers
7.September 3, 1924Restored To Solvency
Source
historical_nic
8.June 29, 1925Voluntary Liquidation
Source
historical_nic
Newspaper Articles (8)
1.June 10, 1924Kansas City JournalKansas City, MO
Click image to open full size in new tab
Article Text
TO TEACH CHINESE
VERNON NASH, publicity secretary of the Y. M. C. A., who will start a school of journalism in the University of Peking, China, if the Y. M. C. A. and church organizations raise the necessary salary of $3,000 a year. A meeting will be held tomorrow afternoon in the Grand Avenue Temple, by representative church women, to raise the money.
McAlester, Ok., Bank Closes.
McALESTER, OK., June 9.—The City National bank closed its doors today upon order of its board of directors. A threatened run on the bank following rumors that the institution was negotiating a merger was given by officials as the cause for closing. The officials declared depositors will be paid in full.
Add Salt to Milk.
In case of illness if the patient does not like plain milk, add a little lime water or a few grains of salt.
2.June 10, 1924The Austin AmericanAustin, TX
Click image to open full size in new tab
Article Text
BANK MERGER RUMOR ALARMS CUSTOMERS
McALESTER, Okla., June 9.—The City National Bank closed its doors today upon order of its board of directors. A threatened run on the bank following rumors that the institution was negotiating a merger was given by officials as the cause for closing.
The officials declared that depositors would be paid in full.
3.June 10, 1924St. Joseph GazetteSt. Joseph, MO
Click image to open full size in new tab
Article Text
Oklahoma Bank Closed
McAlester, Ok., June 9.—The City National bank closed its doors today upon order of its board of directors. A threatened run on the bank following rumors that the institution was negotiating a merger, was given by officials as the cause for the closing. The officials declared that depositors would be paid in full.
4.June 10, 1924The Waco News-TribuneWaco, TX
Click image to open full size in new tab
Article Text
Bank Closes Doors
By The Associated Press
McALESTER, Okla., June 9.—The City National bank closed its doors today upon order of its board of directors. A threatened run on the bank following rumors that the institution was negotiating a merger was given by officials as the cause for closing.
The officials declared that depositors would be paid in full.
5.June 10, 1924The Parsons Daily SunParsons, KS
Click image to open full size in new tab
Article Text
Against Extra Session.
WASHINGTON, June 10.—President Coolidge does not feel that an extra session of congress was made necessary by the failure of the Senate to pass the deficiency appropriation bill.
Bank Is Closed
MCALESTER, Okla., June 10.—The City National Bank closed its doors upon order of its board of directors. A threatened run on the bank following rumors that
6.June 10, 1924Times Record NewsWichita Falls, TX
Click image to open full size in new tab
Article Text
McALESTER BANK BEATS DEPOSITORS TO IT
By The Associated Press.
M'ALESTER, Okla., June 9.—The City National bank closed its doors today upon orders of its board of directors. A threatened run on the bank following rumors that the institution was negotiating a merger was given as the cause.
Officials declared depositors would be paid in full.
7.July 9, 1924Tulsa WorldTulsa, OK
Click image to open full size in new tab
Article Text
REOPEN FAILED BANK
City National of McAlester Will Pay Depositors Without Loss, President Predicts.
Special to The World.
McALESTER, July 8. — Frank Craig, president of the City National bank, which closed its doors here about a month ago, announced the bank would re-open within a short time without any loss to depositors.
The bank was capitalized at $50,000, with approximately $400,000 deposits. It closed its doors voluntarily upon order of the directors and officers and was immediately placed in charge of the bank examiner of the Tenth federal reserve district. No irregularities were discovered and plans are practically completed, stated Craig, for the re-opening of the institution.
The roster of officials has not been announced and it is not known if there will be any change in the personnel of the officials of the bank. The City National was organized in 1902 and has been a strong factor in the commercial life of McAlester and Pittsburg county. News that the bank would be re-opened without loss to depositors was greeted with much rejoicing here.
8.September 8, 1924The M'Alester News-CapitalMcAlester, OK
Click image to open full size in new tab
Article Text
BANK RECEIVER DEPARTS.
C. D. Jensen, who has been receiver for the City National bank here for the past two months, before leaving for his home Monday stated that he wanted to thank the people of McAlester for the many kindnesses shown him during his short business career here.
He declared the people of McAlester and vicinity ought to show their appreciation to the stockholders and board of directors of the City National bank for their action in making the financial sacrifice necessary to reopen the bank with a clean slate and able to make a showing with the best of such institutions.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
