6815. First National Bank (Leoti, KS)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
3844
Charter Number
3844
Start Date
January 26, 1892
Location
Leoti, Kansas (38.480, -101.359)

Metadata

Model
gpt-5-mini
Short Digest
b64ea002

Response Measures

None

Description

The bank was closed by order of the Comptroller of the Currency (government action) and placed in charge of the bank examiner. No article describes a depositor run. The president (T. W. Pelham) secured a suspension of the receivership order and sought funds to pay depositors (~$40,000) and continue under state law, consistent with a suspension followed by reopening/continuation.

Events (4)

1. February 7, 1888 Chartered
Source
historical_nic
2. January 26, 1892 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency; placed in hands of the bank examiner and threatened with receivership (order to appoint receiver later suspended).
Newspaper Excerpt
The First National bank of Leoti has closed its doors by order of the comptroller of the currency.
Source
newspapers
3. February 4, 1892 Other
Newspaper Excerpt
Pelham got him to suspend the order by which his bank was to be placed in charge of a receiver ... he could obtain financial assistance from New York and would be able next week to pay off all depositors, the amount required being about $40,000. ... It is probable that the bank will continue business under the state law.
Source
newspapers
4. March 4, 1892 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Globe-Republican, January 28, 1892

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Article Text

STATE NEWS. Leoti-The First National bank of Leoti has closed its doors by order of the comptroller of the currency. Walnut Comet: The ladies' band elected their officers at their last meeting, and adopted the third chapter of St. James for their constitution and bylaws. Coffeyville Journal: A gentleman with an excellent family removed from Chautauqua county to Coffeyville, recently, in order to educate his children. Good schools win homeseekers every time. Scammon Miner: Scammon shipped 1,300 car-loads of coal during the month of December, and this is from three mines only. We hardly think this can be beat. Let us hear from our sister towns. Many of the county superintendents in Kansas publish monthly journals, which afford means of communication between themselves and the teachers and directors, and act as a stimulus to teachers and pupils to excel. Kansas papers all sing this song: The streets were crowded with farmeas Saturday, and the town presented an old time appearance. Trade was good in all the different channels. You don't hear the howl of hard times abroad in the land, and everybody seems happy and contented. From Emporia: In the annual contest in oratory and essay at the state Normal school, Miss May Campbell, of Newton, carried off the first prize in the oration, which entitles her to represent her school at the state contest in Topepeka February 12. The first prize in essay was captured by Aaron J. Stout, of Emporia. Wichita.-W. W. Reynolds met with instant death this evening from an electric light wire. He was passing down a strange stairway, and seeing a loose wire caught hold of it. The shock threw him a considerable distance, and though the persons who saw the accident picked up the victim within a few seconds, he was dead, with the wire still grasped in his hand. ElDorado Republican: It is claimed in Washington that the legislation necessary to confirm the treaty with the Cherokee Indians for the Cherokee strip cannot be accomplished in time for settlers to occupy the new country and put in a crop this spring. It strikes people out west who are very much in earnest about opening the strip, that there is no necessity whatever for any delay. Richfield Monitor-Republican: There hasn't been a single arrest made by an officer of the law on a criminal charge during the past year except on a requisition from the governor of Colorado, and that charge was for stealing cattle, by a party who resided on the Colorado line, in the northwest portion of the county. The story that Judge Botkin has been warned not to hold court in this county is absolutely false in every particular. Pawnee Rock Leader: Little Alice, daughter of M. Sweeny, met with a severe accident last Friday. She and one of her schoolmates were racing after each other, and not noticing where she was going, she ran into a wirefence, the wire striking her in the mouth, cutting her face and almost cutting her tongue in two. Prompt attention was given her, however, SO that very important member will soon be in working order and just as good as it ever was. Topeka Journal: Geo. H. Rowland, of Emporia, is a sufferer by the Reed printing house fire to the extent of three or four hundred dollars. Mr. Rowland is the publisher of the State Normal Quarterly, a paper issued under the management of the institution, and has been having the paper printed at Reed's establishment. The forms were sent here a week ago, and a thousand of the last issue had been run off and sent to Emporia before the fire occurred. Atchison, 19th.-The Missouri river is frozen over and traffic has deserted the bridge. Armour Bros., who own a large ice house at Sugar lake, are having a hard time in getting men to work. They cannot stand the cold weather, and quit. Several had their hands and feet frozen. A man who drove from Atchison to Doniphan last night, a distance of six miles, was so badly frozen that he could not move upon his arrival there. He is thought to be in a dangerous condition. Plainville Times: A load of wheat was stolen some time last week, probably on Friday night, from the Pryor farta, north of town. The wheat, which belonged to F. B. Gardner, had been stored for some time in an old granary. On Saturday it was discovered that a hole had been made in the north side of the building, through which a quantity of wheat had run onto the ground.


Article from Abilene Weekly Reflector, February 4, 1892

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Article Text

LEOTI'S BANK ALL RIGHT. Its Difficulties Were Due to Bad Local Management. A few days ago there was announced the suspension of the First National bank of Leoti, of which Mr. T. W. Pelham of this city is president. The bank was during Mr. Pelham's residence in Leoti one of the most successful in the state, but since his removal to Abilene it has been badly managed by the officers left in charge and finally closed to straighten out its affairs. Mr. Pelham left at once for Washington and the following dispatch relates his success in arranging the institution's business: WASHINGTON, D. C., January 26.T. W. Pelham of Abilene, president of the First National bank of Leoti, which was closed a few days ago by order of the comptroller of the currency and is now in the hands of the bank examiner, called on the comptroller today and got him to suspend the order by which his bank was to be placed in charge of a receiver. Pelham assured the comptroller that he could obtain financial assistance from New York and would be able next week to pay off all depositors, the amount required being about $40,000. He said the troubles of the bank were caused by the mismanagement of the cashier, who bad entire charge. It is also known that the bank is holding a large amount of paper upon which it is unable to realize, The comptroller has no desire to make the bank bear the expense of the receivership and told Mr. Pelham he could have R reasonable time in which to straighten out matters. It is probable that the bank will continue business under the state law. Mr. Pelham went to New York today to get money.