First National Bank (Henryetta, OK)

Article Text

Local Bank Closes Doors; Will Reorganize

First National Bank Fails To Open Saturday Morning

Largest Banking Institution Closed by Order of Directors Pending Reorganization---Bank Examiner In Charge---Other Banks Stand Firm

Following a brief run on the bank Friday afternoon the First National Bank of this city failed to open their doors at the usual hour of 9 o'clock Saturday morning. Notice by the federal bank examiner was pasted on the door and read as follows: July 21, 1923. To Whom It May Concern: Closed by order of the Board of Directors of the First National Bank of Henryetta, Okla. The National Bank Examiners has taken charge. (Signed) ED L. CHAPMAN, National Bank Examiner.

A small crowd of curious spectators and depositors gathered in front of the bank Saturday morning, read the notice on the door, discussed the matter and quietly dispersed.

The closing of the bank came as a surprise to practically the whole city as the bank conducted business as usual Friday and met all demands of the depositors. During the night it is understood that the bank directors held a meeting at the bank and decided that it would be best for the depositors to close the bank Saturday until the affairs could be reorganized, rather than open and suffer from a heavy "run."

Ed L. Chapman, federal bank examiner, who is in charge of the institution refused to make any statement or disclose any information regarding the condition of the bank.

Business men and working people who had money in the First National Bank discussed their affairs quietly and no demonstration of any nature was evident. Other banks of the city conducted business as usual, and all reported no evidence of excitement.

Officials of the First National Bank stated yesterday that arrangements were being made for a reorganization that would bring into the bank new money and a strength that would make it stronger than before. This reorganization may be affected within a much shorter time than at first thought, it was stated.

Much sympathy has been expressed for Walter R. Wilson, vice-president of the First National Bank, as his wide acquaintance of many years has won him many friends and it is generally known that he has been suffering with ill health for several months.

The First National Bank was the largest bank in the city, having deposits totalling nearly a million and a quarter dollars. It came into existence in 1906 and grew out of the State Bank of Henryetta, which was organized in 1900 by A. B. Dunlap in connection with John W. Sullins, George Gaeng and J. R. Vaughan. The capital was then only $10,000 with about $4,000 paid up. When the bank was nationalized, or soon after, Walter R. Wilson left the Citizens Bank, which was conducted by Hudson and Whitehead, and took a position with John Sullins in the First National.

The officers of the First National Bank are J. M. Wise, president; W. R. Wilson, vice-president; O. D. Norred, cashier; G. W. Burroughs, assistant cashier; Frank Hinton, assistant cashier; with Joe Hillman, J. C. Robinson, C. C. Wilson and H. E. Wise on the board of directors.

Article Text

OKLAHOMA BANK CLOSED

Suspension Declared Due to Too Much Slow Paper.

HENRYETTA, Okla., July 21.—The First National bank of this city closed its doors today with an announcement by the directors that "too much slow paper" had made the step necessary.

The bank is in the hands of a National bank examiner. It was capitalized at $50,000 and had deposits of approximately $1,300,000. It is the oldest bank in the city, having been organized in 1901.

Article Text

Local Bank Closes Doors; Will Reorganize

First National Bank Fails To Open Saturday Morning

Largest Banking Institution Closed by Order of Directors Pending Reorganization---Bank Examiner In Charge---Other Banks Stand Firm

Following a brief run on the bank Friday afternoon the First National Bank of this city failed to open their doors at the usual hour of 9 o'clock Saturday morning. Notice by the federal bank examiner was pasted on the door and read as follows: July 21, 1923. To Whom It May Concern: Closed by order of the Board of Directors of the First National Bank of Henryetta, Okla. The National Bank Examiners has taken charge. (Signed) ED L. CHAPMAN, National Bank Examiner.

A small crowd of curious spectators and depositors gathered in front of the bank Saturday morning, read the notice on the door, discussed the matter and quietly dispersed.

The closing of the bank came as a surprise to practically the whole city as the bank conducted business as usual Friday and met all demands of the depositors. During the night it is understood that the bank directors held a meeting at the bank and decided that it would be best for the depositors to close the bank Saturday until the affairs could be reorganized, rather than open and suffer from a heavy "run."

Ed L. Chapman, federal bank examiner, who is in charge of the institution refused to make any statement or disclose any information regarding the condition of the bank.

Business men and working people who had money in the First National Bank discussed their affairs quietly and no demonstration of any nature was evident. Other banks of the city conducted business as usual, and all reported no evidence of excitement.

Officials of the First National Bank stated yesterday that arrangements were being made for a reorganization that would bring into the bank new money and a strength that would make it stronger than before. This reorganization may be affected within a much shorter time than at first thought, it was stated.

Much sympathy has been expressed for Walter R. Wilson, vice-president of the First National Bank, as his wide acquaintance of many years has won him many friends and it is generally known that he has been suffering with ill health for several months.

The First National Bank was the largest bank in the city, having deposits totalling nearly a million and a quarter dollars. It came into existence in 1906 and grew out of the State Bank of Henryetta, which was organized in 1900 by A. B. Dunlap in connection with John W. Sullins, George Gaeng and J. R. Vaughan. The capital was then only $10,000 with about $4,000 paid up. When the bank was nationalized, or soon after, Walter R. Wilson left the Citizens Bank, which was conducted by Hudson and Whitehead, and took a position with John Sullins in the First National.

The officers of the First National Bank are J. M. Wise, president; W. R. Wilson, vice-president; O. D. Norred, cashier; G. W. Burroughs, assistant cashier; Frank Hinton, assistant cashier; with Joe Hillman, J. C. Robinson, C. C. Wilson and H. E. Wise on the board of directors.

Article Text

HOPE TO RE-OPEN HENRYETTA BANK WITHIN FEW DAYS

"Slow Paper" to Blame For Its Closing Yesterday---Examiner In Charge.

SPECIAL TO THE TIMES HENRYETTA, July 21.---The First National Bank of Henryetta, the largest financial institution in the city, failed to open its doors for business this morning.

The bank is in the hands of Bank Examiner Chatman and, according to information received indirectly from two of the bank officials who would not allow their names to be used, every effort is being made to place the institution back on its feet so that it may open for business within a few days. Chatman refused to make any statement regarding the condition of the bank, but it is understood that a large amount of slow paper in its note case was the direct cause of its embarrassment.

Rumors that have been circulating here for the past several weeks to the effect that the bank was not in the best of condition are said to have caused a slow but persistent run on the bank. A run of more serious consequences came Friday, and it is understood that the bank doors were closed to stop a more serious run which was anticipated for Saturday.

Quiet Run For Several Days Although the word has been quietly passed around to a large number of people during the past few weeks that the bank's condition was not the best, its close came as a blow to hundreds of Henryetta citizens. Tonight many citizens who are temporarily affected by its closing have expressed confidence that the bank will reopen. Walter Wilson, cashier, and managing officer of the bank, retains the confidence of the people.

Wilson could not be reached for a statement today. It was said that he was at his home, but efforts to reach him by telephone proved futile.

Although Bank Examiner Chatman refused to comment on the situation today, it has been reported that he told the bank officials early in the week that drastic steps must be taken to save the bank. "I am not here to close the bank, but something must be done," he is quoted as saying.

Got Hope From False Rumor. Announcements that appeared in the local papers early in the week to the effect that Henry Eichenberger, a prominent Okmulgee capitalist, had been elected president of the bank, depositors felt that the worst was over and it appeared that everything was all right. But when, after it had been officially stated that Eichenberger had accepted the post, the statement was printed that he had not accepted it, depositors again became uneasy and more withdrawals followed.

In spite of the fact that the news of the bank's closing does not "set well" with Henryettans, there is a general feeling that the bank is only

Article Text

BANK CLOSES AT HENRYETTA

Slow Note Paper Is Given as Cause of Failure to Open

HENRYETTA, Okla., July 21.—The First National Bank of Henryetta the largest financial institution in the city, failed to open its doors for business this morning.

The bank is in charge of a bank examiner and it is stated that an effort will be made to open its doors within the next week. Bank Examiner Chatman refused to make any statement concerning the condition of the bank, but it is understood that a large amount of slow paper in its note case was the direct cause of its failure. Rumors to the effect that the bank was not in the best of condition which circulated here some weeks ago caused a slow but persistent run on the bank. A small run late Friday proved to be the blow that caused the wreck of the bank.

Walter Wilson, cashier and managing officer of the First National Bank could not be reached today. It was reported that he was at his home but efforts to reach him by telephone proved futile. None of the officials of the bank has given any concrete information concerning the immediate re-opening of the bank.

In spite of persistent rumors that the bank was not in a good condition, its failure to open today came as a blow to hundreds of Henryetta citizens. There has been no excitement and many of the depositors have expressed confidence that the bank will re-open.

It was reported that the bank examiner told the First National Bank officials several days ago that drastic steps must be taken to save their institution.

The deposits of the bank totaled more than $1,200,000 and its resources were more than a million and a half.

Article Text

Henryetta National Bank Closes Doors

Following a brief run on the bank Friday afternoon the First National Bank of this city failed to open their doors at the usual hour of 9 o'clock Saturday morning. Notice by the federal bank examiner was pasted on the door and read as follows;

July 21, 1923. To Whom It May Concern: Closed by order of the Board of Directors of the First National Bank of Henryetta, Okla. The National Bank Examiners has taken charge. (Signed) ED L. CHAPMAN, National Bank Examiner.

A small crowd of curious spectators and depositors gathered in front of the bank Saturday morning, read the notice on the door, discussed the matter and quietly dispersed.

The closing of the bank came as a surprise to practically the whole city as the bank conducted business as usual Friday and met all demands of the depositors. During the night it is understood that the bank directors held a meeting at the bank and decided that it would be best for the depositors to close the bank Saturday until the affairs could be reorganized rather than open and suffer from heavy "run".

Ed L. Chapman, federal bank examiner, who is in charge of the institution refused to make any statement or disclose any information regarding the condition of the bank.

Business men and working men who had money in the First National Bank discussed their affairs quietly and no demonstration of any nature was evident. Other banks of the city conducted business as usual, and all reported no evidence of excitement.

Officials of the First National Bank stated yesterday that arrangements were being made for a reorganization that would bring into the bank new money and a strength that would make it stronger than before. This reorganization may be affected within a much shorter time than at first thought, it was stated.

Much sympathy has been expressed for Walter R. Wilson, vice-president of the First National Bank, as his wide acquaintance of many years has won him many friends and it is generally known that he has been suffering with ill health for several months.

The First National Bank was the largest bank in the city, having deposits totaling nearly a million and a quarter dollars. It came into existence in 1906 and grew out of the State Bank of Henryetta, which was organized in 1900 by A. B. Dunlap in connection with John W. Sullins, George Gaeng and J. R. Vaughan. The capital was then only $10,000 with about $4,000 paid up. When the bank was nationalized, or soon after Walter R. Wilson left the Citizens Bank, which was conducted by Hudson and Whitehead, and took a position with John Sullins in the First National.

The officers of the First National Bank are J. M. Wise, president; W. R. Wilson, vice president; O. D. Norred, cashier; G. W. Burroughs, assistant cashier; Frank Hinton, assistant cashier; with Joe Hillman, J. C. Robinson, C. C. Wilson and H. E. Wise on the board of directors.—Henryetta Standard.

Article Text

Bank Closes Doors At Henryetta, Okla

Henryetta, Oklahoma.—The First National Bank of Henryetta the largest financial institution in the city, failed to open its doors for business July 21.

The bank is in charge of a bank examiner and it is stated that an effort will be made to open its doors within the next week. Bank Examiner Chatman refused to make any statement concerning the condition of the bank, but it is understood that a large amount of slow paper in its note case was the direct cause of its failure. Rumors to the effect that the bank was not in the best of condition which circulated here some weeks ago caused a slow but persistent run on the bank. A small run late Friday proved to be the blow that caused the wreck of the bank.

Walter Wilson, cashier and managing officer of the First National Bank could not be reached today. It was reported that he was at his home but efforts to reach him by telephone proved futile. None of the officials of the bank has given any concrete information concerning the immediate re-opening of the bank.

In spite of persistent rumors that the bank was not in a good condition, its failure to open today came as a blow to hundreds of Henryetta citizens. There has been no excitement and many of the depositors have expressed confidence that the bank will re-open.

It was reported that the bank examiner told the First National Bank officials several days ago that drastic steps must be taken to save their institution.

The deposits of the bank totaled more than $1,200,000 and its resources were more than a million and a half.

Article Text

BANK OPENING TO WAIT ON CHECKUP

Bank Receiver Will Look Into Collateral of Loans of the First National Bank

A temporary suspension of the reorganization of the First National bank has been made to allow the receiver, Mr. Chapman, to check up and personally examine the collateral supporting a large part of the loans.

Such an examination will take considerable time and the work of reorganization will not be taken up again until this has been done, was the statement made by the Committee in Investigations of the bank.

The present financial depression causing an inactiveness to a large extent in all the industrial lines in this district, including farming, coal, oil and gas and other industries has made the work of reorganization of the First National of Henryetta more difficult.

Until the examiner has checked up on all the collateral, which will take considerable time and work, the committee representing the subscribers to the stock in the reorganization must necessarily temporarily suspend their duties, according to the statement issued by the committee.

These duties of reorganizing the bank will be resumed again and completed as soon as the receiver is ready to make further report, until then nothing further will be done.

The committee elected to investigate the bank for the purpose of reorganization are Barclay Morgan, as chairman; R. B. F. Hummer, secretary; Joe Hillman, J. R. Vaughan, James Cameron, G. W. Burnett and Lee Boerstler.

Article Text

NEW BANK RECEIVER NAMED

Ohio Man Takes Charge of Defunct Henryetta Institution.

HENRYETTA, Nov. 8.—J. J. Hulse, of Sandusky, Ohio has taken charge of the properties of the First National bank of this city as receiver, relieving Ed L. Chapman who has been receiver since the bank failed in July.

Hulse is busy at work acquainting himself with the condition of the bank and its assets. He is being assisted by Mr. Chapman, who will later take up his regular work as a traveling federal bank examiner, it is understood.

No announcement has as yet been made to the depositors of the defunct bank by the new receiver, as to his plans for handling the affairs of the institution.

Article Text

WOULD SELL THE BANK'S FIXTURES

Receiver Hulse of First National Petitions For Permission To Sell Office Fixtures.

Petitions were filed this morning with J. W. Scott, deputy clerk of the Superior Court, by Jonas J. Hulse, receiver of the First National bank, through his attorneys, Hummer & Foster, to sell the furniture and fixtures of the bank, at a public or private sale, as the court may direct.

The petition sets forth that the said personal property, either at private or public sale can be now sold to the best interests of the creditors of the bank.

The second petition asks for authority to sell the undivided one-half interest in and to the North 40 feet of lots 20, 21, 22, 23, and 24, in Block 44, Original Townsite of Henryetta. Stating that L. O. Stocker has agreed to purchase the premises, and V. V. Kingsbury, also a half-owner, agrees to sell for the sum of $20,000. The sale subject to a loan of $10,000 by the Aetna Building & Loan company, and a second mortgage to Joe Hillman for $5,000, which the purchaser agrees to assume.

Article Text

HENRYETTA BANK SITE OF OLD

Many Depositors in Defunct Institution Stockholders in Venture.

HENRYETTA. Okla., Jan Arising phoenix like from the ashes of the defunct First National bank. which closed its doors by orders of the national bank examiner, July 20. 1923. the new Peoples National bank will open its doors for business Wednesday 28, according to the statement of James Cameron, president. and one of the largest depositors of the defunct Institution. The serial number of the new bank will be 12,629. The closing of the First National bank, the oldest financial institution of the city, was disastrous blow to more than three thousand accounts, and brought stagnation to the business interests generally, yet the was confident suspension was only that the bank would and when certain accounts were reopen realized upon. This confidence maintained and though badly hampered in finances, and the business inthe depositors terests generally had accepted the situation and were taking more cheerful mood when the Miners National bank suspended Saturday, December 15, thus dealing second blow that put the remaining banks to the acid test. and sending thousands of dollars that would otherwise found circulation into postal savings, bureau drawers, cubby holes and hiding places. However, the two remaining banks met every demand, and although general depression of business hovered these two banks showover the city, gradual increase in their, deposits which were greatly augmented by the reopening of the coal mines in the late summer and also the returns from the largest cotby and other crops in decade. all this time Mr James During Cameron and Joseph Hillman, two heaviest depositors in the deof the funct First National bank. assisted by cher depositors worked with build new bank the receiver the of the old. Nineupon wreck tenths of the actual claim holders against the defunct bank, embracing more than 700 of the larger depositors, become stockholders in the new institution. The Peoples National bank will begin business Wednesday, January 28, capital stock $100,000 and surplus of $25,000. The officers James Cameron. president; Joseph Hillman, vice president: active vice president. and cashier. Cameron and Hillman came to Henryetta together 20 years ago and assisted in the opening and exploitation of the vast coal deposits were opened and exploited. K. Wilder native Aurora, III., while Mr Calvert's former home was in Kas.

Article Text

Paid Bank For Building Today.

LARGEST DEAL FOR YEAR

The Deal Means Much To the People of Henryetta.

The biggest real estate deal of the consummated this forenoon year when Punskey Fields bought the three building at the corner of Fifth story and Main streets, for flat $50,000. The price paid is low. The appraised value of the building said to $80,000, but the price today only $50,000. This deal has been pending since September, 1923. The building was erected by Wilson and Wise, and mained their property until the ment the closing of the First National bank. On that Friday night, when was deteremined to close the bank by the bank examiner in consultation with the board of directors, Wise and Mr. Wilson deeded that property to the federal bank department to indemnify the depositors of the failed bank far as its value would extend. From that time forward has remained the property of the and was today deedgovernment, Barney Fields by Jonas Hulse, receiver for the First National bank. Mr. Fields Indian whose young He property part used in this transacmoney and it was therefore necessary have the check countersigned Indian Agent Wallen at Muskogee. Heiney Boggs Punskey Fields drove over to Muskogee yesterday for this In fact Mr. Boggs explains that and Fields visited Washington last on the same year consent of the Indian department invest the restricted funds in this manner. Mr. Fields easily the richest Henryetta, and already in the millionaire class. He not spoiled wealth, nor has he fallen into the ways frequently seen in such only years old, but the wisdom of mature He has other investments Henryetta real estate, and has an terest business here. He lives in beautiful home West Moore street. Speaking his general attitude, be interest to note that may taken over the rearing and education of orphan Indian boys who only distantly related to him. Fields has received but small amount of schooling, himself. He speaks English plainly, but not modern sense educated However, the use he is making of money and would shame the record of many others fortunes have grown up rapfrom He has 24 producing in section 24-11-11, southwest Henryetta, and the income from these wells alone considerable item. Punskey, or Barney Fields, high class man, and destinyoung be one our most useful izens well man of unusual wealth. The building mentioned in this deal the occupied by the Henryetta Furniture company, corner Fifth and Main streets.

Article Text

TO SELL BANK ASSETS

Receiver of Three Okmulgee County Institutions Authorized to Clean Up Affairs

By The Associated Press OKMULGEE May 11 Final steps will be taken at once under authorization of the comptroller of the federal currency and the Okmulgee district court, to sell the remaining assets of three national banks which falled in the south end of Okmulgee county four years ago. Irving Page, receiver for the banks was authorized today to sell the few remaining assets in any manner he may see fit. either at private or public sales. The banks are the First National banks of Henryetta and Schulter and the Miners' National of Henryetta.

Article Text

Bank Takes Over L. C. Hill Estate

All personal and real property of the estate of Lyman C. Hill, insurance man killed recently in an automobile crash, yesterday was taken from the hands of his administrator and turned over to Harwood Keaton, receiver for the defunct First No tional bank. Mr. Keaton told the county court that the defunct bank holds three notes, secured by a mortgage, against Mr. Hill's estate. These constitute first liens all property, the bank receiver said, and the administrator was ordered to turn over to him all the property. The estate was not large enough to satisfy even the three small notes held by the now defunct bank.

Twenty per cent reduction on Fall and Winter Coats- Keller's. 55-tfx

Article Text

Bank Receiver Is Retained by Court Order at Henryetta

OKLAHOMA Sept. decision, which in effect continues Harwood Keaten as receiver the trust established for the assets of the failed First National bank. of was handdown today by the state supreme court. The court made permanent writ of prohibition restraining the Okmulgee county district court from vacating order by which it pointed Keaten receiver during the pendency of litigation instituted by of the Peoples National bank of Henryetta.

Article Text

REMAINS BANK RECEIVER

OKLAHOMA CITY. Sept. decision which in effect continued Harwood Keaton established for ceiver the administration of the assets the First National Bank of Henryfailed handed down today by the State Supreme Court. The court made permanent writ prohibition restraining the Okmulgee County district from vacating an order by which it pointed during the pendency of instituted by stockholders of the People's National Bank Henryetta. of the National After 1923, was bank of the deorganized the was positors, the contribution ganized. Through in the dividends solvent to the extent of perpercent cash worth of assets in failed were was for percent dividend the who had been of the subscribers. The brought by Otis White and cash who the of an interest in the trust estate and the appointment of Keaton was appointed receiver late 1926. and the order was set January of this year, other took the in the Okmulgee district court.

Article Text

KEATON TO REMAIN AS BANK RECEIVER

Supreme Court Continues His Administration of Assets

CITY, Sept. 20 (A. decision which in effect continues Harwood Keaton as eeiver of the trust established for administration of the assets of the failed First National bank of Henryetta, was handed down today by the state supreme court. The court made permanent writ of prohibition restraining the Okmulgee county district court from vacating an order by which it appointed Keaton receiver dur. 10g the pendency of litigation in. stituted by of the People's National bank of Henry-

After failure of the First National bank in July, 1933. a trusteeship was organized by a majority of the depositors, and the new bank was organized. Through the contribution of dividends from deposits in the insolvent bank to the extent of 8 per cent and 43 per cent cash subscriptions, $138,000 worth of assets in the failed bank were purchased. per cent dividend was declared for the stockholders who had been depositors to the exclusion of the cash subscribers. The receivership action was brought by Otis White and other cash subscribers, who sought the establish ment of an interest in the trust estate and the appointment of a reKeaton was appointed receiver late in 1926, and the order was set aside in January of this year, when another judge took the bench in the Okmulgee county district court.