First National Bank (Coweta, OK)

Episode Information

Episode UID
687901510
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
68790 national
Charter Number
6879
Start Date
October 20, 1925
Location
Coweta, Oklahoma

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d4e45e5e26bb9d5d

Response Measures

None

Description

Article states the bank closed Oct. 20 and a receiver (L. R. Kershaw) was appointed; appears to be permanent closure.

Events (4)

1. July 13, 1903 Chartered
Source
historical_nic
2. October 20, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large amounts of guaranteed paper unpaid and worthless loans; guarantors failed to meet obligations leading to closure.
Newspaper Excerpt
the bank closed Oct. 20.
Source
newspapers
3. December 31, 1925 Other
Newspaper Excerpt
The time limit for stockholders of the bank to pay their 100 per cent as levied by the receiver upon orders of the comptroller expires Jan. 20.
Source
newspapers
4. December 31, 1925 Receivership
Newspaper Excerpt
Vernon ... were closeted in conference yesterday afternoon and today with L. R. Kershaw, the bank receiver, at which time the situation was discussed.
Source
newspapers

Newspaper Articles (3)

Article from Muskogee Daily News, December 31, 1925

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Article Text

SLAIN BATHE MAN AND ALSO DRESS CORPSE Police Have Theory Chicago Murder Victim Had Worn Feminine Clothes Grandson Arrested As He Views Remains In Morgue; Blood In His Auto CHICAGO, Dec. Two dresses and in blood bespattered bundle that in cluded man's mitten and two bath towels to which bits of flesh and hair were clinging beside the smouldering embers of fire on lonely puzzled and bewildered police investigating the already unusual murder of an aged man identified as Albert Nussbaum The head of the dead man. discovered in the early dawn beside railroad tracks south of the city had been battered almost beyond recognition, yet his body had been clean of all blood washed his linen was fresh and spotless, his evercoat new and expensive. Arrested in Morgue Linking all these things together police the theory that if woman, perhaps two, were not directly involved in the crime, the himself, had been aged victim, garbed in feminine clothing when slain and had been disrobed and dressed in a man's habiliments by From the unwilling the killers. lips of Floyd Nusbaum, grand son the supposed victim and not unknown the police, detectives were seeking to wrest information which would clear up the crime. The youth was taken into custody when he strolled into the morgue to which the body had been taken and told police he was it that it was seeking to identify that of his grand father. Find Evidence In Car His efforts to explain how he had been led to the morgue brought about search for the auto in which he had driven up and resulted police say, of fresh blood stains and piece of human skull in the car. "Nusbaum will be booked for murder before the day over" said Police Captain Patrick J. Collins. "We don't know yet how his grand father was killed or why, but soon." The setting of the crime was within mile of the spot on the same lonely prairie where, in the summer of 1924, Loeb and Leopold disposed of the body their victim, little Bobby Franks. Like in that celebrated "murder for thrill" the crime today revealchance workman passing along and discovering the body. (CONTINUED FROM PAGE ONE) the paper within time limit. The time limit expired last February. The bank closed Oct. 20. There is no explanation as to why the guarantee was not met. Whether the national banking authorities ever made an effort to force obeyance of the agreement is not known. New Offer Rumored Mr. Vernon. is president of the First National bank of Coweta and his associates, James F. Darby, Hugh McWilliams and C. C. Hultquist, were closeted in conference yesterday afternoon and today with L. R. Kershaw, the bank receiver, at which time the situation was discussed. It is reported these interests may make new offer on the bank, but confirmation is lacking. In the of event of new offer is doubtful, according to reports, that the negotiators will offer the depositors 70 cents on the dollar as they guarantee in their original proposal. At the present time $178,000 of the guaranteed paper remains unpaid. It is out of this sum that the guarantors are to pay according the Vernon proposal. Since Kershaw became receiver of the bank it understood he has collected approximately $50,000 on the paper. Time Limit Expires Jan. 20 The time limit for stockholders of the bank to pay their 100 per cent as levied by the receiver upon orders of the comptroller expires Jan. 20. the end of in 90 day period given. them. At the expiration of the time limit suits will be instituted against those who have not met their AMsessment. Approximately of the $200,000 levy has been collected. The Vernon offer provides that the stockholders must pay as another condition to the purchase. The receiver hopeful he will be able to exceed this amount by without instituting suit, but the remainder will no doubt be subject to litigation. Indebtedness approximating $29.100 was collected by the receiver on Monday. Approximately and half per cent of paper naNonal bank examiners considered worthless the time the bank was closed upon their orders, has been Collected by the receiver, Ten per cent of paper classed as "fair" by the authorities has been and approximately 40 per of the that national paper bank authorities said was id has been realized upon. Retires $300,000 Debt The retired receiver has also from the federal reserve bank Kansas City approximately $200,Ity made from that institution giv. collateral its best


Article from Las Vegas Daily Optic, March 2, 1933

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Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)


Article from The Hobart Democrat-Chief, March 2, 1933

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Article Text

Lone Wolf Open But Just 'Changing'; Others Closed CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up. The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally. ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky. OREGON TOO Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through