First State Bank (Lehigh, OK)

Episode Information

Episode Type
Run → Suspension → Unsure
Start Date
September 17, 1923
Location
Lehigh, Oklahoma (34.469, -96.216)
Bank Type
state
Routing Number
86-0258

Metadata

Episode ID
Bank ID
City ID
401094575
Model
gpt-5-mini
Short Digest

Notes

Both Lehigh banks closed after runs and examiners were placed in charge; reopening was planned but not confirmed in these articles.

Events (2)
1. September 17, 1923 Run
Cause
Local Shock
Cause Details
Rumors of involved conditions in the coal fields (local coal industry troubles) triggered steady withdrawals and the run.
Measures
Banks closed doors after joint board meeting; plan to consolidate and reorganize.
Newspaper Excerpt
A run on the First State bank here extended to the Lehigh National bank and both institutions closed their doors this afternoon after a joint meeting of the board of directors.
Source
newspapers
2. September 17, 1923 Suspension
Cause
Government Action
Cause Details
Examiners took charge and banks closed pending reorganization following the run.
Newspaper Excerpt
National and state bank examiners have been placed in charge of the respective banks pending reorganization proceedings.
Source
newspapers

Newspaper Articles (2)
1. September 18, 1923 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, September 18, 1923

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Article Text

2 Lehigh Banks Closed by Runs

State and National Institutions Fail; Consolidation and Reorganization Planned

LEHIGH, Okla., Sept. 17.—A run on the First State bank here extended to the Lehigh National bank and both institutions closed their doors this afternoon after a joint meeting of the board of directors.

National and state bank examiners have been placed in charge of the respective banks pending reorganization proceedings.

A statement by the boards of directors said steady withdrawals for the past two weeks, ending today in the run, made closing necessary. Rumors of involved conditions in the coal fields are said to have been responsible for the run. Lehigh is in Coal county.

The board made public plans to consolidate the institutions and expressed hope the new bank would reopen soon.

The June statement of the Lehigh National showed deposits of $200,000. The bank was capitalized at $35,000 with a surplus of $5000. The First State bank was capitalized at $15,000 with a surplus of $5000.

2. September 18, 1923 Shawnee News-Star Shawnee, OK
Article from Shawnee News-Star, September 18, 1923

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Article Text

Two Lehigh Banks Close Their Doors When One Is 'Run'

LEHIGH, Okla., Sept. 17.—Two banks the Lehigh National and the First State closed their doors today following a run on the state institution.

W. E. Hutt, national bank examiner took charge of the Lehigh National. Plans for reorganization are under way and officials are hopeful the banking situation in Lehigh will be cleared.