First State Bank - Fort Towson, OK

Episode Information

Episode UID: 86048571487
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 8604857 routing
Routing Number: 86-0485
Start Date: November 1, 1923*
Location: Fort Towson, Oklahoma (34.019, -95.266)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 307804dd8528b6d5

Response Measures

None

Description

Closure reported as occurring in November prior to this article; no explicit receiver mentioned in the article.

Events (1)

1. November 1, 1923* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed with large liabilities and significant accommodation paper; president later filed bankruptcy after attempting to keep bank afloat.
Newspaper Excerpt: The First State bank closed last November.
Source: newspapers

Newspaper Articles (1)

1. February 24, 1924 Tulsa World Tulsa, OK

Article from Tulsa World, February 24, 1924

Click image to open full size in new tab

Article Text

BANKER IS BANKRUPT Fort Towson Financier Says He Went "Broke" Trying to Keep His Institution Afloat. MUSKOGEE, Feb. 23.—Trying to keep his bank from suspending business is ascribed as the cause of a voluntary petition in bankruptcy filed in the United States district court today by William S. McKinney former president of the First State bank of Fort Towson. Of the $198,657.42 in liabilities McKinney scheduled $161,095.33 is described as accommodation paper. His assets are listed at $24,075. Included in the liabilities is an item of $50,000 that represents the amount of an indemnity bond McKinney signed with a surety company that made a bond for the bank. The First State bank closed last November. It had a capital of $50,000 and more than $200,000 in deposits at the time it failed. McKinney is no relation to W. E. McKinney president of the American National bank of Fort Towson and had no connection with the American National which is in operation. Outside of the claims listed as accommodation paper, a classification applied to all items where the person liable for debt did not receive the benefits of the transaction, the following are some of the bigger secured or partly secured claims against McKinney's estate: Texas, Choctaw county, $819.42; Hugo National bank, $8,000; Exchange National bank, Tulsa, $3,000; City National bank, Paris, Texas, $6,000; Aetna Building and Loan association, Topeka, Kan., two claims, $4,076 and $5,000; Gum Brothers company, Oklahoma City, $800; American Investment company, Oklahoma City, $1,200; First National bank, Broken Bow, $2,000; W. W. Wilson, Fort Towson, two claims, $1,667.67 and $5,000.