Oklahoma State Bank (Eufaula, OK)

Article Text

CLOSE EUFAULA BANK

Slow Run on Bank Past Two Weeks Is Cause of Failure; Expect to Resume Business Soon.

By the Associated Press State Wire

EUFAULA, Feb. 20.—The Oklahoma State bank closed its doors yesterday and today was placed in the hands of the state banking department. Suspension of business was due, according to Cashier M. S. Fears, to continued withdrawals of deposits for the past two weeks.

The bank was organized in 1916. D. B. Whybark is president. The institution had a capital stock of $25,000. Cashier Fears stated today that the amount of deposits could not be ascertained until the books had been checked. He said plans were under way to reorganize the institution and resume business at an early date.

OKLAHOMA CITY, Feb. 20.—J. W. Shosner, an examiner for the state banking department, was placed in charge of the Oklahoma State bank at Eufaula which closed its doors yesterday, it was announced today at the office of the state bank examiner.

Article Text

NEW BANK MAKES EUFAULA CHEERY

(Times-Democrat Special) Eufaula, Okla., March 10—The Farmers and Merchants bank which is being organized to take over the affairs of the First National bank and the Oklahoma State bank that suspended here recently, will open for business March 17, it is announced. H. B. Ernest who is associated with the Union National bank of Okmulgee will be the president. The bank will start with a capital of $50,000 and a surplus of $10,000. It will be a state institution.

The assets and liabilities of the First National and the Oklahoma State will be consolidated with the Farmers and Merchants in addition to the latter's investment. Stockholders of the two suspended institutions are being assessed to meet the obligations and there is every prospect that the depositors of both suspended banks will be paid in full.

Organization of the Farmers and Merchants has had a salutary effect upon Eufaula. The old Eufaula spirit of optimism has again been revived and the response in business matters is very noticeable. The county was hard hit last year by frequent floods from the Canadian rivers and the tremendous loss sustained by agriculture was responsible for the banks being forced to close.

Article Text

OPEN REORGANIZED BANK

Failed Institution at Eufaula Refinanced—Ernest President.

Special to The World.

EUFAULA, March 11.—The Farmers and Merchants bank which is being organized to take over the affairs of the First National bank and the Oklahoma State bank that suspended here recently, will open for business March 17 it is announced.

H. B. Ernest, who is associated with the United National bank of Okmulgee, will be president. The bank will start with a capital of $50,000 and a surplus of $10,000. It will be a state institution.

The assets and liabilities of the First National and the Oklahoma State will be consolidated with the Farmers and Merchants in addition to the latter's investment. Stock-