First National Bank (Schulter, OK)

View Charter #10967 on SPMC View balance sheet

Episode Information

Episode UID
1096701488
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
109670 national
Charter Number
10967
Start Date
December 17, 1923
Location
Schulter, Oklahoma (35.515, -95.957)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c8145a39e2e80a93

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
31.0%
Date receivership started
1923-12-21
Date receivership terminated
1926-08-31
OCC cause of failure
Fraud
Share of assets assessed as good
43.2%
Share of assets assessed as doubtful
27.6%
Share of assets assessed as worthless
29.3%

Description

The bank closed shortly after opening on Dec 17, 1923, due to a cash shortage from heavy payroll demands (run). The known receivership date is Dec 21, 1923.

Events (5)
1. March 30, 1917 Chartered
Source
historical_nic
2. December 17, 1923 Run
Cause
Local Shock
Cause Details
Heavy demand for cash from mine payroll checks exhausted the bank's cash reserve.
Measures
Closed shortly after opening for the day.
Newspaper Excerpt
the First National bank at Schulter was closed shortly after opening for the day... shortage of ready cash due to the large number of mine payroll checks
Source
newspapers
3. December 17, 1923 Suspension
Cause Details
Shortage of currency to meet payroll demands.
Newspaper Excerpt
the First National bank at Schulter was closed shortly after opening for the day.
Source
newspapers
4. December 21, 1923 Receivership
Source
historical_nic
5. December 21, 1923 Receivership
Newspaper Excerpt
Page was appointed receiver for the failed bank when James H. Gernert, the original liquidating agent appointed ten days after the bank failed, resigned his post.
Source
newspapers

Newspaper Articles (3)
1. December 18, 1923 Okmulgee Daily Times Okmulgee, OK
Article from Okmulgee Daily Times, December 18, 1923

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Article Text

CATCH TWO BANKS SHORT OF CURRENCY Miners of Henryetta and First of Schulter Had Failed to Provide for Rush of Pay Checks. The Miners National bank of Henryetta failed to open its doors for business yesterday morning and the First National bank at Schulter was closed shortly after opening for the day. The Henryetta institution failed to open because of a shortage of ready cash due to the large number of mine payroll checks Saturday which came at a time when its cash reserve was at a low ebb. A temporary advancement of cash with which to meet the heavy demands of the mine pay day which failed to materialize was said to have attributed to the bank's embarrassment. The Miners National is declared to be in a sound condition insofar as its loans are concerned but failure to have sufficient cash on hand with which to run the bank during yesterday's business hours is said to have been the cause of its failure to open. The Miners National bank has a capital stock of $50,000 and deposits totalling approximately $475,000. Efforts will be made to reopen the bank many believe that such a move can be accomplished because of the condition of its assets. The First National bank at Schulter, with a capital stock of $25,000 and deposits totalling approximately

2. April 3, 1926 Okmulgee Daily Times Okmulgee, OK
Article from Okmulgee Daily Times, April 3, 1926

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Article Text

ASSETS TO BE SOLD FOR SCHULTER BANK Receiver Applies to District Court for Order to Liquidate Accounts The failure of the First National bank of Schulter on December 15. 1923. soon closed incident. far as the United States and the of the currency are concerned. Irving Page of Henryetta. receiver for the bank under the national bankIng laws. said yesterday he had ex hausted every resource in attempting to liquidate assets of the bank. and had asked the district court for an order permitting him sell the accounts which are uncollectable at this time Free Hand Asked In his petition. filed before Judge James Hepburn yesterday Page asked for an in compliance with instructions from the federal comptroller permitting Page to sell the final assets and now uncollectable paper either a public or private sale, in one transaction or separately. as he may desire, at his office, Fifth and Main streets, Henryetta. Page was appointed receiver for the failed bank when James H. Ger. nert, the original liquidating agent appointed ten days after the bank failed, resigned his post. Others Can't Pay. Since that time, Page said, he has made investigations of the ability of debtors to pay the bank, has settled thousands of dollars worth of debts. and is confident at this time through his and personal interviews, that the remaining debtors cannot now pay "There not enough now being lected to pay expenses of liquida tion and administration of the bank's affairs. have waged vigorous and aggressive campaign to clean up the accounts. Having arrived at the conclusion that can collect no more have been given the comptroller's permission to sell the remaining sets' at either public or private Some of the accounts will collectable later," Mr. Page told the

3. May 12, 1926 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, May 12, 1926

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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.