gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d160c4a3281d844d
Response Measures
Borrowed from banks or large institutions, Capital injected, Partial suspension, Full suspension
Other: The bank attempted to replenish cash by sending representatives to surrounding towns to obtain money, though negotiations were unsuccessful. Local business men also placed every available dollar on deposit to help.
Receivership Details
Depositor recovery rate
51.8%
Date receivership started
1925-06-05
Date receivership terminated
1930-08-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
27.8%
Share of assets assessed as doubtful
28.2%
Share of assets assessed as worthless
44.1%
Description
The bank initially survived the failure of two local competitors on May 6, 1925, but succumbed to heavy withdrawals later that month.
Events (5)
1.March 15, 1922Chartered
Source
historical_nic
2.May 23, 1925Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the failure of the Hugo National and Hugo State banks earlier in the month.
Measures
Requested depositors to limit withdrawals and business men placed funds on deposit.
Newspaper Excerpt
Saturday depositors began to make heavy withdrawals from the City National bank, although there was no run
Source
newspapers
3.May 27, 1925Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to liquidate old cotton loans and exhaustion of cash due to heavy withdrawals.
Newspaper Excerpt
City National Bank third and last bank Hugo, closed its doors today. notice the door said the was 'by order of the board of directors'
Source
newspapers
4.June 5, 1925Receivership
Source
historical_nic
5.June 5, 1925Receivership
Newspaper Excerpt
Roy A. Cooper... was appointed receiver for the City National bank of Hugo yesterday.
Source
newspapers
Newspaper Articles (22)
1.May 27, 1925St. Joseph News-PressSt. Joseph, MO
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Article Text
CITY HAS NO BANKS
LAST INSTITUTION AT HUGO, OKLA., CLOSES DOORS.
Failure of Three Depositories Attrib- uted to Inability to Liquidate Old Cotton Loans-Vain Efforts Made to Replenish Cash.
City National Bank third and last bank Hugo, closed its doors today. notice the door said the was "by order of the board of directors The closing of the first two tributed to inability to liquidate old cotton loans. City business men. yesterday foreseecerted effort to replenish the bank's eash, sending representatives quietly to surrounding towns in an attempt to obThey were unable is derstood complete any negotiations that direction. was indicated today that while there had been no apparent "run" on the bank
LAST OF 3 BANKS AT HUGO, OKLA., CLOSES
HUGO, Okla,, May 27.-The City National Bank, third and last bank in Hugo, closed its doors Wednesday. notice the door said the closing was order of the board of Their closing was attributed to inability to liquidate old cotton loans. men Tuesday, foreseeing the crises, made concerted effort to replenish the bank's cash, sending quietly to surrounding towns in attempt obtain money They were is to complete negotiations in that direcIt was indicated that while there had been no apparent "run" on the bank depositors had gone principally Paris, Texas, drawn on the cal institution through banks in those cities. Checks $9,000 were ed Tuesday indicated. from these sources, directors
3.May 28, 1925Daily SentinelRome, NY
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Article Text
Business Hit Closing By Bank in Town of Only
Hugo, Okla., May town of 6,000 inhabitants today bank. sign on the door of without City National Bank informed the the yesterday that "for the protecpublic tion the depositors," the bank open. Business was standstill today only money pockand registers. Many persons attended baseball game yesterday, others played went fishing. their Lional Bank and the Hugo State closed May Both banks were unold loans. City Bank with capital and and came safely through the financial
Saturday depositors began from the City Na tional Bank, although there Officials of the bank asked for help available dollar leading every business men placed on deposit. neighboring cities additional funds brought little
4.May 28, 1925The Muskegon ChronicleMuskegon, MI
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Article Text
NO COIN, BANK, OR IN SOONER TOWN
Hugo, May town today bank. the door the City National Bank the public yesterday the protection the deposibank not being regispersons baseball yesterday two Sunday school teams, others played golf went Three banks closed their doors Hugo month. Hugo Hugo State Bank closed May Both banks unable cotton loans. The National Bank, capital surplus requested its limit withdrawals safely through the financial emer gency. Saturday depositors began from Bank, although the bank asked help every dollar leading business placed their disposal. Trips neigh boring cities secure additional funds brought little Tuesday night board of directors met decided bank 'for the protection of dePlans areb ing discussed merge three each accept of 25 per cent their deposits The National Bank in statement Issued April reported deposits capital and surplus the reserve and cash on hand
5.May 28, 1925The TimesShreveport, LA
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Article Text
Hugo, Okla., Business Comes to Dead Stop As City's Third and Last Bank Closes Doors
The Associated Press) Hugo day find out financial during the the the last the city The hard sign was for public Industry all kinds the virtually when business the money cash registe. their pockets which operate. Only two rating tutions Fort Towson and Hugo National bank and the Hugo unable old closed Ma) nearby town Soper National was closed the by the order of bank Possibility of merging the assets the three banks one institution being dislocal Under was propos bank should proportionate losses. Heavy withdrawals during the three were cause the City National bank's closing today by Leonard. president, in statement issued this afternoon. run the going cities issuing checks ClearTuesday alone amounted amount apcontinued operation the board did appearance dissipating their
6.May 28, 1925The Ithaca JournalIthaca, NY
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Article Text
Oklahoma Must Conduct Its Affairs Without Bank Help
Hugo. Okla., May 28. town 6.000 inhabitants today without bank. sign on the door of the National Bank informed the public yesterday that "for the protection of the depositors" the bank not open. Business was at standstill today. The only money available was and cash registers. Many persons baseball terday, others played golf or went fishing.
Three banks have closed their doors Hugo this month. The Hugo National Bank and the Hugo State Bank closed May Both banks unable liquidate old cotton loans. The City National Bank. with capital and surplus of requested its depositors to limit withdrawals safely through the financial emergency. Saturday depositors began to make heavy the City National Bank, although there was no Officials of the bank asked for help and every dollar of leading placed on deposit. Trips cities to secure additional funds brought little aid.
7.May 28, 1925Times HeraldOlean, NY
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Article Text
HUGO. Okla., May town of 6,000 without ban. sign today of the City National the door bank the public yesterthat the protection of day the depositors." the bank was not
Business was at standstill today. only money available in the pockets and cash Many persons attended baseball game yesterday. others played golf or went fishing. Three banks have closed their doors in Hugo this month.. The Hugo National bank and the Hugo State bank closed May Both banks were unable to quidate old cotton loans. The City National bank. with Ital and surplus of quested depositors, to limit withdrawals and caine safely through the financial emergenSaturday depositors began make heavy withdrawals from the City National bank. altho there was no Officials the bank asked for help and every available dolof leading business men was Loring citles to secure additional funds brought little aid.
8.May 28, 1925The Rock Island ArgusRock Island, IL
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Article Text
TOWN OF 6,000 WITHOUT BANK
Hugo, Okla., May 28—(A. P.)—Hugo, a town of 6,000 inhabitants, today is without a bank. The City National Bank closed its doors yesterday after a hard fight and sign on the door informed the public that "for the protection of the depositors," it was not open for business.
Business was at a standstill today, business men being left with only the money in their pockets and cash registers.
On Saturday depositors began to withdraw from the City National bank. Although there was no "run" on the bank, heavy withdrawals were made through banks in other towns.
9.May 28, 1925Evening Herald CourierBristol, TN
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Article Text
OKLAHOMA
Only Money Available in Pockets and Cash RegisBanks Close Doors in One Month in Hugo
May Hugo town of 6,000 inhabitants, today without on the door of Bank informed public that the the depositors" the bank open. Business only available ing and cash registers. Many persons attended baseball game yesterday 1150 Sun day school teams. others played golf went fishing Three banks closed their doors Hugo this month The Hugo National Bank and the Hugo State Bank closed May Both banks unable liquidate old cotton loans National Bank surplus of requested to limit withdrawal and came ly through the financial emergency Saturday depositors make heavy withdrawals from the City National hough there Officials the bank asked for help and every dollar of leading business placed deposit. Trips secure additional funds brought little Tuesday night met decided the bank the Plans discussed Hugo banks merger depositors per cent their The City April reported satement deposits $401,940.surplus hand 20 cash
STATEMENT DENIES
May in behalf Ot. statement the banking firm to Kahn Kuhn today which made ref. that the erence and asserted recent speech had been that his
Resume
New Copper rectors resumed Company of fifty cents with stock The previous record dividend January
10.May 28, 1925The Ardmore Statesman and Weekly ArdmoreiteArdmore, OK
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Article Text
WITHOUT BANKS
The City National Bank of Hugo, Oklahoma, closed its doors by order of its board of directors Wednesday morning of this week. It was the last of Hugo's banks, the First National, of that city, and the Hugo State Bank, having closed earlier this month. It leaves Hugo, which city of 6,000 people, and the county seat of Choctaw county, without bank of any kind. In fact, there are but two small banks left in the county; one at Fort Townsen, the other Boswell. The reason for the closing of the City National was, that depositors in it went to other towns and cities in Oklahoma and Texas, and drew checks on it, in that manner withdrawing in singal day. The officers feared run SO ordered the bank closed.
11.May 28, 1925Lexington Herald-LeaderLexington, KY
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Article Text
Three banks have closed their doors in Hugo this month. The Hugo National bank and the Hugo State bank closed May 6. Both banks were unable to liquidate old cotton loans. The City National bank, with a capital and surplus of $110,000, requested its depositors to limit withdrawals and came safely thru the financial emergency.
12.May 29, 1925Hartford CourantHartford, CT
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Article Text
OKLAHOMA TOWN WITHOUT A BANK
Third Institution Within Month Closes Its Doors in Hugo. of today is without bank. A sign on the of the City tional Bank informed the public yesterday that "for protection of the the bank Business standstill today The only money available in pockets and cash registers. Many persons attended baseball game yesterday between Sunday teams, others played golf went Three banks have doors in Hugo this The Hugo tional Bank and the Hugo State Bank closed May Both banks were able liquidate old cotton The City National Bank, caped its to limit and came safely through the financial Saturday depositors to heavy from the National there Officials of asked for help and every available dollar leading business deposit. Trips to cities to additional funds brought aid. Tuesday night the board of directors and met decided to close the bank "for the protection of depositors." Plans are being discussed to merge the three Hugo banks, depositors bank to accept loss of imately 25 per cent. of their deposits. City National Bank in stateissued April reported deof capital plus the reserve and cash on hand $62,568.94
13.May 30, 1925The Chillicothe Constitution-TribuneChillicothe, MO
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Article Text
CLOSE OF TOWN'S LAST BANK HALTS BUSINESS
HUGO, Ok., May 29.-Hugo, town of 6,000 inhabitants, today is without bank. The City National Bank closed its doors yesterday after hard fight and a sign on the door informed the public that "for the protection of the depositors" it was not open for business. Business today was standstill, business men being left with only the money in their pockets and cash registers. Late yesterday every person who could get away attended baseball game between two Sunday school teams, others played golf. while others took advantage of the
14.June 6, 1925The Vinita Daily JournalVinita, OK
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Article Text
Appoint Receiver For Hugo Bank
(By Associated Press) HUGO, June 6.-Roy A. Cooper, of Muskogee, receiver for the Hugo National bank, was appointed receivfor the City National bank of Hugo yesterday. The appointment was made by J. W. McIntosh, comptroller of currency. No announcemen thas been made concerning the re-organization although it is understood that definite plans is being formulated.
15.June 7, 1925The Ponca City NewsPonca City, OK
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Article Text
HUGO NATIONAL BANK RECEIVER IS NAMED
Hugo, June Cooper receiver for the Muskogee, Hugo National bank, was appointed receiver for the City National bank of Hugo yesterday. made by Intosh, comptroller of the curBarker, national bank aminer, assets of the and Cooper will institution now take charge as soon as the invoice completed. has been made concerning the re-organization although it understood plans, that definite plan is being formulated.
16.March 19, 1927Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
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HUGE BANK'S RECEIVER SUES 31 STOCKHOLDERS
Roy A. Cooper Files Petition in Federal Court Here to Collect Liability Assessments Thirty-one persons were named as defendants in a petition filed in federal court here yesterday. Roy A. Cooper. as receiver of the City National bank of Hugo, was the party plaintiff and the more than scbre of respondents were stockhold ers in the defunct bank, the petition says. Petitic seeks to get judgment in the sum of assessments made against the stockholders of the bank after it closed its door in May, 1925.
HUGO DEFUNCT BANK TO PAY NEW DIVIDEND
HUGO. Okla., June 9.-A dividend of 8 per cent out of assets of the defunct City National Bank of Hugo is Cooper, to be paid soon, according to Roy A. receiver. The bank suspended operation May 27. 1925. To date Cooper has paid to depositors $69 This will be increased dividend. more than $10,000 by the new
18.February 2, 1928The Southeast OklahomanHugo, OK
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$442,651.91 Paid to Bank Depositors
A total of $442,651.91 has been paid to depositors of three defunct banks in Choctaw county so far, it was revealed by the quarterly statement of Roy Cooper, national bank receiver, issued here this week. Hugo National depositors have received 43 per cent; the City Nationbank of Hugo has paid 43 per cent, and the First National bank of Boswell 20 per cent. Detailed figures of his operations given by the receiver in the report to the comptroller of the cur-
19.February 3, 1928The Cushing Daily CitizenCushing, OK
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Forty per cent has been paid depositors of the Hugo National bank; 43 per cent to depositors of the City National bank of Hugo, and 20 per
20.February 4, 1928Drumright Weekly DerrickDrumright, OK
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Half Million Is Paid Choctaw Depositors
HUGO, Feb. 4.-A statement lividends paid depositors of three defunct banks of Choctaw county was made here in quarterly report issued by Roy A. Cooper, national bank receiver. Forty percent has been paid positors of the Hugo National bank 13 percent to depositors of the City National bank of Hugo, and 20 cent to depositors of the First National bank of Boswell. Total of dividends was fixed
21.February 10, 1928The Drumright NewsDrumright, OK
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Half Million Is Paid Choctaw Depositors
HUGO, Feb. 4.-A statement of dividends paid depositors of three defunct banks of Choctaw county was made here in quarterly report issued by Roy A. Cooper, national bank receiver. Forty percent has been paid positors the Hugo National bank: 43 percent to depositors of the City National bank of Hugo, and 20 cent to depositors of the First Na. tional bank Boswell Total amount of dividends was fixed at
22.February 23, 1928The Enid Daily EagleEnid, OK
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HUGO BANK RECEIVER FOUND DEAD IN ROOM
HUGO, Okla., Cooper, receiver for the funct Hugo National and City tional banks here and the National bank of Boswell, Okla., found dead today in his room in local hotel. apparently had been dead for Physicians said death due to heart disease.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
