First National Bank (Ardmore, OK)

View Charter #12472 on SPMC View balance sheet

Episode Information

Episode UID
1247201487
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
124720 national
Charter Number
12472
Start Date
November 13, 1923
Location
Ardmore, Oklahoma (34.174, -97.144)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
50fbc43f26a4c084

Response Measures

None

Description

The original First National closed Nov. 13, 1923 and assets/liabilities were reorganized into a new First National which reopened in December 1923.

Events (6)
1. November 13, 1923 Receivership
Newspaper Excerpt
assets ... placed in the hands of H McCollom who was appointed by the U. Treasury department as 'liquidating Agent'.
Source
newspapers
2. November 13, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Original First National Bank in Ardmore was forced to close and went into liquidation in November 1923.
Newspaper Excerpt
the latter establishment closed its doors on November 13.
Source
newspapers
3. December 14, 1923 Chartered
Source
historical_nic
4. December 19, 1923 Reopening
Newspaper Excerpt
The First National Bank in Ardmore... will open its doors for business this morning at nine o'clock for the first time since the latter establishment closed its doors on November 13.
Source
newspapers
5. December 22, 1923 Other
Newspaper Excerpt
Comparatively few withdrawals took place, and business men are reported to have made heavy deposits with the newly reorganized bank during the day, showing their confidence in it.
Source
newspapers
6. April 20, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. December 19, 1923 The Ardmore Daily Press Ardmore, OK
Article from The Ardmore Daily Press, December 19, 1923

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Article Text

NEW BANK READY OPEN DOORS FOR BUSINESS TODAY Bankers Prepare For Any Emergency But Anticipate No Heavy Withdrawal of Deposits. OUTLOOK IS GOOD Business Men Anticipate New Revival Christmas Trade; Additional Money. The First National Bank in Ardmore, taking the place of the old First National Bank of Ardmore, will open its doors for business this morning at nine o'clock for the first time since the latter establishment closed its doors on November 13. Officials in the new bank announced yesterday that final plans have been completed for the resumption of business. Big Money Shipments With the arrival yesterday of $500,000 in currency from Oklahoma City in two shipments of a quarter of a million dollars each, the bank supplied itself with an abundance of ready money to meet the demands of any depositors who see fit to withdraw his funds. The big shipment of currency arrived yesterday and was escorted to the bank vault under guard. The half million dollar shipment of money probably gives the bank the record money shipments in this section. In addition to the heavy arrival of cash, there are a number of business men in the city who have prepared to add large deposits to the supply of money on hand. In this way the bank is more than ready to take care of any depositors who see fit to withdraw their funds from the institution. A heavy run of withdrawals was not anticipated by the officers in the new bank who are inclined to think that the citizenship will continue to do business with the new organization just as it was done with the other establishment. Prominent Men in Charge The new bank is headed by a number of men prominent both locally and over the state for their ability and efficiency as bankers. Merchants anticipate a heavy run of Christmas trade for the next few days following the opening of the bank and a general revival of business is expected. A considerable sum of money has been withheld from circulation since the bank has been closed.

2. December 22, 1923 The Frederick Leader Frederick, OK
Article from The Frederick Leader, December 22, 1923

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Article Text

CURRENCY, FLOWERS PLENTIFUL AS BANK STAGES REOPENING Ardmore, December 22.—Lots of cash and a wealth of flowers greeted callers at the First National bank here, when it was reopened for business Wednesday, after being closed for several weeks. Anticipating a possible run, the bank officials had brought on half a million dollars in currency. But there was no run. Instead the bank building was thronged by friends who came to congratulate the new officers and prominently displayed was a wreath of flowers, the gift of other Ardmore banks and banks in other cities. Comparatively few withdrawals took place, and business men are reported to have made heavy deposits with the newly reorganized bank during the day, showing their confidence in it.

3. February 18, 1926 The Ardmore Statesman and Weekly Ardmoreite Ardmore, OK
Article from The Ardmore Statesman and Weekly Ardmoreite, February 18, 1926

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Article Text

TO DEPOSITORS IN THE OLD NATIONAL BANK OF FIRST ARDMRE. THINK WILL PAY OUT H. McCollom is preparing to and will send out this week, dividend to the depositors of fourth the old First National Bank OF ArdHe that it now looks as more: says if he would ultimately realize enough out of the assets turned over to him as Liquidating Agent, to pay off the depositors of the old bank in full. To comers, and new customers National, it might be of the First worth while to recall the fact, that the First Bank OF Ardmore the first one ever organized in this city; but in November 1923 forced to close, and went liquidation. its alsets being taken by Mr. Leon Voorhees (then of Iowa) and his associates, and bank formed. which took the cor of the First National porate name Bank IN Ardmore, and that is the The one Mr. bank now McCollom winding up is the First National, that closed in 1923 When the old bank closed, the Voorhees interests took over its out of which depositors were paid at that time 80 percent of the balances each had to his credit; and the assets not taken over by the organization (which is the present First National Bank IN Ardmore) placed in the hands of H McCollom who was appointed by the U. Treasury department as quidating Agent". From the collections made from these assets he has already received sufficient funds to pay, and, and has dividends dur1925 amounting to 20 percent of the balances the depositors did not receive when the old bank was taken over; then on January 15, 1926 he paid another 10 per cent dividend making third paid on this balance. Then comes the dividend of 10 per cent that he is now preparing checks for. That will bring the total amount that he has paid on the 20 per cent of balance owing to depositors of the old bank when the new one took it over, up to 40 per cent; that is 40 per cent of the old 20 per cent balances, waived. So that the depositors in the old bank will have received. 80 per cent at the time of the Voorhees interests taking over, and in dividends 40 per cent of the remaining 20 per cent, which is equal to per cent of the whole original balance. Hence with these checks now being sent out by McCollom, the original depositors will have been paid 88 per cent of the balances they had to their credit at First National time the original the Bank OF Ardmore closed its doors. of the beginning stated at As strong entertains McCollom Mr. story, realize will be able to that he hope he has of the assets enough out the collection, to pay hand for full to all amount in maining bank. The the old of positors Mr. Mcoffices for bank furnishes that the so Collom, telephone, the old bank's of winding up expense reduced to minimum, affairs Mr McCollom, the salary of only and other his stationary, postage, incurred in necessarily penses process of making collections The original 20 per cent of the balances of depositors not paid by and which Mr. the new organization, of the assets is to out McCollom pay turned over was, Of this amount he has collected and credit to the depositors as paid balleaving thereon, of to the depositors ance coming Mr. McThis amount Collom feels reasonably sure he will be realize out of the assets of the old bank still in his hands.

4. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM

Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

5. March 2, 1933 The Hobart Democrat-Chief Hobart, OK

Article Text

Lone Wolf Open But Just 'Changing'; Others Closed CITY. Mar. Extension of Oklahoma's bank day until Wednesday was recommended today by Bank Commiss sioner J. Barnett as the state government placed legislative and executive protection over the 453 Oklahoma banks and their depositors. The first flurry of excitement over, following Gov. W. H. Murray's three-day bank moratorium proclamation, state officials pared new stabilizing bill. Assurance of safety both banks and depositors was the keynote of the situation in Oklahoma. The unusual spectacle of such great confidennce is local banks that the institutions remained open today in the face of heavy demands occasioned by the state wide holiday was enacted at Idabel, Durant, Enid, Valliant and Alva. Bankers in these communities declared their situations so sound they saw no need of inconveniencing depositors. The redrafted bill authorizing the bank commissioner to banks under a plan of restricwithdrawals was being drawn up. The senate was prepared to suspend all other and send bill through its first stage. Preparing for immediate action, Speaker Tom Anglin called the house into session this morning without waiting for the scheduled m. meeting time. The bank holiday was declared, Murray explained, to give the islature time to enact lieve the proposed bill the bank commissioner sweeping power delay payment of deposits all banks, trust companies, savings banks and segregate deposits from old deposits, with no restriction on the new deposits. The bank virtual dictator over financial stitutions with emergency author needed rules and ity to adopt any daily reports. require SIXTEEN STATES HOLIDAYS TODAY BANK to restrict with. The movement of bank deposits spread drawals rapidly through the south and west last night and today states operated under decrees for bank holidays. CaliforMississippi, Oklahoma, nia, Arizona, Nevada and Oregon ordered brief bank holidays to give time for legislatures to draw withdrawals legislation limiting deposits. Louisiana went farther by orderholiday for all iness. The New Orleans cotton cotton market change, largest was closed. the country, Executives announcing the new holidays for forcing the other states restructions by placing tension of banks which unusual strain on an to continue business sought mally. ONE BANK IN ONLY STAYS OPEN COUNTY The First National bank at Lone Wolf was the only banking tution in Kiowa county which mained open today, and was just "making change," according made by the Demosurvey Banks here, at Mountain Cooperton, Mountain View and Snyder were all closed, was the one at Rocky. OREGON TOO Ore., Mar. Governor Meier today declared three-day legal holiday state Oregon starting continuing through

6. March 16, 1933 The Daily Ardmoreite Ardmore, OK

Article Text

HEAD OF BANK CONFERS WITH FEDERAL Leon Voorhees in Kansas City in Connection With Affairs of First National Bank, Said STOCK HELD AS SECURITY First National Bank of Tulsa Holds 1650 Shares, Property of Voorhees. Leon Voorhees, president of the First National Bank in Ardmore, which the bank in the city that failed to Wednesday, is in Kansas City day. there to see the federal serve officers have the power to open Ardmore bank capital stock of the bank $200,000, stock issued comprises shares. Of these 2000 shares, 1650 are the property the president, Voorhees These shares are held the First National bank of Tulsa security on note which dorsed for the company Walker, of the Tradesmens National bank Oklahoma City, shares of the the First National here, says cannot take the long the stock up. As conditions are Mr Walker were to money in the bank here he would but the value the note held by the First National bank of Expects Bank to Reopen When asked would take the over the released he did doubt but Voorhees would soon take hold of the bank and and invite the people open to come get their money. Walker said there banks the state that were allowed open are condition the bank here. He says Voorhees much property upon which can realize all the cash he needs the bank Ardmore he feels that this will be the outand In the meantime the people are holdthe First National has ing bag. hundreds depositors Men miles to place their come many because they felt funds The did not such security well but they did know Voorhees Walker they had unlimited know in bank which Walker confidence was Withdrew From Management Walker for past five not active in years the That management running followed the policies of First National were not his poliby the he withdrew from the management. Believes Deposits Safe that the It is the opinion First here depositors the called upon to make any will not be sacrifices. of the bank had been Ed Sandlin that he had $100,quoted as saying Page Two)