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BANK SOLID NOW Other Officers of Institution Well Known in Banking Circles The First National Bank of Ada was taken over Saturday morning by P. A. Norris and his associates. A new charter has been issued and the future bank will be the First National Bank in Ada instead of "of Ada." The new charter was issued Saturday afternoon in Washington and mailed immediately. The new officers took charge Saturday morning. They are P. A. Norris, president; Ned Holman, president of the First National Bank of Guthrie, vice president; J. A. Smith, vice president and cashier; P. B. Wall, assistant cashier. The directors are Messrs. Norris, Holman and Smith, R. W. Simpson and S. M. Shaw. The trade has been under way for several days, but the final details were not completed until Saturday morning. The fact that a deal was under way spread through the city and parts of the county, and there was a feeling of uneasiness on the part of some of the depositors. Friday afternoon several withdrawals were made, but there was nothing like a run on the bank. Saturday morning, however, the nervousness had increased, and when the doors of the bank swung open, there was a rush to get to the windows, demanding money. A few minutes later it was announced that Mr. Norris and his associates had taken charge and a different feeling was apparent. Immediately deposits began to flow in much faster than withdrawals were made, and at the close of the day's business the deposits had exceeded the withdrawals by $326,390.57. As soon as the public understood that new hands had taken over the bank, the run ceased and the worry was over. Mr. Norris announced that he would guarantee personally every dollar of the deposits. Norris Back at Home Although Mr. Norris is getting back to the institution he built, he says he did not desire the trade. His other business interests are enough to occupy his time, but he felt that his duty was to help out, and he was thus willing to get into the harness again in Ada's banking circles. The following telegram was received at 4:30 o'clock Saturday afternoon: "L. K. Roberts, chief national bank examiner, care First National Bank, Ada, Okla. "First Nation Bank in Ada charter number twelve thousand, five hundred and ninety-one authorized to commence business. Charter mailed today. "Chas. W. Collins, Acting Comptroller of the Currency." Mr. Roberts, who arrived in Ada late Friday night and went over the conditions of the bank, recommended the granting of the charter and the taking over of the old institution. He explained that the granting of a charter on such short notice and without much red tape is unprecedented, and it was only on account of the high esteem in which Mr. Norris is held in the financial world that such was possible. "Mr. Norris' name has been identified for many years with more than one national bank, and he is well and favorably known in the office of the Comptroller of the Currency. His name in connection with the charter made its quick issuance possible," Mr. Roberts said. He also continued: Compliment to Norris "Mr. Norris and his associates have not only saved the community and the entire territory served by the banks of the city, but his identity with banks and his standing in the department made it possible to expedite the matter and do away with all red tape." The other bankers of Ada expressed their appreciation of the new management and extended offers of assistance. Not only bankers, but other business men showed their willingness to cooperate and render assistance if any had been needed. Mr. Norris, in speaking of the matter late Saturday night, expressed his most tender feelings for the testimonials of esteem shown him by his friends and neighbors. These things, he said, would never be forgotten. Turn to Page 4, No. 1
