Cherokee National Bank (St Louis, MO)

View Charter #12643 on SPMC View balance sheet

Episode Information

Episode UID
1264301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
126430 national
Charter Number
12643
Start Date
March 9, 1933
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
82ddcfc5eb5e16e3

Response Measures

None

Receivership Details

Depositor recovery rate
66.8%
Date receivership started
1933-04-22
Date receivership terminated
1938-07-30
Share of assets assessed as good
43.7%
Share of assets assessed as doubtful
41.2%
Share of assets assessed as worthless
15.2%

Description

Embezzlement and negligence later cited; using known receivership date where authoritative.

Events (4)
1. February 26, 1925 Chartered
Source
historical_nic
2. March 9, 1933 Suspension
Cause
Government Action
Cause Details
Closed under the national/state banking holiday proclamations (March 1933 banking holiday).
Newspaper Excerpt
Since that time President of Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10.
Source
newspapers
3. April 22, 1933 Receivership
Source
historical_nic
4. April 22, 1933 Receivership
Newspaper Excerpt
the Cherokee National Bank of St. Louis (receiver), $205,000
Source
newspapers

Newspaper Articles (5)
1. March 9, 1933 Mound City News-Independent Mound City, MO

Article Text

CITIZENS CALM DURING EMERGENCY Exchange Bank Suspended Operations In Conformity Presidential Proclama- tion. The Banks of Holt County suspended normal morning to conform Saturday with state wide holiday order a issued by Governor Guy Park. for Since that time President of Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10. The local banks have followregulations ordering them laid down by the secreclose, of the treasury. Some have tary remained open during regular hours for the purpose banking of making change. There is no cause for any alarm the local regarding tion as all the Holt County banks are believed to be in cellent condition. has been convened Congress special session beginning today (Thursday) and acnoon cording to radio reports have legislation conferring passed extraordinary to Presipowers dent Roosevelt, trol all banks until this emeris safely past. The spirit fortitude and patience with which the people this community and the tire has reacted to the country bank holiday, has emergency been surprising. individuals and busiMany houses found themselves ness with small amount of only hand when the currency on bank went into effect. holiday St. Business has been retarded to extent. Merchants some most cases have accepted checks for the exact amount but have been purchases tant to let loose of any currenor silver in change. Bank here The Exchange to be strong as known is anywhere, and bank there must be attributed its closing solely to the the nation. ditions throughout thing that Now the only to await the order to with patience banks after the the open and regulational adjustments formulated and tions have been issued.

2. January 22, 1934 St. Joseph News-Press St. Joseph, MO

Article Text

HUGE SUM RELEASED Over $22,000,000 in Frozen Deposits in Missouri Freed. About $9,000,000 in Closed National Institutions Is Still Unavailable. Jan. deposits tied up tional banks Missouri failed open after the banking moratorium but approximately $9,000,000 has been for depositor the comptroller currency today. The status of the thirteen banks failed open: Five banks involving deposits of have been reopened, habilitated, reorganized under charters, the acceptable assets sold to another bank. Three to Be Reorganized. Three banks with $1,543,000 deposits plans stages consumThey are the Grand National Bank, Louis; the National Bank, Webster the Bank, Lamar. banks deposits of $278,000 not They the First National Bank, Grove, and the First National Bank, Wind- Three Are in Liquidation Three banks with deposits of 707,000 in the for They are the Cherokee National Bank and the Southside National Bank, Both St. Louis, the People's National Bank; the National out organization plan plates the release of 100 per cent secured deposits 50 per unsecured deposits. The five banks have been reorganized First National Bank, Third National Bank, National Bank, Exchange National Bank, Louis, and the Fidelity National Trust Company, Kansas City.

3. January 22, 1934 Daily American Republic Poplar Bluff, MO

Article Text

DEPOSITS IN CLOSED BANKS BEING RELEASED By The Associated Press. Washington, Jan. 000 in deposits tied up in national banks in Missouri that failed to open after the banking moratorium last March, all but approximately $9,000,000 has been freed for depositor use, the comptroller of the currency announced today. The status of the 13 banks that failto open: Five banks involving deposits of $22,891 have been reopened, rehabilitated, reorganized under new charters ,or the acceptable assets sold to another bank. Three banks with deposits have approved reorganization plans in various stages of consummation. They are the Grand National Bank, St. Louis; the First National Bank, Webster Groves, and the First National Bank, Lamar. Two banks with deposits of $278,000 do not have approved plans of reorganization. They are the First National Bank, Mountain Grove, and the First National Bank, Windsor. Three banks with deposits of $6,are in the hands of receivers for liquidation. They are the Cherokee National Bank and the Southside National Bank, both of St. Louis, and the Peoples' National Bank, Seymour. However, the Southside National Bank receivers have worked out an approved reorganization plan which contemplates the release of 100 per cent of secured deposits and 50 per cent of unsecured deposits.

4. January 25, 1934 Daily American Republic Poplar Bluff, MO

Article Text

DISTRICT By The Associated Press. Washington, Jan. tion during November of loans to six banks and trust companies of Missouri totaling was reported to Congress by the Reconstruction Finance Corporation. None of this amount was disbursed up to November 30. They were the First National Bank of Clayton, $20,000; the St. Louis County Bank of Clayton, $60,000; the Bartlett Trust Company (receiver), St. Joseph, $125,000; the Cherokee National Bank of St. Louis (receiver), $205,000; Scruggs, Vandervoort Barney Bank (receiver), of St. Louis, $576,500; the West St. Louis Trust Company (receiver), $432,000. Two loans were authorized the Federal Land Bank of St. Louis, one for and one for $5,500,000. No part of the latter had been disbursed up to November 30. A loan was authorized the Tracy Creamery Company of Springfield, Mo., in the amount of $18,000 none of which was disbursed up to November 30. The Cape Girardeau Little River Drainage District was authorized loan of $2,188,914. Subscriptions for preferred stock included the Bank of Bonnots Mill, Mo., $10,000; the First National Bank of Sedalia, $25,000; the United Bank of Farmington, $60,000. No part of these sums had been disbursed up to November 30.

5. July 6, 1935 St. Louis Post-Dispatch St. Louis, MO

Article Text

SETTLING OF CLAIMS ON CHEROKEE BANK Receiver Asks Officers and Directors to Pay $37,479 — Court Approves Plan. Settlement of claims against directors and officers of the closed Cherokee National Bank for $37,479 was approved today by Federal Judge Davis. The claims, brought by the receiver, were based on alleged negligence. Rubey M. Hulen, attorney for the receiver, Jack Bernhardt, said $36,479 of the settlement would be paid in cash. The rest will offset claims of directors against the bank, such as those for deposits. Bernhardt said the plan had been approved by the Comptroller of the Currency. The petition said the directors had been negligent in permitting officers of the bank to make loans which were illegal in that they were larger than those permitted to the bank under the law, and in that they had not prevented the payment of dividends when the bank's capital was impaired. Failure of the directors to prevent the embezzlement of $208,000 of the bank's funds by three of its officers was cited also as an instance of negligence. Henry P. Mueller, president of the bank; Harry G. Freiert, vice-president, and Rudolph Provaznik, assistant cashier, pleaded guilty of the embezzlement and were sentenced to the penitentiary at Leavenworth, Mueller and Freiert for 10 years, and Provaznik for five. Under the terms of the settlement, the liability each of the directors was fixed as follows: Estate of C. J. Abeln, $6230; Gustav Schoenberg, $10,435; Dr. J. L. Hutton, $6000; William Clodies, $115; Henry P. Mueller, $5367; Valentine Kunz, $5499; R. L. Provaznik, $307, and estate of G. H. Johannes, $1000. A group of nine directors were held liable for the total sum of $2524. Those in the group are Martin Beckemeier, Otto L. Zelle, Fred W. Pape, estate of Emil Blust, Theo Dilg, M. L. Montague, Walter Roos, L. E. Wessel and Arthur Messing. The amounts charged to Mueller, Provaznik and Kunz are to be withdrawn from a trust fund contributed by officers and directors in an effort to rehabilitate the bank before it was closed. The bank, at Jefferson avenue and Cherokee street, was closed in the banking holiday of 1933. Mueller was at first named conservator, but when a shortage in its accounts was noticed he was replaced by Bernhardt as receiver. A 100 per cent assessment against stockholders of the bank, which was capitalized at $200,000, has been levied under the old double liability provision of national bank charters. Depositors, who had $1,119,000 in the bank, have received payment of 45 per cent from the receiver. Senator Couzens at Mayo Clinic. ROCHESTER, Minn., July 6.—Senator James Couzens of Michigan arrived here today and entered Colonial Hospital to go under care of Mayo Clinic physicians preparatory to submitting to a possible operation for a kidney ailment. He came here from Detroit.