gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5f94b24dd5bd5f2e
Response Measures
Full suspension
Other: Bank was taken over by federal authorities (Department of Justice) and placed in receivership; investigations for embezzlement followed and a receiver later paid a dividend.
Receivership Details
Depositor recovery rate
5.2%
Date receivership started
1921-10-27
Date receivership terminated
1928-10-25
OCC cause of failure
Fraud
Share of assets assessed as good
51.7%
Share of assets assessed as doubtful
18.7%
Share of assets assessed as worthless
29.6%
Description
Subsequent reporting and investigations allege embezzlement and rifled safety boxes.
Events (5)
1.May 16, 1889Chartered
Source
historical_nic
2.October 18, 1921Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals by depositors and county funds amid poor collections; later allegations of embezzlement and missing securities.
Newspaper Excerpt
the suspension was due to heavy@withdrawals of county funds and poor collections. coupled with withdrawals by depositors.
Source
newspapers
3.October 18, 1921Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payments after heavy withdrawals and poor collections; officials issued statement of suspension and hope to reorganize.
Newspaper Excerpt
The National Bank of Cleburne has announced a suspension of business. The failure is attributed to heavy withdrawals of deposits and to poor collections.
Source
newspapers
4.October 27, 1921Receivership
Source
historical_nic
5.October 27, 1921Receivership
Newspaper Excerpt
The affairs of the National Bank of Cleburne... will today be taken over by an agent of the department of justice (reported Oct. 21); receiver later appointed (government records).
OLDEST BANK AT CLEBURNE SHUTS DOORS (By The Associated Press) CLEBURNE, Texas, Oct. 18-The National Bank of Cleburne, one of the oldest financial institutions here, failed to epea this morning. A statement signed by four officials of the bank said that the suspension was "due to heavy@withdrawals of county funds and poor collections. coupled with withdrawals by depositors." The statement added: "We are glad that no other bank in Cleburne had any county funds on hand and will not be called upon as have been." The statement says: "Hasty investigation inspires the hope that there are plenty of assets in the bank to pay every depositor. We hope to reorganize soon on a much stronger financial basis than we have ever been."
2.October 18, 1921Casper Daily TribuneCasper, WY
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Article Text
Texas Bank Is Closed Today CLEBURNE, Texas, Oct. 18.- - The National bank of Cleburne, one of the oldest financial institutions here, falled to open its doors today. A statement, signed by four officials of the bank said suspension was "due to heavy withdrawals of county funds and very poor collections, coupled with withdrawals of depositors." The statement said: "A hasty investigation inspires the hope that plenty of assets are in the bank to pay each and every depositor and we hope to reorganize soon on a much stronger financial basis."
3.October 18, 1921The Nenana NewsNenana, AK
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Article Text
TEXAS BANK SUSPENDS CLEBURNE, Texas, Oct. 18-The National Bank of Cleburne has announced a suspension of business. The failure is attributed to heavy withdrawals of deposits and to poor collections.
4.October 19, 1921Omaha Daily BeeOmaha, NE
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Article Text
Texas Bank Closed Cleburne, Tex., Oct. 18.-The National Bank of Cleburne, one of the oldest financial institutions here, failed to open its doors today. A statement signed by four officials of the bank said suspension was "due to heavy withdrawals of county funds and very poor collections, coupled with withdrawals of depositors."
5.October 19, 1921The Topeka State JournalTopeka, KS
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Article Text
TEXAS BANK IS CLOSED. / Bank of Cleburne One of Oldest in Lone Star State, Cleburne, Tex., Oct. 19.-The National Bank of Cleburne, one of the oldest financial institutions here, failed to open its doors this morning. A statement, signed by four officials of the bank, said suspension was due to heavy withdrawals of county funds and very poor collections, coupled with withdrawal of depositors.
6.October 20, 1921Omaha Daily BeeOmaha, NE
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Article Text
Texas Bank Closed Cleburne, Tex., Oct. 19.-The National Bank of Cleburne, one of the oldest financial institutions here, failed to open its doors yesterday. A statement signed by four officials of the bank said suspension was "due to heavy withdrawals of county funds and very poor collections, coupled with withdrawals of depositors."
7.October 21, 1921The Topeka State JournalTopeka, KS
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Article Text
FEDERAL AGENTS TAKE CHARGE Investigation of Cleburne BankRifled Deposit Boxes. Cleburne, Tex., Oct. 21.-The affairs of the National Bank of Cleburne, which has suspended payment to depositors and closed its doors, with liabilities said to to over a million dollars, will today be taken over by an agent of the department of justice, according to a statement made by a department head. According to statements by various depositors, investigation has disclosed that safety boxes have been opened and that liberty bonds and other securities are missing. A mass meeting of citizens has been called for 10 o'clock this morning to consider the situation created by the closing of the bank and subsequent developments. A. J. Wright has caused to be issued a complaint charging S. B. Norwood, president of the bank, who has been out of the city since the institution's suspension, with embezzlement.
BANK RECEIVER TO PAY DIVIDEND
CLEBURNE, May 1.—A. P. Wooldridge, receiver for the National Bank of Cleburne, defunct, has made an announcement that he has been authorized by the Comptroller of Currency in Washington to make a 5 per cent payment to those having claims against this bank. This payment will distribute $100,000, approximately $80,000 of which will be paid out in Cleburne.
Wooldridge stated he had hoped to pay this dividend the first of the year, but was delayed because of certain defects in the title of the National Bank Building, which had to be removed before closing the sale of the building to the F. W. Woolworth Company, the consideration being $33,333.33.
Body of Drowned Man Recovered.
PALESTINE, May 1.—A Mexican drowned in the Trinity River at Bonner's Ferry several days ago, floated almost three miles from the scene of the drowning, and was found Sunday in a drift. The man attempted to swim the swollen stream.
CLEBURNE, May 1.—A. P. Wooldridge, receiver for the National Bank of Cleburne, defunct, has made an announcement that he has been authorized by the Comptroller of Currency in Washington to make a 5 per cent payment to those having claims against this bank. This payment will distribute $100,000, approximately $80,000 of which will be paid out in Cleburne.
Wooldridge stated he had hoped to pay this dividend the first of the year, but was delayed because of certain defects in the title of the National Bank Building, which had to be removed before closing the sale of the building to the F. W. Woolworth Company, the consideration being $33,333.33.
10.May 12, 1925The Anniston StarAnniston, AL
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Article Text
BANK RECEIVER WINS SUIT FOR BOND PAYMENT
Washington. May 12. (United R. Woodridge, receiver of the National Bank of Cleburne, Texas, impaired by the defalcations in 1921. has won in supreme court suit to compel the United states Fidelity and Guaranty Company, a bonding company. to pay a $25.000 bond. The bonding company has paid $38,313 to the Gulf. Colorado and Santa Fe Railroad company. one of the depositers. and claimed it was liable only for the $1,688 remainder. Lower courts refused to allow the offset and held the bonding company was liable for the full $35,000. The supreme court today affirmed the lower court's decision.
11.December 1, 1932Evening StarWashington, DC
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Article Text
man's wife, Mrs. Emma Norwood, he is legally dead. At the same time the jury's decision in one of the State's most interesting lawsuits will not prevent Norwood's arrest on 18 Johnson County grand jury indictments for illegal banking should he ever put in an appearance. Dropped From Sight in 1921. Norwood, although since reported seen in various towns in Southwestern United States and Mexico, dropped out of Cleburne's sight in the Fall of 1921. The National Bank of Cleburne, which he controlled, failed to open following a holiday, resulting in a loss which the receiver described as one of the most complete in American banking history. A shortage of cottonseed oil is believed to have inspired Norwood's illfated "peanut corner." His bank owned both a peanut mill and an oil mill, and since peanut oil was a good substitute for cottonseed oil, Norwood thought he saw a chance to "clean up." He is reported to have bought peanuts in every section of the country until he had a virtual corner on the
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.
