gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3b84563d74d71f66
Response Measures
None
Receivership Details
Depositor recovery rate
77.1%
Date receivership started
1927-12-01
Date receivership terminated
1935-08-30
OCC cause of failure
Governance
Share of assets assessed as good
60.1%
Share of assets assessed as doubtful
26.2%
Share of assets assessed as worthless
13.7%
Description
Bank closed by order of directors on Dec 1, 1927 and was placed in receivership (receiver later active in suits).
Events (4)
1.June 23, 1898Chartered
Source
historical_nic
2.December 1, 1927Receivership
Source
historical_nic
3.December 1, 1927Receivership
Newspaper Excerpt
Harwood Keaton, receiver of the First National bank of Checotah, filed suit ... interest from December 1, 1927, the date when the bank went into the hands of the re-
Source
newspapers
4.December 1, 1927Suspension
Cause
Voluntary Liquidation
Cause Details
Bank suspended by order of its board of directors; suspension was unexpected and carried about $300,000 in deposits.
Newspaper Excerpt
This bank closed by orders of the directors, announced a sign on the entrance of the bank.
Source
newspapers
Newspaper Articles (12)
1.December 1, 1927The Morris NewsMorris, OK
Click image to open full size in new tab
Article Text
BANK AT CHECOTAH CLOSES ITS DOORS
Checotah, Dec. First Nat. ional bank, oldest bank in Checotah, failed to open for business Thursday.
"This bank closed by orders of the directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a capital of $50,000. J. L. Price was president and Jay Pierce was cashier. Price was reported Thursday to be in Muskogee. Pierce declined to comment on the suspension. Checotah has two other banks, a national bank and a state bank.
2.December 2, 1927The Cushing Daily CitizenCushing, OK
Click image to open full size in new tab
Article Text
Bank At Checotah Closes Its Doors
CHECOTAH, Dec. 2-The first National bank, oldest bank in Checotah,
"This bank closed by orders of the board of directors," announced a sign on the entrance of the bank. Suspension of the bank, carrying approximately $300,000 in deposits, was unexpected. The institution had a
3.July 19, 1928The Eufaula Indian JournalEufaula, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER
SUES ON $12,500 STOCK
Harwood Keaton, receiver of the First National bank of Checotah, filed suit in the U. S.distriet courtyesterday against J. Owen Price for $12,500, the par value of his stock in the defunct bank. Under the U. S. banking laws each stockholder of a national bank is held responsible the full amount of the stock he holds in the institution, and the receiver may make an Assessment of 100 cents on the the lollar on his stock. J. Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instuted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1, 1927, the date when the bank went into the hands of the re-
4.July 19, 1928Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER SUES ON $12,500 STOCK
One Holder of Shares Is Asked to Pay At Par Value: Institution Long Closed Harwood Keaton, receiver of the First National bank of Checotah. filed sult in the U. S. district court yesterday against J. Owen ice for $12,800. the par value of hjs stock in the defunct bank Under the U. S. banking laws, each ockholder of a national bank is held responsible for the full amount of the stock he holds in the institution and the receiver may mak an assessment of 100 cents on the dollar on his stock Owen Price owned, according to the bill of complaint, 128 shares in the bank. The suit is instituted to compel him to pay the full amount of his stock plus interest at the rate of 6 percent from December 1927, the date when the bank went into the hands of the receiver
5.August 15, 1928Muskogee Times-DemocratMuskogee, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT
Suit was today filed in federal court by Harwood Keaton. receiver for the First National bank of Checotah, against T. R. Pipkins and Maggie Pip kins.
The petitions states that prior to failure December, 1927 the bank secured judgment for $2360.23 against Pipkins, This judgment could not be collected. the petition states, for the reason that Pipkins had transferred real estates to his wife. The relief asked for the bank is that the property transfer be declared void, to enable the bank to collect.
6.August 16, 1928Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER SEEKS TO GET JUDGEMENT
Suit was today filed in federal court by Harwood receiver for the First National bank of Checotah. against T. R. Pipkins and Maggie Pipkins. The petitions states that prior to failure December. 1927. the bank secured judgment for $2360.29 against
7.August 23, 1928The Indian JournalEufaula, OK
Click image to open full size in new tab
Article Text
EASTMAN RICHARDS SUES BANK RECEIVER
Eastman Richards, wealthy McIntosh county Indian guardian son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunct First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for sale keeping, and have not been returned since the bank became insolvent.
The Checotah bank ceased busi ness November 15, 1927, and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear.
The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.
8.August 23, 1928The Indian JournalEufaula, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT
Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie Pipkins of Eufaula.
The petitions states that prior to failure December 1927. the bank secured a judgment for $2360.29 against Pinkins.
This indgment could not be col lected. the petition states. for the pason that Pipkins had transfer red real estates to his wife. The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-
9.August 23, 1928The Eufaula Indian JournalEufaula, OK
Click image to open full size in new tab
Article Text
EASTMAN RICHARDS SUES BANK RECEIVER
Eastman Richards, wealthy MeIntosh county Indian guardian of son, Eastman Jr., filed suit against Harwood Keaton, receivor of the defunet First National bank of Checotah, Tuesday for the return of $3450 in liberty bonds to his son which were deposited in the Checotah bank for cale keeping, and have not been returned since the bank became insolvent.
The Checotah bank ceased busi ness November 15, 1927. and action is brought to bring a trust in favor of the complainant in personal property to the value of $3450 now in the hands of the repondent. Richards asks that the respondent pay and deliver the bonds free and clear.
The liberty bonds were deposit ed in a safety deposit box, in August 1924. Demands have been made for the bonds Richards states in the petiton but the respondent has failed and neglected to return them.
10.August 23, 1928The Eufaula Indian JournalEufaula, OK
Click image to open full size in new tab
Article Text
CHECOTAH BANK RECEIVER SEEKS TO GET JUDGMENT
Suit was filed Wednesday in federal court in Muskogee by Harwood Keaton, receiver for the First National bank of Checotah, gainst T. R. Pipkins and Maggie
The petitions states that prior to failure December 1927, the bank secured a judgment for $2360.29 against Pinkins. This iudgment could not be col lected the petition states, for the 'ason that Pipkins had transfer red real estates to his wife The polief asked for the bank is that the property transfer be declared void. to enable the bank to col-
11.January 3, 1930The Guthrie Daily LeaderGuthrie, OK
Click image to open full size in new tab
Article Text
WEALTHY INDIAN IN SUIT SECURITIES
Muskogee, man Richards, one Oklahoma's richest and Harwood ton Okmulgee, liquidator the First National bank of Checotah, suing other Richards claims he had liberty bonds box the bank and that after the closed door opened his safety box and found only receipt styned by bank officials that they had taken the bonds He wants his
CONTROL BIG FIRE Burning for more than two fire which time endangered the south side the business square here was brought under day with damage estimated at $50.-
12.May 21, 1930Muskogee Times-DemocratMuskogee, OK
Click image to open full size in new tab
Article Text
BANK RECEIVER FILES SUIT FOR REMOVAL OF BUILDING
Suit to re love a two-story frame building from bank property was filed in federal district court here today by Harwood Keaton, receiver of the First National bank, Checotah. Defendants named, alleged to claim possession of the property by virtue of an old 99-year lease, are Irma McCulloch and Mrs. Newt McCulloch The petition says that the defend ants now operate candy store in the building adjacent to the bank and that no record of a lease they claim to have can be found. The court is petitioned to allow the receiver dismantle the structure and build another that would be easier to rent and to order the present occupants to evacuate.
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.
