First National Bank (Woodward, OK)

View Charter #5575 on SPMC View balance sheet

Episode Information

Episode UID
557501585
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
55750 national
Charter Number
5575
Start Date
January 18, 1932
Location
Woodward, Oklahoma (36.434, -99.390)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e99702fee59a8ac7

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Receivership Details

Depositor recovery rate
53.5%
Date receivership started
1932-01-21
Date receivership terminated
1938-02-28
Share of assets assessed as good
48.1%
Share of assets assessed as doubtful
47.9%
Share of assets assessed as worthless
3.9%

Description

Receiver appointed shortly after closing; bank later declared insolvent and paid dividends under receiver.

Events (5)
1. September 12, 1900 Chartered
Source
historical_nic
2. January 18, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Early-morning rumors triggered depositor withdrawals that rapidly depleted cash on hand.
Measures
Bank closed at 11 a.m. under state banking law; state bank examiner notified and later took charge.
Newspaper Excerpt
Rumors are blamed for the early morning run when depositor after depositor appeared to withdraw their accounts in cash.
Source
newspapers
3. January 18, 1932 Suspension
Cause
Government Action
Cause Details
Board ordered closure and bank was closed under state banking law when cash was exhausted; affairs turned over to state banking department.
Newspaper Excerpt
The First National Bank of Woodward ... closed its doors this morning. ... Official notice given shortly after to the state bank examining partment to assume charge.
Source
newspapers
4. January 21, 1932 Receivership
Source
historical_nic
5. January 22, 1932 Receivership
Newspaper Excerpt
Sydney W. Hayes has appointed receiver for the First National Bank which closed its doors Monday morning. He was-expected to arrive here this afternoon to assume charge of the local institution.
Source
newspapers

Newspaper Articles (13)
1. January 18, 1932 Woodward Daily Press Woodward, OK

Article Text

FIRST NATIONAL Reorganization Talked: Bank Examiner Will Take Charge The First National Bank of Woodward, western Oklahoma's oldest nancial institution, closed its doors this morning. Rumors are blamed for the early morning "run" when depositor after depositor appeared to withdraw their accounts in cash. The bank was closed at 11 o'clock in accordance with the state banking law when all available cash on hand had been given out Official notice given shortly after to the state bank examining partment to assume charge. Although an official statement was not forthcoming from the president any of the directors is considerable talk of reorganization. Exact condition of the bank could not be learned pending the arrival of the examiner who is now in full charge of the institution.

2. January 21, 1932 The Vici Beacon Vici, OK

Article Text

FIRST BANK OF WOODWARD CLOSED The First National Bank at Woodward was forced to close its doors last Monday morning about 11 o'clock. Rumors were supposed to he responsible for an early morning run on the bank and they were forced to close the bank doors when all the actual cash in the bank had given out. The closing was voluntary and in accordance with the state law. Affairs were turned over to the state banking department. It is thought, however, that the bank will be reorganized, as this leaves Woodward with only one bank the Bank of Woodward.

3. January 22, 1932 Woodward News-Bulletin Woodward, OK

Article Text

FIRST NATIONAL BANK OF WOODWARD CLOSED ON MONDAY MORNING Within two hours after opening for business Monday morning, the First National Bank of Woodward was closed by order of the board of directors. This action was taken, according to L. L. Stine, president, because of the fact that many uneasy depositors were making "run" on the bank for their money and the cash on hand was being rapidly depleted. Mr. Stine stated that when tional bank runs below a certain reserve of cash on hand the law compels it to close its doors, and while the First National had not gone below that reserve, closing action was taken to protect as many depositors as possible. J. S. Becker, national bank examiner is now in charge of the bank and he, with the bank officials, is busily engaged in checking up the resources and liabilities. The First National Bank of Wood ward was one of the oldest financial institutions in Western Oklahoma and according to its statement of December 31, 1931, had total resources and liabilities of No statemene could be secured from the officers other than that they believed the bank to be solvent and there was after re-organizatioù.

4. January 22, 1932 Woodward Daily Press Woodward, OK

Article Text

SYDNEY W. HAYES BANK RECEIVER Due To Arrive Today To Take Charge Of First National Sydney W. Hayes has appointed receiver for the First National Bank which closed its doors Monday morning. He was-expected to arrive here this afternoon to assume charge of the local institution. He is at Billings at present.

5. January 23, 1932 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK

Article Text

NAME BANK RECEIVER Jan. Hayes been appointed for the First National bank of Woodward its Monday following run. Plans for re-organization are under

6. March 31, 1932 Tulsa World Tulsa, OK

Article Text

PETITION IS FILED BY BANK RECEIVER OKLAHOMA CITY, March 30 (A) Sidney W receiver for the First National bank of Woodward, declared insolvent last month. filed petition for orders of sale and authority to institute action to recover bonds and with face value of more than $338,000 in federal court here today He listed securities and bonds amounting to more than $262,000 which he alleged had been delivered to certain persons wrongfully by officials of the bank prior to its clos-

7. September 14, 1932 Woodward Daily Press Woodward, OK

Article Text

Bank Receivers Case Against City Heard C. W. Herod, municipal counselor for the city of Woodward, returned last night from Oklahoma City after appearing with his associate counsel before the U. S. district court of the western district of Oklahoma in the matter of the two cases filed by Sidney W. Hayes, receiver of the First National Bank, recover collateral securities deposited by the bank with the city treasurer to secure city money deposited in the bank. After hearing the oral arguments, the court requested each side to brief the case on the demurrers presented for further considration before ruling.

8. November 18, 1932 Woodward News-Bulletin Woodward, OK

Article Text

BANK RECEIVER HAS TWO CASES; VAUGHT COMING Session Will Open Jan. 12th; All Kinds Of Cases Listed Federal term of court for the western district will open here Jan. 12, 1933. Judge Edgar S. Vaught and Theodore Filson plan to arrive about Jan. 5, however. to do a little quail hunting before taking up their court work. On the criminal docket are cases dealing with liquor, counterfeiting. automobile theft. use of the mails to defraud and disbarment of attorneys. Defendants in the criminal cases are Ivan D. Foresman, Joel Robertson, Arlington Guy Jamison, Cora Allen, D. W. Buckner, Marshall Chadwell, Albert Schleeter, Clifford Carrithers, Floyd J. Thomas, James A. Alexander, Thomas Sledge, Fred Smith, Larkin A. Prestridge, Sydney Zuckerman, Grover Johnson, Dave Johnson, Jim Walton, Sid Walton, Robert K. Smith, Joe Kasiah, Chester Powers, Peter Jantz, Joe A. Wedel, Frank Berry, Albert E. Cromwell, Cliff Naifeh, Lester Hiatt, Harvey M. (Ted) Farrow and Robert E. Lee. Law cases on the docket are: Southern Surety Co., VS Town of Buffalo; Presley R. Oller vs T. and S. F. Railway Co.; Sidney Haynes, receiver for First National Bank of Woodward, vs G. M. Bradbury; Sidney Haynes vs City of Woodward; Fidelity National Bank and Trust Co., of Kansas City VS Henry C. Ffitch: Blanch M. Mathews vs A.T. and S.F. Railway Co.; R. F. Leedy, administrator, VS A.T. and S.F.; Stella Smith VS Frank Smith (disclosure of property). Equity cases: Allis Chalmers Mortgage Co. vs M. F. Goranflo; Cora Arcelia Chase Hendricks vs Gertrude Patterson; Gus George W. Cromwell.

9. May 2, 1933 Woodward Daily Press Woodward, OK

Article Text

WYBRANT GRANTS DIVORCE TO TWO Bank Receiver Given Order To Dispose or Some Of Assets Two divorco decrees were granted by Judge O. C. Wybrant when he was here yesterday for motion day in district court. Earl Green was given a divorce from Mrs. Johnnie Green and given custody of their minor child. Mrs. Esther Blue obtained a decree from Howard Blue Civil matters passed were Employers Building and Loan company vs. Claude Love, et al, foreclosure, J. M. Figley appointed receiver: Percy Greer, et ux, VS. Bank of Woodward, cancellation of deed, case set for trial May 10; State Life Insurance company vs. Ralph S. Maggard, foreclosure, sale confirmed. State Life Insurance company vs. Noble J. Munsell, foreclosure, sale confirmed; Maud E. Williams, executrix, vs. J. E. Hardy, foreclosure, trial set for May 8; Sidnev W. Haynes, receiver for the First National Bank, was granted an order for disposing of some of the assets.

10. July 25, 1933 Woodward Daily Press Woodward, OK

Article Text

Defunct First National Is Paying Its First Dividend Sidney W. Haynes, receiver for the First National Bank, announced today that first dividend of six per cent, payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks. Payment of approximately 700 checks will be started in the morning. The bank was closed 18 months ago.

11. February 20, 1934 Woodward Daily Press Woodward, OK

Article Text

RULING EFFECTS BANK GUARANTEE Banks Held Without Authority To Pledge Securities To Cities City officials and citizens alike are interested in the recent supreme court ruling handed down in a Marion, III., bank case that paralléls the case of the First National Bank receiver against the city of Woodward. The Puling held that national banks have no authority to pledge securities to guarantee deposits of public funds. If Judge Edgar S. Vaught adheres to the finding of the superior court in deciding the Woodward case he now in his hands for examination and decision, the city of Woodward will be prevented from obtaining $145,000 which it had on deposit in the First National Bank filed as a preferred claim. The suit now pending in the state supreme court was filed by Receiver Sidney W. Haynes to put the city's deposit of $145,000 into the bank asfor benefit of the depositors. Ruling in the Marion case was awaited with interest throughout the nation because of a wide-spread practice of public officials when depositing public funds to have securities held by the bank set aside to guarantee deposits.

12. February 20, 1934 The Alva Review-Courier Alva, OK

Article Text

WOODWARD BANK VERDICT Treasurers Gain New Hope Monday decision in favor of the city of Woodward by Judge Edgar Vaught in federal court Monday heartened city, county and school district treasurers here today Judge Vaught Monday upheld the right of bank pledge its assets against municipal deposits, ruling that receivers for the First Nationbank Woodward could not cover approximately $160,000 curities as surety against put up Woodward city deposits. Thousands Involved The decision was returned in two In first Sidney cases. Haynes, receiver for the bank which failed in January, 1932. sought return in securities which originally had been placed surewith the United States Fidelity and Guaranty company and later Woodward city offiturned over to cials. In the second case, Haynes sought United States bonds and $28,000 Woodward Liberty municipal bonds, pledged against the city's deposit Decision in October Inasmuch as this is the first ruling of this nature since the court denied the right of an Illinois national bank to pledge local treasurers garded the ruling significant. They believe that the ruling by Judge Vaught gives an indication the attitude the circuit court appeals will have when considers the appeals from the rulJudge Vaught in the First ing of National bank receiver suit here. expected next Octodecision is ber.

13. May 26, 1934 Woodward Daily Press Woodward, OK

Article Text

COMPROMISE ON TWO BANK CASES Receiver Given $4,200; City Gets Securities Totaling $120,000 Two cases of the receiver of the First National Bank against the City of Woodward were completed Friday with a compromise settlement. In the first, in which the U. S. Fidelity and Guarantee company was plaintiff, the amounting to $4,200. In the second case, Sidney If Haynes, receiver, VS the City of Woodward, the receiver surrendered to the city securities amounting to $120,000. The settlement was made on the agreement that the cases would not be appealed. Supreme court formerly had held for the city in both cases.