Nowata National Bank (Nowata, OK)

View Charter #6367 on SPMC View balance sheet

Episode Information

Episode UID
636701490
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
63670 national
Charter Number
6367
Start Date
February 19, 1924
Location
Nowata, Oklahoma (36.701, -95.638)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3eb9198e05e927b4

Response Measures

None

Receivership Details

Depositor recovery rate
46.6%
Date receivership started
1924-02-19
Date receivership terminated
1930-09-18
OCC cause of failure
Economic conditions
Share of assets assessed as good
44.8%
Share of assets assessed as doubtful
37.3%
Share of assets assessed as worthless
18.0%

Events (4)
1. August 5, 1902 Chartered
Source
historical_nic
2. February 19, 1924 Receivership
Source
historical_nic
3. February 19, 1924 Receivership
Newspaper Excerpt
The Nowata National Bank ... received a telegram from the comptroller of the currency ... Clyde King has been named receiver for the bank.
Source
newspapers
4. February 19, 1924 Suspension
Cause
Government Action
Cause Details
Comptroller of the Currency appointed a receiver after the bank closed its doors; bank placed in receivership by federal authorities.
Newspaper Excerpt
Clyde King today appointed receiver for Nowata National Bank.
Source
newspapers

Newspaper Articles (11)
1. February 18, 1924 Nowata Daily Star Nowata, OK
Article from Nowata Daily Star, February 18, 1924

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Article Text

BANK RECEIVER TO BE NAMED SOON Although it was confidently expected that a receiver for the Nowata National bank would be named today, the bank officials had received no word of the appointment at 4 o'clock this afternoon. Messrs. Peterson and Sutton, the examiners in charge of the bank, finished their work of checking up the condition of the bank several days ago and have been patiently awaiting the arrival of the receiver in order that they might turn the affairs of the bank over to him and look after their work in other cities.

2. February 19, 1924 Nowata Daily Star Nowata, OK
Article from Nowata Daily Star, February 19, 1924

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Article Text

KING TO BE NAMED BANK RECEIVER The Nowata National Bank at 4 o'clock this afternoon received a telegram from the comptroller of the currency at Washington advising that Clyde King had been named receiver for the bank. Clyde King, of this city, will be named as receiver for the Nowata National Bank. This information was received in telegrams received today by E. E. Sams from Senator J. W. Harreld and Congressman E. B. Howard. The telegram from Senator Harreld read "Clyde King will be appointed receiver for the Nowata National Bank", while the one from Congressman Howard read "Clyde King today appointed receiver for Nowata National Bank." While the bank had received no official confirmation of the appointment at 3:30 o'clock this afternoon, there is little doubt but that Mr. King will be named to this important position. The appointment of the Nowata man will be welcome news not only to the depositors and directors of the bank, but to the people of Nowata county in general. By having a man acquainted with local conditions on the job, it is believed that better results will be obtained in winding up the affairs of the institution. Clyde King has the confidence of the people of Nowata county and in the handling of the affairs of the bank he will see that everyone gets a square deal. Taloga—The Halren Produce company, large produce house in western Oklahoma, has opened a receiving station at Taloga.

3. February 22, 1924 Tulsa World Tulsa, OK
Article from Tulsa World, February 22, 1924

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Article Text

KING NOWATA BANK RECEIVER Former Oil Company Manager Takes Over Defunct Institution. Special to The World. NOWATA, Feb. 21.—Clyde A. King of this city, former vice president and manager of the Alluwe Oil company, has been named receiver for the Nowata National bank, which recently closed its doors. The affairs of the bank have been turned over to Mr. King by F. R. Peterson, the national bank examiner, who has been in charge. According to those who are in a position to know, this is the first instance in which the comptroller of the currency has appointed a local man to a position of this kind.

4. February 24, 1924 Tulsa World Tulsa, OK
Article from Tulsa World, February 24, 1924

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Article Text

TO INSPECT RECORDS Office Will Be Closed Until Complete Audit Is Made by Examiner Special to The World. NOWATA, Feb. 23.—J. S. Rutherford, county treasurer, has tendered his resignation to the board of county commissioners, and L. T. Kinkead has been appointed to fill out the unexpired term. The resignation of Mr. Rutherford was tendered when the bonding company on his official bond asked to be relieved as his surety. The action of the bonding company came as the result of being forced to pay $9,770.09 to the county to cover the loss sustained on county deposits in the Bank of Wann, which closed its doors several months ago. These funds were not protected by bond. Following on the heels of the Wann bank failure, there was on deposit in the Nowata National bank, which closed its doors last week $2,200 of the county's funds. These funds were also unprotected and it is probable that the bonding company will be compelled to pay this amount to the county. The office of the county treasurer is closed pending the arrival of an auditor from the state examiner and inspector's office.

5. February 24, 1924 Tulsa World Tulsa, OK
Article from Tulsa World, February 24, 1924

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Article Text

Bank Receiver Named. Special to The World. NOWATA, Feb. 23.—Clyde King of this city, has been appointed receiver for the Nowata National bank, which recently closed its doors, according to word received from the comptroller of the currency at Washington. The appointment seems quite agreeable to the depositors and officials of the bank, who feel that a square deal in handling the affairs of the bank is assured to every one.

6. February 26, 1924 The Enid Daily Eagle Enid, OK
Article from The Enid Daily Eagle, February 26, 1924

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Article Text

Named Bank Receiver. Nowata, Okla., Feb. 26.—Clyde King, of this city, has been appointed receiver for the Nowata National bank, which recently closed its doors, according to word received from the comptroller of the currency at Washington. The appointment seems

7. March 23, 1924 Nowata Daily Star Nowata, OK
Article from Nowata Daily Star, March 23, 1924

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Article Text

RECEIVER CANNOT ISSUE STATEMENT Almost every day the Star is asked the question by depositors of the Nowata National Bank and the public generally as to when a statement concerning the condition of the bank might be expected. In a conversation Saturday with Clyde King, receiver of the bank, it was stated that the affairs of the institution are now in the hands of the Comptroller of the Currency, who issues all orders regarding the conducting of the receivership. The former officers of the bank are no longer connected with the institution and have no authority to issue a statement, as the receiver is the representative of the treasury department and is in complete charge. The department positively forbids the receiver making any kind of a statement as to the present status or the ultimate outcome of the institution. In the handbook of instructions to national bank receivers, the following is found in Chapter II and pertains to information concerning the institution: Information. "Receivers should under no circumstances give out information concerning their trusts. The receiver should state that it is a rule of the department that no information should be divulged by receivers. Secrecy must be maintained, as it is possible to work great injury to the trust by giving out information which may subsequently prove erroneous and which may result in serious loss to the trust by giving outsiders opportunity to interfere with the receiver's plans of liquidation. Courtesy and tact should be used in all cases, especially in dealing with those who were formerly customers of the bank, and are necessarily much disturbed over the failure. "Subsequently, if requests are made for data, they should be referred to the department for proper attention. Special care should be exercised by the receiver not to express an opinion as to what percentage the creditors of his trust will receive or when they will receive it, as this information would tend to encourage speculation in claims against the receivership and would be a ground of criticism if the trust did not pay as large a percentage as was anticipated or as soon as estimated. It is advisable to give this explanation in refusing requests for information." In giving the Star this information, Mr. King also made the statement that if any of the former customers of the bank desired any information to which they are legitimately entitled, they could obtain same in a direct and authoritative manner by taking the question up directly with the receiver and not relying on street rumors or gossip. This paper believes that those who have had occasion to deal with Mr. King in his capacity as receiver, or who have had dealings with him in other lines of business, recognize his fairness and reasonableness on all matters. Mr. King is a man whom anyone can talk to and we feel sure than anyone desiring first hand information on any subject regarding the bank can receive definite information by going to him direct and talking the matter over with him. Wewoka.—Wewoka is to have a golf and country club. Business men here are perfecting plans of organization and making tentative negotiations for several possible sites.

8. October 3, 1925 The Daily Oklahoman Oklahoma City, OK
Article from The Daily Oklahoman, October 3, 1925

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Article Text

Bank Receiver Gets $30,000 Collected quarterly report of John H. Dykes, receiver of the Nowata National bank, to the comptroller of the forwarded currency shows that in the past three the receiver has collected months more than was collected the nine months. The bank previous closed Feb. 1924.

9. January 1, 1926 Nowata Daily Star Nowata, OK
Article from Nowata Daily Star, January 1, 1926

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Article Text

DYKES IS RECEIVER OF SAPULPA BANK John H. Dykes, receiver of the Farmers National Bank of this city, First National Bank of Lenapah, Okla., and the Nowata National Bank of Nowata, Okla., last night received telegraphic advice from the comptroller of the currency in Washington that he has been commissioned receiver of the First National Bank of Sapulpa, Okla., to succeed the present receiver, Frank Wasson, resigned. The Sapulpa institution was closed in July, 1923, was a one and one-half million dollar concern, and has paid total dividends of 20 per cent to date. The first of this week Mr. Dykes began paying off to the depositors of the Farmers National Bank in this city a dividend of 10 per cent, bringing the total paid to date up to 100 per cent. The bank suspended in March, 1924. Mr. Dykes says he hopes to be able to realize sufficient from the remaining assets to pay the depositors 6 per cent interest on their money from the time they were out it. This is the only national bank receivership in the Tenth Federal Reserve district which has ever paid out 100 cents on the dollar. With the goal Dykes has set for himself he bids fair to beat the best record for the whole United States in the matter of paying out insolvent national banks. E. L. Burton and Carl V. Rice are local attorneys for the receiver here. With added duties making a total of four banks now on his hands, and with a stretch of territory 150 miles long to cover each week, Mr. Dykes' duties will assume more of the executive and directional part of the administration of all these banks' affairs, each bank being in charge of an assistant. James H. Smith, a Parsons young man who was employed in the Farmers National Bank here at its suspension, is Mr. Dykes' chief assistant covering all banks in charge of all detail work and the books. "Jimmie" Smith, although 19 years of age, has become an expert in his line and his services are frequently sought by new receivers to install and set up receivers' books. Dykes and Smith left this morning for Sapulpa to take charge.—Parsons, Kan., Republican. Another trouble with the world is that too many people are worrying over their lack of dollars and not enough are worrying over their lack of sense.

10. October 19, 1926 Tulsa World Tulsa, OK
Article from Tulsa World, October 19, 1926

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Article Text

AWAITS DEPOSITORS Five Thousand Fall to Call for Funds in Nowata Bank. NOWATA. Oct. 18 list of approximately five thousand depositors in the defunt Nowata Na. tional bank have yet filed claims for their dividends, has posted in the bank's windows. The list shows deposits ranging from cent to $882.55. The bank has paid 35 per cent in dividends and unless claims are filed the will be sent the comptroller of the treasury and turned back into the United States treasury.

11. January 27, 1927 The Collinsville News Collinsville, OK
Article from The Collinsville News, January 27, 1927

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Article Text

RECEIVER OPENS FIRST NATIONAL CONSOLIDATED WITH OTHER INSOLVENT BANKS DYKES IS IN CHARGE Liquidated Parsons, Kan., Bank 100 Per Cent Plus 6 Per Cent Interest There has been considerable quandary since the closing of the First National Bank concerning its re-opening The bank is now open under the direction of John H. Dykes, the receiver, who with his assistants consisting of J. H. Smith, L. E. Bredine, E. F. Bollinger and Miss Kathryn Klotzbach, will endeavor to liquidate the bank in speedy manner and make as little loss to the depositors as possible. Mr. Dykes is also ceiver for the Nowata National Bank, the First National Bank of Sapulpa, and the First National Bank of Barnsdall. He is national bank receiver by profession. This is the sixth insolvent national bank that he has liquidated, the first bank being the Farmers National bank at Parsons, Kansas, which he liquidated 100 per cent to the creditors plus 6 per cent interest on their money. Mr. Dykes will make his headquarters in Collinsville and handle all the banks from this point. The Comptroller of Currency in the interest of economy consolidates failed banks under one receiver as in this instance,, and the receiver is paid a flat salary per year to handle as many as he can. Mr. Dykes states that the creditors of the First National are fortunate in this respect as his salary is just the same now with four banks as it was with three before he was placto ed in charge of the local institution. All debtors are urged to call for an interview with Mr. Dykes at once. Those having property left in safekeeping should call for the same immediately as the receiver will not be responsible for it. All depositors may call at the bank and obtain their cancelled checks and statements and prove up their claims. Mr. Dykes appears to be very congenial person but under the condition it makes it necessary for him to be a bit "hard boiled" if the case necessitates. He has the power of both federal and state courts to enforce the collection of debts due the bank. He appears to want to be fair with those having notes with the bank and would like to have them call and Total make arrangements to take care of their paper at once. The News gets the impression that he expects to be fair with those who wish to be fair Deposits with the bank. pledge Collinsville is getting the reputation of having the coolest headed people possible. They have not beDeposits come excited about the losing of any of the industries and there was no great excitement apparent when the last calamity hit the town, although some of the business firms have been compelled to postpone payments to their wholesale houses on this ac849.10 count. However, that is the only thing they could do for any demonTotal strations of violence to any one would not get their money for them any sooner. ter is good as well as vocalist, having played saxaphone and bass in the local bands while merely boy. In fact he started in the boys band organized by the News editor the year the war took all the older band men into the service and boys were all that were left to make up a band. This band was very popular at the Confederate Veterans reunion held at Tulsa that year, and at which time Collinsville was well advertised by her bands. The News is surely glad to see these young musicians making good at their work It only proves that many of our young people at the present time are wasting opportunity by not taking up something useful in their spare time.