First National Bank (Beggs, OK)

View Charter #6868 on SPMC View balance sheet

Episode Information

Episode UID
686801579
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
68680 national
Charter Number
6868
Start Date
July 1, 1931*
Location
Beggs, Oklahoma (35.743, -96.070)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9183028ab78768f1

Response Measures

None

Receivership Details

Depositor recovery rate
62.7%
Date receivership started
1931-07-09
Date receivership terminated
1936-12-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
49.2%
Share of assets assessed as doubtful
40.5%
Share of assets assessed as worthless
10.3%

Events (4)
1. July 6, 1903 Chartered
Source
historical_nic
2. July 1, 1931* Suspension
Cause Details
The bank failed in July 1931; specific trigger not mentioned in the articles.
Newspaper Excerpt
director and in the bank when it failed in July of this year
Source
newspapers
3. July 9, 1931 Receivership
Source
historical_nic
4. July 9, 1931 Receivership
Newspaper Excerpt
J. G. Hughes, receiver for the defunct First National bank of Beggs
Source
newspapers

Newspaper Articles (2)
1. December 31, 1931 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK

Article Text

FORMER BANK DIRECTOR IS SUED BY RECEIVER J. G. Hughes, receiver for the defunct First National bank of Beggs yesterday filed suit in United States district court here for $500 judg ment against R. M. Clark, also of Beggs and director and in the bank when it failed in July of this year. The action is brought under a federal law that stockholders are liable to the amount of their investment in capital stock in event the receiver finds suitable deficit when he attempts to liquidate assets. Clark is alleged to have owned $500 of capital stock in the bank The receiver's petition sets forth that he found It necessary to assess the bank's directors and stockholders $25,000 to partially cover a deficit of $40,000 and that Clark has refused to join others in meeting the de

2. February 22, 1933 Muskogee Times-Democrat Muskogee, OK

Article Text

SUIT TO COLLECT $350 FILE DBY BANK RECEIVER suit to recover $350 on note against Crenshaw Okfuskee county by Hughes receiver for the First National bank Beggs, in federal court this morn- Hughes alleges that Crenshaw executed promissory note for $223 As security listed number of farm animals and equipment Interest and costs have the amount to $350. is claimed. It also contended Crenshaw violated the terms of the mortgage. hav. Ing sold one animal listed security and having failed to report the deaths others.