First National Bank (Poteau, OK)

View Charter #7118 on SPMC View balance sheet

Episode Information

Episode UID
711801492
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
71180 national
Charter Number
7118
Start Date
April 24, 1924
Location
Poteau, Oklahoma (35.054, -94.624)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
42460cbeed6fe491

Response Measures

None

Receivership Details

Depositor recovery rate
18.6%
Date receivership started
1924-06-19
Date receivership terminated
1927-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
28.5%
Share of assets assessed as doubtful
26.7%
Share of assets assessed as worthless
44.8%

Description

Used published reports and the known receivership date (1924-06-19) to time the receivership.

Events (4)
1. February 1, 1904 Chartered
Source
historical_nic
2. April 24, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank embarrassed by slow paper (poor/illiquid assets) prompting examiner to be asked to take charge.
Newspaper Excerpt
At noon Tuesday, a notice was posted on the door that the bank was closed by the examiner at the request of the bank directors.
Source
newspapers
3. June 19, 1924 Receivership
Source
historical_nic
4. June 19, 1924 Receivership
Newspaper Excerpt
Mr. J. H. McMorrow has been appointed Receiver for the First National Bank of Poteau.
Source
newspapers

Newspaper Articles (11)
1. April 24, 1924 The LeFlore County Sun Poteau, OK
Article from The LeFlore County Sun, April 24, 1924

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Article Text

1ST NATIONAL CLOSES DOORS Oldest Bank in County Embarrassed by Slow Paper May Be Able to Resume by Effecting Reorganization. "Slow paper" is said to have made the outlook for the First National bank so gloomy that a bank examiner was asked to come here and take charge until the situation could be clarified. At noon Tuesday, a notice was posted on the door that the bank was closed by the examiner at the request of the bank directors. Suspension was taken in good spirit by the majority of depositors but it caused a depression all around. An effort will be made to reorganize, it is said, in which case the bank will be doing business as usual again. This is a time when rumors will fly and reports may well be taken with a grain of salt. The P. D. S. Garment Co. requests The Sun to nail a false rumor which has been going about the streets. Mr. Godbehere says while the company has some money on deposit, it is not enuf to affect their operation in any way whatever.

2. June 26, 1924 The Poteau News Poteau, OK
Article from The Poteau News, June 26, 1924

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Article Text

BANK RECEIVER IS APPOINTED Mr. J. H. McMorrow has been appointed Receiver for the First National Bank of Poteau. Mr. McMorrow arrived in town the first of this week and will take over its affairs some time the latter part of the week. Mr. McMorrow comes from Bartlesville where he has been prominent in business circles for a long time. He has a wide acquaintance over the state and is well qualified for this place. He is an agreeable gentleman and has made warm friends of every one he has met since arriving in town.

3. October 30, 1924 The Poteau News Poteau, OK
Article from The Poteau News, October 30, 1924

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Article Text

LAST CHANCE TO FILE CLAIM— First National Bank, Poteau, (Suspended) The following notice was sent out to known creditors. It is the final notice. Every person having a claim against this bank, should file same at once. Poteau, Okla., Oct. 15th, 1924. If you have a claim against the First National Bank of Poteau, (suspended) it will be necessary for you to file such claim with the Receiver for said Bank, on or before the 15th day of November, 1924, or your claim may not be allowed. Claims should be filed for balance in checking account, balance in savings account, Certificate of Deposit, Cashiers check, bank draft, services rendered or merchandise furnished. This is the last notice that will be sent out. It will be necessary for you to perfect your claim before the receiver, which can be done by calling at the bank at any time between the hours of 8 A. M., and 6 P. M., on any day except Sunday. THE FIRST NATIONAL BANK, (Suspended), J. H. McMorrow, Receiver. 1t.

4. October 30, 1924 The LeFlore County Sun Poteau, OK
Article from The LeFlore County Sun, October 30, 1924

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Article Text

LAST CHANCE TO FILE CLAIM, First National Bank, Poteau, Oklahoma—(Suspended.) The following notice was sent to known creditors. It is the final notice. Every person having a claim against this bank, should file same at once. "Poteau, Okla., Oct. 15, 1924 "If you have a claim against the First National Bank of Poteau (suspended) it will be necessary for you to file such claim with the Receiver for said bank, on or before the 15th day of November, 1924, or your claim may not be allowed. Claims should be filed for balance in checking account, balance in Savings account, Certificate of Deposit, Cashiers' check, Bank Draft and services rendered or merchandise furnished. "This is the last notice that will be sent out. It will be necessary for you to perfect your claim before the receiver, which can be done by calling at the bank at any time between the hours of 8 a. m. and 6 p. m. on any day except Sunday. "THE FIRST NATIONAL BANK, (Suspended.) "J. H. McMORROW, Receiver."

5. November 6, 1924 The LeFlore County Sun Poteau, OK
Article from The LeFlore County Sun, November 6, 1924

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Article Text

LAST CHANCE TO FILE CLAIM, First National Bank, Poteau, Oklahoma—(Suspended.) The following notice was sent to known creditors. It is the final notice. Every person having a claim against this bank, should file same at once. "Poteau, Okla., Oct. 15, 1924 "If you have a claim against the First National Bank of Poteau (suspended) it will be necessary for you to file such claim with the Receiver for said bank, on or before the 15th day of November, 1924, or your claim may not be allowed. Claims should be filed for balance in checking account, balance in Savings account, Certificate of Deposit, Cashiers' check, Bank Draft and services rendered or merchandise furnished. "This is the last notice that will be sent out. It will be necessary for you to perfect your claim before the receiver, which can be done by calling at the bank at any time between the hours of 8 a. m. and 6 p. m. on any day except Sunday. "THE FIRST NATIONAL BANK, (Suspended.) "J. H. McMORROW, Receiver."

6. November 13, 1924 The LeFlore County Sun Poteau, OK
Article from The LeFlore County Sun, November 13, 1924

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Article Text

LAST CHANCE TO FILE CLAIM First National Bank, Poteau, Oklahoma—(Suspended.) The following notice was sent to known creditors. It is the final notice. Every person having a claim against this bank, should file same at once. "Poteau, Okla., Oct. 15, 1924 "If you have a claim against the First National Bank of Poteau (suspended) it will be necessary for you to file such claim with the Receiver for said bank, on or before the 15th day of November, 1924, or your claim may not be allowed. Claims should be filed for balance in checking account, balance in Savings account, Certificate of Deposit, Cashiers' check, Bank Draft and services rendered or merchandise furnished. "This is the last notice that will be sent out. It will be necessary for you to perfect your claim before the receiver, which can be done by calling at the bank at any time between the hours of 8 a. m. and 6 p. m. on any day except Sunday. "THE FIRST NATIONAL BANK, (Suspended.) "J. H. McMORROW, Receiver."

7. February 23, 1925 The Daily Oklahoman Oklahoma City, OK
Article from The Daily Oklahoman, February 23, 1925

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Article Text

Poteau Gets New Bank Receiver ing Page has been appointed receiver of the First National bank, succeeding J. H. McMorrow who has been called to Bartlesville where his oil business demands his attention, there being in creased activity in oil, BUTLER-Two modern fireproof cotton gins will be constructed here.

8. May 14, 1925 The Poteau News Poteau, OK
Article from The Poteau News, May 14, 1925

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Article Text

FIRST NATIONAL PAYING OFF IS The defunct Frist National Bank ten per of Poteau began paying cent dividend last Tuesday, the dividend coming year and month the bank failed. after The bank has thousand dollars to pay off this time, and the payments will continue until this amount is paid out. The first day something like six thousand dollars was paid out to something like two hundred people. One thousand people will get dividends from this, the first payment. The bank had approximately two thousand depositors at the time went broke, representing every community within twenty miles of No tell positively one can how much will be paid to the depositors before the bank is finally wound up, that depending, we sume on the amount collected oweing the bank. Mr Page, the Receiver, says he has handled many banks in this condition but that he has never, in all of his experience come in contact with people equal to the people he has met while paying out this dividend. He says they are the most friendly, cheerful and helpful he ever saw, treating him more like people who had not lost any thing than people who had just suffered heavy loss. We regret to note that Mr. R. H. his Greenlee has been confined to room this week with sickness.

9. June 30, 1925 Muskogee Times-Democrat Muskogee, OK
Article from Muskogee Times-Democrat, June 30, 1925

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Article Text

BANK'S RECEIVER SUES BOND GROUP Suit was filed Monday in the United States court by Irving Page, receiver of the First National of Poteau against the United States Fidelity Guaranty company, of Baltimore, for $10,000 This sum is alleged to be due by reason of the bank's funds by S. Doyle, director and cashier, is under ten by the in the of The petition that Doyle's much more than the sum named in the bond.

10. November 26, 1925 The Poteau News Poteau, OK
Article from The Poteau News, November 26, 1925

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Article Text

Poteau Steam Laundry in and against of the plaintiff in all the defendants entered in said Court and action on the 13th day of May, 1925. for the sum of $2250.00. together with interest thereon at the rate of the ten per cent per annum from the 1st day of December, 1924, the further well as until paid, as sum of $200.00 attorney's fees. Third: To the payment of judgement lien in favor of the defendant, J. H. Morrow, Receiver of First National Bank of Poteau, Okla., a corporation, and against his co-defendants, Hattie Knapp and J. L. Knapp, her husband, entered in said court and action on the 13th day of May, 1925, for the sum of $500.00 with interest thereon at the rate of ten per cent per annum from the first day of November, 1924, until paid and the further sum of $50.00 attorney's fee. Said property to be sold without appraisement subject to all taxes due and unpaid. Given under my hand this 14th day of November, 1925. MONROE SELF, Sheriff. E. C. Stanard, Attorney for Plaintiff, Shawnee, Okla. Pub. Nov. 19-26. Dec. 3-10-17.

11. November 26, 1925 The Poteau News Poteau, OK
Article from The Poteau News, November 26, 1925

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Article Text

NOTICE OF SHERIFF'S SALE No. 5094. Notice is hereby given by virtue of an order of sale issued by the Court Clerk of LeFlore County, Oklahoma on the 14th day of November, 1925, and to me directed and delivered as the Sheriff of said county in an action pending in the District Court of said County wherein W. W. Meeker is plaintiff and Hattie Knapp and J. L. Knapp, her husband, Conservative Loan Company, Conservative Loan poration, Trust Company, a corporation, Fluke and C. M. Cade, Receivers, George Parker, the First National Bank of Poteau, a corporation, H. Morrow, Receiver of the First National Bank of Poteau, are defendants, will at the hour of two o'clock P. M., on the 22nd day of December, 1925, at the front door of the Court House in the City of Poteau, LeFlore County, Oklahoma, offer for sale and sell at public auction to the highest bidder for cash in hand the following described real estate premises which are charged with the payment of the hereinafter described debts and cost, to-wit: The West Half of the Northwest Quarter of Section Township 6, North of Range 25 E. M., in LeFlore County, Oklahoma. and will apply the proceeds arising therefrom as follows: First: To the payment of the cost of said action and sale. Second: To the payment of judgment and decree of foreclosure