First State Bank (Wagoner, OK)

Episode Information

Episode UID
86011771476
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8601177 routing
Routing Number
86-0117
Start Date
December 21, 1922
Location
Wagoner, Oklahoma (35.960, -95.369)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
72d5ddcae4d0bcab

Response Measures

None

Description

Suspension on Dec 21, 1922 led to permanent failure; bonding companies' refusal to renew insurance cited as precipitating factor.

Events (2)
1. December 21, 1922 Suspension
Cause Details
Bonding companies refused to renew insurance on public (city and county) funds deposited in the bank.
Newspaper Excerpt
a notice was posted on the entrance of the First State bank this morning announcing the affairs of the institution were in the hands of the state bank commissioner... the bank's suspension was precipitated by bonding companies refusing to renew their insurance on city and county funds on deposit in the bank.
Source
newspapers
2. May 20, 1926 Receivership
Newspaper Excerpt
Jeo H. Ford cheered several hundred depositors of the defunct First State bank today when he began paying a 15 per cent dividend out of the bank's resources, the first declared since the failure of the institution, Dec. 21, 1922.
Source
newspapers

Newspaper Articles (2)
1. December 22, 1922 The Morning Tulsa Daily World Tulsa, OK
Article from The Morning Tulsa Daily World, December 22, 1922

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Article Text

EXAMINER IN CHARGE First State Bank at Wagoner Had Over $24,000 on Hand, According to Figures September 15. By the Associated Press State Wire. WAGONER, Dec. 21.-A notice was posted on the entrance of the First State bank this morning announcing the affairs of the institution were in the hands of the state bank commissioner. President E. F. Case who purchased a controlling interest in the bank last fall said he would have a statement to announce as soon as a state bank examiner arrived. Case came to Wagoner a year ago from Wilson where he was connected with a bank. Later President Case Issued a statement saying that the bank's suspension was precipitated by bonding companies refusing to renew their insurance on city and county funds on deposit in the bank. OKLAHOMA CITY, Dec. 21.-Roy Walcott, state bank commissioner, and today when informed that the First State bank at Wagoner had been closed, that he had received no official notification of the action. He said an examiner would not be sent to Wagoner until he was thus advised. The capitalization of the bank is $50,000 and the deposits $241,208.88, according to the commissioner who quoted figures of September 15, the latest available.

2. May 27, 1926 Coweta Times-Star Coweta, OK
Article from Coweta Times-Star, May 27, 1926

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Article Text

DEFUNCT BANK IN INITIAL PAYMENT Wagoner, May 20.-Jeo H. Ford cheered several hundred depositors of the defunct First State bank today when he began paying a 15 per cent dividend out of the bank's resources, the first declared since the failure of the institution, Dec. 21, 1922. The bank suspended with approximately $250,000 deposits. It carried approximately $1000,000 of public funds which were secured. Payment of a dividend has been held up as a result of the suit of bonding companies that have asked the courts to decide if the bonding companies are permitted to share in the payments of defunct banks. Ford IS protecting the claims of bonding compaies in this instance by reserving 15 per cent of the bank's available fuds to be appyied to the bonding companies' claims in the event courts uphold their contentions. The bonding companies paid $68,000 on the public funds. The rest is secured by collateral the bank personally provided.