First State Bank (Carmen, OK)

Episode Information

Episode UID
86041871485
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
8604187 routing
Routing Number
86-0418
Start Date
September 18, 1923
Location
Carmen, Oklahoma (36.579, -98.462)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b393bcd9efaddebe

Response Measures

None

Description

State banking department took charge and reorganization was planned; reopening not confirmed in these articles.

Events (4)
1. September 18, 1923 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors steadily withdrew funds over ~40 days after rumors circulated that the bank was unsafe; rumor said to be maliciously started
Measures
Paid out cash until exhausted; notified bank commissioner; bank closed doors when cash exhausted
Newspaper Excerpt
a check of a depositor was unpaid for want of cash which had been exhausted by a run on the bank during the last forty days
Source
newspapers
2. September 18, 1923 Suspension
Cause
Government Action
Cause Details
Bank closed and the state banking department was called to take charge after cash was exhausted by withdrawals
Newspaper Excerpt
Between three and four o'clock Tuesday afternoon the First State Bank of Carmen closed its doors and called for the state banking department to take charge of its affairs
Source
newspapers
3. September 21, 1923 Other
Newspaper Excerpt
reorganization of the First State Bank was practically assured... stock subscriptions in excess of $12,000 and likely to reach $15,000; plans for opening the bank will be proposed
Source
newspapers
4. September 27, 1923 Other
Newspaper Excerpt
There will be a meeting of the depositors of the defunct First State Bank of Carmen Thursday evening, September the 27th, at 7:30 at the school auditorium. ... The object of the meeting is to perfect plans for the reorganization of the bank.
Source
newspapers

Newspaper Articles (6)
1. September 21, 1923 The Alfalfa County News Cherokee, OK
Article from The Alfalfa County News, September 21, 1923

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Article Text

STATE BANK AT CARMEN CLOSED—RUN OF DEPOSITORS Cash Was Exhausted Tuesday Afternoon—Paid $40,000 in 40 Days—May Be Reorganized. Between three and four o'clock Tuesday afternoon the First State Bank of Carmen closed its doors and called for the state banking department to take charge of its affairs. A check of a depositor was unpaid for want of cash which had been exhausted by a run on the bank during the last forty days. At the time of the closing of the bank there was approximately $100,000 on deposit. Business men and depositors in Carmen held a meeting Tuesday night and discussed the seriousness of the bank failure. Harry Dean, president of the bank stated that he thought he had enough cash on hand to handle the requirements of normal business and had no intimation of any more serious demand for money than he has been experiencing in the past several weeks. He announced that when the cash was exhausted there was nothing left for him to do but to close his doors. "On August 3 when the bank examiner visited Carmen our bank was in first class shape," said Dean. "We had about $140,000 on deposit and cash and sight exchange amounting to about $24,000. We didn't owe a cent for borrowed money. Of course we had some bad loans—but no worse than other banks. And we thought we were in good shape to take care of the business. Since then our deposits have dropped to close to $100,000, just a steady pulling out of deposits and nothing being put back in. Efforts to collect our loans could not cover the demands of depositors. One check for $1,100 was presented for payment Tuesday morning and I learned from the depositor that he had been told the bank was unsafe. Then I knew we were in for a run. "I called the bank commissioner and he advised me to close the doors if my fears were confirmed. It seemed that the rumor was very quietly circulated so not to start a general run and I kept thinking each check would be the last. "There isn't anything crooked in the bank and I haven't got a cent of the depositors money," Mr. Dean continued. "We have been square in all dealings and the records will show us blameless. I am not apologizing for the failure—it's not my fault. No bank in the country could have stood forty days of paying out at the rate of a thousand dollars a day without receiving new deposits or collecting loans. It would bust any of them." Several business men and representatives of the Carmen National Bank spoke in words of confidence in the integrity and honesty of Mr. Dean and placed the blame for the failure of the bank upon misguided depositors who became unduly alarmed by rumors probably started with malicious intent. A warning was given that such damaging rumors concerning the solvency of a bank were serious violations of law. Mr. Patton of the state banking department arrived Wednesday and took charge of the bank. It is announced that a re-organization of the bank may be effected in which the depositors will suffer slight losses if any at all. Officers of the failed bank are: Harry Dean, President; Ed Solf, Vice-President; Carl J. Campbell, Cashier; Mrs. Bess W. Lewis, Assistant Cashier.

2. September 21, 1923 The Headlight Carmen, OK
Article from The Headlight, September 21, 1923

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Article Text

FIRST STATE BANK IS CLOSED BY WITHDRAWALS OF CASH Cash Was Exhausted Tuesday Afternoon—Paid $40,000 in 40 Days—May Be Reorganized. Between three and four o'clock Tuesday afternoon the First State Bank of Carmen closed its doors and called for the state banking department to take charge of its affairs. A check of a depositor was unpaid for want of cash which had been exhausted by a run on the bank during the last forty days. At the time of the closing of the bank there was approximately $100,000 on deposit. Business men and depositors in Carmen held a meeting Tuesday night and discussed the seriousness of the bank failure. Harry Dean, president of the bank stated that he thought he had enough cash on hand to handle the requirements of normal business and had no intimation of any more serious demand for money than he has been experiencing in the past several weeks. He announced that when the cash was exhausted there was nothing left for him to do but to close his doors. "On August 3 when the bank examiner visited Carmen our bank was in first class shape," said Dean. "We had about $140,000 on deposit and cash and sight exchange amounting to about $24,000. We didn't owe a cent for borrowed money. Of course we had some bad loans—but no worse than other banks. And we thought we were in good shape to take care of the business. Since then our deposits have dropped to close to $100,000, just a steady pulling out of deposits and nothing being put back in. Efforts to collect our loans could not cover the demands of depositors. One check for $1,100 was presented for payment Tuesday morning and I learned from the depositor that he had been told the bank was unsafe. Then I knew we were in for a run. "I called the bank commissioner and he advised me to close the doors if my fears were confirmed. It seemed that the rumor was very quietly circulated so not to start a general run and I kept thinking each check would be the last. "There isn't anything crooked in the bank and I haven't got a cent of the depositors money," Mr. Dean continued. "We have been square in all dealings and the records will show us blameless. I am not apologizing for the failure—it's not my fault. No bank in the country could have stood forty days of paying out at the rate of a thousand dollars a day without receiving new deposits or collecting loans. It would bust any of them." Several business men and representatives of the Carmen National Bank spoke in words of confidence in the integrity and honesty of Mr. Dean and placed the blame for the failure of the bank upon misguided depositors who became unduly alarmed by rumors probably started with malicious intent. A warning was given that such damaging rumors concerning the solvency of a bank were serious violations of law. Mr. Patton of the state banking department arrived Wednesday and took charge of the bank. It is announced that a re-organization of the bank may be effected in which the depositors will suffer slight losses if any at all. Officers of the failed bank are: Harry Dean, President; Ed Solf, Vice-President; Carl J. Campbell, Cashier; Mrs. Bess W. Lewis, Assistant Cashier.

3. September 21, 1923 The Headlight Carmen, OK
Article from The Headlight, September 21, 1923

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Article Text

NOTICE There will be a meeting of the depositors of the defunct First State Bank of Carmen Thursday evening, September the 27th, at 7:30 at the school auditorium. It is necesary that all depositors be present. The object of the meeting is to perfect plans for the reorganization of the bank. —By Order of Commissioner.

4. September 21, 1923 The Headlight Carmen, OK
Article from The Headlight, September 21, 1923

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Article Text

REORGANIZATION OF BANK IS PRACTICALLY CERTAIN Stock Subscriptions Near $15,000.00 Mark.—Depositors Called to Meet Thursday Night Just at the moment of closing the forms of The Headlight Friday evening, a telephone message was received from Harry Dean out in the country near town that he had received subscriptions in excess of $12,000 and the reorganization of the First State Bank was practically assured. Mr. R. A. Patton, commissioner in charge of the failed bank, when informed of the success of the stock solicitors, stated that it was quite likely that the remaining $3,000 stock would be subscribed before the close of the week which will be the first step in the reorganization. A meeting of the depositors of the bank is called by Mr. Patton for Thursday night, Sept. 27, at 7:30 at which plans for the opening of the bank will be proposed. It is important that all depositors be represented. Mr. Patton declares that the people of Carmen have shown a splendid spirit of co-operation in adjusting the affairs of the First State Bank and he believes that under the reorganization as worked out at the meeting of the depositors there will be little loss of individual deposits. In the reorganization, nothing will be accepted except notes with good security—all bad loans must be thrown out. The reorganized bank will start out with loans worth 100 cents on the dollar and will be backed by the resources of a large number of prominent businessmen and farmers. Among the depositors of the defunct bank are several lodges, the town funds, the township deposits, church accounts and the savings of school students. Some business firms had every cent of their money in the bank at the time of its closing. The reorganization of the bank is splendid news and is a testimonial of high regard for the president, Harry Dean, and the officers of the defunct institution whose misfortune is greater than that of the depositors and is due to bad luck without any contributing cause of negligence in the management of the bank.

5. September 25, 1923 Cherokee Messenger Cherokee, OK
Article from Cherokee Messenger, September 25, 1923

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Article Text

FIRST STATE BANK IS CLOSED BY WITHDRAWALS OF CASH Cash Was Exhausted Tuesday Afternoon—Paid $40,000 in 40 Days—May Be Reorganized. Carmen Headlight.— Between three and four o'clock Tuesday afternoon the First State Bank of Carmen closed its doors and called for the state banking department to take charge of its affairs. A check of a depositor was unpaid for want of cash which had been exhausted by a run on the bank during the last forty days. At the time of the closing of the bank there was approximately $100,000 on deposit. Business men and depositors in Carmen held a meeting Tuesday night and discussed the seriousness of the bank failure. Harry Dean, president of the bank stated that he thought he had enough cash on hand to handle the requirements of normal business and had no intimation of any more serious demand for money than he has been experiencing in the past several weeks. He announced that when the cash was exhausted there was nothing left for him to do but to close his doors. "On August 3 when the bank examiner visited Carmen our bank was in first class shape," said Dean. "We had about $140,000 on deposit and cash and sight exchange amounting to about $24,000. We didn't owe a cent for borrowed money. Of course we had some bad loans—but no worse than other banks. And we thought we were in good shape to take care of the business. Since then our deposits have dropped to close to $100,000, just a steady pulling out of deposits and nothing being put back in. Efforts to collect our loans could not cover the demands of depositors. One check for $1,100 was presented for payment Tuesday morning and I learned from the depositor that he had been told the bank was unsafe. Then I knew we were in for a run. "I called the bank commissioner and he advised me to close the doors if my fears were confirmed. It seemed that the rumor was very quietly circulated so as not to start a general run and I kept thinking each check would be the last. "There isn't anything crooked in the bank and I haven't got a cent of the depositors money," Mr. Dean continued. "We have been square in all dealings and the records will show us blameless. I am not apologizing for the failure—it's not my fault. No bank in the county could have stood forty days of paying out at the rate of a thousand dollars a day without receiving new deposits or collecting loans. It would bust any of them." Several business men and representatives of the Carmen National Bank spoke in words of confidence in the integrity and honesty of Mr. Dean and placed the blame for the failure of the bank upon misguided depositors who became unduly alarmed by rumors probably started with malicious intent. A warning was given that such damaging rumors concerning the solvency of a bank were serious violations of law. Mr. Patton of the state banking department arrived Wednesday and took charge of the bank. It is announced that a re-organization of the bank may be effected in which the depositors will suffer slight losses if any at all. Officers of the failed bank are: Harry Dean, president; Ed Solf, vice president; Carl J. Campbell, cashier; Mrs. Bess W. Lewis, assistant cashier.

6. September 28, 1923 The Alva Weekly Record Alva, OK
Article from The Alva Weekly Record, September 28, 1923

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Article Text

STATE BANK OF CARMEN CLOSED—RUN OF DEPOSITORS Cash Was Exhausted Tuesday Afternoon—Paid $40,000 in 40 Days—May Be Reorganized Between three and four o'clock Tuesday afternoon the First State Bank of Carmen closed its doors and called for the state banking department to take charge of its affairs. A check of a depositor was unpaid for want of cash which had been exhausted by a run on the bank during the last forty days. At the time of the closing of the bank there was approximately $100,000 on deposit. Business men and depositors in Carmen held a meeting Tuesday night and discussed the seriousness of the bank failure. Harry Dean, president of the bank, stated that he thought he had enough cash on hand to handle the requirements of normal business and had no intimation of any more serious demands for money than he has been experiencing in the past several weeks. He announced that when the cash was exhausted there was nothing left for him to do but to close his doors. "On August 3 when the bank examiner visited Carmen our bank was in first class shape," said Dean. "We had about $140,000 on deposit and cash sight exchange amounting to about $24,000. We didn't owe a cent for borrowed money. Of course we had some bond loans—but no worse than other banks. And we thought we were in good shape to take care of the business. Since then our deposits have dropped to close to $100,000, just a steady pulling out of deposits and nothing being put back in. Efforts to collect our loans could not cover the demands of depositors. One check for $1,100 was presented for payment Tuesday morning and I learned from the depositor that he had been told that the bank was unsafe. Then I knew we were in for a run. "I called the bank commissioner and he advised me to close the doors if my fears were confirmed. It seemed that the rumor was very quietly circulated so not to start a general run and I kept thinking each check would be the last." "There isn't anything crooked in the bank and I haven't got a cent of the depositors money," Mr. Dean continued. "We have been square in all dealings and the records will show us blameless. I am not apologizing for the failure—it's not my fault. No bank in the country could have stood forty days of paying out at the rate of a thousand dollars a day without receiving new deposits or collecting loans. It would bust any of them." Several business men and representatives of the Carmen National Bank spoke in words of confidence in the integrity and honesty of Mr. Dean and placed the blame for the failure of the bank upon misguided depositors who became unduly alarmed by rumors probably started with malicious intent. A warning was given that such damaging rumors concerning the solvency of a bank were serious violations of law. Mr. Patton of the state banking department arrived Wednesday and took charge of the bank. It is announced that a re-organization of the bank may be effected in which the depositors will suffer slight losses if any at all. Officers of the failed bank are: Harry Dean, President; Ed Solf, Vice-President; Carl J. Campbell, Cashier; Mrs. Bess W. Lewis, Assistant Cashier.—Carmen Headlight.