Bixby State Bank (Bixby, OK)

Episode Information

Episode UID
86060771488
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8606077 routing
Routing Number
86-0607
Start Date
December 7, 1923
Location
Bixby, Oklahoma (35.942, -95.883)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c6accf0b40d2d547

Response Measures

None

Description

Bank closed after run and later placed in liquidation (liquidating agent active by 1925).

Events (3)
1. December 7, 1923 Run
Cause
Local Shock
Cause Details
Large withdrawals following one or two big depositors and many frozen loans to farmers hurt by poor crops and low prices.
Measures
Bank closed doors; officers contacted state bank commissioners; examiner took charge.
Newspaper Excerpt
was forced to close its doors
Source
newspapers
2. December 7, 1923 Suspension
Cause
Local Shock
Cause Details
Suspension followed heavy withdrawals (~$50,000) and cash embarrassment tied to farm loans and unfavorable crop/price conditions.
Newspaper Excerpt
the Bixby State Bank had suspended payment and closed its doors
Source
newspapers
3. January 2, 1925 Receivership
Newspaper Excerpt
subject to the approval of O. B. Mothersead Bank Commissioner and G. A. Brown Liquidating agent for the defunct Bixby State Bank
Source
newspapers

Newspaper Articles (4)
1. December 11, 1923 Tulsa World Tulsa, OK
Article from Tulsa World, December 11, 1923

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Article Text

EXAMINER THINKS BANK CAN RESUME Bixby Institution Found in Condition for Reorganization Prospects are excellent for the reorganization of the Bixby State bank, according to R. A. Patton, state bank examiner, who Monday took charge of the affairs of the institution which Saturday morning, in the face of a run, was forced to close its doors. Mr. Patton said late Monday that he had not yet gone far enough into the bank's affairs to determine its exact condition, but said that friends of the institution were rallying to its support and that the outlook was bright. Mr. Patton expressed the belief that "frozen" loans were responsible for the temporary embarrassment of the bank. "When there is a run on a little bank," he said, "there is only one thing to do—and that is to close the doors. The citizens of Bixby now are taking a philosophical view of the situation and we are in hopes that within the next few days we will be able to announce plans for reopening." The general belief was expressed Monday that the bank found itself embarrassed for cash because of a number of loans to farmers who could not promptly meet their obligations because of the unfavorable crop and price conditions the last two years. Officers and directors of the bank

2. December 14, 1923 Bixby Bulletin Bixby, OK
Article from Bixby Bulletin, December 14, 1923

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Article Text

First National In Good Shape The First National Bank, Bixby's remaining financial institution, is declared by its officials to be in extraordinary good condition in spite of lending all the aid possible to its neighbor the Bixby State Bank during the run of last Thursday and Friday, which resulted in the Bixby State closing. The officials of the First National prepared for large withdrawals Saturday of their depositors and let it be known that they were ready to pay off any and all who wished to withdraw deposits. Large stocks of currency were piled up in the cashiers cage in plain view of every one, all of which seemed to have the desired effect since but few deposits were withdrawn. R. H. Hughes vice president, purchased the First National stock of Ed Baker, and again assumes an active interest in the affairs of the institution There would seem to be no cause for anxiety concerning our remaining bank, since the board are all wealthy men. whose personal assets aggregate nearly half a million dollars. However president S. W. Brown and vice-president Hughes were emphatic in their declarations that they were ready to pay off any depositors who wanted to withdraw, at a moments notice.

3. December 14, 1923 Bixby Bulletin Bixby, OK
Article from Bixby Bulletin, December 14, 1923

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Article Text

Bixby State Bank Closed; To Reopen? Bixby gasped last Friday evening when the news was broadcast that the Bixby State Bank had suspended payment and closed its doors. The news came as a distinct shock to the whole community, which had seen this institution go through the period of financial stringency of two and three years ago, and emerge seemingly unhurt. However it seems that one or two large depositors had withdrawn accounts last week which becoming known caused the withdrawal of about $50,000 during last Thursday and Friday, and causing the bank to suspend payment about 4 o'clock Friday afternoon. The board of directors immediately got in touch with the state bank commissioners office, and were ordered to lock the doors pending the arrival of an examiner. On Monday R. A. Patton of Claremore took charge for the commissioners office and has since been going over the affairs of the bank with a view to reopening the institution. The chances are very favorable for this to be done, according to examiner Patton, as new capital is to be interested, and an entire reorganization attempted. Should these plans fail the institution is expected to be able to pay off depositors almost the full amount of the deposits, the examiner further said. The deposits were about $76,000 at the time of closing. D. D. Wamsley is president, Ed Baker, vice president and W. J. Cross cashier of the closed bank.

4. January 2, 1925 Bixby Bulletin Bixby, OK
Article from Bixby Bulletin, January 2, 1925

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Article Text

For Sale I hereby offer the following property for sale and will accept private bids on same subject to the approval of O. B. Mothersead Bank Commissioner and G. A. Brown Liquidating agent for the defunct Bixby State Bank. Any bid that is accepted, bidder must make a deposit of lo per cent of his bid. One good 80 acre Arkansas river bottom farm, all in cultivation well improved, located on the paved Albert Pike Highway, 11 miles south east of Bixby, can give immediate possession. One 5 room house, good location, on lots 15-13-14 block 17 Midland addition to the town of Bixby. One stone store building, good corner location, located on lot 14, block 27, Midland addition to the town of Bixby. Leave bids at The Citizens Security Bank. G. A. Brown Liquidating Agent