Fidelity State Bank (Cleveland, OK)

Episode Information

Episode UID
86093871550
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8609387 routing
Routing Number
86-0938
Start Date
February 14, 1929
Location
Cleveland, Oklahoma (36.310, -96.464)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b2c6d033b6a4201

Response Measures

None

Description

Closure placed the bank in custody of the state bank commissioner after heavy withdrawals and rumors; liquidation proceeds paid later.

Events (4)
1. February 14, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals following months of rumors that undermined confidence
Measures
Directors placed the institution in hands of state banking department to prevent general run; examiner took charge for check-up
Newspaper Excerpt
following heavy withdrawals of deposits on Thursday and Friday
Source
newspapers
2. February 15, 1929 Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in hands of the state bank commissioner following heavy withdrawals
Newspaper Excerpt
The Fidelity State Bank of Cleveland failed to open its doors for business last Saturday ... in the hands of the state bank commissioner
Source
newspapers
3. March 1, 1929 Other
Newspaper Excerpt
O. A. Gilbert of Cleveland, Okla., has been appointed by the State Bank Commissioner as liquidating agent of the Fidelity State Bank, Cleveland, Okla., which failed February 15.
Source
newspapers
4. November 27, 1933 Receivership
Newspaper Excerpt
pursuant order made and entered ... the 27th day November 1933 the Bank Commissioner ... will offer for sale ... the remaining assets of said State (Fidelity State Bank of Cleveland)
Source
newspapers

Newspaper Articles (4)
1. February 21, 1929 The Cleveland American Cleveland, OK
Article from The Cleveland American, February 21, 1929

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Article Text

FIDELITY STATE BANK CLOSED BY OFFICIAL Institution Fails to Open Doors Last Saturday: State Bank Examiner In Charge The Fidelity State Bank of Cleveland failed to open its doors for business last Saturday morning. Instead, brief announcement on the front door apprised the depositors and general public of the fact that the bank was closed and in the hands of the state bank commissioner. On Sunday, R. Caudle, state bank examiner. was in charge and had started complete check-up of the affairs of the institution, task that expected to finished today (Thursday). Just whether the examiner with make public statement the clusion of the examination canno: stated. The bank was closed by the G. Poplin, who, following heavy withdrawals of deposits on Thursday and Friday, reached the decision to place the institution in the hands of the state banking department and thus protect the remaining depositors by preventing general run on the bank. Rumors rife for the past severa, months had seriously undermined con fidence in the bank. Officers and stockholders of the bank are Martin. president: Gertrude Martin, vice president: G. Poplin, cashier, and Hawkins, stockholder and director. That frozen assets were to blame for the closing the bank. as stated in the daily press, was denied by Mr. Poplin in statement to an AmeriWednesday. Mr. Poplin intimated that he would issue formal statement of the matter within the next few days. City Funds Safe The bank was capitalized at $25.000 and at the time of closing had deposits of $225,000 and loans of $84, 000. Of the deposits, including funds of the city of Cleveland in the amount of approximately $54,000 are protected by bonds. Municipal road and Liberty bonds had been put up secure the city deposit. There approximately in cash in the vault at the time of closing. The First National Bank has been designated by the state bank commissioner the depository of the closed bank. and the funds of the Fidelity State have been carefully counted, checked and deposited in the First National. The Fidelity State had anproximately 700 depositors Appointment of the liquidating agent had not been definitely decided Wednesday. The bank organized in 1912 with Martir as president and Thatcher as cashier. the latter retiring from the bank in 1925. Original home of the institution was destroyed by fire in 1920, to be replaced few months later by the present handsome, foreproof structure

2. March 1, 1929 The Oklahoma Banker Oklahoma City, OK
Article from The Oklahoma Banker, March 1, 1929

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Article Text

THE OKLAHOMA BANKER for March, 1929 About Banks and Bankers The Security State Bank, Comanche, Okla., for their thrift campaign used the slogan, "Think, Have Money." Cecil E. Harrow has been elected to the Board of Directors of the Columbia National Bank, Kansas City, Mo. A. B. Elias, Vice President of the Southwestern Bell Telephone Company, has been elected a director of the MerchantsLaclede National Bank, St. Louis, Mo. O. L. Bane, Vice President, First National Bank, Waynoka, Okla., advises the contract has been let for extensive remodeling of the interior of the bank. J. A. Salmon, who has been receiver of the First National Bank, Idabel, Okla., for several years, has resigned and will accept a similar position at Bixby, Okla. O. A. Gilbert of Cleveland, Okla., has been appointed by the State Bank Commissioner as liquidating agent of the Fidelity State Bank, Cleveland, Okla., which failed February 15. At a meeting of the officials of the Oklahoma State Bank, Ada, Okla., it was announced that John J. Fleet and Frank Fleet had been included as Directors of that financial institution. Depositors of the defunct First State Bank, Wilburton, Okla., have received a one-sixth dividend. This brought the total to date up to 50 per cent. The sale of the assets of the defunct Nowata National Bank, Nowata, Okla., by John H. Dykes, receiver, to Walter Burden of Nowata, has been disapproved by the Comptroller of the Currency at Washington, D. C. At a meeting of the Board of Directors of the Checotah State Bank, Checotah, Okla., Norman Strahl was elected Assistant Cashier. Mr. Strahl has been connected with this bank for several years in the capacity of bookkeeper. O. W. Jackson, Cashier, and connected with the First National Bank of Houston, Texas, for some 20 years, has accepted a position with the Guardian Trust Company of that city as Active Vice President. He assumed his new duties March 1. Arthur O. Holliday of Faxon, Okla., has acquired an interest in the American National Bank, Walters, Okla., and has been elected Vice President. Mr. Holliday assumes an active position in the bank but does not assume a place heretofore held by any officials of the bank. Mr. Holliday is the founder and President of the Faxon State Bank and will continue his connection with this institution. J. E. Moore, President, Capitol State Bank, has been elected head of the South Oklahoma City Commercial Club. Hiram Boulware Catlett, pioneer citizen, banker and business man of Weleetka, Okla_ died at his home in that city. The First National Bank, Elk City, Okla., will move to its temporary quarters April 1, while iss building is under construction. The Comptroller of the Currency has authorized the distribution of checks for the 10 per cent dividend to be paid by the defunct First National Bank of Collinsville, Okla. The Caddo National Bank, Caddo, Okla., announces that in the future it will be consolidated with the Atoka State Bank, which has assumed its liabilities and acquired its assets. Depositors of the wrecked "National Bank of Commerce in Shawnee," Shawnee, Okla., which closed its doors in April, 1924, received their final dividend check for 8 per cent recently. At a meeting of the Board of Directors of the Commercial National Bank, Durant, Okla., H. G. Wright was elected Assistant Cashier to succeed Dan Mason, who is moving to Caddo, Okla., to become Cashier of the First State Bank, newly organized. Another honor roll bank is the Bank of McAlester. This bank opened two years ago in May and has paid two 10 per cent dividends in that time, and has surplus and undivided profits a little over $1,000 more than their capital. This showing came from the net earnings. The First State Bank. Woodville, Okla. has financed ten 4-H Club boys within a radius of two miles of the bank with purebred registered heifers. The boys are to have two years in which to pay for the calves and in return will grow "cash" crops and feed crops, The First National Bank. Sand Springs, Okla, has surrendered its national charter and has taken out a state charter under the name of the First State Bank, with capital of $25,000 and surplus of $2.500. O. L Stewart is President, Matt White. Active Vice President, and H. E. Stewart is Cashier, T. G. Hinton, who has been in Paden. Okla., as Cashier of the First National Bank, has moved to Prague, Okla., and purchased the interests of C. P. Ellis, Cashier, Prague National Bank, and has been elected President, succeeding Mr. C. C. Bush, Sr., who is retiring as President of the bank, but will remain as Chairman of the Board. Other officers of the bank are: George T. Jepson, Vice President: C. C. Bush, Jr, Cashier, and J. E, Douglas of Shawnee is the new director.

3. June 15, 1929 Harlow's Weekly Oklahoma City, OK
Article from Harlow's Weekly, June 15, 1929

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Article Text

NATIONAL Bankers About Ban NATIONAL MEETING TInstitute of convention of the American Banking was held at Tulsa this week, with enrolled delegates numbering more than 1,700, from all states of the Union. Eight special trains brought the visitors to Oklahoma The program included addresses and discussions of many topics relating to banking, by leading men in those departments. Harry H. Rogers, president of the Exchange National Bank of Tulsa, and C. C. Roberts, vice-president of the American-First Trust Company of Oklahoma City, were Oklahoma representatives on the program. The latter spoke on "Advantages and Hazards of Investment Trust Securities," or "How to Invest $100,000." Ex Senator T. P. Gore addressed the convention on Farm Relief. Many entertainments were provided for the visitors, including a trip through the Burbank oil fields, the Sinclair refinery, and a visit to Pawnee Bill's ranch, where they were tendered a buffalo barbecue. BANK SURVEY THE strong ently criticism which Senator W. B. made of the operations of the Federal Reserve system, has been denied by some Now it is announced that the Senator has employed Dr. Ray B. Westerfield, professor of political economy at Yale University, to investigate the condition of country banks in Oklahoma. The Senator expects to have this data at hand by the time Congress convenes in December. Mr. Pine believes that much of the farm distress is due to inequitable credits. Dr. Westerfield has been on the faculty of Yale since 1913, and is recognized as one of the most eminent economists in the United States. He served in 1924 and '25 as chief of the bureau of tistical methods of the Babson Service, and statistics of the Treasury Department. Roger W. Babson engaged him to revise the stahe has done research work for the National City Bank of New York. BANK CLOSED THE Bank of Commerce at Tonkawa failed to open for business on Thursday of last week. There had been something of a run on the bank the previous day, and fearing that conditions would become worse, the directors decided on closing. Their statement said: Because of depletion. of cash and sight exchange and because of anticipated withdrawals from said bank and the low price of farm products which are the principal securities we deem it advisable to close the Bank of Commerce and notify the Bank Commission as the best interest to our depositors. It was stated that the bank would pay off without loss to depositors, with necessary time given to collect its notes. It has been reported that the bank will be reorganized, but no definite announcement has been made as yet. FAILED BANKS PAY DIVIDEND of 25 percent has been anA nounced for depositors of the failed First National Bank of Bixby, which closed its doors February 18. The Fidelity State Bank of Cleveland which also failed in February, has just made a payment of 15 percent, and another payment is expected soon. The liquidating agent stated that the bank will pay a high percentage of its liabilities.

4. December 7, 1933 The Pawnee Courier-Dispatch Pawnee, OK

Article Text

NOTICE THE TO The unknown heirs, administrators, devisees, trustees immediate and remote, of Cumberland Comstock, deceased. You notified that you have sued District Court McCollom Ida M. McCollom for the pose quieting title and removing the from the title scribed in Pawnee Oklahoma, County, to-wit: Northwest The Southeast Quarter Quarter (SE) of the Southwest Quarter the Northeast Quarter Section Fourteen nee (20) County Range Township M. Twenty PawOklahoma, and land to Comstock, heirs of Cumberstock, petition that being alleged the 15th day of and only law the his nampersons, to-wit: Martha Comstock, widow, also known Martha Jane Comstock Willie M Huffman, daughter, James Benjamin Comstock, son, Fruzie Selvidge also known as Frusie Selvidge That the filed by plaintiffs day the the petition will taken true rendered (SEAL) NORA Court Clerk. MITCHELL and ORTON, Attorneys Plaintiffs (11-30-2t) In the District of Court of Pawnee County, State Oklahoma. In Matter Liquidation of the FIDELITY STATE Bank of Cleveland, Oklahoma, 7486 NOTICE OF OF OF THE STATE BANK, OF CLEVE. LAND, OKLAHOMA, NOTICE IS HEREBY GIVEN That pursuant order made and entered the District Court County, Oklahoma, the 27th day November 1933 the Bank Commissioner the State Oklahoma, will offer for sale and public auction, to the highest and best cash, and by said Court, the remaining assets of said State now the possession of Bank which assets are described, generally, Exhibit "A" Notes Exhibit Notes Exhibit Receipt for Notes Exhibit Overdrafts 220.73 Exhibit Other Real Estate 10.00 Exhibit JudgmentsStocks 16,848.46 Exhibit "G" Judgments on Notes 6,329.34 Exhibit "H" Furniture & Fixtures Exhibit Stocks Bonds sale will be held Clark's Office, town Cleveland, PawCounty, the 19th day which time and place any may bid on the assets to Bank right ject any and bids and and compromise settle any indebtedness represented before the sale is had. The Bank Commissioner does not guarantee the title to any the assets sold more definite sold office of the Court Clerk Pawnee in Oklahoma missioner. and the office of Clark, CleveDated this 27th day November 1933. Bank Attorney for Bank Commissioner. RULES FOR ADJUSTMENTS OF NRA CODE VIOLATIONS WASHINGTON Until completion regional compliance system, the 26 district managers of the Depart of Commerce will act as Dis Compliance Directors for receipt and adjustment, where possible, of complaints against employers operat ing under approved codes Instruc tions issued by National Recovery Ad ministrator Hugh S. Johnson, approv ed by Secretary of Commerce Daniel Roper, emphasized "the District Compliance Director must bear in mind that his function is to attain compliance by education, explanation, and adjustment. He is not an enforce nient officer in any sense of the word. All complaints must be treated confidentially. If the name of the complain ant is revealed, it may mean the loss of his job. Conversesly the mere revelation the fact that complaint has been filed against an employer may cause adverse public opinion which would be disastrous to that em ployer. District directors are instructed to exert every effort, through interviews correspondence, to effect satis factory adjustments. In certain cases under specific authority from NRA the complaints will be referred by district directors to the Code Authori or other designated agency for handling. When adjustment seems im possible, and after alleged violators have been given stated period In which to "satisfactory evidence of compliance with the code, the cases is to be referred to the National Compliance Director, post which General Johnson will fill tem porarily pending definite ap pointment. Thereafter the Divisional Administrator for the particular in dustry will undertake adjustment with the industry's Code Authority, failing which the case goes to the Na tional Compliance Board. Public hearings may be held in Washington as final step before reference for perse cution, either to the Federal Trade Commission or the Department of Justice, depending upon the nature of the alleged violation. Penalty for violation of code of fair competition is $500 fine or months' jail sen tence in each instance, or both, "for each day such violation A. News