gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3c44cca35d30fe22
Response Measures
None
Description
State banking board took charge and used guarantee fund to pay depositors; later actions point to permanent failure and receivership.
Events (4)
1.September 29, 1909Suspension
Cause
Government Action
Cause Details
State Banking Board and Bank Examiner took charge of the institution and suspended operations; payments made from state guarantee fund.
Newspaper Excerpt
the state banking board ... took charge of the bank. ... the suspended Columbia Bank and Trust Company
Source
newspapers
2.September 30, 1909Run
Cause
Bank Specific Adverse Info
Cause Details
Reports of the bank being involved and effectively failing prompted depositors to withdraw funds; large liabilities noted.
Measures
Depositors were paid out by Bank Examiner Young using State Banking Board guarantee funds; other state banks sought to take over business.
Newspaper Excerpt
At Doon today a steady stream of depositors was making its way to the paying tellers' windows of the suspended Columbia Bank and Trust Company, withdrawing savings and closing accounts.
Source
newspapers
3.October 1, 1909Other
Newspaper Excerpt
directors of the suspended Columbia Bank & Trust Company have submitted a proposition to the state banking board looking to a re-opening of the concern.
Source
newspapers
4.November 2, 1909Receivership
Newspaper Excerpt
Suit asking the appointment of a receiver for the Columbia Bank and Trust Company, of Oklahoma City, which failed last month, has been filed in the Federal Court by George A. Anderson, of Roseville, Ill.
RUN ON BANK Depositors Hasten to Withdraw Savings from Oklahoma City Institution. (Special from United Press.) Oklahoma City, Okla., Sept. 30.-At Doon today a steady stream of depositors was making its way to the paying tellers' windows of the suspended Columbia Bank and Trust Company, withdrawing savings and closing accounts. It is said that Bank Examiner Young, in charge since Tuesday, is paying depositors from funds furnished by the State Banking Board and from the cash on hand when he took over the bank. The amount withdrawn from the State Bank guarantee funds at noon, according to Governor Haskell, ex-officio member of the State Banking Board, amounted to about $150,000. The other State banks here are in a scramble to pick up the $3,000,000 business of the failed concern, and a number of bankers have been endeavoring to interview the Governor today. Partitioning off the Columbia's business is determined by drawing checks against the guarantee fund of various State banks and covering them by sight drafts on State banks throughCat the State having guarantee fund ton deposit. None of the $1,000,000 deposits in checks or drafts has yet been made good. Criminal and civil proceedings have been threatened against the bank and its officials but have not yet materialized.
BANK GUARANTEE LAW PROVES WORTH (Special from United Press.) Oklahoma City, Okla., Oct. 1.-That the Oklahoma Bank Guarantee law has been severell tested and has proven its worth is the opinion expressed by many bankers to-day following a statement that the directors of the suspended Columbia Bank & Trust Company have submitted a proposition to the state banking board looking to a re-opening of the concern. The private depositors who had funds in the bank have withdrawn them and the only large deposits now held according to a statement generally credited to-day are reserve funds of smaller Oklahoma state banks. The drain on the guarantee funds of the state banking board has been heavy, but it is declared there is still sufficient sums on hand to meet any demand on any of the small banks forced to call for the reserve fund of the Columbia concern. Among bankers throughout the state there has been considerable criticism of the law and since the suspension of the Columbia there has been much speculation regarding the guarantee fund. State bankers in spite of a possible emergency assessment are taking a more optimistic view. They declare the test given the new law has been the severest that could be imagined. The bank involved is one of the biggest in the state and one whose failure would mean the crash of other banks. They hold that the fact that all the other banks have been able to weather the storm with so little trouble is proof that the law is effective. Had the trouble, they say, come a little later or after the fund had been given a chance to grow from regular assessment there would have been no strain on the banks at all. The state bankers point also to the fact that the thing which bankers fear most in a case of such trouble-runshave practically been absent.
3.October 2, 1909The Vinita Daily ChieftainVinita, OK
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Article Text
Oklahoma City, Oct. 2.-That the Columbia Bank and Trust Co., taken over by the state Tuesday night, with liabilities of three million dollars, will probably never re-open it's doors, but that a new bank here will likely be organized by St. Louis, Mo., and Muskogee, Okla., capitalists and will buy the good assets of the defunct bank from the state were the developments yesterday. Negotiations with President W. L. Norton, of the suspended bank, I. M. Putnam and Norton's other associates were practically called off by the state today and members of the banking de-
4.October 2, 1909Pine Bluff Daily GraphicPine Bluff, AR
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Article Text
GUARANTEE LAW IS VALUABLE Oklahoma City, Okla., Oct. 1.-The Oklahoma bank guarantee law proved its worth in the suspension of the Columbia Bank and Trust Company, when a director submitted a proposition today to the state banking board to reopen the institution. Sufficient funds in the state banking board will be used to meet the demands of all small banks and leave enough for a reserve fund.
5.October 4, 1909Santa Fe New MexicanSanta Fe., Santa Fe, NM
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Article Text
OKLAHOMA BANK PLACED IN NEW HANDS. was Depositors Continue to Be Paid Off Out of State Bank Guarantee Fund. Oklahoma City, Okla., Oct. 4.While suspended, the Columbia Bank and Trust Company is still in the hands of the state banking board, but it is understood that shortly it will be turned over to President Norton and associates among whom are said to be John T. Stickler, a millionaire mine owner of Mexico City, and F. A. McPherson of the Standard Oil. The depositors continue to be paid off with the state guarantee funds.
6.October 4, 1909The Vinita Daily ChieftainVinita, OK
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Article Text
During the last week the people of the state almost figuratively speaking held their breath while a great financial game almost involving the prosperity of the state was being played. Would the state guaranty law prove adequate to the purposes for which it was framed? Would the financial structure builded by the democratic party as advocate in the inaugural address of Governor Haskell stand the severe test that was placed upon it? The largest finacial institution in the state of Oklahoma became involved and under the old system there is not the slightest doubt but that the failure of this bank, the Columbia Bank & Trust company, would have carried to finacial ruin many of the smaller banks of the state for which it was the chief reserve agent. When it became known that the bank was involved and that a run would in all probability be made, the state banking board immediately went to Oklahoma City and took charge of the bank. During the first day they were busily engaged in paying off a string of depositors who appeared and demanded their money. All day long enemies of the state guaranty fund predicted that the find would not prove adequate and that not only depositors but banks depend-
SUSPENDED OKLAHOMA BANK WILL RESUME SHORTLY. Oklahoma City, Okla., Oct. 4.While the suspended Columbia Bank and Trust Company is still in the hands of the state banking board, it is understood that shortly it will be turned over to President Norton and his associates, among whom are said to be John T. Stickler, the millionaire mine owner of Mexico City, and F. A. McPherson, the Sandard Oil man. The depositors continue to be paid off with the state guarantee funds. Guthrie, Okla., Oct. 4.-It was stated before Judge Cotteral today that Bank Commissioner Young was violating an order of the court by using state funds to pay off depositors of the Columbia Bank and Trust Co. Evi dence for citation of contempt of court will be introduced this afternoon.
8.October 4, 1909The Ogden StandardOgden, UT
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Article Text
FAILED OKLAHOMA BANK PAYING OFF DEPOSITORS Oklahoma City, Okla., Oct. 4.-AIthough the suspended Columbia Bank & Trust company of this city was still in the hands of the state banking board today, plans, It is said, were consummated this morning by which the bank will be turned over to Its president, W. I. Norton, and his asso. clates. It is understood that President Norton has the financial support of John T. Styckler, a millionaire mine owner of Mexico City, and John P. Mur-
WILL RETURN SUSPENDED BANK TO ITS OFFICERS By Associated Press. Oklahoma City, Okla., Oct. 4.-Plans to return the suspended Columbia Bank and Trust Company to its officers are reported to have been completed today. It is understood that these plans involve support from John T. Stickler, a millionaire mine owner of Mexico City, and John P. Murry and F. A. McPherson, of the Standard Oil Company of New York. The paying of depositors with the state guaranty funds continued today.
10.October 6, 1909The Birmingham Age-HeraldBirmingham, AL
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Hearing Is Postponed. Guthrie, October 5.-After an extended hearing in the federal court here today, further application in the matter of a temporary injunction and application for the appointment of a receiver in the case of the Columbia Bank and Trust company of Oklahoma City was postponed by agreement until tomorrow at Oklahoma City.
OKLAHOMA BANK TO RE-OPE: The State Guaranty Law Has Saved the Institution From a Bad Failure. Oklahoma City, Ok., Oct. 1.-The umbia bank, which suspended Cuesday with $3,000,000 in. depos will be returned to its officers by state banking hoard on Monday. PM Ident W L. Norton and his associatein the Columbia Bank and Trust for pany have offered to put $400,000 2 cash into the bank's vaults and dan: the suspension the depositors hav been cared for by the state guarant fund At 4 p. m. yesterday no mo. depositors were in line and-the 10:5 amount withdrawn since the suspet. sion was less than $200,000.
12.October 7, 1909New-York TribuneNew York, NY
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BANKS WILL RESIST ASSESSMENT. Result of Oklahoma Failure-Suits Against Columbia Bank Withdrawn. Enid. Okla., Oct. 6.-Interviews with local bank officials to-day indicate that Enid's five state banks will resist an assessment of 3/4 of 1 per cent on average deposits to replenish the guarantee fund now being used to re-establish the Columbia Bank and Trust Company, of Oklahoma City. Notice of the assessment was received to-day. On motion of attorneys representing the National Life Insurance Company, of Chicago, and S. W. Smith. of Missouri, the injunction suits against A. M. Young, State Bank Commissioner, and the State Banking Board brought to prevent the preferential payment of depositors of the Columbia Bank and demanding the appointment of a receiver, were dismissed by Federal Judge Cotteral at Lawton to-day. By request also of the plaintiff the information asking that the State Banking Board be cited to appear for contempt of the temporary restraining order issued last Saturday was withdrawn.
13.October 7, 1909The Butler Weekly TimesButler, MO
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OK. BANK GUARANTY FUND IS EXHAUSTED. Columbia Run Leaves Only Few Dollars to Meet Another Failure. LAW PREVENTS PANIC. Guthrie, Ok., October.-Practically all of the State bank guaranty fund was exhausted in paying off the depositors of the Columbia Bank and Trust Company at Oklahoma City, and only a few dollars would be immediately available if another bank should fail. Even the assessment of threefourths of 1 per cent, authorized by the Banking Board, has not been levied yet, and possibly will not be if it can be avoided, as the temper of some of the State bankers is rather uncertain, and it is considered highly desirable to avoie all frictions as far as possible in an important crisis like this. If another failure should occur an emergency assessment would, of course, be necessary. Present indications are that the situation can be wound up without affecting injuriously the status of banking guarantee law. The failed bank had only about $500,000 of individual deposits, and enough cash was available, with the assistance of the guaranty fund to pay them immediately. The remainder of the bank's deposits consist of reserves from smaller banks over the State. They will probably have to wait some days for their money, although efforts are being made to take care of any that may be hard pressed for funds. The fact that some of them are be-
14.October 7, 1909Iowa County DemocratMineral Point, WI
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Oklahoma Bank Restrained. Guthrie, Okla., Oct. 3.-A temporary injunction restraining the officers of the Columbia Bank & Trust company of Oklahoma City, which failed recently, from paying out any monies of the bank, was granted in the federal court here yesterday, as the result of a bill for a receivership filed by the National Insurance company of Chicago and G. C. Smith of Springfield, Mo. The National Insurance company holds a certificate of deposit in the bank for $25,000 and Smith is a depositor to the extent of $70,500.
15.October 7, 1909The Mena Weekly StarMena, AR
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BANK TO RE-OPEN NEXT MONDAY Columbian Bank at Oklahoma City Saved by the Operation of the Guaranty Law. Oklahoma City, Ok., Oct. 3.-The Columbia bank, which suspended on Tuesday with $3,000,000 in deposits, will be returned to its officers by the state banking board on Monday. President W. L. Norton and his associates in the Columbia Bank and Trust company have offered to put $400,000 in cash into the bank's vaults and during the suspension the depositors have been cared for by the state guaranty fund. At 4 p. m. yesterday no more depositors were in line and the total amount withdrawn since the suspension was less than $200,000.
16.October 9, 1909The Hays Free PressHays, KS
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PLANS FOR SUSPENDED BANK. Oklahoma Institution to be Turned Back to Officers. Oklahoma City, Ok.-Although the suspended Columbia Bank and Trust company of this city was still in the hands of the state banking board, plans, it was said, have been consummated by which the bank will be turned over to the president, W. I. Norton, and his associates. It is understood that President Norton has the financial support of John T. Stickler, a millionaire mine owner of the City of Mexico, and John P. Murray and F. A. McPherson of the Standard Oil company of New York. Bank Commissioner Young continued to pay off depositors with the state guaarnty funds. It is said that the application for a receiver for the bank will be withdrawn and that the restraining order against Commissioner Young, enjoining him from paying off the depositors, which was granted by Judge Cotteral in the federal court on Saturday last, will be dismissed.
17.November 2, 1909The Newark Star and Newark AdvertiserNewark, NJ
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ASKS RECEIVER FOR BANK. GUTHRIE, Okla., Nov. 2.-Suit asking the appointment of a receiver for the Columbia Bank and Trust Company, of Oklahoma City, which failed last month, has been filed in the Federal Court by George A. Anderson, of Roseville, Ill.
Bank Failure Caused it. Kansas City, Nov. 19.-An indirect cause of the dissolution of the Union Life Insurance company and the petition filed in the circuit court asking for the appointment of a receiver was failure early this fall of the Columbia Bank and Trust company of Okla. homa City. The local insurance company lost $15,000 in this bank, and many of those interested in the OkSahoma institution were stockholders in the Union Life.
19.November 25, 1909The Mena Weekly StarMena, AR
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Bank Failure Caused it. Kansas City, Nov. 20.-An indirect cause of the dissolution of the Union Life Insurance company and the petition filed in the circuit court asking for the appointment of a receiver was the failure early this fall of the Columbia Bank and rust company of Oklahoras City. The local insurance com pany lost $15,000 in this bank, and many of those interested in the Ok lahoma Institution were stockholders in the Union Life.
20.December 8, 1909The Salt Lake Herald-RepublicanSalt Lake City, UT
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HASKELL'S QUEER ACTION Governor of Oklahoma Prevents Attorney General From Representing State Before Grand Jury. Oklahoma City, Okla., Dec. 7.-By summarily cancelling the authority of Attorney General West to represent the state before the Oklahoma county grand jury, Governor Haskell today brought to a sudden termination the investigation the attorney general was making of the failure of the Columbia Bank & Trust company of Oklahoma City. The attorney general was not permitted to sign three indictments and two accusations reached by the grand jury before that body was discharged. The reason assigned by Governor Haskell for his action was that it is not to the best interests of the state that an investigation of the bank's affairs be made at this time. He declared that when the state banking board concludes its accounting, all records of the institution will be turned over to a grand jury should the district court SO demand.
21.December 14, 1909The Detroit TimesDetroit, MI
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Oklahoma Bank Closes. TULSA. Okla.. Dec. 14.-The closing of the doors of the Farmers' National bank here by order of National Bank Examiner Bryant, has brought the discussion of the Oklahoma guaranty law to the front again. The closing of the bank is said to be an aftermath of the suspension of the Columbia Bank & Trust Co. at Oklahoma City. Both institutions were controlled by W. L. Norton.
22.April 28, 1911Tulsa Daily WorldTulsa, OK
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COBE AFTER MONEY TIED IN COLUMBIA SUES BANK COMMUSSIONER LANK FORD FOR SUM STILL REMAINING UNPAID. Special to the World. Oklahoma City, Okla., April 27.Suit for the recovery of $16,187.56 from B. D. Lankford, bank commissioner and receiver of the Columbia Bank and Trust Company, was filed
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