The Caddo Herald
March 24, 1922
Oklahoma State Bank Closes Doors Monday
Monday morning customers of the Oklahoma State Bank of Caddo were greeted with the announcement on the door that “for the best interest of all concerned the Bank would not reopen until word was received from the state banking department.”
In other words, it was thought best to have the state banking department take charge until other arrangements could be made.
This was quite a shock to many citizens. It came so unexpectedly and no hint had been uttered before that here was any difficulty at the bank up to that time.
The Oklahoma State Bank was the largest state bank in Bryan County. It had a capital stock of $35,000 with $6,000 surplus. A. F. Manning was president; J. C. Davison, cashier; W. W. Boone, H. T. Chiles, J. B. Moore were local directors; Green Thompson of Durant and H. C. Perry of McAlester were stockholders and directors.
Their last statement of Dec. 31 showed:
Loans and discounts $391,031.03
Total resources $406,638.56
Of these deposits, $218,647.56 were individual and subject to check. The remaining were on time.
This bank was established in 1911, was later consolidated with The Security National Bank. Since which time it has been under its present management.
At this writing there is nothing definite that can be given out as to reopening; but we understand that plans already are on foot to reopen just as soon as arrangements can be made.
The Herald has sufficient faith in the integrity of the owners of the bank, faith in their financial ability, to believe that things will come out right. We also have confidence enough in the guaranty fund and the state banking department to believe that no depositor will lose a dollar by the closing of this bank.
The service such an institution renders to the town and community is inestimable. It is needed and the need will be supplied, we believe, just as soon as legal formalities can be complied with.
Bank commissioner Walcott came to Caddo Tuesday and spent two days going over the affairs of the bank. The owners of the bank are making arrangements to open in a few days. It may be a week or ten days before the plans actually mature.