Central Oklahoma Clearing House Association

Critical Protection for Financial Institutions

Our History

Our organization was founded in 1903. In 1973, the group was reorganized as the Central Oklahoma Clearing House Association, or COCHA, as we are known today.

1920-1939

1920

President: D.W. Hogan, Farmers National Bank
Vice President: L.T. Sammons, Southwest National Bank
Manager: E.J. Litteer

  • Bid on the City of Oklahoma City deposit. 3% on daily balances and local warrant carried where necessary at 6% per annum and the deposits pro rated among member banks with transactions made with only one bank. (City declined on 1/30/20, agreed on 2/13/20).
  • The Clearing House to furnish a vault for safe-keeping of funds belonging to the FRB Branch Bank. Floor space on second floor of the Continental Building and vault space from American National Bank obtained at $600.00 per month no to exceed two years. The Clearing House to pay American National Bank $200.00 per month for vault and office space.
  • Formed an Oil Committee to solicit prominent oil men and companies to make Oklahoma City the headquarters of the oil industries.
  • Go-back clearing changed to 3:30 P.M. to conform with FRB hours.
  • Requested the Clearing House Manager conduct a salary survey.
  • Trade Acceptances to be handled through Clearing House in same manner as checks and drafts.

1921

President: D.W. Hogan, Farmers National Bank
Vice President: L.T. Sammons, Southwest National Bank
Manager: E.J. Litteer resigned July 22, 1921; replaced by M.C. Sutton

  • Request $6,000.00 to loan to the State YMCA. Each bank to act on its own judgement. Loan made on January 28 and payable on or before ninety days. (Records indicate the loan was renewed for three separate ninety day periods.)
  • Resolution passed and to be printed in the OKLAHOMA FARMER: "As an effective means of reducing the acreage planted to cotton this spring without adding to the risk and expense incident to the growing of other crops which may not pay better than cotton, and to work towards putting farming in Oklahoma in a safe living-making basis for those engaged in it, the Oklahoma City Clearing House Assn. feel that bankers should inquire very closely into the situation before extending credit for the production of cotton to any farmer who does not have at least one cow, one sow, and two dozen hens and a rooster, and if a tenant, a rental contract under which the landowner will provide suitable shelter for the livestock and permit the production of feed on a share crop basis instead of demanding cash of cotton rent."
  • Customers to begin paying for the overprinting of checks.
  • Donate $500.00 to the Boy Scouts of America.
  • An outline of the Clearing House Association and a petition of the Clearing House Association to the Federal Reserve Bank of Kansa City, to establish a branch bank in Oklahoma City has been placed in the treasure box of the corner stone of the new Federal Reserve Bank building.
  • Donate $3,000.00 to the United Charity Drive Fund.
  • Banking hours set:
    5/15 thru 9/15, 9:00 A.M. to 2:00 P.M. (Baseball season)
    9/15 thru 5/15: 9:00 A.M. to 3:00 P.M.
    Saturdays: 9:00 A.M. to 12:00 Noon
  • Advertising budget for year 1922 set at $3,600.00 to $5,000.00.

1922

President: D.W. Hogan, Farmers National Bank
Vice President: L.T. Sammons, Southwest National Bank
Manager: M.C. Sutton

  • Donate $1,000.00 to the Sisters of St. Francis of St. Anthony Hospital towards building a Nurse s Home.
  • Offer $500.00 reward for information leading to the arrest and conviction of anyone violating the U.S. Statute against circulating false and malicious statements about national banks. Published in The Daily Oklahoman, Friday, March 10, 1922.
  • Private wire received from Federal Reserve Bank of Kansas City: "The Federal Reserve Bank of Kansas City stands ready to render every aid necessary to meet any emergency which might arise in your city."
  • Contribute $50.00 to return L.S. Jackson from Los Angeles on forgery charges.
  • Contribute $250.00 to the Boy Scouts of America.
  • "It was unanimously agreed that no member of this Association would in the future at any time open a branch."
  • Discussed a plan for clearing direct with the Federal Reserve.
  • Donate $100.00 to the Oklahoma City Firemen for prize fight tickets, proceeds to purchase band instruments.
  • Cautioned members about allowing their messengers on the streets with Liberty Bonds and other securities without guards.

1923

President: F.P. Johnson, American National Bank
Vice President: P.A. Janeway, Liberty National Bank
Manager: M.C. Sutton

  • $100.00 to Firemen's Relief Fund.
  • Average of 182 Insufficient Funds checks per day returned in the last 6 days.
  • Resolution passed for stamp system for savings accounts in school banking.
  • ABA recommends uniform checks, especially counter checks.
  • Set interest rate at 2% upon bank balances other than inactive accounts.
  • Banks to close at 12:00 Noon on August 10, 1923, in Memory of President Warren G. Harding.
  • Recommend consolidation of the Oklahoma Bankers Association and the Oklahoma State Bankers Association.

1924

President: F.P. Johnson, American National Bank
Vice President: P.A. Janeway, Liberty National Bank
Manager: M.C. Sutton

  • Clearing House Manager to publish list of accounts closed for cause at least once every six months.
  • Prohibit members from releasing information on individual accounts.
  • Interest rate on Indian funds reduced to 3%.
  • Call reports furnished by 9:30 A.M. of the first day of each month or face a $2.00 per day delinquent fine.
  • Initiate the printing of Holiday signs.
  • To endorse the McFadden Bill covering branch banking.

1925

President: P.A. Janeway, Liberty National Bank
Vice President: J.A. Campbell, Fidelity National Bank
Manager: M.C. Sutton

  • To pay 4% interest per annum on passbook savings accounts.
  • Contribute $300.00 to the OBA for legislative expenses.
  • Donate $8.00 to the University Hospital Baby Contest.
  • Donate $75.00 to the AIB.
  • New rule: "No member shall purchase negotiable counter checks. Members having, on hand, any such checks must not leave them on desks, counters or such places in reach of the public."
  • Regarding the OBA Annual Conventions: The Clearing House paid for one-half of the entertainment expenses and the Chamber of Commerce paid for the other half.

1926

President: P.A. Janeway, Liberty National Bank
Vice President: J.A. Campbell, Fidelity National Bank
Manager: M.C. Sutton

  • Discussed plans to form a two million dollar corporation to finance the holding of state cotton crops from the market until the prices increased.

1927

President: J.A. Campbell, Fidelity National Bank
Vice President: E.A. Walker, Tradesmen's National Bank
Manager: M.C. Sutton

  • First robbery reward of $1,000.00 offerred for the capture, dead or alive, of Matthew Kimes and Ray Terrill.
  • Permission granted for night deposit boxes.
  • Cash prizes for those students of Clearing House members making the best grades in AIB classes: First prize in each of 3 classes awarded $50.00, Second prize in each awarded $25.00; and Third prize in each awarded $15.00. No student awarded more than one prize.
  • Member banks to add $.25 to each item returned NSF. Does not apply to protested items or those items bearing FRB or country bank endorsement. Members will not pay on item for which this charge has been added. Charge to be made to the customer s account.

1928

President: J.A. Campbell, Fidelity National Bank
Vice President:?E.A. Walker, Tradesmen's National Bank
Manager: M.C. Sutton

1929

President: Ben Mills, Liberty National Bank
Vice President: J.W. Teter, American-First National Bank
Manager: M.C. Sutton

  • Formed the Junior Clearing House Association to make recommendation regarding individual departments of banking. (Time CD's formed.)
  • Contract (90 days) signed with Brink's Express Company for armored car service for members.

1930

President: Ben Mills, Liberty National Bank
Vice President: J.W. Teter, American-First National Bank
Manager: M.C. Sutton

  • Mr. A. Rosenthal approached the Clearing House asking for $20,000.00 to start the Better Business Bureau in Oklahoma City. Banks decided to individually contribute.
  • To pay $25.00 per month to each Capitol Hill bank to help defray the cost of clearing messengers.
  • Went on record as opposing Daylight Savings Time schedule.

1931

President: D.W. Hogan, City National Bank (formerly Farmers)
Vice President: Leon Voorhees, Tradesmen s National Bank
Manager: M.C. Sutton

  • Set year round banking hours of 9:00 A.M. to 2:00 P.M. Monday thru Friday and 9:00 A.M. to 12:00 Noon Saturday.
  • Interest rates lowered on savings accounts, correspondent bank balances and time CD's.
  • To pay Harlow Publishing Co. $1,500.00 for printing and distributing 25,000 text booklets on "Thrift and Banking" to the Oklahoma City Public Schools.

1932

President: D.W. Hogan, City National Bank
Vice President: E.A. Walker, Tradesmen's National Bank
Manager: M.C. Sutton

  • Contributed $100.00 to start the Citizens Reconstruction Organization
  • Appointed a committee to work on placing Southeastern Oklahoma counties in 10th Federal Reserve District instead of the 11th.
  • Interest rates steadily declining.

1933

President: J.A. Campbell, Fidelity National Bank
Vice President: Ned Holman, Liberty National Bank
Manager: M.C. Sutton

  • Hired Mr. Gordon State, attorney, for two years at $5,000.00 per year in connection with ad valorem tax matters of Oklahoma County, Oklahoma City and Oklahoma City School Districts.
  • Hired Mr. Jennings McBride, tax accountant, for fourteen months at $150.00 per month to complete a detailed audit of present fiscal and financial condition of Oklahoma County, Oklahoma City, and Oklahoma City School Districts.
  • Telegram sent to the President, all Senators and Congressmen: " &we are unalterably opposed to any guarantee or insurance of bank deposits."
  • Endorsed a plan for national banks to subscribe to and either borrow from or sell to the Reconstruction Finance Corp. preferred stock in each bank.
  • First robbery reward of $1,250.00 paid to two officers of the New Orleans Police Dept. in the capture of Charles Merritt.
  • "Bankers Code of Fair Competition and Schedule of Charges" adopted pursuant to the National Industrial Recovery Act. (Minimum wage: $14.00 per week, $11.00 per week apprentice.)

1934

President: J.A. Campbell, Fidelity National Bank
Vice President: Ned Holman, Liberty National Bank
Manager: M.C. Sutton

  • Members may make loans under the "National Housing Act" for a period of up to three years.
  • Questioned passing future FDIC charges to the owners of the accounts. No decision reached.

1935

President: E.A. Walker, Tradesmen's National Bank
Vice President: John A. Campbell, Fidelity National Bank
Manager: M.C. Sutton

1936

President: Ned Holman, Liberty National Bank
Vice President: A.J. Peters, First National Bank
Manager: M.C. Sutton

  • $1,250.00 robbery reward paid regarding $75,000.00 hold up of a messenger on May 24, 1929.

1937

President: Ned Holman, Liberty National Bank
Vice President: A.J. Peters, First National Bank
Manager: M.C. Sutton

  • Resolution adopted keeping examinations of national banks under the rule of the Comptroller of the Currency and not under the FDIC.

1938

President: H.M. Johnson (did not attend a single meeting)
Vice President: J.A. Campbell, Fidelity National Bank
Manager: M.C. Sutton

1939

President: D.W. Hogan, City National Bank
Vice President: A.J. Peters, First National Bank
Manager: M.C. Sutton (thru June 1939)

  • To pay $130.00 per year for Oklahoma City chapter of AIB office space.
  • Discovered that from February 1937 to May 1939 the First National Bank and Liberty National Bank had been clearing items directly between themselves and not thru the clearing house, therefore avoiding equal expenses of the clearing house operations. A resolution was passed for the two banks to reimburse the remaining three for their corrected share of expenses. First National Bank recommended moving the clearing process to the Federal Reserve Bank Branch.
  • Resolution passed dispensing of the Clearing House Manager, staff and offices. Clearing to be handled thru the FRB in a clearing room provided at the Branch. Furniture of no use was indefinitely lent to the Oklahoma City Chapter of the AIB.
  • Agreements were signed to arrange clearing thru the FRB on items drawn on the clearing house members and the U.S. Postmaster of Oklahoma City.
  • Endorsed the Food Stamp Plan for Oklahoma City and Oklahoma County. (Stamps put in circulation May 16, 1940).