L. R. Kershaw - Bank Receiver For OCC, Homebuilding and Development

Bank Receiver For OCC, Homebuilding and Development

Kershaw served as a Director of the American Aberdeen-Angus Breeder's Association from 1916 through 1920. Starting in 1926, and through the Great Depression he was appointed by the Office of the Comptroller of the Currency, (the OCC) the lead regulator for National Banks at the time, as the receiver for a number of national and state banks, located in three states. These banks included the Security National Bank of Muskogee,OK; the Muskogee National Bank, Muskogee, OK (these two banks were merged under his receivership to form the Muskogee-Security National Bank); Central State Bank of Muskogee, OK; the Guaranty Trust Company, Muskogee, OK; Producer's National Bank in Tulsa, OK, Exchange National Bank of Tulsa, OK, the First National Bank of Barnsdall, OK; the First National Bank of Collinsville, OK; the Central National Bank of Bartlesville, OK; the First National Bank of Oktaha, OK; the Commercial National Bank of Independence, KS; the Security National Bank of Independence, KS (which were merged under his Receivership to form the Commercial-Security National Bank); the Montgomery County National Bank, in Cherryvale, KS; the Hutching's First National Bank of Siloam Springs, AR and a number of others. At one time, he was receiver for 13 banks during the depression. It is notable that the Muskogee-Security National Bank (formerly known as the Iowa Building) was the first bank building in Muskogee, OK to have an electric elevator in the building and that the Exchange National Bank was the first bank building in Tulsa, OK to have an elevator, and was also the tallest building in Tulsa at the time. In 1930, he was appointed as Director of the Independent Petroleum Producer's Association.

As early as 1923, Kershaw began developing residential lots on the west side of town for new single-family homes. During World War II he recognized the need to provide housing for the many returning veterans wishing to establish a home in Muskogee and he began platting residential subdivisions on the north and west side of Muskogee, to allow them to buy their first home a start raising a family. He financed many of these homes with his own capital, offering many first-time home buyers the opportunity to own their own home. Kershaw built homes in his subdivision using wood that came from disassembled Camp Gruber structures, a nearby Army training base (and POW camp). Many returning soldiers after the war were able to purchase these buildings made into four-room homes by making a small down payment. Kershaw used both contracts for deed and mortgages to enable the ex-GIs to afford their purchases with small monthly payments. These additions included Kershaw Heights, Kershaw Circle, Kershaw Acres, East Park Place, Ridge Crest Addition, Home Acres 1st and 2nd Additions, Lincoln Park and Carver's First Addition. In East Park Place and in Ridge Crest Addition he named streets after Aberdeen, Avondale and Oxford after regions in England and Scotland where the Aberdeen Angus cattle originated, and named Elmwood and Illinois streets after his Illinois hometown.