Citizens Title & Trust Company (Uniontown, PA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
July 11, 1929
Location
Uniontown, Pennsylvania (39.899, -79.724)
Bank Type
trust

Metadata

Episode ID
Bank ID
City ID
Model
gpt-5-mini
Short Digest

Notes

State banking department took possession and appointed a receiver; liquidation and dividends continued years later.

Events (3)
1. July 11, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals and loss of confidence tied to financial operations and convictions of director Guy W. Brown, and related losses at connected national banks.
Newspaper Excerpt
continuous slow run on the bank which has resulted in depletion of the cash reserve
Source
newspapers
2. July 11, 1929 Suspension
Cause
Government Action
Cause Details
State Banking Department took possession to conserve assets after depletion of cash reserves and continuing withdrawals following loss of confidence.
Newspaper Excerpt
the state had taken possession of the Citizens' Title and Trust Company, Uniontown
Source
newspapers
3. July 12, 1929 Receivership
Newspaper Excerpt
Credentials were filed today by Frank W. Jackson ... appointed as special agent ... to assist him in the liquidation of the Citizens Title and Trust's business
Source
newspapers

Newspaper Articles (13)
1. July 11, 1929 The Courier-Express Dubois, PA
Article from The Courier-Express, July 11, 1929

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BANKING HEADS TAKE OVER BANK AT UNIONTOWN Harrisburg. Pa., July Peter G. Cameron. state secretary of Banking. announced today that the state had taken of the Citizens' Title and Trust Company, Uniontown. continuous slow run on the bank during the last several months, the secretary said. "had resulted pletion the reserve duction the liquid company. Until little more than year Guy W. Brown. former prominent publican and meniber of the State Senate from Fayette county, had been director and the active manager the Trust company. Brown serving sentence in the Federal Penitentiary, Atlanta conviction on charges of lating the national banking laws. His of the ing national hanks he connected in the hands of The national banks. Secretary eron said, went into receivers' hands "largely because of losses sustained reasons made Brown dealer in soft lands and operator The Banking Department said Trust Company today not affiliated with other loans Brown carried and

2. July 11, 1929 Altoona Mirror Altoona, PA
Article from Altoona Mirror, July 11, 1929

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LOST CONFIDENCE CAUSE OF CLOSING Banking Commission Says Operations of Guy Brown Were Responsible for Fright of Depositors. (By United Press.) July Because Citizens' Title and Trust Uniontown, Pa., has been shattered In the community after slow run on the bank and pletion of its cash reserve, the state department banking has taken posthe business, the Secretary of Banking Peter Cameron said today. "The impairment in the Uniontown bank due to the finanof former State SenGuy W. Brown, director of Trust victed of violating banking and sentenced to term in the federal penitentiary at Atlanta, Cameron "Several national banks, with which Brown had connec. tions, went into the hands receivers and heavy withdrawal of deposits the bank began that time. These were met, but since then there has been steady conof the The bank's accounts show no shortat this time, banking who closed the bank yesterday, According the the bank published as of March the bank of $150,of $420,000, deposits total resources of $5,182,000. The company also had trust business that time more than $3,500,000. Cameron's pointed out that In the producing center the state, which affected the stagnation the bituminous coal which The secretary has appointed Frank W. Apollo, special deputy assist in continuing of liquidating the business of the trust company. People Blame Brown. UNIONTOWN, Pa., July sands of on deposit in the Citizens' Title and Trust which taken over yesterday by the state department placed of the upo Guy Brown, sentenced to the federal Atlanta, for violating the national banking Negotiations had been opened for merger the with the Second bank, hitch developed and no was given for resumption the merger negotiations. that the future activities the depend upon the coal and coke activities, present officials depositors wouldn't lose much money, the bank for the purpose of protecting the depositors. Small groups of continued to congregate about the today, some reading the brief notice of the bank's closing pasted on the door, and hear on the activities the bank. They depositors in the institution.

3. July 11, 1929 Wilkes-Barre Times Leader, the Evening News Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, the Evening News, July 11, 1929

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COAL MAGNATE IS BLAMED FOR CLOSING BANK Two Other Institutions In Which He Was Interested In Hands Of Receiver HEAVY WITHDRAWALS Harrisburg. July During the past few the withdrawals have reached that it bethe department of came the banking to take possessio the affairs of the institution (the Citizens Title and Trust Company of Uniontown) in order that its assets might be conserved in the interest of all the depositors and other creditors." statement was on record here This today by Secretary of Banking Peter G. Cameron in announcing that the State Banking Department had taken possession the business and propof the pointed Frank W. Jackson, special deputy, as an agent to assist in continuing or liquidating the business of corporation. Citizens and Trust Company of Uniontown was one of three in which former State Senator Guy W. Brown, of Fayette City. had been an official prior to his recent conviction following an indictment in the United States courts for violations of the National Banking Cameron's statement that Brown. dealer in lands operator of coal mines. was director and manager of the Trust Company and was also an official of two national banks operating in the Western part of the State and that the national banks with which he was connected placed in the hands receivers largely of losses sustained by reason of loans made to Brown and his corporat Because of connection with the Uniontown bank. heavy withdrawals followed from that institution result of the closing of the national banks. Cameron said. These however, were met without difficulty and the withdrawals ceased up to recent months during which there set in "continuous slow run on the bank. which has resulted the cash re(Continued on Page 10.)

4. July 11, 1929 Simpson's Leader-Times Kittanning, PA
Article from Simpson's Leader-Times, July 11, 1929

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BLAMED FOR UNIONTOWN Uniontown, Thousands persons Uniontown who have money on deposit in the Citizens Title and Trust Company which taken yesterday the state department banking placed responsibility of the bank failure upon Guy Brown. state senator, who convicted and to the Federal penitentiary Ga., for violating national banking laws. Negotiations had been opened for merger trust company with the Second National but hitch developed no time was given resumption of the negotiations. said that the future activities the bank depend upon the and coke which present are dormant Banking said depositors would lose much money the bank closed for purpose tecting Small groups of persons centinto congregate about bank today, some reading the brief notice of the bank's closing pasted on the door anxious hear comment the future activities of the bank They were depositors the July in the Citizens' and Trust Company, Uniontown, has been shattered the community after the bank and depletion of its cash reserve, the state department banking has taken possession the business and of the instiSecreary Banking Peter Cameron said today.

5. July 11, 1929 Latrobe Bulletin Latrobe, PA
Article from Latrobe Bulletin, July 11, 1929

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TAKES BANK Harrisburg. July conin the Citizen's Title and Trust Uniontown. Pa., has been the community. after run of the bank and depletion cash reserve, the State Departof Banking has taken possession the business and property of the astitution. Secretary of Banking Peter Cameron. said today impairment of confidence in Uniontown Bank due to the operation of former State Guy W. Brown. director the trust company, who recently convicted of violating the prohibition laws, and sentenced term in the Federal peniAtlanta, Cameron Several of the National banks which Brown had connections, into the hands of receivers, and withdrawals from the Unionbank began at that time.

6. July 11, 1929 The Times-Tribune Scranton, PA
Article from The Times-Tribune, July 11, 1929

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UNIONTOWN BANK RECEIVE RSHIP DUE TO WITHDRAWALS MOVE TAKEN TO CONSERVE IN. TERESTST ALL DEPOSITORS AND CREDITORS, STATE MENT REVEALS. Harrisburg, Pa., July 11 (INS) During the past days have reached tions became the of the department banking take possession the affairs the institution (The Citizens' Title and Trust company of Uniontown) order that its assets might conserved the interest all depositors and other creditors This record here today by Secretary of Banking Peter G. Cameron that the state banking department had taken of of the business and property of the institution and has appointed Frank Jackson. special deputy. an agent assist continuing liquidating the of the bank ing The Citizens' and Trust Comof Uniontown. one of three which former State Guy of Fayette had been an official prior to his recent conviction following an indictment in the United States courts for viola ions of the national banking laws. Brown Was Manager. Cameron's statement declared that Brown, dealer in lands and operator of coal mines; was director and active manager of the trust and was also an official of two national operating in the western part the state and that the national banks with which he was connected placed in the hands of receivers largely because of losses sustained by reason of loans to Brown and his corporations the Uniontown bank, heavy followed from that institution as result of the closing of the national banks, Cameron said. These withdrawals were met without difficulty and the withdrawals ceased up to recent months during which set 'continuous run on the which has resulted in depletion of the cash reserve and reduction in the liquid assets the company. The confidence of the public in the safety of the institution seems to have been Cameron said there is no occasion for on the part of depositors banks as Citizens' Title and Trust company has no affiliation with any other banking institution in Uniontown or

7. July 11, 1929 The Daily Herald Monongahela, PA
Article from The Daily Herald, July 11, 1929

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UNIONTOWN BANK (Continued from Page One) ing of the National Banks, Camsaid. These however. were met without difficulty and the withdrawals ceased to recent months during which three set in "continuous slow run on the bank, which has sulted in depletion of the cash reserve, and reduction in the liquid assets of the company. Th confidence of the public in the safety of the institution seems to have been shattered." Cameron said there is no occasion for uneasiness on the part of depositors in other Uniontown banks as the Citizens Title and Trust Company has no affiliation with any other banking institution in Uniontown or

8. July 11, 1929 The Evening News Harrisburg, PA
Article from The Evening News, July 11, 1929

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Commission to Find Out Why Printing Is Delayed Political Gleanings OVERNOR FISHER last night made public the personnel of a State commission which will investigate the printing laws and printing requirements of the State departments and of the Legislature. The commission was named as a result of a resolution sponsored by Senator Lawrence McCrossin, of Philadelphia, and introduced at a time when the State Printer was delaying the work of the legislative bodies through failure to get out the printing. A report is to be made to the 1931 Legislature. Two of the seven members were appointed by the Governor, who named W. O. Smith, Punxsutawney, and Milton H. Ranck, Strasburg, Lancaster County. Two were named by President Pro Tem Daix of the Senate and they were Senators Miles B. Kitts, Erie, and William H. Clark, West Chester. Speaker of the House Hess appointed three, Representatives Edwin C. Emhardt, Philadelphia, Charles F. Bidelspacher, Williamsport, and Joseph C. Marcus, Pittsburgh The commission will be called together for organization by the Governor and will probably hold hearings to be attended by State and legislative officials. The peculiar ideas of former State Senator Guy W. Brown, once a Republican party leader, which caused several banks to close up and sent him to Atlanta finally, were responsible yesterday for the taking over of still another bank by the State Banking Department. Because confidence in the Citizens' Title and Trust Company, of Uniontown, has been shattered in the community, following slow run on the bank and depletion of its cash reserve, the department took possession of the business and property of the institution. There is no shortage in the bank's accounts, and according to the statement of the bank published as of March 25, last, it had a capital of $150,000, surplus and reserves of $420,000, deposits of $4,180,000 and total resources of $5,182,000. The company also had trust business at that time of more than $3,500,000. The impairment of confidence in the Uniontown bank is due to the financial operations of the former State Senator, who was director and active manager of the trust company, who was recently convicted for violation of National Banking laws. Several National banks, with which Brown had connections, went into the hands of receivers and heavy withdrawal of deposits from the Uniontown bank began at that time. Peter G. Cameron, Secretary of Banking, said these demands were met, but since then there has been steady continuation of the withdrawsl. Secretary Cameron has named Frank W. Jackson, of Apollo, special deputy of the Banking Department, as agent to assist him in continuing or liquidating the business of the corporation. Charles J. Hepburn, sometimes called the "original Hoover man in Philadelphia," yesterday discussed "private matters" with the President. for fifteen minutes at the White House. The object of Hepburn's visit to Washington was not disclosed at the White House. He himself said only that no matters of public interest entered into the discussion with President Hepburn was associated with Mr. Hoover in the food administration during the World War, and is generally regarded as one of the President's confidential adviser. He is rather frequent luncheon guest at the White House. It is generally considered that he has the Presidential ear on many matters on which politicians are not asked for their opinions. It is the current belief that Hapburn was offered the Philadelphia district attorneyship now in abeyance, and that he turned it down. His name was formerly on list of availables at the Department of Justice but was later removed without explanation. Reports have it here that Mr. Hoover personally offered the post to Hepburn and that he deelined with thanks. William H. Menges, York County controller, has decided to be Republican candidate for re-election, and his petitions are now in circulation. Since assuming the office of controller Menges made some radical changes in the conduct of the office, which resulted in savings for the county. This is particularly true of his efforts to keep down the costs of criminal cases, discharged by aldermen.

9. July 11, 1929 The Morning Herald Uniontown, PA
Article from The Morning Herald, July 11, 1929

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CITIZENS TITLE (Continued from Page One) was also an official of two nation. al banks operating in the western end of the state. Brown dealer In coal lands and operated some coal mines. The national banks with which he was connected were placed in the hands of celvers largely because losses sustained by reason loans made Brown and corporations. Brown was indicted the United States courts for violations of the national banking laws and was recently convicted on number of charges. The Citizens Title and Trust Company some years ago carried large amount of loans to Brown and his companies, most of which, however, were removed upon the Insistence of the department of banking The loans to Brown and his concerns carried the bank are comparatively small amount and are believed to be well secured. At the time of the closing the national banks referred because Brown's connection with the Citizens Title and Trust Company, there were heavy withdrawals of. deposits from the trust company. All demands met without difficulty and the traordinary ceased. During recent months, however, there has been continuous close run on the bank which has resulted in depletion of the cash and reduction in the liquid assets of the company. The confidence of the public In the safety the institution seenis to have been shattered. Durlug the few days withdrawnls have reached such proportions that became the duty of the department of banking to take possesalon of the affairs of the institution in order that its assets might be In interest all of the depositors and creditors. The Citizens Title and Trust Company has no affiliation with any other banking institution in Uniontown or elsewhere and there ts no occasion for uneast ness the part of depositors in other Uniontown banks. The Trust company was ganized in 1901. According to the statement of conditions published by the comof March 1929, the pany has capital company surplus and reserves of $420,000 deposita of and total sources of $5,182,000. The Trust Company also had trust business of something over Deors of The Citizens Title and Trust Company were closed at noon yesterday when notices the effect that State Banking had taken charge of the institution posted at the bank. The notices read: Peter Cameron, secretary of banking, is in possession of the business and property of The Citizens Title and Trust Company. Taylor. Mr. Taylor is chief deputy of the state banking and been in charge of the local situation. The action was taken at noon yester day in accordance with conditions stated in the statement issued by Mr. Camefon Harrisburg. Frank W. Jackson, of Apollo, an official of the state banking depart. ment for the past years, arrived in Uniontown early last evening and immediately took charge of the In stitution. Mr. Taylor and Mr. Jackson were in charge of the situation last evening and Mr. Jackson will main here until the work of liquidation completed. Jointly, last evening. they declared that want to conduct the liquidation with the least possible embarassment to both creditors and debtors. They declared that every possible portunity would be given for the adjustment of financial obligations. As the bauking business and prop. crty through the course passes liquidation, declared that step specifically by legis. lative not. Under the most was stated, the first dividend under liquidating processes, could not declared to depositors under months. The law provies, it was stated. four months for the presentation and claims. At the expiration of that time, the officials in charge behalf of the state will Ille their ports with the courts after which 30 days are allowed for of Mr. Jackson and Mr. Taylor said that call would issued

10. July 12, 1929 The Evening Standard Uniontown, PA
Article from The Evening Standard, July 12, 1929

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Bank Receiver's Credentials are Filed In Court Credentials were filed today by Frank W. Jackson with Prothonotary Darrell W. Smiley showing that he has been appointed as special agent for Peter G. Cameron, secretary of banking, state of Pennsylvania, to assist him in the liquidation of the Citizens Title and Trust's business. Credentials were also filed with the recorder of deeds. These papers state that bond to the amount of $300,000 had been filed with the state treasury department to insure the faithful performance of Jackson in his duties as temporary receiver of the Uniontown institution. The Citizens bank closed Wednes- Continued OR page seven

11. April 6, 1934 The Evening Standard Uniontown, PA

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WAKE UP, BANKING DEPARTMENT ! Some weeks ago the News Standard carried a United Press dispatch that the R. F. C. had approximately $50,000,000 available for payment of dividends to closed state banks in Pennsylvania. The allocation showed that sizeable payments would be made by four Fayette county institutions, including the Citizens Title & Trust company, Uniontown. Since then nothing has happened. Now the R. F. C. reiterates its original statement, adding that the only reason the cash hasn't been transferred is dilatory methods of Pennsylvania state bank receivers which have failed as yet to produce the securities to be hypothecated for the loans. There is a general demand from thousands and thousands of depositors-all of whom could use that money-that the state banking Department get busy. There certainly seems something to explain.

12. January 10, 1935 The Daily Courier Connellsville, PA

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TITLE & TRUST CHECKS TO BE MAILED NOT LATER THAN TUESDAY, JAN. 15 Slight Delay Said to Be Due to Great Volume of Other Work Imposed on Staff. TOTAL WILL BE $318,855.67 Dividend checks of the defunct Title & Trust Company of Western Pennsylvania, first of the local financial institutions to go into receivership, will be mailed out not later than Tuesday, January 15, it was learned today by The Courier. The checks, aggregating $318,855.67, representing a dividend payment of 13 per cent, will be sent out to 9,416 depositors. They have been prepared and are now in Philadelphia in the hands of the State Secretary of Banking, Dr. William D. Gordon, for signature before being returned here for distribution. While Dr. Gordon had specified Saturday, January 12, as the day for the mailing out of the checks, it was learned the Uniontown headquarters' staff is busy at work preparing dividend payments for two other banks—Citizens Title & Trust Company of Uniontown and Peoples Bank of Greensboro—and this would necessarily create a little delay. It was learned, however, that every detail would be attended to and that the checks would be in the mails not later than Tuesday. It was estimated that of the $318,855.67 dividend, approximately $235,000 represented the net amount of a loan obtained from the Reconstruction Finance Corporation through the Federal Deposit Liquidation Board, the bank receiver having posted unliquidated assets with an appraised value of $1,163,218.46 as collateral. Deductions of approximately $45,000 represented, it was said, deductions for taxes and other charges. To this loan was applied most of the cash balance on hand. The announcement of Dr. Gordon stated that the remaining deposit liability of the Title & Trust Company after payment of the 13 per cent—the second dividend, a previous one of seven per cent having been made—is $1,981,093.71 and that "there are on hand assets with a book value of $131,631.68, appraised at $90,482.51 for further liquidation" after payment of the second dividend. Depositors of the Citizens Title & Trust Company of Uniontown are to be paid six and a half per cent, the dividend to the 13,380 creditors aggregating $222,458.39. Heretofore 40 per cent has already been paid so that with the payment just announced, a total of 46½ will have been made available to the depositors. The remaining deposit liability of this institution is $1,829,377.17 and there are on hand assets with a book value of $823,271.70, appraised at $411,302.52 for further liquidation. Thirteen per cent will be paid to 816 depositors of the Peoples Bank of Greensboro, totaling $21,490.51. Heretofore 50 per cent has already been paid so that with the payment to be made a total of 63 per cent will have been made available. The remaining deposit liability of this institution is $51,130.86 and there are on hand assets with a book value of $98,743.34, appraised at $49,039.34, for further liquidation. In all, nine banks are to pay dividends to 64,156 depositors before January 15, aggregating $1,081,634.67. The banks include: State Bank, Klingerstown, six per cent, $13,007.14. Valley View Bank, Valley View, seven and half per cent, $95,469.24. Plains State Bank, Plains, 10 per cent, $33,951.47. Dime Bank Title & Trust Company, Wilkes-Barre, five per cent, $87,201.70. Washington Trust Company, Washington, five per cent, $218,999.36. Heights Deposit Bank, Wilkes-Barre, five per cent, $65,201.19.

13. April 3, 1935 The Daily Courier Connellsville, PA

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New Bank Receiver Named After Death Of Frank W. Jackson New plans for administering 15 closed banks in Western Pennsylvania were announced at Harrisburg by Luther A. Harr, Secretary of Banking, jurisdiction of which he transferred to deputies. These banks were formerly under the direction of Frank W. Jackson, deputy receiver for the department who died of heart disease. His home was at Apollo. His position will not be filled. The new assignments include Arthur McCune for these banks: Title & Trust Company of Western Pennsylvania, Connellsville; Citizens Title & Trust Company, Uniontown; Brownsville Trust Company, Brownsville; Miners State Bank, New Salem; Peoples Bank of Greensboro; Joseph Vecchio (private bank) of Uniontown; Jubelirer Brothers (private bank) of Brownsville and Citizens State Bank of Salisbury. "Assigning these closed banks to deputies already appointed will not mean any diminution of efficiency," Harr said. "This action is being taken because we believe these deputies can handle the work and to reduce the cost of liquidation to depositors." Mr. Jackson, 57, special deputy State Secretary of Banking, who had represented the State in the liquidation of a Connellsville and other Fayette county banks during the last several years, died of a heart attack Tuesday in his room in William Penn Hotel in Pittsburg. He became ill in his room and his wife, Caroline, called a physician. Death occurred as the doctor entered the room. Mr. Jackson had been connected with the State for about 25 years and had been receiver for about 15 banks in Western Pennsylvania. Besides his wife, he leaves two daughters and two sons. The funeral service will be held Thursday afternoon at 3 o'clock at the Jackson home at Apollo. CHRISTIAN CHURCH WILL HOLD ANNUAL MEETING TONIGHT The annual meeting of the congregation of the Christian Church will be held tonight at 7:30 o'clock at the church. Reports of the year's activities will be made. Officers will be elected.