Peoples National Bank (Burgettstown, PA)

View Charter #13009 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
January 4, 1932
Location
Burgettstown, Pennsylvania (40.382, -80.393)
Bank Type
national
Charter Number
13009

Metadata

Episode ID
Bank ID
City ID
421170713
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-01-11
Date receivership terminated
1936-08-22
Share of assets assessed as good
42.9%
Share of assets assessed as doubtful
52.3%
Share of assets assessed as worthless
4.8%

Notes

Bank failed to open Jan. 4, 1932 to conserve assets and was later in receivership with dividends paid from RFC funds.

Events (5)
1. November 19, 1926 Chartered
Source
historical_nic
2. January 4, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed bank to conserve assets (implying insolvency/asset concerns).
Newspaper Excerpt
The Peoples National Bank of Burgettstown ... failed to open its doors today. The step was taken, according to a statement of directors, to conserve assets of the institution.
Source
newspapers
3. January 11, 1932 Receivership
Source
newspapers
4. January 11, 1932 Receivership
Source
historical_nic
5. August 9, 1932 Other
Newspaper Excerpt
The Peoples National Bank of Burgettstown, closed for several months, will pay a 60 per cent dividend ... The payment was made possible by funds obtained from the Reconstruction Finance Corporation, Harry G. Wilson, the bank's receiver said, and no further dividends will be distributed until the loan is repaid to the corporation.
Source
newspapers

Newspaper Articles (2)
1. January 5, 1932 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Bank Is Closed At Burgettstown

WASHINGTON, Pa., Jan. 4.—(Special.) — The Peoples National Bank of Burgettstown, this county, failed to open its doors today. The step was taken, according to a statement of directors, to conserve assets of the institution. The bank has deposits of approximately $175,000. Thomas Brown is president and Denny Brown, cashier.

Williamson Becomes N. Y. Central Head

NEW YORK, Jan. 4.—(United News)—Frederick Ely Williamson, once a $70-a-month clerk for the New York Central Railroad, today became president of the entire New York Central system. He succeeds Patrick E. Crowley, who resigned last month.

U. S. TREASURY

Receipts December 31 $ 5,105,654.28 Expenditures 14,143,711.52 Balance 474,689,558.83 Customs duties for December were 26,549,413.25

2. August 9, 1932 The Pittsburgh Press Pittsburgh, PA

Article Text

CLOSED BANK TO PAY $68,872 DIVIDEND

503 Depositors of Burgettstown Institution to Benefit

Special to The Pittsburgh Press

WASHINGTON, Pa., Aug. 9—The Peoples National Bank of Burgettstown, closed for several months, will pay a 60 per cent dividend, returning $68,872.80 to 503 creditors, it was announced today.

The payment was made possible by funds obtained from the Reconstruction Finance Corporation, Harry G. Wilson, the bank's receiver said, and no further dividends will be distributed until the loan is repaid to the corporation.

The Lincoln National Bank at Avella also will pay a 5 per cent dividend, Wilson, who is receiver for it, too, said. The Avella bank previously had paid a 15 per cent return.