13441. Citizens National Bank & Trust Company (Hornell, NY)

View Charter #2522 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2522
Charter Number
2522
Start Date
April 30, 1932
Location
Hornell, New York (42.328, -77.661)

Metadata

Model
gpt-5-mini
Short Digest
977108eedb38fa9e

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
69.0%
Date receivership started
1932-05-10
Date receivership terminated
1941-06-13
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
64.2%
Share of assets assessed as worthless
9.8%

Description

Multiple contemporaneous articles (May 1932) report a depositor run on the Citizens National Bank & Trust Company in Hornell that led the bank to fail to open its doors and to be closed; a receiver (Horace Mizell) is reported for the closed Hornell banks, indicating permanent closure/receivership. The immediate textual cause is not stated explicitly but appears connected to local banking distress (closures/rumors concerning First National in Hornell). Dates are taken from newspaper publication dates: the run occurred the Saturday before May 2, 1932 (approx. 1932-04-30).

Events (5)
1. May 6, 1881 Chartered
Source
historical_nic
2. April 30, 1932 Run
Cause
Local Banks
Cause Details
Run occurred after recent local banking disturbances/rumors in Hornell (closures/rumors about First National) that appear to have triggered depositor withdrawals.
Measures
Bank failed to open its doors; did not meet depositors (closure followed).
Newspaper Excerpt
The Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday.
Source
newspapers
3. May 2, 1932 Suspension
Cause
Local Banks
Cause Details
Failure to open following the depositor run; closure appears related to local bank failures/rumors rather than an explicit government action or voluntary liquidation.
Newspaper Excerpt
Hornell, N. May Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday.
Source
newspapers
4. May 10, 1932 Receivership
Source
historical_nic
5. May 15, 1932 Receivership
Newspaper Excerpt
Grants Petition of Receiver for Two Banks in Hornell... Horace Mizell, receiver for the First National Bank and the Citizens National Bank Trust both of which are closed, petitioned Court ... .
Source
newspapers

Newspaper Articles (4)
1. February 15, 1932 The Buffalo News Buffalo, NY
Article from The Buffalo News, February 15, 1932

Click image to open full size in new tab

Article Text

DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. Special the BUFFALO EVENING NEWS. HORNELL Feb. First National bank did not open for business Monday At M. Sunday the following notice was posted upon the door the Closed by order of the board of directors. This bank in charge of National Bank Examiner Connor.' The notice dated Feb. 13. Following closing of the bank came an official merger Citizens' National Bank Trust company and the Steuben Trust company result complete the banking complexion While could add nothing to notice posted bank. known that business will be done under his jurisdiction cept receive money due on loans and employes been duty, the pointed the comptroller of currency, Pole Interests Protected. Records assets and liabilities being and such cases usually takes from six months to President F. Bronson could not be his has been three but Henry. issued the following statement "It was deemed advisable the board of directors close the order to protect the interests the depositors. By further run on the will be avoided preference Rumors that First National was to close current in the city Saturday Sunday but nothing was known officially until the notice posted upon door. Crowds gathered in front the bank Sunday night after the The bank founded by the Adsit leading this section. and remained their control unthe death of Charles Adsit few years With Bank 30 Years. President Bronson has been the for 30 years and the institution has always been garded one of the strongest banks officers of the bank include: (Continued on Page Column 1.)

2. May 2, 1932 The Times-Tribune Scranton, PA
Article from The Times-Tribune, May 2, 1932

Click image to open full size in new tab

Article Text

BANK CLOSES Hornell, N. May Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday The bank's last statement said it had resources $3,003,546.34 and total deposits of $2,211,006

3. May 12, 1932 Springville Journal Springville, NY
Article from Springville Journal, May 12, 1932

Click image to open full size in new tab

Article Text

HERE AND THERE IN NEW YORK STATE Clipped from our Exchanges Current licenses for automobile operators and chauffeurs will expire on May 31, and those who drive legally after that date must be provided with 1932-1933 licenses. Robert Hamilton Persons of East Aurora, a life insurance agent, has filed a petition in bankruptcy with liabilities of $104,539.58 and assets of $32,936.74. Col. T. B. Crocker, formerly of Sardinia, N. Y., but for several years a resident of St. Cloud, Florida, is reported to be very ill. Principal Molyneaux, who has been principal of Sardinia High School during the past two years, has accepted a position as vice-principal of West Seneca High School: Buffalo, May 3.-Harry J. Brown, 35 years old, of Niagara Falls, Ont., yesterday was fined $1,000 by Judge John Knight in federal court and was sentenced to nine months in the Erie County Penitentiary after he pleaded guilty to mailing lottery tickets. Section 473 of the postal laws and regulations forbids sending through the mails any written or printed matter concerning any lottery or drawing dependent in the whole or in part upon lot or chance. The Citizens National Bank and Trust Company of Hornell failed to open its doors recently after a Saturday run on the bank. With the recent arrival of 26 convicts from Sing Sing prison, Auburn prison's population reached a new record total of 1,934. The Public Service has granted permission for the Pennsylvania railroad to discontinue two passenger trains between Olean and Rochester. Mixed passenger and freight trains, running on a different schedule, will replace them. The Rocky Crest Sanatorium staff, Rock City, will be at home to friends on Sunday, May 15, from 2 to 5 and 7 to 8 p. m. An opportunity will be given visiting friends to see the external improvements at the sanatorjum as well as the various departments of the institution itself. Refreshments will be served. The Department of Agriculture and Markets is ready to turn over $375,000 in county fair allotments to various counties in the state. Seven white-tailed deer in one herd crossed upper State Park Avenue in Salamanca recently, making a pretty spectacle as they skimmed over the fence. With thirty-cent potatoes, New York state potato growers can pay eighty cents a bushel for certified seed and make $16.20 an acre, according to nine years' figures from fourteen counties. The leaf surface, terminal growth, set of fruit, and the set of fruit buds for next year will have been made or determined by July. If cultivation is to aid these developments it must be done early.

4. May 15, 1932 Democrat and Chronicle Rochester, NY
Article from Democrat and Chronicle, May 15, 1932

Click image to open full size in new tab

Article Text

JUDGE ORDERS ACCOUNTING IN FOODY ESTATE Grants Petition of Receiver for Two Banks in Hornell Hornell, May Horace Mizell, receiver for the First tional Bank and the Citizens tional Bank Trust both of which are closed. petitioned Court have Mrs Lela Babcock executrix the estate her the late James Foody attorney, banker and file an account ing According to Mr. Mizell, the late Foody's indebted to the First National Bank, of which the of This itemized follows Direct maker of notes. due unpaid, indirect indorser notes of protested unpaid assessment stock in bank as stockholder, $49. not yet Mizell in his petithat Mr. Foody died Apr. and no further had since Apr. 27, 1931 when his widow executrix. added Harold and Claude Babcock were by the has filed nor any had by the on her behalf or any account Mizell recites in his petition: for your petitioner to of what this estate monies, securities come the hands the said executrix since the death Surrogate John Wheeler direct that the petition be complied Mr. Foody for number of years law practice in County and about years before his death became dent of the First National Bank, institution founded 1848 Frank E. Bronson president of the bank for many years the time the bank suspended, Feb. Mr. Bronson recently filed bankruptey proceedings in Buffalo, listing liabilities more than $193,000 his assets at $125.