15314. First National Bank (Pitsburg, OH)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
9563
Charter Number
9563
Start Date
April 1, 1931*
Location
Pitsburg, Ohio (39.988, -84.487)

Metadata

Model
gpt-5-mini
Short Digest
83cc614fa2c5e728

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-02-13
Date receivership terminated
1935-09-23
Share of assets assessed as good
1.5%
Share of assets assessed as doubtful
79.3%
Share of assets assessed as worthless
19.2%

Description

Articles (Apr 1933) report the First National Bank at Pitsburg as a closed/defunct institution that closed about two years ago and is in final liquidation under a receiver appointed by the Comptroller of the Currency. OCR errors in the text (e.g., Pitsburg tional, missing words) were corrected when interpreting meaning. No article mentions a depositor run; receiver is assessing stockholders (100% assessment) and assets were assumed earlier by First Farmers National Bank with a conservator in charge.

Events (5)

1. October 20, 1909 Chartered
Source
historical_nic
2. April 1, 1931* Suspension
Cause Details
Article only states the bank closed about two years ago (no explicit cause provided); assets were assumed by First Farmers National Bank and a conservator operated it.
Newspaper Excerpt
the Pitsburg bank, which closed about two years ago.
Source
newspapers
3. May 25, 1931 Voluntary Liquidation
Source
historical_nic
4. February 13, 1933 Receivership
Source
historical_nic
5. April 27, 1933 Receivership
Newspaper Excerpt
Albert Reese, receiver for the defunct First National Bank at Pitsburg, Ohio, is now sending out 100 per cent notices to all stockholders of the closed institution. ... assessment order was made by the national comptroller of currency Washington, Stockholders are being granted the privilege of dividing their assessments into four payments ... the assessment notices automatically started the final liquidation of the Pitsburg bank, which closed about two years ago.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Advocate, April 27, 1933

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Article Text

RECEIVER NOW ASSESSING STOCKHOLDERS Notices Sent Out to All Stockholders Defunct Pitsburg tional 100 Per Cent sued by Comptroller of Currency. Albert Reese, receiver for the defunct First National Bank at Pitsburg, Ohio, is now sending out 100 per cent notices to all stockholders of the closed institution. stated that the sessment order was made by the national comptroller of currency Washington, Stockholders are being granted the privilege of dividing their assessments into four payments. per cent of the total must be paid by May 19; 25 per cent on June 19; 25 per cent month later and the final payment on August 19. stated that the assessment notices automatically started the final liquidation of the Pitsburg bank, which closed about two years the firm and the obligation to de ago. At that time the liquid assets of assumed by the Firstpositors Farmers National Bank ArThe latter bank is now being operated by H. Potts, conservator, restricted basis.


Article from Troy Daily News, April 29, 1933

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Article Text

BANK RECEIVER STOCKHOLDERS April 29 -Alreceiver for the debert D. funct First National bank at Pitssending out 100 burg, O., is now percent notices to all stockholders of the closed instituIt stated that the assesstion. ment order was made by the national comptroller of currency at Stockholders are being granted the privilege of dividing toheir assessments into four payments of the total Twenty-five percent by May 19; 25 permust be paid cent June 19: 25 percent month and the final payment on later August 19. It is stated that the assessment notices automatically started the final liquidation of the Pitsburg bank, which closed about two years ago. time the assets of At that firms and the obligation to the were assumed by the Firstpositors