16043. First National Bank (Ambridge, PA)

View Charter #8459 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8459
Charter Number
8459
Start Date
June 5, 1912
Location
Ambridge, Pennsylvania (40.589, -80.225)

Metadata

Model
gpt-5-mini
Short Digest
2ca69b4296b37039

Response Measures

None

Receivership Details

Depositor recovery rate
95.5%
Date receivership started
1912-06-05
Date receivership terminated
1916-09-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
30.2%
Share of assets assessed as doubtful
40.5%
Share of assets assessed as worthless
29.3%

Description

Contemporary reports (June 5, 1912) state the First National Bank of Ambridge closed its doors and a national bank examiner was appointed receiver. No mentions of a depositor run appear in the articles; failure is attributed to large loans to a brewery. Closure was permanent with a receiver appointed.

Events (4)
1. December 8, 1906 Chartered
Source
historical_nic
2. June 5, 1912 Receivership
Source
historical_nic
3. June 5, 1912 Receivership
Newspaper Excerpt
Robert D. Garrett, a national bank examiner, was appointed today receiver for the First National Bank of Ambridge, Penn., which has closed its doors with a loss of at least $55,000.
Source
newspapers
4. June 5, 1912 Suspension
Cause
Government Action
Cause Details
Bank closed and a national bank examiner (Robert D. Garrett) was appointed receiver by the Comptroller/US District Court.
Newspaper Excerpt
First National of Ambridge, Penn., Forced to Close Its Doors.
Source
newspapers

Newspaper Articles (4)
1. June 6, 1912 New-York Tribune New York, NY
Article from New-York Tribune, June 6, 1912

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Article Text

BANK IN RECEIVER'S HANDS First National of Ambridge, Penn., Forced to Close Its Doors. Washington, June 5.-Robert D. Garrett, a national bank examiner. was appointed today receiver for the First National Bank of Ambridge, Penn., which has closed its doors with a loss of at least $55,000, according to reports to the Controller of the Currency. The Controller was advised that the institution's capital of $50,000 and surplus of $5,000 had been wiped out. According to the bank's report on April 18, its total assets and liabilities were $271,867, including $166,487 individual deposits. The failure was caused, it is declared, by the bank's loans to a brewery company. Pittsburgh. June 5.-Following the failure of the First National Bank of Ambridge, a receiver was appointed to-day for the Ambridge-Economy Brewing Company. Justus Mulert was named receiver by the United States District Court and furnished a bond of $10,000.

2. June 6, 1912 The Brunswick News Brunswick, GA
Article from The Brunswick News, June 6, 1912

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Article Text

NATIONAL BANK RECEIVER. Washington, June 5.-National Bank Examiner Robert D. Garrett today was appointed receiver for the First National Bank of Ambridge, Pa., which has closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Murray.

3. June 6, 1912 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, June 6, 1912

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Article Text

EXAMINER IS APPOINTED RECEIVER OF NATIONAL BANK By Associated Press. Washington, June 5.-National Bank Examiner Robt. D. Garrett today was appointed receiver for the First Nation Bank of Ambridge, Pa., which has closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Hurray.

4. June 8, 1912 Democratic Messenger Snow Hill, MD
Article from Democratic Messenger, June 8, 1912

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Article Text

Bank at Ambridge, Pa., Closes. Robert D. Garrett, national bank examiner, was appointed receiver for the First National bank at Ambridge, Beaver county. Pa., which closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Murray.