16058. First National Bank (Beaver, PA)

View Charter #3850 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3850
Charter Number
3850
Start Date
March 14, 1921
Location
Beaver, Pennsylvania (40.695, -80.305)

Metadata

Model
gpt-5-mini
Short Digest
da5ec0f809d04745

Response Measures

None

Receivership Details

Depositor recovery rate
72.6%
Date receivership started
1921-03-26
Date receivership terminated
1928-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
59.1%
Share of assets assessed as doubtful
30.6%
Share of assets assessed as worthless
10.4%

Description

Articles from March 14–15, 1921 report the First National Bank of Beaver closed by order of its directors and payments suspended after an examination found irregularities. No run is reported and no reopening or receivership is mentioned in these articles; therefore I classify this as a suspension that appears to lead to closure (no evidence of resumption).

Events (3)
1. February 29, 1888 Chartered
Source
historical_nic
2. March 14, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
An examination revealed irregularities in the bank's books; directors ordered closure and payments suspended.
Newspaper Excerpt
By order of the Board of Directors the First National Bank of Beaver is closed and payments suspended
Source
newspapers
3. March 26, 1921 Receivership
Source
historical_nic

Newspaper Articles (3)
1. March 14, 1921 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, March 14, 1921

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Article Text

Bank at Beaver, Pa., Closed Pittsburgh, Pa., March 14 1 The First National Bank of Beaver. Pa.. has been closed by order of the directors, and payments suspended Frederick Wilson, vice president. said an examination of the bank's books shows irregularities and that the bank was closed for an investigation to protect the stockholders. The bank has paid up capital of $50,000 and surplus of $50,000. Deposits amounted to $463,490.

2. March 14, 1921 Indiana Daily Times Indianapolis, IN
Article from Indiana Daily Times, March 14, 1921

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Article Text

Payments Suspended by Beaver (Pa.) Bank BEAVER, Pa., March 14.-Though its doors were open today, all payments of the First National Bank of Beaver were suspended. A national bank examiner and the directors and officers were consulting depositors and checking up individual accounts. A notice said certain irregularities bad been discovered which made it advisable to close the bank for the time being. The bank is one of the oldest and largest in western Pennsylvania.

3. March 15, 1921 The New York Herald New York, NY
Article from The New York Herald, March 15, 1921

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Article Text

BANK IN BEAVER, PA CLOSED, BEAVER Pa., March 14.-The First Na. tional Bank of Beayer did not open day its doors for business. In a meeting of its directors held yesterday, at which Federal Bank Examiner Frank Miller was present. a notice which read "By order of the Board of Directors the First National Bank of Beaver is closed and payments suspended" was posted on the bank's door. The notice was signed by Mr. Miller, as examiner. in charge, and was dated today.