16124. First National Bank (Charleroi, PA)

View Charter #14123 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
14123
Charter Number
14123
Start Date
May 22, 1934
Location
Charleroi, Pennsylvania (40.138, -79.898)

Metadata

Model
gpt-5-mini
Short Digest
bbaaf1ef8fe5df92

Response Measures

None

Description

Articles report the old First National Bank of Charleroi was placed in conservatorship and a receiver (Walter L. Campbell) was named in May 1934; the institution is described as 'defunct' and a successor First National Bank in Charleroi was recently formed and leased half the banking room. No run is mentioned; the bank was taken into conservatorship/receivership by federal authorities and did not resume as the same institution.

Events (4)
1. April 28, 1934 Chartered
Source
historical_nic
2. May 22, 1934 Receivership
Newspaper Excerpt
Campbell, who was named receiver on May 22, was granted the authority in decree handed down by Federal Judge R. M. Gibson.
Source
newspapers
3. May 22, 1934 Suspension
Cause
Government Action
Cause Details
Placed in conservatorship by the Acting Comptroller of the Currency, leading to termination of operations of the old bank.
Newspaper Excerpt
Walter L. Campbell...received notification his appointment receiver for the old First National Bank of Charleroi, effective immediately upon the termination of the conservatorship.
Source
newspapers
4. July 19, 1934 Other
Newspaper Excerpt
David M. McCloskey, conservator of the old bank, was authorized ... to lease half of the banking room formerly occupied by the closed institution to the First National Bank in Charleroi, recently formed successor.
Source
newspapers

Newspaper Articles (2)
1. May 24, 1934 The Daily Herald Monongahela, PA
Article from The Daily Herald, May 24, 1934

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Article Text

RECEIVER Walter L. Campbell, of Charleroi, yesterday received notification his appointment receiver for the old First National Bank of Charleroi, effective immediately upon the termination of the conservatorship. telegram from Acting Comptroller of Currency Await directed Campbell to take over ceivership of the bank immediate-

2. July 19, 1934 The Daily Herald Monongahela, PA
Article from The Daily Herald, July 19, 1934

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Article Text

BANK RECEIVER AUTHORIZED TO ACCEPT BONDS Pittsburgh, July 19-(INS) Walter Campbell, receiver of the defunct First National Bank of Charleroi, today had the federal court's permission to accept Home Owners Loan bonds and cash in exchange for judgments and mortgages totalling more than $18,000 held against seven parties. Campbell, who was named receiver on May 22, was granted the authority in decree handed down by Federal Judge R. M. Gibson. David M. McCloskey, conservator of the old bank, was authorized by Judge F. P. Schoonmaker in another order to lease half of the banking room formerly occupied by the closed institution to the First National Bank in Charleroi, recently formed successor. Under the terms of the lease the new bank will occupy the eastern half of the bank quarters at a monthly rental of $200.