16224. Peoples Bank (Farrell, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 16, 1929
Location
Farrell, Pennsylvania (41.212, -80.497)

Metadata

Model
gpt-5-mini
Short Digest
11c51850f0686304

Response Measures

None

Description

Newspaper articles (Jan 18–19, 1929) report a run on the People's Bank of Farrell starting mid‑January, followed by state banking officials closing the bank on the order of the Secretary of Banking after an examination found frozen assets. A bank examiner was appointed to continue or liquidate the business. OCR errors in Article 2 obscure a phrase about a department store proprietor but do not change the sequence. I use the provided bank name (Peoples Bank) though articles use People's Bank of Farrell.

Events (3)
1. January 16, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals followed adverse developments (a 'call' of Dec. 31 and discovery of large frozen assets on examination).
Newspaper Excerpt
Depositors began withdrawing their deposits Wednesday of this week and continued on Thursday
Source
newspapers
2. January 18, 1929 Receivership
Newspaper Excerpt
Bank Examiner Frank Johnson was appointed to assist in continuing or liquidating the business.
Source
newspapers
3. January 18, 1929 Suspension
Cause
Government Action
Cause Details
State Secretary of Banking ordered the bank closed after an examination found considerable frozen assets; closure to protect depositors pending determination of condition.
Newspaper Excerpt
the People's Bank of Farrell ... has been closed upon his order until the exact financial soundness of the institution had been adjudicated
Source
newspapers

Newspaper Articles (2)
1. January 18, 1929 Wilkes-Barre Times Leader Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, January 18, 1929

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Article Text

STATE CLOSES MERCER BANK TO HALT 'RUN' People's Bank of Farrell Unable to Weather Difficulty Following 'Call' of Dec. 31-Move Guards Depositors tary of Banking Peter G. Cameron today that the People's Bank of Farrell, Mercer County. has been closed upon his order until the exact financial soundness of the institution had been adjudicated. Regular of the bank undertaken this week resulted in heavy Secretary Cameron and the examiners found asiderable amount of frozen Bank Examiner Frank Johnson was appointed to assist in continuing or liquidating the business. The report of the bank made as of December 1928, showed capital stock of $50,000. surplus fund of $17,000 and deposit liabilities aggre. $769,000. Depositors began withdrawing their deposits Wednesday of this week and continued on Thursday Secretary Cameron said it was ad visable that possession of the bank "should be taken for the protection of all depositors until its real condition has been determined. He hopes soon to reorganize or reopen the bank, or to have some banking institution in the vicinity the posit liabilities. Fred S. Fish is president of the bank.

2. January 19, 1929 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 19, 1929

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Article Text

THREE BANKS CLOSED. Pennsylvania, Washington And Idaho Depositaries Affected People's Bank of Farrell was closed today by state banking officials who said an examination had shown "frozen" assets. The action followed a run on the bank which took place after department store, whose proprietor Director of the bank. The bank's resources were given December 31 as $847,633.32 January The Exchange National Bank of Spokane failed open its doors this morning simple of the was W. H. Baldexaminer charge The bank has approximately $8,000,000 in Cocur January First Exchange National Bank of Coeur closed today Notice on the door said "Closed by order of the Directors E. E. Flood, of Spokane. is President