16295. First National Bank (Indiana, PA)

View Charter #14098 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
14098
Charter Number
14098
Start Date
April 1, 1934*
Location
Indiana, Pennsylvania (40.621, -79.153)

Metadata

Model
gpt-5-mini
Short Digest
bc666dd906bbbe74

Response Measures

None

Description

The articles describe the old First National Bank being placed in conservatorship/receivership while a new First National Bank (a successor) was opened and put into operation with guaranteed deposits. There is no mention of a depositor run; rather the old bank's assets are being handled by a conservator and a receiver was later appointed. Therefore this is a suspension leading to permanent closure/receivership of the old institution while a new bank succeeds it.

Events (4)
1. April 1, 1934* Suspension
Cause
Government Action
Cause Details
Old First National Bank placed under conservator (Paul Straitiff) and operations of the old institution curtailed; assets to be administered by conservator/receiver.
Newspaper Excerpt
Assets of the old bank, not adjudged readily liquid will be administered by Conservator Paul Straitiff.
Source
newspapers
2. April 7, 1934 Chartered
Source
historical_nic
3. April 11, 1934 Reopening
Newspaper Excerpt
Making $1,800,000 available to depositors the new First National Bank of Indiana, succeeding the First National Bank, has been opened. The new bank is member of the Federal Reserve system and its deposits are automatically guaranteed ... the new bank operating on an unrestricted basis. (Latrobe Bulletin, 1934-04-11).
Source
newspapers
4. May 7, 1934 Receivership
Newspaper Excerpt
Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets the First National Bank and act as receiver ... Mr. Tomb has begun to take over the assets of the bank and that would require about two weeks time. This arrangement has nothing with the new First National Bank in Indiana. (The Indiana Gazette, 1934-05-07).
Source
newspapers

Newspaper Articles (2)
1. April 11, 1934 Latrobe Bulletin Latrobe, PA
Article from Latrobe Bulletin, April 11, 1934

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Article Text

Indiana Bank Is Opened Making $1,800,000 available to positors the new First National Bank of Indiana, succeeding the First National Bank, has been opened. The new bank is member of the Federal Reserve system and its deposits are automatically guaranteed in accordance with the provisions and liquid assets of the old institution. The new bank operating on an unrestricted basis. Assets of the old bank, not adjudged readily liquid will be administered by Conservator Paul Straitiff. Directors of the new bank are: President. Edward B. Bennett, state senator and contractor; vice president Dr. George E. Simpson, physician: Cashier Paul Straitiff, conservator of old bank; Dr. Walsh, dean of instruction. Indiana State Teachers co!lege; Thomas H. Sheehe, general manager, Clearfield Supply company; Dr.

2. May 7, 1934 The Indiana Gazette Indiana, PA
Article from The Indiana Gazette, May 7, 1934

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Article Text

Tomb Named Bank Receiver Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets the First National Bank and act as ceiver in This five banks for which Mr. Tomb The Citizens National Bank, Indiana; the Clymer National Bank, Clymer; Glen CampNational Bank, Glen Campbell; and National Bank of Mahaffey. Mr. Tomb has not received word as where will handle the affairs of the Indibank. He stated this morning that he had begun take over the assets the bank and that would require about two weeks time. This arrangement nothing with the new First National Bank in Indiana. Because the fact that the bank bought old building. probable that Mr. Tomb will have the affairs taken care some other banking room.