16363. Mahaffey National Bank (Mahaffey, PA)

View Charter #7610 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7610
Charter Number
7610
Start Date
October 26, 1931
Location
Mahaffey, Pennsylvania (40.873, -78.724)

Metadata

Model
gpt-5-mini
Short Digest
0f45c1520b09eec5

Response Measures

None

Receivership Details

Depositor recovery rate
53.0%
Date receivership started
1931-06-16
Date receivership terminated
1939-08-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
37.0%
Share of assets assessed as doubtful
59.6%
Share of assets assessed as worthless
3.4%

Description

Articles report the Mahaffey National Bank was one of several 'closed banks' with a receiver named (L. C. Noble) in Sept 1932; later (May 1934) another receiver (Milford Tomb) took over remaining assets. No article describes a depositor run — the bank was closed and placed in receivership by authorities. Article of Oct 26, 1931 documents a clerk's misapplication of funds (~$4,000) and probation; likely related but closure/receivership occurs in 1932. OCR errors in Article 1 (truncated lines) corrected where obvious.

Events (5)
1. February 15, 1905 Chartered
Source
historical_nic
2. June 16, 1931 Receivership
Source
historical_nic
3. October 26, 1931 Other
Newspaper Excerpt
William Lisle Stephenson, former clerk Mahaffey National Bank... pleaded guilty to misapplication about $4,000 bank funds placed on probation for ... the day after the bank was clos-
Source
newspapers
4. September 14, 1932 Suspension
Cause
Government Action
Cause Details
Bank was among 'closed banks' and a receiver (L. C. Noble) was appointed by authorities.
Newspaper Excerpt
L. C. Noble, receiver for the closed banks Clymer, Glen Campbell and Mahaffey, has been named receiver...
Source
newspapers
5. May 7, 1934 Receivership
Newspaper Excerpt
Tomb Named Bank Receiver... Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets... the National Bank of Mahaffey.
Source
newspapers

Newspaper Articles (3)
1. October 26, 1931 The Punxsutawney Spirit Punxsutawney, PA
Article from The Punxsutawney Spirit, October 26, 1931

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Article Text

MAHAFFEY BANK CLERK PLACED ON PROBATION Pleads Guilty to Misapplication Job by Commissioner Forsythe. PITTSBURGH, Oct. 26 (U.P.) William Lisle Stephenson, former clerk Mahaffey National Bank, Mahaffey Clearfield County, today pleaded guilty to misapplicaabout $4,000 bank funds placed on probation for In gaining the probation, Stephenson pleaded that he supported his parents, wife and three children on of $125 month. His plea him probation but job from the man who had issued the for his arrest, John Forsythe, Commissioner Federal Judge Schoonmaker heard the plea and pronounced sentence. The day after the bank was clos- (Continued Two. Col.

2. September 14, 1932 The Indiana Gazette Indiana, PA
Article from The Indiana Gazette, September 14, 1932

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Article Text

NOBLE NAMED BANK RECEIVER L. C. Noble, receiver for the closed banks Clymer, Glen Camps bell and Mahaffey, has been named receiver for the Citizens Na. tional Bank of Indiana. Mr. Noble has been located in Indiana for some two years. He was recently married to Miss Florence Huber, former member of the faculty Indiana State Teachers College, Mr. and Mrs. Noble have apartment the Moore Hotel.

3. 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.