16451. Citizens Banking Company (Oil City, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 11, 1919
Location
Oil City, Pennsylvania (41.429, -79.708)

Metadata

Model
gpt-5-mini
Short Digest
9e1e0c08b1cd2473

Response Measures

None

Description

Multiple contemporaneous newspaper reports (July 11–12, 1919) state the Citizens Banking Company of Oil City, PA suspended business on orders of C. H. Graff, State Bank Examiner, due to impairment of capital and inability to realize assets. No run is mentioned and no reopening is reported in these articles; the suspension was by government action and appears to be a failure/closure (receivership not explicitly stated in these clippings).

Events (1)
1. July 11, 1919 Suspension
Cause
Government Action
Cause Details
Suspended on orders of State Bank Examiner C. H. Graff because of impairment of capital and inability to realize quickly on much of the bank's assets
Newspaper Excerpt
The Citizens Banking Company of this city suspended business to-day on orders of C. H. Graff, State Bank Examiner. Existing impairment of the company's capital and inability to realize quickly on a large part of its assets were the reasons given
Source
newspapers

Newspaper Articles (3)
1. July 12, 1919 The Sun New York, NY
Article from The Sun, July 12, 1919

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Article Text

Bank in oil City Suspends. OIL CITY, July 11.-The Citizens Banking Company of this city suspended business to-day on orders of C. H. Graff, State Bank Examiner. Existing impairment of the company's capital and inability to realize quickly on a large part of its assets were the reasons given by the dt-

2. July 12, 1919 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, July 12, 1919

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Article Text

CITIZENS BANKING CO. AT OIL CITY, PA., SUSPENDS Oil City, Pa., July 11.-The Citizens' Banking company suspended business here today on orders of C. H. Graff, state bank examiner. Existing impairment of the company's capital and in-

3. July 12, 1919 Harrisburg Telegraph Harrisburg, PA
Article from Harrisburg Telegraph, July 12, 1919

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Article Text

Oil City Bank Closed; Its Capital Impaired By Associated Press. Oil City, Pa., July 12.-The citizens Banking Company suspended business here yesterday on orders of C. H. Graff, State bank examiner. Existing impairment of the company's capital and inability to realize quickly on a large part of the bank's assets were the reasons given by the directors for closing the doors of the institution. The bank, which was organized in 1902 as a State bank, carried deposits of nearly $1,300,000.