16761. Pittsburg Deposit & Title Company (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
January 8, 1927
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
9205d63f3cd78fd5

Response Measures

None

Description

State banking department closed the Pittsburg Deposit and Title Company in January 1927; articles report the state took charge (bank examiner) and cite 'frozen assets' as the cause. OCR/spacing corrected: newspaper sometimes prints 'Pittsburgh' vs bank name 'Pittsburg' as provided. No mention of a depositor run or reopening; closure taken by state indicates permanent suspension/receivership.

Events (2)
1. January 8, 1927 Suspension
Cause
Government Action
Cause Details
Closed by the Pennsylvania banking department; bank examiner (Frank W. Jackson) placed in charge after state takeover.
Newspaper Excerpt
PITTSBURGH BANK CLOSED BY STATE ... Pennsylvania Department Takes Over Affairs Of Institution ... by the Frank W Jackson, bank examiner, in charge of the affairs.
Source
newspapers
2. January 14, 1927 Receivership
Newspaper Excerpt
PITTSBURGH-The Pittsburgh Deposit and Title Company ... was closed today by the state banking department. Frozen assets was assigned as the cause. The bank had capital stock listed at $125,000, with assets of $1,231,898.40.
Source
newspapers

Newspaper Articles (2)
1. January 8, 1927 Birmingham Post-Herald Birmingham, AL
Article from Birmingham Post-Herald, January 8, 1927

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Article Text

PITTSBURGH BANK CLOSED BY STATE Pennsylvania Department Takes Over Affairs Of Institution (By Associated Press.) burgh Deposit and Title company Pittsburgh. with deposits of than 1,000,000, was by the Frank W Jackson, bank examiner. charge of the affairs. he would make an official under the 10cated in the heart the Pittsburgh financial district. Fourth avenue.

2. January 14, 1927 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, January 14, 1927

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Article Text

PITTSBURGH-The Pittsburgh Deposit and Title Company, believed to have been the only banking institution in Western Pennsylvania which paid 5 per cent on savings accounts, was closed today by the state banking department. Frozen assets was assigned as the cause. The bank had capital stock listed at $125,000, with assets of $1,231,898.40.