16803. Peoples National Bank (Point Marion, PA)

View Charter #9503 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9503
Charter Number
9503
Start Date
May 17, 1932
Location
Point Marion, Pennsylvania (39.739, -79.899)

Metadata

Model
gpt-5-mini
Short Digest
59a6b53f2ba983ee

Response Measures

None

Receivership Details

Depositor recovery rate
82.0%
Date receivership started
1931-10-08
Date receivership terminated
1937-11-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
34.8%
Share of assets assessed as doubtful
63.5%
Share of assets assessed as worthless
1.7%

Description

Articles indicate the Peoples National Bank of Point Marion was closed by the state banking department (closed during the past year) and a receiver (J. W. Emigh) was authorized/appointed (article dated 1932-05-17). A 1933 article shows the receiver pursuing litigation on behalf of the defunct bank, consistent with permanent closure and receivership. OCR errors in Article 1 (garbled phrases) were corrected for clarity. No explicit bank run is described.

Events (5)
1. August 12, 1909 Chartered
Source
historical_nic
2. October 8, 1931 Receivership
Source
historical_nic
3. May 17, 1932 Receivership
Newspaper Excerpt
Judge D. W. Henderson today authorized J. W. Emigh, receiver for the ... Peoples National Bank of Point Marion, ... closed during the past year by the state banking department, to sell ... listed stocks and bonds or become a party to any refinancing plans ... to effect savings for depositors of the respective banks.
Source
newspapers
4. February 17, 1933 Other
Newspaper Excerpt
A bill of injunction ... instituted yesterday afternoon by J. W. Emigh, receiver for the Peoples National Bank of Point Marion ... to avoid the assignment of a $15,000 mortgage ... claims ... being liquidated as a part of the Peoples National assets.
Source
newspapers
5. * Suspension
Cause
Government Action
Cause Details
Closed by the state banking department (timing given as during the past year in 1932 article)
Newspaper Excerpt
closed during the past year by the state banking department
Source
newspapers

Newspaper Articles (2)
1. May 17, 1932 The Evening Standard Uniontown, PA
Article from The Evening Standard, May 17, 1932

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Article Text

EMIGH IS NAMED BANK RECEIVER Judge Henderson Authorizes Appointment Today NEXT WEEK Judge D. W. Henderson today authorized J. W. Emigh, receiver for the First National Bank of Somerfield, the Peoples National Bank of Point Marion, and the First National Bank of Smithfield, all closed during the past year by the state banking department, to sell at reasonable prices listed stocks and bonds or become a party to any refinancing plans that might effect savings for depoistors of the respective To reach banks. your Many bonding companies, financing FRIENDS holdings of defunct banks, have themselves experienced financial difficulties, and as result it becomes necessary to lift the securities and either sell or TELEPHONE refinance them, in many instances, it is pointed out. your Petitions presented today revealed that securities in question amount to you about $100,000 in the case of the Som- have one field bank, approximately $100,000 in than the Point Marion bank, and $250,000 in the Smithfield bank. dime The papers were presented by Attorney William J. Crow, counsel for the receiver.

2. February 17, 1933 The Morning Herald Uniontown, PA
Article from The Morning Herald, February 17, 1933

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Article Text

Ask Injunction In Mortgage Transfer A bill of injunction to avoid the as signment of a $15,000 mortgage was Instituted yesterday afternoon by J. W. Emigh. receiver for the Peoples National Bank of Point Marion against E. E. Beardsley and the First National Bank to whom, It is claimed Beardsley assigned the paper without fair and valuable consideration. The bank receiver claims the Point Marion man turned over the mortgage which he holds on a property to A. 8. Maple since November 10, 1921, to avoid payment of a $10,000 note on which he was an Indorser and now being liquidated as a part of the Peoplea National assets. The only reason the mortgage was assigned, says the receiver through his counsel, Attorney W. J. Crow, was to escape payment of the debt. The assignment makes Beardsley insolvent and in no position to pay the $10,000, it is claimed. Plans are now progressing between counsel for the defunct bank and the defendant to settle the claim In the meantime the injunction prevents Beardsley from destroying the re. cord of the mortgage or the Identity of its original ownership. Mrs. McMasters Gots Home In a. second performance of contract suit, Judge J. W. Dawson yesterday afternoon decided that Mrs. Nellie McMasters, sister of the late Attorney George Patterson. was entitled to the property at 98 1-2 Walnut street. Mr. Patterson loaned his sister $3,000 for the purchase of the home under an agreement by which she was to Γopay him at the rate of $25 R month. He acknowledged a return of $2,000 before his death and further payments -wiped out the debt up to $6, It was shown. The court directed that $6 be paid into the estate and a deed be made to the McMasters for the property. Sues for Fire Loss T. C. Friend of Uniontown Thursday afternoon entered sult against the Fire Association of Philadelphia to recover $353, due he alleges on a Are loss which occurred at his home along Woodcock Hill on the National