16840. First National Bank (Renovo, PA)

View Charter #3763 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3763
Charter Number
3763
Start Date
June 8, 1934
Location
Renovo, Pennsylvania (41.326, -77.751)

Metadata

Model
gpt-5-mini
Short Digest
15a850603e7d3760

Response Measures

None

Receivership Details

Depositor recovery rate
39.0%
Date receivership started
1932-02-26
Date receivership terminated
1939-10-31
Share of assets assessed as good
16.4%
Share of assets assessed as doubtful
54.6%
Share of assets assessed as worthless
29.0%

Description

Articles (1934) describe the First National Bank of Renovo as closed and placed in receivership (Howard N. Cassel, receiver). No article mentions a depositor run; the bank was closed and a receiver sought recovery of funds, and later resigned. Thus this is a suspension leading to permanent closure with a receiver (suspension_closure). Dates of initial suspension are not given in the clips; receiver activity is documented in June and October 1934.

Events (5)
1. July 28, 1887 Chartered
Source
historical_nic
2. February 26, 1932 Receivership
Source
historical_nic
3. June 8, 1934 Receivership
Newspaper Excerpt
Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 ... Frank cashed certificate of deposit for his brother when he knew the bank was insolvent, the government charged in opening the case before Judge Albert L. Watson yesterday. (Wilkes-Barre Times Leader, 1934-06-08).
Source
newspapers
4. October 29, 1934 Other
Newspaper Excerpt
Bank Receiver Resigns ... Howard N. Cassel, receiver of the closed First National Bank of Renovo for the past two years, has resigned his position and will, on November ... assume the position of vice president of the Citizens National Bank of Wellsville, N. Y. (The Express, 1934-10-29).
Source
newspapers
5. * Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in receivership (receiver Howard N. Cassel) prior to June 1934.
Newspaper Excerpt
the closed First National Bank of Renovo
Source
newspapers

Newspaper Articles (2)
1. June 8, 1934 Wilkes-Barre Times Leader Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, June 8, 1934

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Article Text

Receiver Seeks To Recover $5,000 Williamsport, Pa., June 8-(/P)Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 from Frank J. Burnett, former cashier, and his brother, John B. Burnett. both of Meads crossing, in a civil suit in Federal Court. Frank cashed certificate of deposit for his brother when he knew the bank was insolvent, the government charged in opening the case before Judge Albert L. Watson yestreday. Two of eight perjury charges charges against Isaac Rochman, of Harrisburg, were dropped due to the death of witness. Rochman's case is the last criminal case of the session.

2. October 29, 1934 The Express Lock Haven, PA
Article from The Express, October 29, 1934

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Article Text

Bank Receiver Resigns Approximately 250 children enRenovo-Howard N. Cassel. re- joyed festive games. Prizes were ceiver of the closed First National awarded to Dolores Garner for the Bank of Renovo for the past two most beautiful costume: to June years, has resigned his position and Nicholas and Helen Gossler. the will. on November assume the Gold Dust Twins, for most clever position of vice president of the costuming and to Ruth Wagner for Citizens National Bank of Wells- the most comic masquerade. All ville. N. Y. children received a gift of candy