16897. First National Bank (Smithfield, PA)

View Charter #6642 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6642
Charter Number
6642
Start Date
May 26, 1931
Location
Smithfield, Pennsylvania (39.803, -79.808)

Metadata

Model
gpt-5-mini
Short Digest
a208eac62744f147

Response Measures

Full suspension

Other: Bank was closed by directors to conserve assets after heavy withdrawals; subsequently a receiver was appointed and authorized to sell listed stocks and bonds to benefit depositors (receivership/liquidation measures).

Receivership Details

Depositor recovery rate
48.9%
Date receivership started
1931-05-27
Date receivership terminated
1938-09-26
OCC cause of failure
Economic conditions
Share of assets assessed as good
17.4%
Share of assets assessed as doubtful
74.5%
Share of assets assessed as worthless
8.1%

Description

Article (May 26, 1931) reports heavy withdrawals and that the First National Bank, Smithfield, was closed by directors to conserve assets. A receiver is authorized in a May 17, 1932 article, indicating the bank did not resume and entered receivership. Cause of the initial withdrawals is not specified in the articles, so cause is classified as 'other'. OCR glitches in Article 2 (e.g., 'Somerfield' likely Somerfield) were noted but do not affect identification of Smithfield bank.

Events (5)
1. February 24, 1903 Chartered
Source
historical_nic
2. May 26, 1931 Run
Cause Details
Heavy withdrawals by depositors are reported; no specific trigger (rumor, insolvency, or external failures) is given in the article.
Measures
Directors closed the bank to conserve assets.
Newspaper Excerpt
RUN BREAKS BANK Pa., May 26 The First National bank Smithfield near here, was closed today, following heavy withdrawals by depositors.
Source
newspapers
3. May 26, 1931 Suspension
Cause Details
Bank was closed by its directors after heavy withdrawals; suspension appears voluntary to conserve assets rather than by immediate government action.
Newspaper Excerpt
Directors said the bank was closed in order to conserve assets of the institution.
Source
newspapers
4. May 27, 1931 Receivership
Source
historical_nic
5. May 17, 1932 Receivership
Newspaper Excerpt
Judge D. W. Henderson today authorized J. W. Emigh, receiver for the First National Bank of ... the First National Bank of Smithfield, all closed during the past year by the state banking department, to sell ... listed stocks and bonds ... approximately $250,000 in the Smithfield bank.
Source
newspapers

Newspaper Articles (2)
1. May 27, 1931 The Tribune Scranton, PA
Article from The Tribune, May 27, 1931

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Article Text

Appropriation Bill Ready for Senate Huge Increase Granted Service Commission HARRISBURG, May 26 (P).-The general bill, carrying $153,123 017.62 for the expenses of the state government in the next biennium was reported for passage in the senate As reported the bill carries an increase of $752,000 for the public service over the original estimates of the budget and the sum allocated in the house of representatives. This increase was as reflecting testimony before the senate and house investigating committees that the commission was handicapped in its work by lack of funds and an inadequate personnel. The public service commission increase, amended in the senate committee was from $1 .000 to 000 for the 1931-32 biennium. The total increase in the bill made in senate committee was from $149,558,117 to or slightly than three and onehalf millions. RUN BREAKS BANK Pa., May 26 The First National bank Smithfield near here, was closed today, following heavy withdrawals by depositors. Directors said the bank was closed in order to conserve assets of the institution.

2. 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.