Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1930-08-04
Date receivership terminated
1934-10-04
Share of assets assessed as good
44.2%
Share of assets assessed as doubtful
46.2%
Share of assets assessed as worthless
9.6%
Description
Multiple contemporaneous AP/UP datelines report heavy runs over two days that forced the First National Bank of Vanderbilt (PA) to close on Aug 2, 1930. The runs are explicitly attributed to the recent closings of three or four banks in nearby Connellsville (i.e., distress of local banks). Affairs were placed with National Bank Examiner B. J. (B.) Bleakley and a receiver (Lloyd Littrell) was later assigned (Aug 12 notice). OCR errors corrected (e.g., 'Bleaknational' -> Bleakley/national bank examiner). A 1931 local report shows partial dividend payments (~30 cents on the dollar) from the receiver. Events: run -> suspension/closure -> receivership.
Events (5)
1.April 23, 1906Chartered
Source
historical_nic
2.August 1, 1930Run
Cause
Local Banks
Cause Details
Runs blamed on closings of three or four banks in nearby Connellsville within the previous month, triggering depositor withdrawals.
Measures
Directors initially decided to remain open and attempt to meet withdrawals but subsequently voted to close; affairs placed in hands of national bank examiner B. J. Bleakley.
Newspaper Excerpt
Embarrassed by heavy runs in the past two days, the First National Bank of Vanderbilt, near here, closed today.
Source
newspapers
3.August 2, 1930Suspension
Cause
Local Banks
Cause Details
Bank closed on Aug. 2, 1930 after heavy withdrawals attributed to earlier local bank failures in Connellsville; directors voted to close after attempting to remain open to meet withdrawals.
Newspaper Excerpt
Embarrassed by heavy runs in the past two days, the First National Bank of Vanderbilt, near here, closed today.
Source
newspapers
4.August 4, 1930Receivership
Source
historical_nic
5.August 12, 1930Receivership
Newspaper Excerpt
It is also understood he will be receiver for the First National Bank of Vanderbilt. Notices on the doors of the banks indicate the change.
Source
newspapers
Newspaper Articles (19)
1.August 2, 1930The Park City Daily NewsBowling Green, KY
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VANDERBILT, PENNA.. BANK CLOSES AFTER TWO DAYS OF RUNS
General investigate by heavy runs did not the two days, the Bank of Vanpast ince of derbilt near here closed today The any law runs were believed the results of the would closing of three four banks local Connellsville within the past four official The affairs of the institution were FOUR placed the hands BleakNational Bank Examiner W Cosgrove president. expressed confidence that all depositors ultimately would paid full The bank capitalized at 000. recent reported demand members surplus of deposits time ment and deposits of their
2.August 2, 1930The Salisbury PostSalisbury, NC
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German Airmen Reach Iceland On Way
Reykjavik, Iceland, Aug. With approximately their route covered, two young German airmen from Berlin United States their eyes today toward Greenland, their next The flyers, Wolfram Hirth and Oscar Weller, reached Iceland yesterday from the Orkney Islands. covering the jump in ten minutes than hours. After aviators reach Greenland their next hop to Canada.
BANKS FAIL. Connellsville, Aug. Heavy runs the past two days blamed for the closing today of the First National Bank of Vanderbilt, near here. The runs believed the result of the closing of three the four banks in Connellsville within the past month.
DIES OF SCARE. Raleigh, Pierce, his automobile avoid hitting another. He was Reaction set in. Pierce of heart failure,
3.August 2, 1930The Paducah SunPaducah, KY
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Pennsylvania Bank Is Closed by Run
PA., Aug. by heavy runs in the past two days The Bank of Vanderbilt, near here, closed today. The runs were believed the results the closing three four banks in Connellsville within the past four months. The affairs of the institution were placed in the hands of Bleaknational bank examiner. Cosgrove, president expressed confidence that all depositors ultimately would be paid in full. The bank was capitalized at $25,000. A recent statement reported surplus of $50,000, demand deposits $8,453, and time of deposits $39,-
4.August 2, 1930Wilkes-Barre Times LeaderWilkes-Barre, PA
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HEAVY RUNS CLOSE FOURTH FAYETTE BANK
Embarrassed by heavy runs in the past two days, the First National Bank of Vanderbilt, near here, closed today. The runs were believed the result of the closing of three the four banks in Connellsville within the past month. Decision to close today reached by directors of the bank last night after they had decided to remain open Friday and attempt to meet the demands of their depositors. Affairs of the stitution were placed in the hands of B. J. Bleakley, national bank examiner. W. A. Cosgrove, President, expressed confidence that all depositors ultimately would be paid in full. The bank recently reported surplus of $5,000; demand deposits of $8,453 and time deposits of $89.764.
5.August 2, 1930St. Louis Post-DispatchSt. Louis, MO
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Pennsylvania Bank Closed. heavy runs the last two days the First National Bank Vanderbilt here near closed today. The runs were thought to be the result of the closing of three of the four banks in within the last month. Affairs of the depository in the hands of Bleakley, National bank expressconfidence that all depositors would be paid in full. The bank capitalized at statement reported surplus $5000. demand deposits of and time deposits of
6.August 2, 1930Warren Times MirrorWarren, PA
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ANOTHER BANK IS CLOSED
Connellsville, by heavy runs the past two days, the First National Bank Vanderbilt, near here, closed today. The believed the result of the closing of three of the four banks in Connellsville within the past month. Decision close was reached by directors last night after they previously to remain open yesterday and attempt to meet the demands depositors Affairs of the institution were placed in the hands of Bleakley, national bank Cosgrove, president, expressed confidence that all depositors ultimately be paid in full. The bank was capitalized $25,000. recent statement reportof $5,000, demand deposits and time deposits
7.August 2, 1930The York DispatchYork, PA
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RUN EMBARRASSES BANK
Directors Decide to Close Vanderbilt Institution by runs in the past the First Bank closed today The runs believed the result closing three the four banks by the night after they had decided remain open Friday and attempt to meet the demands of their depositors Affairs the institution were placed tional bank deposits ultimately would in full. The bank was capitalized at $25.000. recent statement reported surplus of demand and of
QUEZON SAILS FOR MANILA. Quezon, president of the Philippine senate, the United States today what termed his supreme the people. going quest of definite determination of the political status of the Philippines declaration United States going the islands or ing to stay indefinitely.
8.August 2, 1930Sun HeraldBiloxi, MS
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RUNS CLOSE BANK Connelsville, Aug. Heavy runs the past days blamed for the closing today the First National Bank Vanderbilt, near here. The runs believed the result the closing three the four banks past month.
9.August 2, 1930The Daily OlympianOlympia, WA
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HEAVY RUNS FORCE BANK TO CLOSE DOORS
CONNELLSVILLE, Pa., Aug. 2.-Embarrassed by heavy runs in the past two days, the First National Bank of Vanderbilt, near here, closed today. The runs were believed the result of the closing of three of the four banks in Connellsville within the past month. The bank was capitalized at $25,000. A recent statement reported surplus of $5,000, demand deposit of $8,453, and time deposits of $89,764.
10.August 2, 1930Ledger-StarNorfolk, VA
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Glider Hits Power Line; Pilot Burns To Death Los Angeles, Aug. Earl Redondo Beach, Calif., glider pilot burned terday when ship snagged power and afire. The was about feet the when struck the Lyon died flames before he could be rescued.
HEAVY RUNS CLOSE BANK Heavy runs past blamed the closing today the First National bank derbilt, here. The the result the closing three four banks Connellsmonth. Affairs the placed hands Bleakley, bank examiner. W. Cosgrove, president.
11.August 2, 1930The Atlanta JournalAtlanta, GA
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WITH STRENGTH IN HIGH-GRADE LIST
BY F. H. RICHARDSON (Special Wire Journal NEW YORK. Saturday, Aug. Bonds with strength in Saturday The characteristic of current investment demand the difficulty of supplying prime issues to satisfy inquiries for them- to force these descriptions to highs Over of the gain in the prime group is wide, though the daily appreciation is so narrow to be noticeable of the time. But the fact cannot be ignored that bonds like Atchison general 4s, Canadian Pacific Pennsylvania phone Standard of New York 1/24s, Standard of New 5s, Dequesne Light 41/28, Utah Power Light 5s and New York Telephone 4½S, are all selling at their best prices since 1928. United States Government bonds also to near their best prices in two years, though trading was Volume Saturday was a little more than half that of Friday. The usual Saturday stagnancy was aggravated by the approach of the August bank holiday in England. thus drying up the English demand in this market. rates Convertibies were dull featureless with the stock market Warner Pictures 6s advanced 1½ points while the complementary stock was dropping. However, since the carries per cent coupon and the price at which the stock can be ercised is away out line at when the stock is selling $36 the stock's for the moment have ceased to have a direct effect on the Junior rails were irregular and gave evidence of again being played by speculative was only the comparat poor bonds, which in the past have shown wide fluctuations, that gained, such as Chicago Great Western 4s. St. Paul adjust ments International Great Northern Seaboard Air Line 6s. Better grade junior rails like St. Rock Island Erie general and refunding 5s and Southern Railway 4s. Industrials pursued an indeterminate course. Chile Copper 5s, United States American Sugar Refining 6s and Anglo Chilean Nitrate 7s showed firmness while Certainteed Hudson 5s, Goodyear 5s, Phillips Petroleum PanAmerican Petroleum 6s, Skelly Oil 1/28 and Shell Union 5s sold off. dropped to new low at 87 in the department, afterwards regaining part of the loss. Austrian 7s to sell at point Belgium (1955) were at their best price of the year under fair demand from abroad. French government dollar bonds were still at their high price for the year
Commodity Prices
McGILL Editor McGill Commodity Service the past the comthe of three years declined teen groups last are two Little hange was noted the week July decrease was bile. iron and steel, such upturn industrial during the closing agreeset recovery any All All prices broke new low such live hides and leather textiles and vege. table Industrial Prices were finished are materials Agricultural One of the new records tion heat waves the west Deterioraleading Auproduction estimater vised This help to healthy relademand Non Metals the first This was to firming up and Other products to the established. Both coarse and fine textile prices Coarse particular are fibers hemp and Most important price changes: This Previous First Week 1930. 75.6 Industrial Agricultural and leather Textiles, fine Vegetable 82.8 83.7
NEW YORK PRODUCE MARKET NEW on the New York ExHudson Hudson Flour dull and spring Pork steady: strong midile-west Petroleum New York 15c; $2 per Lloyd's barrel. Majestic quiet: Hides per Central Cucutas, Orinoacaibos, packer) native brands. Colorados 13c. and Long Island Sweet and easy southern poultry cents steady per Island Live poultry (cents quiet: broil- Northern 22: turkeys 17@33 Cheese (pound) steady whole milk fancy Young Ameriquiet Phoenix per Pub Eggs (cents per dozen) market firmer Reliance white state whites. Pacific Rep fresh nearby browns,
Pennsylvania Bank Closed by Heavy Runs CONNELLSVILLE, Pa., Aug. (/P)-Heavy runs in the past two days were blamed for the closing Saturday of the First National Bank of Vanderbilt, near here The runs were believed the result of the closing of three the four banks in Connellsville within the past month The affairs the institution were placed in the hands of B. Bleakley national bank examiner W A. Cosgrove, president, expressed that all depositors ultimately would be in full. The paid was capitalized at $25.000. statement reported surplus of 000, demand deposits of $8,453. and time deposits of $89,764.
12.August 3, 1930The Philadelphia InquirerPhiladelphia, PA
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BANK CLOSES
First National of Vanderbilt Embarrassed by Heavy Run
CONNELLSVILLE, Pa., Aug. 2 (A. P.) -Embarrassed by heavy runs in the past two days, the First National Bank of Vanderbilt, here, closed today. The runs were believed the result of the closing of three of the four banks in Connellsville within the past month. Affairs of the institution were placed the hands of B. J. Bleakley, national bank examiner. W. A. Cosgrove president, expressed that all depositors ultimately would be paid in full. The bank was capitalized at $25,000 A statement reported a surplus of $5000. demand deposits of $8453 and time deposits of $89,764 Decision to close today was reached by directors of the bank last night after they previously had decided to Friday and attempt to remain open meet the demands of their depositors
Heavv Runs Result In Bank's Closing
CONNELLSVILLE Pa. Aug. Heavy runs in the past two ays were blamed for the closing toay of the First National bank of anderbilt near here. The runs ere believed the result of the closhg of three of the four banks in Jonneilisville within the past month.
14.August 3, 1930The Miami HeraldMiami, FL
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RESTAURANT MEETING CALLED FOR TUESDAY
There will be a meeting of the Greater Miami Restaurant Association in the Seven Seas restaurant at p. m. TuesThe meeting is to be of to and those wishing to become members.
BANK CLOSES. CONNELLSVILLE, Pa., Aug. Heavy runs in the past two days were blamed for the closing today of the First National Bank of Vanderbilt, near here. The runs were believed the result of the closing three the four banks in Connellsville within the past month.
BANK ORDERED CLOSED. CHICAGO, Aug. (P)-The velt State Bank, negro bank deof 390,000, ordered closed by the state auditor today because of cash There had been heavy withdrawals, said to have been inspired by the closing of the Binga State Bank, another negro institution. because frozen assets, largely real estate papers.
TIRM IS SUSPENDED. NEW YORK, Aug. 2. (P)-The New York the suspension of the firm of Kempner Brothers membership for failure to meet its engagements.
15.August 4, 1930The San Bernardino County SunSan Bernardino, CA
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Heavy Runs Force Closing of Fourth Bank in Pennsylvania
(By Associated Press) CONNELLSVILLE, Pa., Aug. 3.Embarrassed by heavy runs in the last two days, the First National bank of Vanderbilt, near here, closed today. The runs were believed the result of the closing of three or four banks in Connellsville within the last month. The bank was capitalized at $25,000. A recent statement reported a surplus of $5,000, demand deposits of $8,453, and time deposits of $89,764.
16.August 5, 1930The Miami NewsMiami, FL
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Tony Goes Broke Trying to Find Place for Cash
Italian Tries Bank, Mattress, Tree, Then Another Bankand It Closes
DUNBAR. Aug. Tony Goldareno "broke" today cause tried too hard to find safe place for his life His money reposed in Connells ville bank. Came "going withdrew his savings. Next day the bank closed. Like neighbor, his ings in but neighbor lost his money when his took Tony tried hiding the money struck Tony. decided bank the best place deposited the money bank Vanderbilt, Pa. Next day the bank closed.
17.August 12, 1930The Daily CourierConnellsville, PA
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BANK RECEIVERS ARE SHIFTED change in receivers in charge of the Citizens National and Union Natlonal Banks has become effective here with the transfer of Lloyd Littrell from the former to the latter. It is also understood he will be receiver for the First National Bank of Vanderbilt. Littrell's place the Citizens National Bank George R. Smith, had been receiver at the Union National Bank. Notices on the doors of the banks indicate the change.
18.December 3, 1931The Daily CourierConnellsville, PA
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Connellsville Is in Better Condition Than Any Other Community in the County
Even With Bank Failures It Has Not Been Hit Like Others Without Financial Difficulties, Says Lloyd Littrell.
"Connellsville better off than other community in county.' This the assertion of Lloyd Littrell bank receiver. now located while taiking with representative The Courier today don't know town with which have contact that Mr. Littrell adding that he had engaged ty. in bank receivership for years, working in several states of the Union about two Littrell formerly receiver of the Union National Bank of and the First National Bank being located in this area for before transferred Brownsville the affairs of the First National Vanderbilt which to date has paid 30 cent; the National and Second National Brownsper the National banks Republic and Addison. He formerly City better off than other community in the county and any other sections of the Even Its bank better shape localities that have not been hit by the closing of financial Mr declared "That's the found conditions while If way some of the would an for themselves, they would learn for themselves and would know. 100, that Connellsville wonderful shape."
19.October 28, 1933The Daily CourierConnellsville, PA
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UNITED BRETHREN DEDICATION WEEK BEGINS TOMORROW
BOROUGH BUILDING, JAIL AT VANDERBILT PLANNED BY SOLONS
Special Precede Former National Bank Ceremony at New Edu- Structure, Home of Firemen, Is Purchased.
BISHOP BATDORF TO SPEAK the dedication the constructed unit First United will under tomorrow world missions The Challenge of the the The place and evening periods. The dedication in charge Ministerial people of the community Tuesday Speakers will Miorney Rev. The Board of Trade rity officials and American Veter Foreign and other Invited and Showers former the Allegheny Con. speak United Brethien of the Greensburg and adjacent districts are in Ltudas Christian Night conference district and count school association ofday the dedication Sunday, November At each will be suown through the educational buildings building committee and other the program that has been arranged for Sunday evening part of the world missions advance ment day: Theme. Call to worship Hymn. the Cord." bein Guild president Prayer. Mrs. C. W. Kein for women's chorus
Offering "The of the following Evangel. Dorothy Kern First Mrs. Ernest Third Disciple. Mrs. Frank Marah: Fourth Disciple. Ruth Corsuch: Fifth Disciple. W. Collins. and Sixth Disciple Mrs. Edith James. Benediction. Rev. E. Schultz
FIRST BASTILE IN DOZEN YEARS
Vanderbilt have building and lockup. be time history that will have building and the jall the in dozen years In abide by the council purchase the First National Bank Building Liberty Vanderbilt munity Volunteer Fire Department The special the transaction. stated finamen and their equipment. the tablished quarters for the other paraphernalia continued the bank building the dre purchased from the bank receiver The firemen had pended onsiderable the make needs. In all probability the e-tablished been than years since the lockup was located In the basement Morris building beneath the postollice. the cells being disposed Since then the borough prisoners have been to
