16965. Heights Deposit Bank (Wilkes Barre, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 23, 1931
Location
Wilkes Barre, Pennsylvania (41.246, -75.881)

Metadata

Model
gpt-5-mini
Short Digest
4f97948c792b4bc3

Response Measures

None

Description

Heights Deposit Bank failed to open on Sept. 23, 1931 and was taken over by the Secretary of Banking (government action); a receiver (W. B. Davies / Oliver mentioned later) was placed in charge and the bank underwent liquidation with dividends paid later, so the suspension led to permanent closure/receivership. Although articles mention heavy runs in the city generally, the texts do not clearly describe a discrete depositor run specifically causing the Heights Deposit Bank's closing; classification is suspension_closure (suspension by government action followed by closure/receivership). OCR errors corrected (e.g., Wilkes- Barre -> Wilkes-Barre).

Events (4)
1. September 23, 1931 Receivership
Newspaper Excerpt
W. B. Davies was placed in charge. ... property of the institution had been taken over by Secretary of Banking Gordon, to conserve of positors and stockholders and prevent preference for withdrawing Heavy Runs At Banks. Central banks ... subjected to heavy runs yesterday reported conditions more nearly normal today ... withdrawal rule was proclaimed by the Clearing association ... to stem the tide of withdrawals The institution located in midterrific and last evening, when the Pennsylvania Liberty Bank and Trust company and the Dime Bank Title and Trust company closed their doors and taken by the state banking ... decided to place the in the hands of the secretary of banking. W. B. Davies was placed in charge.
Source
newspapers
2. September 23, 1931 Suspension
Cause
Government Action
Cause Details
Bank failed to open and was taken over by the Pennsylvania Secretary of Banking to conserve depositors and stockholders; state placed the institution in receivership.
Newspaper Excerpt
The Heights Deposit bank here, failed to open for business ... property of the institution had been taken over by Secretary of Banking Gordon, to conserve of positors and stockholders
Source
newspapers
3. March 15, 1932 Other
Newspaper Excerpt
Distribution of funds in Wilkesbarre's three closed banks, that were taken over by the State Department of Banking, has been delayed by failure of surety to pay their bank-deposit bonds ... one of $30,000 of Heights Deposit Bank.
Source
newspapers
4. January 13, 1933 Other
Newspaper Excerpt
Depositors of the Pennsylvania Liberty Bank and Trust Company and the Heights Deposit Bank have received two dividends, the first for 10 per cent and the second for 15 cent ... partial liquidation of the assets ... returned depositors $1,153,299 ... the Heights Deposit Bank: cash on hand ... $15,312.95
Source
newspapers

Newspaper Articles (3)
1. September 23, 1931 The Times-Tribune Scranton, PA
Article from The Times-Tribune, September 23, 1931

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Article Text

SIXTY-DAY RULE PUT EFFECT BY BANKS WILKES-BARRE HOUSES ACT OVER STATE TAKES OVER HEIGHTS BANK. Wilkes- Barre, Sept. 23 (INS). The third bank in Wilkes Barre to close In many days, the Heights Deposit bank here, failed to open for business On the at the hour set for was notice stating property of the institution had been taken over by Secretary of Banking Gordon, to conserve of positors and stockholders and prevent preference for withdrawing The last statement of the bank showed assets deposits of talized at had in surplus and undivided profits of The institution. located in midterrific and last evening. when the Pennsyl vania Liberty Bank and Trust company and the Dime Bank Title and Trust company closed their doors and taken by the state banking Early today and decided to place the in the hands of the secretary of banking. W. B. Davies was placed in charge. Heavy Runs At Banks. Central banks most of them subjected to heavy runs yesterday reported conditions more nearly normal today as withdrawal rule was proclaimed by the Clearing association and rerushed in from federal to stem the tide of withdrawals Despite the recession in uneasiness, there considertension the general bank ing situation and to allay it. several banks they would pay 10 per cent to tide depositors over while the rule is

2. March 15, 1932 Pittston Gazette Pittston, PA
Article from Pittston Gazette, March 15, 1932

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Article Text

FUNDS SURETY COMPANIES Distribution of funds in Wilkesbarre's three closed banks, that were taken over by the State Departmen of Banking, has been delayed by failure of surety to pay their bank-deposit bonds to the Commonwealth of Pennsylvania. Reports from Harrisburg are that almost $4,500,000 is due the Commonwealth on unpaid bank deposit bonds. Of that amount, $430,000 are represented in the bonds on public funds in the three closed banks in Wilkesbarre. There is bond of $250,000 of Dime Bank Title & Trust Co., one of $150,000 of Pennsylvania Liberty Bank & Trust Oo., and one of $30,000 of Heights Deposit Bank.

3. January 13, 1933 Wilkes-Barre Times Leader Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, January 13, 1933

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Article Text

COSTS HERE COMPARED Audit of Three Institutions Shows $124,881 Expended During Terms of Individual Receivers Partial liquidation of the assets Wilkes three closed returned depositors $1,153,299 of their tailed total expense of $124,881.54, of the three the thonotary's office The last nancial statements the three banks, prior to their closing in September showed total deposits of $8,012,967.42. The following table provides comparison in cost of liquidation for of the banks, Dime Title Trust Trust Company and the Heights Deposit Bank: At the time the first and partial reports were filed by the bank ceivers, the of cash on hand were reported: Dime Bank Pennsylvania Heights Deposit 15,312.95 Total $464,745.94 Sufficient for Dividend. The for large on in the Dime Bank is because of litigain which $800,000 of State funds is involved. This amount is sufficient to warrant another dividend to depositors bee conflicting claims as to whether sum should be priority other deposits is holding up the distribution. In another in the today this condition more fully explained. Depositors of the PennsylvaniaLiberty Bank and Trust Company and the Heights Deposit Bank have received two dividends, the first for 10 per cent and the second for 15 cent. Dime Bank received one dividend of 10 per The sum of $81,510.06 of cash on hand in the Bank and Trust Company November 16, 1932, when the first and partial report of Joseph Bednar, completed. The sum $15,312.95 cash on hand the Heights of August 1932, when Oliver, receiver, completed his first accounting. Since then further liquidation the assets both banks has continued although the amount of money realized for further distribution not known. The liquidation two banks also that of the Dime Title and Trust Company being conducted jointly by Mr. Oliver headquarters the Liber(Please turn to Page 27) Liquidating Total Amount Expense. Dime Bank Pennsylvania Heights Deposit Totals $124,881.54 $1,153,299.00 Last Finan Dime Bank Liberty Heights Deposit Totalt