First National Bank - Pitsburg, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9563
Charter Number: 9563
Start Date: April 1, 1931*
Location: Pitsburg, Ohio (39.988, -84.487)

Metadata

Model: gpt-5-mini
Short Digest: 40272361

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-02-13
Date receivership terminated: 1935-09-23
Share of assets assessed as good: 1.5%
Share of assets assessed as doubtful: 79.3%
Share of assets assessed as worthless: 19.2%

Description

Article (Apr 27, 1933) states the First National Bank of Pitsburg is defunct, closed about two years ago, and a receiver (Albert Reese) is now assessing stockholders following action by the Comptroller of the Currency. The failed bank's assets were assumed by the First Farmers National Bank and are in conservation under H. Potts. No run is described in the article; this is a closure with receivership (government action). OCR errors in the copy were corrected (e.g., 'Pitsburg tional' -> 'Pitsburg National').

Events (5)

1. October 20, 1909 Chartered

Source: historical_nic

2. April 1, 1931* Suspension

Cause: Government Action
Cause Details: Closed and placed into liquidation following action by the Comptroller of the Currency; conservator appointed and assets assumed by another national bank.
Newspaper Excerpt: the Pitsburg bank, which closed about two years ago
Source: newspapers

3. May 25, 1931 Voluntary Liquidation

Source: historical_nic

4. February 13, 1933 Receivership

Source: historical_nic

5. April 27, 1933 Receivership

Newspaper Excerpt: Albert Reese, receiver for the defunct First National Bank at Pitsburg, Ohio, is now sending out 100 per cent notices to all stockholders of the closed institution. . . . the assessment order was made by the national comptroller of currency Washington.
Source: newspapers

Newspaper Articles (1)

1. April 27, 1933 The Daily Advocate Greenville, OH

Article from The Daily Advocate, April 27, 1933

Click image to open full size in new tab

Article Text

RECEIVER NOW ASSESSING STOCKHOLDERS Notices Sent Out to All Stockholders Defunct Pitsburg tional 100 Per Cent sued by Comptroller of Currency. Albert Reese, receiver for the defunct First National Bank at Pitsburg, Ohio, is now sending out 100 per cent notices to all stockholders of the closed institution. stated that the sessment order was made by the national comptroller of currency Washington, Stockholders are being granted the privilege of dividing their assessments into four payments. per cent of the total must be paid by May 19; 25 per cent on June 19; 25 per cent month later and the final payment on August 19. stated that the assessment notices automatically started the final liquidation of the Pitsburg bank, which closed about two years the firm and the obligation to de ago. At that time the liquid assets of assumed by the Firstpositors Farmers National Bank ArThe latter bank is now being operated by H. Potts, conservator, restricted basis.