17726. Springfield National Bank (Springfield, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2620
Charter Number
2620
Start Date
March 7, 1923
Location
Springfield, Ohio (39.924, -83.809)

Metadata

Model
gpt-5-mini
Short Digest
f8274e93

Response Measures

None

Receivership Details

Depositor recovery rate
63.1%
Date receivership started
1923-04-05
Date receivership terminated
1926-12-10
OCC cause of failure
Fraud
Share of assets assessed as good
86.1%
Share of assets assessed as doubtful
11.0%
Share of assets assessed as worthless
2.9%

Description

The bank closed in early March 1923 after discovery of large embezzlement by the cashier A. H. Penfield; the Comptroller appointed a receiver and the bank remained in receivership (permanent closure) with dividend distributions to creditors in subsequent years. No run is reported in the articles.

Events (6)

1. January 23, 1882 Chartered
Source
historical_nic
2. March 7, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large defalcations/embezzlement by cashier A. H. Penfield (shortage initially reported $600,000, later estimates near $1,000,000).
Newspaper Excerpt
the institution, which closed yesterday after a shortage of $600,000 was found.
Source
newspapers
3. April 5, 1923 Receivership
Source
historical_nic
4. April 6, 1923 Receivership
Newspaper Excerpt
Dr. Crissinger, controller of the currency, appointed a receiver for the bank following the arrest of the cashier. / John A. Best of the currency comptroller's bureau was named by Comptroller Crissinger as receiver for the Springfield National bank of Springfield, O., which recently closed its doors.
Source
newspapers
5. August 28, 1923 Other
Newspaper Excerpt
A first dividend of 33 1/3 per cent to creditors of the Springfield National Bank, which closed last March following the defalcations of Cashier A. H. Penfield, was announced today by Receiver John A. Best.
Source
newspapers
6. April 7, 1926 Other
Newspaper Excerpt
The payment of fourth and final dividend of the Springfield National Bank ... the fourth and final dividend will be ... The sum of $150,000 will be to the depositors, about 3,500 in number.
Source
newspapers

Newspaper Articles (7)

Article from Daily Kennebec Journal, March 8, 1923

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Article Text

Bank's Stockholders Must Repay Losses Springfield, Onio, March 7.-After A. H. Penfield, cashier of the Springfield National Bank, had confessed, according to his 1ather-in-law, Dr. D. K. Gotwald, that he was guilty of defalcations extending over the past 10 years, T. S. Thomas, national bank examiner, announced that the institution, which closed yesterday after a shortage of $600,000 was found. would open its doors only if its stockholders made good the lass. Otherwise, he said, a receiver would settle the accounts with what assets remain.


Article from Evening Star, April 7, 1923

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Article Text

$977,233.48 BANK FRAUD CHARGED TO EX-CASHIER Federal Grand Jury Returns Indictment of Twelve Counts-Confession Claimed. By the Associated Press. CINCINNATI, April -The arrest last month, at Springfield, Ohio, of August Penfield. former cashier of the Springfield National Bank, culminated here late yesterday in his indictment by a federal grand jury on twelve counts, one of which charged him with having embezzled $977,233.48 of the bank's funds. Penfield is said to have confessed he lost the money speculating in the stock and grain market. At the time of his arrest it was estimated Penfield's alleged peculations would aggregate approximately $600,000. Later this amount was raised to $800,000. and now it is fixed by the grand jurors, on reports from the bank examiners, at almost a million dollars. Dr. Crissinger. controller of the currency, appointed a receiver for the bank following the arrest of the cashier. Penfield will be brought to Cincinnati from Montgomery county jail, at Dayton, next Tuesday for arraignment before Judge Smith Hickenlooper, in United States district court.


Article from Eagle River Review, April 12, 1923

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Article Text

Springfield (0.) Bank Gets Receiver. Washington, April 6.-John A. Best of the currency comptroller's bureau was named by Comptroller Crissinger as receiver for the Springfield National bank of Springfield, O., which recently closed its doors.


Article from Evening Star, August 28, 1923

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Article Text

BIG DIVIDEND PAID TO BANK CREDITORS By the Associated Press. SRINGFIELD, Ohio. August 28.-A first dividend" of 331/3 per cent to creditors of the Springfield National Bank, which closed last March fol. lowing the defalcations of Cashier A. H. Penfield. was announced today by Receiver John A. Best. Penfield's defalcations totaled . approximately $1.000,000. He confessed to embezzlement and is now serving a twentying one-year sentence in the federal penitentiary at Atlanta, Ga.


Article from Springfield News-Sun, March 20, 1926

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Article Text

BANK CREDITORS TO GET DIVIDEND Fourth and Final Payment Will Be Made by Receiver. About the middle of April the fourth and final dividend will be the The field National Receiver M. R. Kevil announced Saturday The sum of $150,000 will be to the depositors, about 3,500 in number. Checks and receipts have Mr. Kevil says The checks will mailed the comptroller's office at they returned. Mr. Kevil will notify the depositors when the dividend will be paid. The fourth dividend will be This will make total of 2-15 cent Mr. per Kevil preparing to close the bank's books.


Article from Springfield News-Sun, April 7, 1926

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Article Text

FINAL DIVIDEND OF BANK READY Receiver Kevil Makes Announcement of Action To List of Creditors. The payment of fourth and final dividend of the Springfield National Bank checks will be delivered follows: Up to No. 1500 beginning April above No 1500 beginning April temporary office of Tecumseh Building Receipts for fourth final dividend been mailed Sign receipt ink exactly as the name appears the receiver's certificate Attach (proper signed) to the numbered certificate to facilitate delivery Those prefer send ceipt properly signed by to the receiver be returned by Receiver Springfield National 703


Article from Springfield News-Sun, October 23, 1934

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Article Text

THE SPRINGFIELD DAILY NEWS. SPRINGFIELD, OHIO. TUESDAY. OCTOBER 23, 1934. HAPPENINGS IN THE SOCIAL WORLD Marie Jean Best Is Wed In East Former Resident Stops In Springfield Briefly While On Her Honeymoon From former Springfield residents of prominence comes the follow and John Andrews Best announce the marriage Marie Jean. Mr. Henry Lewis Harvey on Thursday the eighteenth October One thousand nine hundred and Until years ago the former Miss Best her parents made their home Springfield where Mr. Best had come receiver for the former Springfield National Bank later assuming the office president the former Commercial and Savings Bank After leaving Mr Best resumed connections with treasury partment national bank receiver and now located in Tex The bride and who came the city Sunday for brief Dr. and Mrs. Chauncey of 100 Broadmoor blvd., were married the home the bride's Miss Marie in urb For the lovely formal bride wore her mother's wedding gown of satin long veil trimmed duchess complementary note to her ensemble she carried formal bouquet lilies the valwhite rosebuds and sweetheart Immediately following the which and Mrs. John Best Germantown, bride were the only tendants Mr. and Mrs. Harvey left trip through die west. its completion they return to their after the first The bride was graduated from Springfield High School, and attended Antioch College 1933 she was graduated from the versity Texas, where she was Delta Zeta Sorority Mr Harvey son of Mr and William was member of the graduating 1931 from Pennsylvania State College. He longed to Phi Gamma Delta ternity. Miss Loretta Kelly chairman the social the Young Women's League entertain Hallowe'en party for active and prospective Wednesday evening the C.A. admission fee make possible evening dancing and cards Miss Ruth Ochs will preside business meeting preceding the Members the Springfield Counof Associations Monday night at the Bushnell lution which was placed recent the Congress of in Colum- Attorney John McGrew spoke which attended by about persons The meeting was charge the of which Gerald Powell The resolution follows: members the Ohio Congress being vitally interested in the ance and operation of the public school system of the State of realize the financial difficulties volved the reduction available for school operation due to average reduction the tax duplicate since of 40 per the constitutional tax limitation by popular vote fective and many other favor the adoption of state program public support which will foundation public costs to each district equal to $45 for each elementary pupil, and for each high school pupil in tendance the public schools maintained by district "We favor adoption state program of public schools support equalized minimum mandated for the current costs public school operation in each disfavor the adoption statewide policy public school finance which provide for steady duction public school indebtedand added security outstanding school obligations by any the Ohio Congress wish on opposing the two proposed the constitution of Ohio seeks limit all automobile and all gasoline taxes to highway purposes exclusively and reduce the gasoline tax three cents per for reasons Because wrong principal to settle by mandate matters that are to left legislative discussion. "Second Because no particular kind property should have constant protection against necessary taxes in time emergency "Third: Because Ohio has had to divert the gas tax money to feed the hungry and assist the public schools, and automobiles part the wealth of the state should to share the common burden "We endorse the state wide servance of school Sunday on Oct. and urge members to cooperate in this observance. The lovely home of Mr. and Mrs Reed Club its autumn foliage made setting for tea held Friday members Clark County Mrs received more than 50 women the county Mrs. D. Wray, county presiMrs chairman for the afternoon Mrs. Bauman, accompanied by Mrs. Frank Boone sang two Danny and Miss Doris Wyburn Wittenberg lege review by Lulu Volmer and Miss Helen Penquite played piano "Morning Glory' and "Cradle Song. Mrs. G. Spreng and Miss Sarah Reid presided at the tea Those present were: E. Mrs. Michael Goltzene, Mrs. Lelia Allen, Mrs. Carrie Harber, Mrs. Adam Gelsenliter, Mrs. Effie LayFred Mrs George Raup, Mrs Mrs. Mrs. Glanora Slaughter Mrs. Gray. um. Mrs. Mrs. M. Wiant Mrs Spreng Mrs Ruth Arch Walter Savilla Mrs. Mary Mrs. TomlinUrso Ida Steller Miss Gabriel Mrs Bauman. Mrs. Frank Boone, Mrs. Bright, Mrs HusMrs Mrs. Frank Mrs. Warren Teach Doris Wyburn Miss Helen Penquite Della Snook Mrs. Paul Cox and Mrs. George Reed. Honoring Mrs. Wallace (Ruth Mason) bride, prettily appointed by Mrs. Barton Smith the home Mrs Lamar 831 FounPrizes for games of bunco emphasized the autumnal color scheme, awarded Mrs Harry McCaughey and Miss Stark At the of the evening was served. with tall yellow tapers yellow and bronze forming the centerpiece for the luncheon tables. Those present were: Mrs. Wallace, Mrs. Harry McCaughey Mrs. Harry Mrs. William Mason. Mrs. Orville Ridenour. Mrs Leroy Maxton Mrs. Ralph Weigand Mrs. Mabel Mullenix, Mrs. Hattie Drake, Misses Anna Mildred Slaughter Eleanor Hazel Silver, Loretta Lerch, Mildred Frances Kitchen Ruth Fehr. Ann Fehr, Doris Jenkins and the hostess. As final compliment to Mrs.